Specialty Insurance

This is physical damage coverage for automobiles placed in a state specific Auto Insurance Plan or Assigned Risk Plan for liability coverage. Some states provide physical damage within the plan but others do not. This explanation of insurance benefits is provided by Insurance Marketplace.

Bed and breakfast inns are homes to their owners and lodging for paying guests. They are popular with tourists who want something different than what is available in regular hotels or motels. This explanation of insurance benefits is provided by Insurance Marketplace.

This inland marine coverage insures contractors' equipment on a scheduled or blanket basis. For many contractors, their major assets are equipment, such as cranes, power shovels, tractors, and bulldozers. Large items can be specifically scheduled, while a blanket limit may be used for smaller items. Tool coverage, including employee tools, can also be provided. Coverage is often based on all risk-type perils or special causes of loss and is tailored to suit the individual insured's needs. A deductible sufficient to eliminate smaller, petty pilferage losses is preferred. Special limitations on crane usage are common. Other important coverages for contractors include: Contractor Controlled Insurance Plan (CCIP) aka Contractor’s Wrap-Ups, Contractors Design and Build (Project Managers) and Contractors Pollution Liability. This explanation of insurance benefits is provided by Insurance Marketplace.

Financial institutions are one of the most difficult classes of directors and officers liability to insure because they are subject to significant regulatory and civil actions against their directors and officers. This explanation of insurance benefits is provided by Insurance Marketplace.

Educational institutions have very specific needs that only customized coverage forms and programs can meet. Such programs offer commercial property, general liability, crime, inland marine, equipment breakdown, electronic data processing equipment, fine arts, abuse and molestation, corporal punishment, employee benefits liability, automobile, umbrella liability, workers compensation, educators legal liability, and employment-related practices liability. This explanation of insurance benefits is provided by Insurance Marketplace.

Financial institutions' theft and trust exposures are significant and require underwriting specialists to analyze and insure them. Banks, savings and loan associations, mortgage bankers, and other financial institutions' exposures are based on their balance sheets, services offered, contractual obligations, and regulatory compliance. The exposures must be analyzed thoroughly to determine the exposures that must be insured and the ones that can be minimized or self-insured. By using deductibles, large cash and securities exposures can be covered more efficiently and proper attention paid to the truly catastrophic exposures. Some of the more important specialized coverages include financial institution bonds, errors and omissions coverage for trust department operations, lenders' single interest coverage on auto and vehicle loans, mortgage errors and omissions, and financial consultants' errors and omissions coverages. Directors and officers' liability coverage must also be considered. This explanation of insurance benefits is provided by Insurance Marketplace.

Health foods have become more popular because of concerns about the potential problems with foods grown using a variety of pesticides, herbicides, and other chemical compounds. Property and casualty insurance programs that include products liability coverage are available to manufacturers, distributors, wholesalers, and retailers of a wide range of health food products. This industry includes natural foods, organic foods, food supplements, and personal care products. This explanation of insurance benefits is provided by Insurance Marketplace.

Most homeowners coverage forms and policies include limited protection for certain in-home businesses. This coverage is often inadequate for many types of home-based businesses. This coverage insures home-based businesses that are beyond the scope of standard homeowners forms. This explanation of insurance benefits is provided by Insurance Marketplace.

Identity theft liability is an evolving coverage. The most basic form covers liability imposed on a business because it failed to adequately protect certain vital information that its customers supplied. This information is such that its theft can allow the customers' identity to be stolen. Many carriers are expanding beyond this basic coverage to provide loss control assistance to prevent such losses and intense case management activities following a security breach in an attempt to lessen the impact of any loss. This explanation of insurance benefits is provided by Insurance Marketplace.

This category lists service providers available to the insurance agent. These providers offer claims, loss control, risk management, rental car, glass repair, restoration services, and other specialized industry service needs. These services are usually paid based on commissions or a schedule of fees. This explanation of insurance benefits is provided by Insurance Marketplace.

Inland Marine insurance indemnifies loss to movable or specialized types of property. Inland Marine provides coverage for a wide range of risks and property. Some examples are: crane and rigging equipment, logging equipment, scaffolding, rental equipment and party good dealers, any equipment-driven risk, well drilling and servicing, scientific equipment, medical equipment, jewelry and coin dealers, broadcasting equipment and property, warehousing legal liability, and railroad rolling stock. But a wide variety of other types of property and risks can also be covered. This explanation of insurance benefits is provided by Insurance Marketplace.

Global account underwriting is tied to the growth in multinational corporations. Multinational businesses need a package of domestic and foreign insurance coverages combined under a single master program. A number of major U.S. insurers have large international networks of facilities that can provide insurance coverage in almost any country in the world for U.S. businesses that conduct operations overseas and/or export products overseas. This explanation of insurance benefits is provided by Insurance Marketplace.

Internet liability is the most rapidly changing area of liability exposure today. The growth in the number of persons who use the Internet regularly has caused most businesses to promote and market their products and services online. These companies have home pages and many communicate with others via email, chat lines, blogs, social media, and more. Liability coverages and exclusions that apply to advertising injury, libel, slander, infringement of copyright, and trademark are being revised to reflect the changing conditions of online communication. A few insurers offer a package of coverages designed to protect businesses that provide online services to their customers and subscribers. This explanation of insurance benefits is provided by Insurance Marketplace.

Kidnap, ransom, and extortion coverage has become more common as businesses expand their international outreach and send executives and key employees around the world. While ISO and SFAA have developed endorsements and coverage forms, restrictions and availability vary by company. One unusual aspect of this coverage is that the insured cannot acknowledge that they have the coverage because such acknowledgement could make them more of a target. This explanation of insurance benefits is provided by Insurance Marketplace.

Vacant properties are difficult to place, especially if the owners do not maintain them properly. A major problem with a vacant property is that it may not be considered a financial asset. This problem results in a moral hazard because the insured profits more from the loss of the property than from its remaining in good condition. Vacant buildings can become havens for vagrants or drug users and fires can be started intentionally or accidentally. Small fires may go unnoticed until the building is heavily involved. Fire departments often allow such buildings to burn down rather than risk the lives of firefighters. The longer a property remains vacant, the more difficult it becomes to maintain coverage. This explanation of insurance benefits is provided by Insurance Marketplace.

Unoccupied vacation property that is a financial drain to the owner can be turned into an income producer. When it is unoccupied the expenses for a caretaker to watch over it rise as does the cost to insure a vacant dwelling. However, a property management firm can be hired to oversee and rent out the property. The rental fee should pay for the property management fees, all ongoing costs required to keep the property maintained and generate a profit for the owner. This explanation of insurance benefits is provided by Insurance Marketplace.

This is sometimes referred to as per diem business interruption. The insured selects a maximum amount it receives per day because of loss of income sustained following a covered direct property loss. The coverage provided is similar to other types of business income or business interruption coverage forms. This explanation of insurance benefits is provided by Insurance Marketplace.

If you own part of an imaging center, you may be exposed to malpractice insurance claims made against your physician liability insurance policy. It is important to provide a separate limit of insurance to cover your imaging center, providing a separate malpractice insurance policy to cover each risk element of your practice . Inadvertently many physicians assume that their medical malpractice insurance policies will cover this added exposure. Imaging centers need the protection of a strong and reputable medical malpractice insurance policy. The insurance company should also have a strong risk management program, including site visits and phone consultations designed to take measures to eliminate possible problems before they can result in claims. It is vital to make sure the malpractice insurance policy covers all of the exposures for the imaging center. Most MRI or x-ray clinics are unsure of what to look for when acquiring medical malpractice insurance.  Malpractice insurance needs to cover the particular services offered by the imaging center - including MRI and X-ray exposure, as well as their associated physicians. This explanation of insurance benefits is provided by Insurance Marketplace.