Business Insurance Is it possible to Insure Betting Company?

[Mataracy]

We all know that Betting or Gambling company has higher risk; I mean very risky business. Can insurance company accept to insured them?. I want us to inderstand that; there is no Insurance company withouts a structure.

When someone brings a proposal to an insurance company , and the proposal form has been duly filled, people or staff of the underwriting department are saddled with the responsibility of assessing the risk being proposed for insurance whether it is worth accepting or not. If it is accepted, the rate of premium to be charged and the terms and conditions to be imposed must be known. This is simply the job of an underwriter to do during the contract.
The process of assessing riak s and determining the rate of premium, and terms and conditions yo be imposed is called underwriting.

Before any insurance company could take up any contract there must be serious check on that particular company whether the risk can not be manage by them. And this issues of betting company I belive that insurance company will not be able to do any thing with 5he company. Or what do you think?

Can Betting company be insured under Insurance company?

 

[btaliat]

I just want to reason along with your thought in the sense that if betting business is insured, there may be too much losses especially on the side of the insurance company. Let us imagine when there is wining that amount to millions by different punters. Though I am not sure if they insure betting business.

 

[Bookwormlux]

These betting companies make so much money already and I think they will hardly ever consider insuring their businesses because the profits they realise is enough for them to cater for any losses that may present in the future. Insurance companies on their part will also accept this betting companies because they know that it is not very risky.