General Insurance Products and Practice
Product families
General insurance covers property (fire, theft, business interruption), liability (public, products, employers'), motor, marine, and specialty lines. Each has a characteristic sum insured, excess/deductible, basis of settlement (replacement, reinstatement, indemnity value), and typical exclusions. Business interruption responds to loss of profit following insured damage, subject to an indemnity period and increased cost of working. Liability policies are written on an occurrence or claims-made basis - a critical distinction for when a claim is covered.
Practice points
Understand co-insurance, average/underinsurance, reinstatement clauses, salvage, and policy limits (per occurrence, aggregate, sub-limits). Motor cover has tiers (third party only, third party fire and theft, comprehensive). Property policies commonly exclude wear and tear, gradual deterioration, and unoccupancy risks.
Traps
Misreading claims-made vs occurrence triggers, confusing excess with franchise, assuming 'new for old' when the policy is indemnity value, and ignoring sub-limits. Watch for warranties that suspend rather than void cover.
Rule of thumb
Settlement = (loss − excess), capped at the sum insured, adjusted for average if underinsured. For business interruption, check the indemnity period and whether the loss flows from insured damage.