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Unusual Specialist Insurance Explained
By Peter Kenny
Although most people are familiar with regular types of like life and home insurance, there is an increasing demand for more unusual types of insurance. Basically, anything that you might feel is a risk can be insured against. Here are some examples of types that you might not have considered before:
Reasons for an increase in unusual policies
Unusual policies are becoming more common for a number of reasons. Firstly, people are more informed about what they are at risk from, and so want to protect themselves accordingly. Secondly, the increase in lawsuit culture has increased the need for types of insurance. People are being sued for more and more reasons, and so the level of cover they need is increasing both in value and in scope. Also, the rise in unusual policies amongst the rich and famous is leading everyday people to follow suit.
Pet insurance
One type of that has moved from unusual to fairly common is pet insurance. Many people love their animals as if they were a member of their family, and with vet’s bills being so high it does make sense to insure your pet. Pet usually covers vet bills as well as liability and compensation should the animal die. There are now dozens of dedicated pet insurers to choose from, with cover for dogs starting from around £5 per month.
Star employee insurance
A number of companies are beginning to see the importance of their top employees, and are taking policies out to cover them against loss should anything happen to these key members of staff. Whether you are a sales company with a great salesman or a club owner with a great singer, then you could lose earnings should anything happen to your star employee. Taking out a policy to cover you against a drop in earnings might be a good idea.
Body part insurance
Some of the most unusual policies that are in demand are for the of particular body parts. With celebrities like David Beckham and Jennifer Lopez insuring their prize ‘assets’, other professions are following suit. Many chefs, athletes and musicians are getting their hands or feet insured in case they are damaged. Although this might seem a little vain, it can in fact be very sensible. If using your hands for playing an instrument is how you make your living and you severely injure yourself, then you might need significant compensation to stop yourself getting into financial difficulty.
Antique insurance
Perhaps the most frequently used unusual policy is the of specific art pieces or antiques. Regular contents is unlikely to cover you for such items, and you may be better taking out a specific policy that covers against more regular loss or theft. If something is irreplaceable and gets damaged you will want a policy that will cover you for the costly restoration of that item. Whatever type of unusual you get, remember to ask yourself if you really need it, and to shop around to get the best deal. Although these policies are not advertised, many insurers might be able to help you with your specific requirements.
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(AHN) British Chancellor Osborne Asks India To Allow British Insurance Firms To Own Larger Stakes In Indian Companies
British Chancellor George Osborne asked India on Wednesday to consider deregulating further its insurance industry to permit British insurance firms to own larger stakes in Indian companies. - (AHN)
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(AHN) Resolution Planned Purchase Of Axa’s U.K. Life Business Sparks Fear Of Lay Offs
The planned purchase by Resolution of Axa’s U.K. life business for $4 billion (2.8 billion pounds) has sparked fears of lay offs among employees. Only about 2,000 of Axa’s current U.K. workforce of 15,000 are expected to be absorbed by Resolution. - (AHN)
(AHN) Bangladesh To Introduce Crop Insurance
The Bangladeshi government will introduce an agriculture insurance system to assist small and medium farmers in the event of crop failure due to natural disasters.
- (AHN)
(AHN) Stockholders Ask Key Prudential Officers To Quit Over Failed AIA Bid
Angry Prudential stockholders called for the resignation of key officials who pushed for the failed $35.5 billion (24.5 billion pounds) takeover bid over AIG’s Asian business. - (AHN)
(AHN) Prudential Yearly Meeting Expects Call For Resignation Of Key Officials Over Failed AIA Bid
Insurance industry experts are forecasting a bloody yearly meeting on Monday for Prudential with stockholders likely calling for the head of key officials over the company’s failed $35.5 billion (24.5 billion pounds) AIA takeover bid. - (AHN)
(AHN) Prudential Life AIG Takeover Bid Fails
Prudential Life failed on Tuesday its takeover bid following the collapse of talks to reduce the previously agreed $35.5 billion (24.2 billion pounds) price tag for AIA, the Asian life insurance arm of AIG. This development dashed Prudential’s hope of becoming Asia’s largest insurer. - (AHN)
(AHN) Flaherty Tightens Screw On Online Sale Of Insurance By Canadian Banks
Canadian Finance Minister Jim Flaherty announced on Thursday tighter rules governing the sale of insurance products by Canadian banks. - (AHN)
(AHN) Royal Bank Of Scotland Axes 2,600 Jobs
The Royal Bank of Scotland will axe 2,600 more jobs, mostly from its insurance business. RBS blamed the move on the European Union, which had been pressuring the bank to sell its insurance division by 2013.
- (AHN)
(AHN) Britons Speculate That Prudential May Sell U.K. Business
Prudential plan holders are speculating the insurance firm may leave the United Kingdom for Asia. - (AHN)
(AHN) Flaherty Heads For Showdown With Canadian Banks Selling Insurance On Their Websites
Despite a first warning in October 2009 that Canadian banks are violating Ottawa laws, the banks continue to defy the federal government by selling insurance on their websites. With the ongoing defiance, Finance Minister Jim Flaherty is gearing for a showdown with the financial institutions. - (AHN)
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Peter Kenny is a writer for creditcards-gb.co.uk.
For additional articles and an extensive resource for everything about credit cards, please visit us at Balance Transfer Credit Cards and Home Insurance
Visit www.creditcards-gb.co.uk
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