Various Types of General Insurance (6 Major types)

There are 6 types of general insurance they are Property Insurance Policy, Marine, Motor, Engineering, Aviation, and Miscellaneous Accident. All of this general insurance are discussed below:

Table of Contents

Types of general insurance

Property Insurance Policy

It covers fire policy. The main function of a fire insured in respect of loss or damage sustained by him to his property.

Besides, Property Insurance also covers the following insurance;

Industrial All Risks Policy
Business Interruption policy
Household all-risk policy
Advance loss of profit policy

Marine

Marine is the oldest form of insurance. This is divided into two branches: “Marine Cargo Policy” and “Marine Hull Policy”. Cargo insurance deals with the insurance of cargo of goods of all types, in transit, whether by sea, road, rail, air, or any other mode of conveyance.

This type of insurance covers the usual transit risks of fire and collision, and also extraneous risks like theft, pilferage, non-delivery, damage by water, breakage, shortage, or leakage. Hull insurance covers vessels against various marine and war risks etc.

Marine policies are usually valued policies, i.e., policies where the value of the goods in agreed in advance before the policy is issued, and all resultant loss or damage in transit is settled on the basis of the agreed value.

Motor

It covers:

automobile comprehensive Policy,
Automobile Liability Policy

Engineering

Under the engineering, the following policies are in force:

Machinery Breakdown Policy
Contractors All Risks Policy including Advance Loss of Profit
Erection All Risks Policy including Advance Loss of Profit
Electronic equipment Policy
Deterioration of Stock Policy
Boiler and Pressure vessel Policy.

Aviation

It covers the following insurances:

Aviation Hull All Risks including War Risks Policy
Aviation Primary Legal Liability Policy
Loss of License Policy
Airport Liability Policy.

Miscellaneous Accident

The primary function of Miscellaneous Accident insurance is to protect the financial interest of the insured arising out of loss, damage, and destruction to his property due to the operation of various issued perils.

The scope of this branch is indeed very wide and a number of various types of policies are issued in this department. These are;

Public Liability Policy
Burglary and House Breaking Policy
Cash in transit Policy
Cash in Safe Policy
Cash in Counter Policy
Fidelity Guarantee Policy
Employer’s Liability / Workmen’s Compensation Policy
Personal Accident Policy
The Peoples Personal Accident Policy
personal Accident Policy for Air Travel Only
Comprehensive Air Travel Policy
Traveler’s Baggage Policy
Professional Indemnity Policy
Product Liability Policy
Dread disease Policy
Overseas Mediclaim Policy for Business/Holiday/Tour/Study
Crop Insurance Policy
Prawn Culture Insurance Policy
Livestock/Cattle Insurance Policy
Export Credit Guarantee which includes Export Finance (Pre-shipment) Guarantee, Export Finance (Post-Shipment) Guarantee, Expert Payment Risk Policy, and Whole turn over Export Finance (Pre-shipment) Guarantee.

Related Content about insurance:

6 Types of General Insurance