What are specialty insurance products?

Specialty insurance products are specifically created to address unique or uncommon risks that are not typically covered by standard insurance policies. These products cater to specific industries, activities, or circumstances that require tailored coverage. For example, high-value items like art or collectibles, certain types of business operations, or even insuring specific events may fall under the realm of specialty insurance.

This focus on unconventional risks makes specialty insurance essential for individuals or businesses whose needs cannot be met by conventional or standard insurance policies. In contrast, other options describe features of standard insurance coverage, which aim to cover regular, easily predictable risks rather than addressing the distinct requirements associated with more specialized situations.