Specialty

Specialty insurance can be purchased for items that are special and unique. It can also protect items that might otherwise be covered under another policy, but are not protected because of some unusual aspect.

In simple terms, specialty insurance is exactly what it sounds like. For example, a diamond necklace might be protected under the home owner's insurance policy but what if the necklace is with you while you are traveling and it is stolen or broken? A specialty insurance policy on the necklace (and only on the necklace) can provide the protection that you need for that item no matter where you are.

Specialty insurance policies are not available with all insurance carriers and that means that you may have to do some research in order to find the best carrier for the item that you wish to insure. Lloyd's of London is an example of a famous specialty insurance carrier who (it is reputed) will insure anything as long as the insured is willing to pay the price. Other, less famous, carriers are available, but you will probably have to search for them. This can be done online, if you wish.

Specialty items that you might want to consider insuring include such things as: exotic animals, artwork, coin collections, antique watches or other time pieces, collectable automobiles, various pieces of jewellery, historical documents, antique furniture pieces, rare books, yachts and any other unique item or items that you may have.

Alliance became a pioneer in the speciality lines of business by foraying in the rapidly growing Media & Sports space in 2005. In 2007 post de tariffing, Alliance gained further inroads and since then has acquired #1 position in this line of business. Currently the Speciality teams operate from Mumbai, Chennai, Hyderabad, Jaipur and Calicut. In 2013, Alliance extended its speciality lines to – Gems & Jewellery, Bullion & Cash Management also known as Specie business.

One reason many consumers and collectors use specialty insurance policies is when the item insured is worth more than the location where it is stored. For example, assume you have a home owner's insurance policy that covers one crore rupees of damages. Let's further assume that you have a famous piece of art that has been appraised at three crore rupees. The artwork could be covered under the home owner's insurance but there would be a substantial problem should the home burn down and the artwork is lost in the fire. The one crore rupee cover recovered through the insurance would need to be used to replace the home and the furnishings and would not come close to being enough to pay for the lost art.

By having a separate policy on the artwork, a policy that better reflects the high value of the piece, the home owner is better able to recoup his or her losses.

Alliance Insurance Brokers, which benefits the clients through availability and customization of specialty insurance. Alliance also provides the clients the guidance through their dedicated specialized advisory team along with a relevant risk cover, as Alliance enjoys such good relationships with the insurers who provide such specialized risk covers.

Specialty insurance is not as expensive as many people believe it to be. When the amount of loss is considered, it can actually be a great value in terms of replacement as well as in terms of emotional comfort. Knowing your unique items are insured can go a long way in relieving stress.