Liability

Main article: Liability insurance

Liability insurance is a very broad superset that covers legal claims against the insured.

Many types of insurance include an aspect of liability coverage. For example, a

homeowner's insurance policy will normally include liability coverage which protects the

insured in the event of a claim brought by someone who slips and falls on the property;

automobile insurance also includes an aspect of liability insurance that indemnifies

against the harm that a crashing car can cause to others' lives, health, or property. The

protection offered by a liability insurance policy is twofold: a legal defense in the event

of a lawsuit commenced against the policyholder and indemnification (payment on

behalf of the insured) with respect to a settlement or court verdict. Liability policies

typically cover only the negligence of the insured, and will not apply to results of wilful or

intentional acts by the insured.

* Directors and officers liability insurance protects an organization (usually a

corporation) from costs associated with litigation resulting from mistakes made by

directors and officers for which they are liable. In the industry, it is usually called "D&O"

for short.
* Environmental liability insurance protects the insured from bodily injury, property

damage and cleanup costs as a result of the dispersal, release or escape of pollutants.
* Errors and omissions insurance: See "Professional liability insurance" under

"Liability insurance".
* Prize indemnity insurance protects the insured from giving away a large prize at a

specific event. Examples would include offering prizes to contestants who can make a

half-court shot at a basketball game, or a hole-in-one at a golf tournament.
* Professional liability insurance, also called professional indemnity insurance,

protects insured professionals such as architectural corporation and medical practice

against potential negligence claims made by their patients/clients. Professional liability

insurance may take on different names depending on the profession. For example,

professional liability insurance in reference to the medical profession may be called

malpractice insurance. Notaries public may take out errors and omissions insurance

(E&O). Other potential E&O policyholders include, for example, real estate brokers,

Insurance agents, home inspectors, appraisers, and website developers.

[edit] Credit
Main article: Credit insurance

Credit insurance repays some or all of a loan when certain things happen to the

borrower such as unemployment, disability, or death.

* Mortgage insurance insures the lender against default by the borrower. Mortgage

insurance is a form of credit insurance, although the name credit insurance more often

is used to refer to policies that cover other kinds of debt.

[edit] Other types

* Collateral protection insurance or CPI, insures property (primarily vehicles) held as

collateral for loans made by lending institutions.
* Defense Base Act Workers' compensation or DBA Insurance provides coverage

for civilian workers hired by the government to perform contracts outside the U.S. and

Canada. DBA is required for all U.S. citizens, U.S. residents, U.S. Green Card holders,

and all employees or subcontractors hired on overseas government contracts.

Depending on the country, Foreign Nationals must also be covered under DBA. This

coverage typically includes expenses related to medical treatment and loss of wages,

as well as disability and death benefits.
* Expatriate insurance provides individuals and organizations operating outside of

their home country with protection for automobiles, property, health, liability and

business pursuits.
* Financial loss insurance protects individuals and companies against various

financial risks. For example, a business might purchase coverage to protect it from loss

of sales if a fire in a factory prevented it from carrying out its business for a time.

Insurance might also cover the failure of a creditor to pay money it owes to the insured.

This type of insurance is frequently referred to as "business interruption insurance."

Fidelity bonds and surety bonds are included in this category, although these products

provide a benefit to a third party (the "obligee") in the event the insured party (usually

referred to as the "obligor") fails to perform its obligations under a contract with the

obligee.
* Kidnap and ransom insurance
* Locked funds insurance is a little-known hybrid insurance policy jointly issued by

governments and banks. It is used to protect public funds from tamper by unauthorized

parties. In special cases, a government may authorize its use in protecting semi-private

funds which are liable to tamper. The terms of this type of insurance are usually very

strict. Therefore it is used only in extreme cases where maximum security of funds is

required.
* Nuclear incident insurance covers damages resulting from an incident involving

radioactive materials and is generally arranged at the national level. See the Nuclear

exclusion clause and for the United States the Price-Anderson Nuclear Industries

Indemnity Act)
* Pet insurance insures pets against accidents and illnesses - some companies

cover routine/wellness care and burial, as well.
* Pollution Insurance which consists of first-party coverage for contamination of

insured property either by external or on-site sources. Coverage for liability to third

parties arising from contamination of air, water, or land due to the sudden and

accidental release of hazardous materials from the insured site. The policy usually

covers the costs of cleanup and may include coverage for releases from underground

storage tanks. Intentional acts are specifically excluded.
* Purchase insurance is aimed at providing protection on the products people

purchase. Purchase insurance can cover individual purchase protection, warranties,

guarantees, care plans and even mobile phone insurance. Such insurance is normally

very limited in the scope of problems that are covered by the policy.
* Title insurance provides a guarantee that title to real property is vested in the

purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually

issued in conjunction with a search of the public records performed at the time of a real

estate transaction.
* Travel insurance is an insurance cover taken by those who travel abroad, which

covers certain losses such as medical expenses, loss of personal belongings, travel

delay, personal liabilities, etc.
* Media Insurance is designed to cover professionals that engage in film, video and

TV production.
* Legal Expenses Insurance covers policyholders against the potential costs of legal

action against an institution or an individual.