This is also referred to as “non-life insurance. “it insures risks such as;
- Fire
- Theft and burglary.
- Flood
- Natural calamities.
- Schemes with special links-the schemes include educational policies, pension and group schemes and convertible schemes. Annuities are a form of pension scheme. The assured pays either a lump sum or a series of installments to an insurance company.
- Marine-this is the oldest and it covers ships and goods in ships.it deals with risks that may occur at sea,goods stolen and it covers areas such as;
- Marine hull-this policy covers the ship.
- Marine cargo-covers the cargo carried by the ship.the following are the policies under marine cargo.
- Voyage policy-the ship/goods in a ship are insured for a specific journey.
- Time policy-covers losses that may be incurred over a specified period of time,usually less than one year.
- Floating policy-covers all the cargo carried on a particular route which could be one or more ship(s).
- Mixed policy-this is a cover taken on cargo for a particular route for a specified period of time.it combines voyage and time policies.
- Accident –insures vehicles against accidents.