Types of Insurance
What is Insurance?
Insurance is the means by which risks of loss or damage can be shifted to another party called the insurer on the payment of a charge known as premium. The party whose risk is shifted to the insurer is known as the insured. The insurer is an organization (Insurance Company), which is willing to share the loss or damage and is qualified to do so.
Types of Insurance
There are many different types of insurance. Below are some of them.
Health Insurance
A person/ Company pays an annual premium to enable them and or their family members get access to medical services throughout the year. Usually the bigger the number of people within a group or Company the cheaper the insurance premium.
Home Insurance
Homeowners insurance (also known as home insurance) protects your home and possessions against damage or theft. For the bank to give a borrower a loan with their property as collateral, their property must have an insurance cover for it and the Borrower must have proof of that insurance cover before loan approval.
Motor Insurance
This covers a car in the event of material damage, theft and fire. The Motor third Party insurance guards against liabilities that may be caused by motorists to other road users.
Life Insurance
Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees that the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
Travel Insurance
Travel insurance is a type of insurance that covers the costs associated with luggage loss and delay, emergency illness and or accidents, trip cancellation and curtailment.
Fire Insurance
This insurance covers ones home and commercial property from the risk of fire and allied perils.
Burglary Insurance
This covers one’s home and or commercial property against damage or losses as a result of Burglary.
Money Insurance
This covers cash while in transit or while in the premises from loss due to robbery or theft following violent means.
All Risks insurance
This covers loss of everything from office equipment to one’s portable personal effects from fire and accidental damage or theft.
Public Liability Insurance
This covers one from legal liability for third party property damage and personal injury. An extension can equally be done for legal defense costs.
Personal Accident Insurance
This provides financial benefits to one or ones dependents, this a 24 hour cover worldwide, providing compensation for injury/death to the insured person as a result of violent, accidental and visible means.
Workers Compensation Insurance
This pays out claims for injury or death for employees on duty in the fastest possible time. As an employer it is mandatory for you to insure your employees.
Motor Insurance
This provides reliable protection for your car against material damage theft and fire. The Motor 3rd Party insurance guards against liabilities that may be caused by motorists to other road users.
Marine Insurance
This covers goods that are being transported on water, road or by air.
Computer All Risk Insurance
This covers one comprehensively against material damage fire & burglary to computer equipment. An extension can be made to include any increased costs of work and external data media arising from the damage.
Contractor All Risks Insurance,
This covers one against loss and damage to workers on contract, machinery, equipment and materials due to unforeseen causes.
Pedal Cycle Insurance
This covers ones official bicycle against theft and accidental breakage.
Aviation Insurance.
This covers financial losses arising from damage to your airplane or even the legal liabilities to third parties and passengers.
Fidelity guarantee Insurance
This covers one against the risk of financial loss caused by fraudulent and dishonest acts by ones employees.
Professional Indemnity Insurance
This covers one from charges of professional negligence, errors/omissions by a professional practitioner.
Motor Trade Insurance
This covers motor businesses like bonds and garages against fire, damage and robbery.
Machinery Breakdown Insurance
This insures one against loss following machinery breakdown.
Oil and Gas Insurance
This covers physical loss & destruction to it insured properties, including property & 3rd party liability arising from insured’s operation.
Travel Insurance
This covers personal accident & medical costs during the travel period. It also covers extensions like hijack, kidnap, travel delay, baggage and personal effects among others.
Agriculture Insurance
This is for small- & large-scale farmers and it covers the insured’s livestock, poultry/crops against a peril or drought and excessive rainfall for large scale farmers, the policy issued is multi-peril cover.
