Specialty Insurance

Restoring, caring for, and maintaining older automobiles is a popular pastime of Americans of all ages. Gatherings, parades, and tours for antique autos sponsored by antique automobile clubs take place throughout the year. These vehicles may be extremely valuable, depending on the model, age, and availability. In many cases, the expenses the owner incurs to restore the vehicle equal to or exceed its actual value. An antique automobile is usually defined as a private passenger-type motor vehicle 45 or more years of age. A classic car must be more than 20 years old and also be a distinctive type of car. Antique and classic automobiles must be maintained for use in exhibitions, club activities, parades, and other functions of public interest and used only occasionally for other purposes. The vehicle cannot be used primarily to transport passengers or goods. This explanation of insurance benefits is provided by Insurance Marketplace.

Fine arts insurance coverage on both personal and commercial exposures and collections is usually written under inland marine coverage forms. In most cases, each item is scheduled and insured for specific stated amount. Because statuary, sculptures, paintings, and antiques are "one-of-a-kind" art objects, competent appraisers must determine their values. These values should be adjusted regularly because of the inconstancy in the art market that can cause values to skyrocket and then plunge. Security and loss prevention measures that are subject to enforceable warranties are often required. This explanation of insurance benefits is provided by Insurance Marketplace.

Companies interested in writing high-valued commercial property risks usually establish minimum property values they will consider. The coverage tends to be more generous with a number of additional coverages and coverage extensions. These accounts are subject to significant deductibles and are often written with multiple layers. Unique loss prevention services are often available. Geographic, weather and climatic factors affect the coverages available and premiums charged. This explanation of insurance benefits is provided by Insurance Marketplace.

Customized insurance coverages are available for high-valued luxury homes, high-rise condominiums, or town homes. Many of these residences are located in coastal or mountain areas with problematic property exposures. In addition to standard homeowners forms, some unique coverage enhancement endorsements are also available. Examples of such enhancements are excess wind, excess flood, earthquake, vacant property, rental property, builders risk, and inland marine. This explanation of insurance benefits is provided by Insurance Marketplace.

Specialty carriers have developed homeowners and tenants package policies for low-value and nonstandard dwelling risks in distressed areas to provide alternatives to the urban area or statewide Fair Access to Insurance Requirements (FAIR) Plans. FAIR Plans are very limited and do not offer "package" coverage on residential property. In contrast, property coverage and personal liability is combined in a single policy. The coverage is written on a named perils basis with mandatory deductibles. Premiums charged are higher than in the standard market and some policies are written under various state consent-to-rate requirements. 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.

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.

Hospitals, restaurants, country clubs, hotels, museums, and individuals contract with valet parking services as a courtesy for their guests. Guests stop at a marked valet station, give the vehicle’s key to the attendant, and receive a ticket. The valet parks the vehicle in the appropriate area. When the guest returns, presents the ticket, and pays the parking fee, the valet retrieves the vehicle and returns it to the guest. Additional services such as automobile detailing and shuttle services may also be provided. 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.

Getting employess to and from their jobs can be a major problem for certain employers. Many of them hire vanpool operators who transport employees for a fee. The vanpool operations are independent contractors who provide the service for a fee under a written contract. The contract for services is between the employer and the vanpool operator, not with the employees being transported. The major exposure is automobile liability and physical damage. This explanation of insurance benefits is provided by Insurance Marketplace.

Inland marine coverage forms and policies insure owned vending machines when located away from the insured's premises. Coverage extends to such property while in transit but not when on the insured’s premises. This explanation of insurance benefits is provided by Insurance Marketplace.

Pollution caused by vessels, such as the Exxon Valdez incident in Prince William Sound in Alaska, can lead to extremely large losses. The vessel pollution coverage pays damages for leaks and spills of crude refined oil and other chemicals by ocean-going vessels that harm the environment. The United States Coast Guard (USCG) must approve any insurer that provides this coverage before coverage is placed with it. If an incident does occur, all clean-up must be conducted according to the Oil Pollution Act of 1990 and any subsequent revisions. This explanation of insurance benefits is provided by Insurance Marketplace.

This coverage protects veterinarians from claims for damages that result from alleged malpractice, errors or omissions in the rendering or failing to render professional veterinary services. Underwriting and pricing is based on the services provided and the types of animals involved. Coverage applies to employed veterinarians, partners, and individual veterinarians. This explanation of insurance benefits is provided by Insurance Marketplace.

This is general liability coverage for owners of video game and arcade centers. Coverage applies to injuries to game players and other non-employee persons on the premises. Some underwriters include the liability coverage in a package policy, with property coverage usually written on an "all risks" type basis, including replacement cost valuation on property. Loss of earnings coverage and transit coverage is also available. Underwriting factors that must be considered are the premises location, its condition, staffing, and management experience, and stability. This explanation of insurance benefits is provided by Insurance Marketplace.