What is Specialty Insurance?
Whether you want to insure your beautiful smile, insure your wedding, mega concert you are organizing or prized cruise you own, there is an insurance product for you. This type of insurance policy goes beyond the usual products as it covers far more difficult & unusual risks. Particularly, specialty insurance covers exclusive, expensive or rare events. Individuals, companies or businesses buy specialty insurance to provide cover against financial risks & loss.
Whether you want to insure your beautiful smile, insure your wedding, mega concert you are organizing or prized cruise you own, there is an insurance product for you. This type of insurance policy goes beyond the usual products as it covers far more difficult & unusual risks. Particularly, specialty insurance covers exclusive, expensive or rare events. Individuals, companies or businesses buy specialty insurance to provide cover against financial risks & loss.
Other cases of specialty insurance include actor & actress who buy specialty insurance for their body parts, which are considered assets as per market and which are money maker for them. Some consumers also insure antiques, sports or all-terrain vehicles (ATV), antiques & classic cars, coin collections, adventurous sports, travel, historical documents, and rare books or even for pets. Some insurance companies will also insure exotic fauna like reptiles. The features of this kind of special insurance cover medical expenses for pets or illness of those special body parts.
Specialty insurance can be also purchased for liability owned by acupuncture specialists, war, terrorism, kidnap & even ransom. In some states, even adoption insurance is available to protect parents adopting the children. This is to insure finances of potential parents during the adoption process. As a writer, one can insure articles or books to prevent financial loss caused by plagiarism.
Specialty insurance considers your circumstances & insurance needs into account & gives you flexible covers & variety of options. It may be the only option to protect your loss or risks. However, since it is customized to your need, the premium may be higher. Also, the wider coverage of insurance means a higher insurance premium. Specialty line market requires extremely high degree of specialization during underwriting process & each application is carefully screened before company confirms that they are willing to insure the risk.
All insurance carriers do not offer specialty insurance policies & hence one has to do some research to find the best carrier for the item you wish to insure. One can also find reputable insurance carriers by asking the people who sold the item like jewel.
There is no definition for specialty insurance so it is difficult to predict exact specialty insurance market size. But, the US market is the largest specialty insurance market & it is estimated that specialty insurance market is around $100 billion in US & around $140 billion to $180 billion globally.