Protecting your assets not only is an act of financial responsibility, but in today’s economic climate, it is generally required, either by law or regulation, like those governing loans. However, if your assets are more unusual, not just any insurance company will cover them with a policy. Certain companies, though, offer specialty insurance that secure less common assets.
This financial protection is for niche segments and hard-to-place risks. Companies issuing specialty insurance have expertise in securing all types of unusual assets.
Types of out-of-the-ordinary risks that individuals might need covered include valuable antiques, manufactured homes, unoccupied dwellings, such as seasonal houses, motorcycles, travel trailers, boats and specialty homeowners policies that cover dwellings with old roofs, for example, or those that have already had one or two minor losses. Some specialty insurers provide coverage for exotic pets such as ferrets and reptiles. Other types of specialty insurance cover certain industries like hospitality-related businesses that have specific risks that other companies do not incur. These types of businesses include restaurants, night clubs, bars, live music venues and amusement companies and theme parks. Insurance is a financial necessity, both for individuals and business owners, and specialty insurance is designed for and takes into account those special risks associated with rare and unusual assets so that all possessions, common and exotic, can be financially secured.