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Special perils

UK: additional risks frequently added to a commercial fire policy, either individually or as a group.
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US: Property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as “all risks” coverage. Many industry practitioners continue to use the term “all risks” to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word “all” suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term “special perils” or “open perils” instead of “all risks.”
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Property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as &#8220all risks&#8221 coverage. Many industry practitioners continue to use the term &#8220all risks&#8221 to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word &#8220all&#8221 suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term &#8220
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UK: See: Additional Perils.

Special public-debt obligation

Securities of the U.S. government issued exclusively to the Old Age, Survivors, and Disability Insurance (OASDI); Disability Insurance (DI); Health Insurance (HI); and Supplementary Medical Insurance (SMI) trust funds and other federal trust funds. Section 1841(a) of the Social Security Act provides that the public-debt obligations issued for purchase by the SMI trust fund shall have maturities fixed with due regard for the needs of the funds. The usual practice in the past has been to spread the holdings of special issues, as of every June 30, so that the amounts maturing in each of the next 15 years are approximately equal. Special public-debt obligations are redeemable at par at any time.

Special purpose captive

Captive insurance company formed to finance a particular exposure. It provides an in-house facility for financing risks where conventional insurance is costly or difficult to obtain. Such exposure may include professional indemnity, credit or insolvency risks, product guarantee, warranty or other ‘special situations.

Special purpose vehicle (SPV)

Independent trust or captive created to act as a conduit through which an insurer can transfer insurance risk to the capital market. The SPV sells bonds to investors who will sacrifice principal and/or interest if a defined catastrophe occurs. The SPV like a reinsurer uses the sacrificed funds to indemnify the insurer. The SPV is bankruptcy-remote and holds legal rights over the assets transferred. SPVS do not just apply to insurance-related transactions.

Special Rating for Fire Insurance

The erstwhile Fire Insurance tariff rewarded good risk features and reasonably good claims track sumptuously by a system known as Fire Special Rating. However, consequent upon opening up of the market, entry of Private Sector Companies, de-tariffing in Fire Insurance every Company has adopted its own system for individual risk rating for large risks with good or adverse features.