Generally, there are two main broad categories of insurance and they are;
- Commercial Lines of insurance
- Personal lines of insurance
Commercial lines of insurance are insurance covers that are taken to protect the risk of loss or of damage to the properties or liability of businesses and not properties belonging to individuals.
Types of commercial lines of insurance are;
Fire
Theft/Burglary
Professional Indemnity
Engineering Insurance (like Contractors All Risks, Plant All Risks, Boiler & Machinery)
Glass Insurance
Fidelity Guarantee
Money
Marine Cargo
Group Personal Accident etc.
Personal lines of insurance are insurance covers that protect the properties of an individual against losses they can not manage on thedir own. it basically covers the individual against the worry of financial issues should the risk that is being protected against occur.
Types of personal lines of insurance are;
Motor
Houseowners' & Householders'
All Risks for personal effects
Personal Accident
Life Insurance
Health insurance
wedding insurance
savings etc.
Before we explain more on each of these classes of insurance, our next post will discuss on the various types of compulsory insurance we have in Nigeria, their importance and penalties for violation.
Thank you
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