What is the difference between a void and voidable insurance contract?

A void contract is invalid from the start and has no legal effect, while a voidable contract is valid but can be annulled by one party due to misrepresentation, fraud, or breach of contract terms.

Does professional liability insurance cover cyber liability claims?

Most standard policies do not cover cyber liability, but separate cyber liability insurance can be purchased to protect against data breaches and cyber-related claims.

How does collision coverage work if I lease a car?

If you lease a car, your leasing company will likely require you to carry collision insurance along with comprehensive coverage. This ensures that any damage to the vehicle is covered in case of an accident, protecting both you and the leasing company from financial losses.

How does parametric insurance improve disaster recovery?

Because payouts are made immediately after a triggering event, policyholders can access funds quickly for recovery efforts. This reduces financial strain, speeds up rebuilding, and helps communities and businesses recover without waiting for traditional claims processing.

How does captive insurance differ from traditional insurance?

Captive insurance allows businesses to self-insure through a subsidiary, whereas traditional insurance involves purchasing coverage from external insurers who set the terms and pricing.

Why is Lloyd's of London known for insuring unusual risks?

Lloyd’s of London has a long history of covering unique and unconventional risks, from insuring celebrities’ body parts to space missions. Its flexible structure, with syndicates willing to take on high-risk insurance, has allowed it to take on such specialized and unusual insurance needs.

Can I get coverage for loss of income due to livestock death?

Some policies offer business interruption coverage, compensating for lost income if insured livestock die or production is disrupted due to covered events such as disease outbreaks or natural disasters.

What does a standard homeowners insurance policy cover?

It typically covers dwelling damage, personal property, liability, additional living expenses, and certain natural disasters, depending on policy terms.