Types of Short Term Insurance - 21 Aug 2009 17:36
Not since after the Great Fire of London in the 17th Century, did short term insurance become available to consumers. Nicholas Barbon established the first direct insurance company to cover the bricks and frames of houses, and like today, he had a captured market.
As it operates on a year-to-year basis, that is the insurance contract can be renewed or terminated at the beginning of the year by either the insured or the insurer, most of our private insurance is short-term. Today, almost anything can be covered by short-term insurance, including film stars and models, the body’s organs and possessions.
With the growing number of insurers offering short-term insurance, either direct to the public or via an insurance broker, the South African consumer has become spoilt for choice. Although each insurer will offer their own policies, most short-term insurers offer household or contents insurance, home insurance and car insurance.
Home insurance, following Barbon’s idea, covers the structure of the home and protects it from fire, floods and other damage caused by components within that structure.
Not included in home insurance, is household or contents insurance. This covers the movable possessions within the home and, depending on the insurer and the policy, covers items for when they are removed from the structure.
Car insurance obviously covers accidental damage, damage to third-parties, fire and theft.
Some life insurance policies and travellers’ insurance also fall under short-term insurance.
Not as old as the oldest profession, insurance has proven itself to be a resilient industry outliving monetary systems, disasters, empires and religions. Continuing to evolve, we can be sure that whatever happens, insurance companies will cover all those possessions we feel are valuable enough to pay monthly premiums to protect.
Not since after the Great Fire of London in the 17th Century, did short term insurance become available to consumers. Nicholas Barbon established the first direct insurance company to cover the bricks and frames of houses, and like today, he had a captured market.
As it operates on a year-to-year basis, that is the insurance contract can be renewed or terminated at the beginning of the year by either the insured or the insurer, most of our private insurance is short-term. Today, almost anything can be covered by short-term insurance, including film stars and models, the body’s organs and possessions.
With the growing number of insurers offering short-term insurance, either direct to the public or via an insurance broker, the South African consumer has become spoilt for choice. Although each insurer will offer their own policies, most short-term insurers offer household or contents insurance, home insurance and car insurance.
Home insurance, following Barbon’s idea, covers the structure of the home and protects it from fire, floods and other damage caused by components within that structure.
Not included in home insurance, is household or contents insurance. This covers the movable possessions within the home and, depending on the insurer and the policy, covers items for when they are removed from the structure.
Car insurance obviously covers accidental damage, damage to third-parties, fire and theft.
Some life insurance policies and travellers’ insurance also fall under short-term insurance.
Not as old as the oldest profession, insurance has proven itself to be a resilient industry outliving monetary systems, disasters, empires and religions. Continuing to evolve, we can be sure that whatever happens, insurance companies will cover all those possessions we feel are valuable enough to pay monthly premiums to protect.