Miscellaneous Insurance

Video Transcript

Hello. This is Jerry, with Barbary Insurance Brokerage, and I’m here just to give you an overview of different miscellaneous types of insurance today. And, in fact, there are actually insurance policies called miscellaneous insurance policies. We have something called a miscellaneous professional liability policy. So, if, in your business, your job is to give advice to people but you don’t quite fit into a category, you’re not an accountant, you’re not an attorney, you can write a policy that endorses on exactly what you do and that’s endorsed on to a policy form that’s called a miscellaneous professional liability form. There are also lots of miscellaneous property policies, for instance, a floater policy can be written on specific objects. You can have a jewelry floater, which a lot of people are familiar with, or a fine arts floater or equipment. Anything that moves around can be covered under some kind of floater policy. There’s a policy called a difference in conditions policy and it is used for a number of things. What it does is it wraps around other property policies. So, for instance, you might have a home and the home is covered for special form, which a lot of people call all risk. But that form has a lot of exclusions attached to it. A difference in condition policy covers only the exclusions and frequently it’s narrowed down to cover things like earthquake and flood. There are boiler and machinery policies. If you’re dealing in heavy equipment, let’s say you’ve got a boiler in an apartment building that boiler could explode and cause damage or hurt people, so there’s liability attached to that. And, then, of course, there’s the damage that could be caused by the boiler exploding and so those are covered under boiler policies. But those policies are also used for things like air conditioning equipment or any kind of built-in equipment in a business. There are crime policies. A crime policy is guaranteeing honesty, it’s also for theft, burglary, robbery, anything like that, lost money and securities, anything mysterious disappearance of an object can be covered under a crime policy. Something that’s not written as frequently anymore because it’s usually attached to another policy, is a glass policy but they might still be available and, sometimes, if you’ve got a building that’s just full of glass, it might be the right thing because you can control deductibles that way. Cargo policies are available if you’re shipping cargo. There are kidnap and ransom policies available if you’ve got people traveling in foreign countries or just traveling in the United States, but they’re high-profile people, maybe they need some kind of coverage for kidnap and ransom. And, in addition to paying the ransom, they actually provide for experts to help negotiate you out of a tight situation. There are travel accident policies. An accident policy will cover you while you’re traveling in foreign places. It will help pay for you if you get sick or injured. It will help with lost documents. It will help repatriate you back to the United States if you’re injured or killed. There are special event policies, weddings can be covered under special events or concerts or parades, any kind of event you can think of can be covered under a short-term policy. There is event cancellation coverage available. So, if you’re planning a huge event six months away but the weather could be a big issue and cause you to cancel it, you can buy coverage for that. And, finally, oddly enough, there’s title insurance which people don’t think about. It’s attached to all the property they buy but it can certainly be important in the event that the title is clouded and you have to – potentially have a huge financial loss because somebody claims they own your property. So, those are just a few of the miscellaneous types of insurance that are available. I’m Jerry Becerra, with Barbary Insurance. You can find out more about me and coverage at www.BarbaryInsurance.com.