With much insurance existing in the market nowadays, you cannot be blamed if you get confused. Homeowner’s insurance, automobile and life insurance to name a few but there are also specialty insurance policies that some customers may find useful. Let Axis Capital Group of insurance and reinsurance companies scattered around the world from our main base in Bermuda to Australia, Europe, America and Singapore explain further what this specific insurance is.
In simple terms, specialty insurance is exactly what it sounds like. It is insurance that is purchased for items that are special or unique. It is also used to provide protection for items that might otherwise be protected under another policy but are not protected because of some unusual aspect. For example, a diamond necklace might be protected under the home owner’s insurance policy but what if the necklace is with you while you are traveling and it is stolen or broken? A specialty insurance policy on the necklace (and only on the necklace) can provide the protection that you need for that item no matter where you are.
A little warning though before you talk with your insurance company, specialty insurance policies are not available with all insurance carriers and that means that you may have to do some research and review in order to find the best carrier for the item that you wish to insure. In America, you are likely to find insurance easier than you can in developing cities like Singapore or Jakarta, Indonesia. Large insurance companies may carry your specialty insurance as long as you are willing to pay the price.
Other, less famous, carriers are available, but you will probably have to search for them. This can be done online, if you wish.
Another way to find reputable insurance carriers is to ask the people from which you bought the item. Chances are good these vendors will have some contacts that you can explore.
Specialty items that you might want to consider insuring include such things as: exotic animals, artwork, coin collections, antique watches or other time pieces, collectable automobiles, various pieces of jewelry, historical documents, antique furniture pieces, rare books, and any other unique item or items that you may have.
Specialty insurance is not as expensive as many people believe it to be. When the amount of loss is considered, it can actually be a great value in terms of replacement as well as in terms of emotional comfort. Knowing your unique items are insured can go a long way in relieving stress.