The types of loss insurance are as follows – According to the object of coverage, insurance in Indonesia is divided into 2, namely life insurance and loss insurance. As we know, life insurance is a type of insurance that covers the risk of death. Then, what is loss insurance? Here’s the explanation.
Overview of Loss Insurance
Loss Insurance is one type of insurance that guarantees or provides protection in the form of compensation for risks that occur in the goods or objects of coverage.
In loss insurance, the company acts as a risk bearer. And the goods insured are the object of coverage borne by the insurance company.
Not all objects can be insured under loss insurance. The object of loss insurance coverage is for example houses, hotels, factories, cars and so on.
The insurance company provides guarantees for risks in the form of damage, loss, loss, or loss of benefits to the object of coverage. In addition, loss insurance also provides legal benefits to third parties.
Loss insurance is often referred to as general insurance or general insurance. But this general insurance is specifically for protection for goods or other assets.
Types of Loss Insurance
Fire insurance
Fire insurance is a guarantee or protection against risks that befall the object of coverage caused by a fire event. The objects of coverage that can be insured are houses, buildings, factories, and others.
The fire insurance policy protects the insured object from losses caused by fire events. The protection includes financial compensation with the amount of benefit depending on the insurance policy purchased by the customer.
Cargo Insurance
Cargo insurance or Marine Cargo Insurance is a guarantee or protection for the risk of loss in the form of loss or damage to goods when transporting goods by sea.
This type of insurance for the transportation of goods provides coverage for two objects of coverage at the same time, namely the goods transported on the ship and the ship carrying the goods.
Carriage of goods insurance guarantees ships and goods from the risk of accident, damage, and loss during the process of transporting goods at sea.
For example, when a ship has an accident while transporting goods at sea, the insurance company will provide compensation for the goods to the customer.
And losses to ships that are damaged due to accidents. Aneka Insurance Aneka Insurance or Miscellanous Insurance is a guarantee of protection for risks to the object of coverage other than fire insurance and insurance for the transportation of goods. The types of miscellaneous insurance are as follows:
Property Insurance
Protection benefits in the form of compensation for the risk of damage to assets or property such as houses, factories, etc. Insurance
Theft Protection benefits in the form of compensation against the risk of theft of goods or objects that are insured.
Machinery and Equipment Insurance
Protection benefits in the form of compensation for the risks that occur in the insured machinery and equipment.
Earthquake Insurance
Benefits of compensation for the insured object in the form of property from the risk of loss due to an earthquake.
Personal Accident Insurance
Protection in the form of compensation guarantees against the risk of personal accident financially.
Travel Insurance
Travel insurance is insurance that provides compensation for risks while traveling.
Motor Vehicle Insurance
Motor Vehicle Insurance is insurance that provides compensation benefits for risks that occur in motorized vehicles.
That’s a brief explanation of the Types of Loss Insurance, hopefully it’s useful.
