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Speciality Insurance Insurance is a very broad market, but in effect is a gamble taken in some form other by most Americans. The premise is that you pay a company a monthly fee to protect something, whether this be the contents of your house, your car or your health. In the unlikely event that something bad happens to it (i.e. you get burgled, crashed into or hurt) then the company is liable to cover your costs. It’s a gamble because it is unlikely that you will have to claim, so it can be seen as money down the drain, until of course, something bad does happen. Lots of things are covered by the basic insurances out there, such as your house, your car and your health. What happens if you have something you wish to insure that isn’t covered by them? Speciality insurance is exactly what it sounds like, insurance for very specific things. These tend to be individual items or collections whose combined worth is beyond the upper limits of what a basic insurer would normally pay out. You can take out speciality insurance to cover anything, but not every insurer will agree to take you on. The rule of thumb is that the more valuable the object you’re insuring, the less number of companies will want (or indeed be able to afford) to take you on. Famous examples include Lloyd’s of London, who will reportedly insure anything as long as the customer is willing to pay the premiums on it, but smaller businesses are worth contacting, as they are likely to have better rates. In terms of the payments, speciality insurance costs much more than regular insurance, but rightly so: if you claim on your house insurance, you may get a pay-out of $50,000 at the top end, whilst a pay-out on a painting worth $150,000 will result in a check for that amount. Due to the high-end nature of speciality insurance, insurers tend to have less paperwork and less hassle generally about filing a claim and paying out: after all, if you’ve taken the time and effort to specifically insure one item, and pay a hefty premium for doing so, the assumption is that you are trustworthy when making a claim.
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