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HMRC internal manual

Insurance Premium Tax

Annexes: Types of insurance

Aviation insurance This includes “hull”, third party, and passenger liability, airport owners and operators policies, air display policies and cargo policies, loss of licence and loss of use.This category includes, as far as the industry is concerned, satellite (or space) insurance. Satellites or spacecraft are not aeroplanes for IPT purposes.
Bicycle insurance Usually offered as an extension to household cover. Cover can be arranged on a new for old basis.
Capture and seizure insurance The taking of a ship in wartime or by rebels or insurgents.
Dangerous animals insurance Public liability insurance has to be held, subject to some exclusions, by those who own dangerous animals.
Employers’ liability insurance Is compulsory and insures against the employer’s legal liability to employees for injury, etc arising out of their employment.
Fidelity guarantee insurance Protects one party against loss due to the dishonesty or failure of another. Includes commercial and local government guarantees, Court bonds, and Government bonds.
Glass insurance A specialised form of commercial property (usually shop) insurance.
Hospital cash plans Low cost insurance offering a fixed (typically daily) payment when the insured is in hospital. Designed to compensate for extra expenses.
Innkeeper’s liability insurance Cover for innkeepers against certain losses of guests’ property.
Jeweller’s block policy A specific form of shopkeepers cover.
Keyman insurance Cover taken out by employers against the risk of the death or incapacity of a key employee, which might adversely affect the profitability of the business. The policy covers abandoned projects, cost of recruitment and training, loss of profits following interruption of business. The beneficiary is the business and the business’ insurable interest is the employee’s life.
Legal expenses insurance An insurance for individuals or businesses to allow them to meet the cost of taking or defending civil litigation.
Malicious product tamper insurance Typically obtained by food manufacturers and retailers, covers against the resultant expenses if products are poisoned, etc as part of a blackmail attempt.
Nuclear perils insurance Underwritten by the British Insurance (Atomic Energy) Committee pool.
Outworker’s extension insurance An extension to business interruption insurance cover for the rag trade, to cover an outworker’s premises.
Product liability insurance Covers legal liability for damages and costs arising out of the products supplied by the insured.
Road risks insurance Obtained by car dealers or garages to cover customer cars and their own vehicles on test drives, or on hire.
School fees insurance Life cover sometimes linked to loans to the insured, designed to assist in the payment of school fees.
Theft insurance Insurance against the theft of property (factory or shop policies limit cover to theft after forcible or violent entry or exit).
Unit-linked life insurance An investment type life policy, which invests in authorised unit trusts.
Vendor’s indemnity An extension to a products liability policy to indemnify any vendor of the insured’s product.
Weather insurance Cover that pays if heavy rain affects outdoor events, such as sporting benefit matches.
Yacht insurance Cover for pleasure craft.