Non-Life Insurance Products: Commercial Line

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 10 in Fundamentals of the Insurance Business, 2024, pp 205-239 from Springer

Abstract: Abstract This chapter illustrates insurance products for commercial line. For a better understanding, types of cover have been divided into four macro-categories and described. 1. Property and Liability. Property includes insurance for damage to property (i.e. Fire, Theft, Property, “All Risks” coverages C.A.R. and E.A.R). Liability includes insurances for Businessowner liability, Employers’ Liability, Product Liability and Product recall, insurance product covering environmental pollution risk, Professional indemnity and Directors and Officers (D&O). 2. Marine, Aviation and Transport (MAT) includes covers for commercial transportation both for damage to hulls (vessels or airplanes) and damage to goods carried and liabilities of the parties concerned. 3. Business credit and Surety bond. Business credit offers protection against the risk of debtor insolvency. Surety bond meets the need of an enterprise to back a commitment received by a party identified as assured. Policies can be divided based on the subject matter of the obligation. 4. Covers for employees mainly include products concerning the protection of employees of an enterprise (accident, key person dead, reimbursement of a loan granted by a credit institution to a firm itself and cover for business trips).

Keywords: Fire; Fire insurance; FLEXA; Replacement cost value (RCV); Full value; Wear and tear; New for old; Theft; Theft insurance; Scheduled personal property; First Loss; Engineering insurance; Actual Cash Value (ACV); New Replacement Value (NRV); Business interruption formula; Boiler and machinery insurance; Cyber risk; Cyber risk insurance; Contractor’s All Risks (CAR); Cross liability; Erection All Risks (EAR); Liability; Liability insurance; Occurrence basis; Claims Made basis; Care; custody and control (CCC); Businessowner liability insurance; Employers’ liability insurance; Product liability insurance; Product recall insurance; Pollution liability insurance; Professional indemnity insurance; Medical malpractice; Directors & Officers (D&O) liability insurance; Wrongful acts; Comprehensive business insurances; Legal protection insurance; Assistance insurance; Marine Aviation Transport insurance (MAT); Marine insurance; Cargo insurance; Open Cargo; Cargo time (or voyage based); Marine insurance certificate; Transport liability insurance; Ocean Marine insurance; Inland Marine insurance; Hull insurance; Aviation insurance; Business credit insurance; Export Credit Agency (ECA; Surety; Bond; Surety bond insurance; Immediate execution; At definitive loss; Commercial surety bond; Accident; Business accident insurance; Disability; Creditor Protection Insurance (CPI); Key Person insurance; Business travel insurance (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_10

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