With no medical life insurance, clients are effectively paying extra for ease. Some individuals might feel that it is to their advantage to not take a medical exam - that based on their health history, they might be able to find a much better policy or a better rate should they only have to answer health questions, instead of get a blood test and medical screening. People who are typically in great health must look into getting life insurance coverage that needs a medical exam, as they can often get a better rate on premiums or more ample coverage.
There are some advantages to getting no medical life insurance. The application goes much faster without the medical examination yet simultaneously, the premiums paid by individuals who chose this kind of insurance policy tend to be higher as a result of the risk the insurance firm takes when providing coverage.
Buying no medical life insurance can be as simple as one, two, three. Following three easy steps is the speediest way for getting good life insurance on the internet. The first thing you should do is to search for quotes on the internet on a specialized website. As soon as you found the ideal policy with no medical policy you can purchase it on the internet. After the transaction has been finished, just print out the plan and you're set and covered.
When examining life insurance policies, you will notice that you will find different types of the plans. The one you decide on should be affordable. This way, there is peace of mind the necessary payments will be made on time. In order to obtain the best one, a lot of investigation has to be performed. It's also advisable to evaluate the different guidelines that are available, and this way, there's confidence that you will get one that will meet your requirements. You shouldn't merely go through the prices, but also at the services being offered. This way, you'll be guaranteed to have all your needs met. All this you can get online. When going through the information you come across, you will notice that there are several that are cheap plus some that are expensive. The one you chose will be determined by your monthly earnings. Since the information is located online, that you can do your search in your own convenient time period. The change in the market costs tremendously establishes the amount of the rates. Due to this, there are times when the rates are high and then there are other instances when they're low. There are some individuals who will hold back until when the rates are low and apply for life insurance.
You have to ensure that you get a no medical life insurance policy that can be afforded easily. There is confidence that your family is well protected. You must also remember that there are a few prices that continue to keep changing every month or year. By keeping track of the level of rate that is to be paid, you will have low chances of you not being able to make the necessary obligations on time.
Many companies are now supplying a No Medical Life Insurance. With an Instant Life Insurance, there's no need to arrange a consultation with a medical examiner, give a blood or urine sample, and have your blood pressure taken or set up any doctor visits to confirm your health status.
How Insurance Verification Services Helps Medical Practices
Health insurance verification is the process of confirming that a patient is covered under a health insurance plan. If insurance details and demographic details are not properly checked, it can disrupt the cash flow of your practice by delaying or affecting reimbursement. Therefore, it is best to assign this task to a professional service provider. Here's how insurance verification services help medical practices.
Gains from Competent Insurance Eligibility Verification Services
All healthcare practices look for proof of insurance when patients register for appointments. The process has to be completed prior to patient appointments. In addition to capturing and verifying demographic and insurance information, the staff in a healthcare practice has to perform an array of tasks such as medical billing, accounting, sending out of patient statements and prepare patient files Acquiring, checking and providing all patient insurance information requires great attention to detail, and is very difficult in a busy practice. Therefore more and more healthcare establishments are outsourcing health insurance verification to competent companies that offer comprehensive support services such as:
• Receipt of patient schedules from the hospital or clinic via FTP, fax or e-mail
• Verification of all necessary information such as the patient name, name of insured person, relationship to the patient, relevant phone numbers, date of birth, Social Security number, chief complaint, name of treating physician, date of service,, type of plan (HMO or POS), policy number and effective date, policy coverage, claim mailing address, and so on
• Contact the insurance company for each account to verify coverage and benefits eligibility electronically or via phone or fax
• Verification of primary and secondary insurance coverage and network
• Communication with patients for clarifications, if necessary
• Completion of the criteria sheets and authorization forms
One of the greatest advantages of outsourcing this task to an experienced company is that they have a specialized team on the job. With a clear understanding of your goals, the team works to resolve potential problems with coverage. By taking on the workload of insurance verification, they help you and administrative staff focus on core tasks. Other assured gains:
• Streamlined workflow
• Fewer claim denials
• Speedy billing cycle
• Saved time
• Quick insurance verifications and authorizations
• Improved staff productivity
• Simplified medical billing process
Companies that offer this service to help medical practices also offer efficient medical billing services. With the right service provider, you can save up to 30 to 40 per cent on your insurance verification operational costs.
Gains from Competent Insurance Eligibility Verification Services
All healthcare practices look for proof of insurance when patients register for appointments. The process has to be completed prior to patient appointments. In addition to capturing and verifying demographic and insurance information, the staff in a healthcare practice has to perform an array of tasks such as medical billing, accounting, sending out of patient statements and prepare patient files Acquiring, checking and providing all patient insurance information requires great attention to detail, and is very difficult in a busy practice. Therefore more and more healthcare establishments are outsourcing health insurance verification to competent companies that offer comprehensive support services such as:
• Receipt of patient schedules from the hospital or clinic via FTP, fax or e-mail
• Verification of all necessary information such as the patient name, name of insured person, relationship to the patient, relevant phone numbers, date of birth, Social Security number, chief complaint, name of treating physician, date of service,, type of plan (HMO or POS), policy number and effective date, policy coverage, claim mailing address, and so on
• Contact the insurance company for each account to verify coverage and benefits eligibility electronically or via phone or fax
• Verification of primary and secondary insurance coverage and network
• Communication with patients for clarifications, if necessary
• Completion of the criteria sheets and authorization forms
One of the greatest advantages of outsourcing this task to an experienced company is that they have a specialized team on the job. With a clear understanding of your goals, the team works to resolve potential problems with coverage. By taking on the workload of insurance verification, they help you and administrative staff focus on core tasks. Other assured gains:
• Streamlined workflow
• Fewer claim denials
• Speedy billing cycle
• Saved time
• Quick insurance verifications and authorizations
• Improved staff productivity
• Simplified medical billing process
Companies that offer this service to help medical practices also offer efficient medical billing services. With the right service provider, you can save up to 30 to 40 per cent on your insurance verification operational costs.
Posted by
Author
Struggling UK Economy Will Deny Lifestyle Protection Insurance To People In Northern Cities
The leading UK financial commentators agree that there will be more jobs lost in 2012, the question is how many and where in Britain will be hit hardest. It is generally accepted that those areas where there is a disproportionate reliance on the public sector for jobs are likely to suffer more than most. Local authorities are frequently the largest employer in cities outside of the Southeast of England. However it is not just the local council employees who will be affected.
Since the late 1980's, in the industrially hollowed out towns and cities, such as Burnley and Birmingham, local authorities and government agencies became the engine of the economy in the regions. They had central government funds for urban regeneration and regional development grants all focused on building local services, enterprise zones and infrastructure. This spending did indeed attract some flagship companies, especially successful overseas brands seeking to operate in 1990's booming Britain.
However, most jobs created by this new investment were predominantly service based industries and primarily dependent upon the local economy. Car component manufacturing and machine tool building cannot truly be replaced by Japanese car dealers and double glazing manufactures. These new industries don't export or sell to customers far beyond their own locality.
In the case of the major northern conurbations, the jobs and spending power of people employed in the public sector are critical to the local economy. In contrast, those areas where the workforce is predominantly in the private sector, though they took a sharp hit in 2008, are now fairly stable. Most firms that did survive are much stronger, but marking time waiting to see how the UK economy survives before they expand or take on staff.
Consequently, for areas of the country where there is a concentration of these quietly successful businesses, the reduction in head count and spend by the public sector is only having a marginal effect on what is being spent in the local shops and on services. This is particularly noticeable in London and the Southeast.
In contrast, where there is high dependency on the public sector for employment, the public spending cuts are being felt hardest of all and consequently local service industries will suffer a far larger fall off in customer spending. We are seeing the re-emergence of a two-speed Britain, the Southeast is recovering, or at worse marking time, whereas other regions are still contracting with the major conurbations suffering most of all.
A warning must therefore go out to anyone who works in the private sector outside of the Southeast. Even though they may feel their job is safe at present. The deep austerity driven cuts have yet to be fully implemented or truly felt by their local economy. Job cut backs and redundancies will inevitably grip retail and service industries in the wake of a fall off in demand. For the wage earners dependent upon this type of job, especially those with young families, it is essential to consider their options should their employer become one of many who will have to make cut backs to survive.
The shocking truth is that, on average, most people are out of work for seven or more months following redundancy (source 2011 specialist provider market research). During this time they are largely on their own financially with UK state benefits such as Job Seekers Allowance at less than £70 per week. People who are thrown out of work, but have savings that could pay their bills for six to twelve months, will survive. For anyone who does not have savings there is an alternative to running up huge debts and risking their home.
Low cost Lifestyle Protection Insurance, also known as short-term Income Protection Insurance, will typically pay anyone who is unable to work due to accident sickness or unemployment, up to £1,500 per month for a year. This payment is tax-free and does not affect entitlement to state benefits. If an individual aged 30 bought a policy that paid them out £1,000 per month, their premium would be less than £30 per month.
Quotes as low as this are only available from on-line specialists providers. The same cover can be bought from banks and independent financial advisers, although they charge considerably more for a personal service. This is however a very simple insurance product and well worth looking into on-line and not leaving it until bad news is received.
A critical point any potential buyer must understand; Lifestyle Protection Insurance and short-term Income Protection will only be offered to someone in steady work. This is because the insurance underwriters only cover people with an average risk of redundancy. For example, say a company has made an announcement that it is cutting back its staff or even merging with another. A Lifestyle Protection Insurance underwriter would view an application from someone who works at this company, little different from a Household Insurance underwriter being asked to cover a building already on fire! Therefore, anyone in a job at this time, who thinks this insurance might be for them, should look at buying this sooner rather than later.
For people living in the regions and especially those in the cities in the North, large sections of the working population could soon be prevented from buying Lifestyle Protection Insurance and short-term Income Protection Insurance. It is important people in these areas appreciate that they probably only have a limited window to buy this cover before insurers turn them away in increasing numbers.
Dennis Haggerty FCII M IDM Marketing Manager iprotectinsurance.co.uk is an Income Protection Insurance expert, specialising in helping people to protect their financial wellbeing at times of economic stress. Dennis particularly advocates low cost on-line; Lifestyle Protection Insurance, Income Protection Insurance and Mortgage Payment Protection Insurance. He offers consumers an inside track to finding a good deal and how to check the products they are considering are suitable for their needs.
Since the late 1980's, in the industrially hollowed out towns and cities, such as Burnley and Birmingham, local authorities and government agencies became the engine of the economy in the regions. They had central government funds for urban regeneration and regional development grants all focused on building local services, enterprise zones and infrastructure. This spending did indeed attract some flagship companies, especially successful overseas brands seeking to operate in 1990's booming Britain.
However, most jobs created by this new investment were predominantly service based industries and primarily dependent upon the local economy. Car component manufacturing and machine tool building cannot truly be replaced by Japanese car dealers and double glazing manufactures. These new industries don't export or sell to customers far beyond their own locality.
In the case of the major northern conurbations, the jobs and spending power of people employed in the public sector are critical to the local economy. In contrast, those areas where the workforce is predominantly in the private sector, though they took a sharp hit in 2008, are now fairly stable. Most firms that did survive are much stronger, but marking time waiting to see how the UK economy survives before they expand or take on staff.
Consequently, for areas of the country where there is a concentration of these quietly successful businesses, the reduction in head count and spend by the public sector is only having a marginal effect on what is being spent in the local shops and on services. This is particularly noticeable in London and the Southeast.
In contrast, where there is high dependency on the public sector for employment, the public spending cuts are being felt hardest of all and consequently local service industries will suffer a far larger fall off in customer spending. We are seeing the re-emergence of a two-speed Britain, the Southeast is recovering, or at worse marking time, whereas other regions are still contracting with the major conurbations suffering most of all.
A warning must therefore go out to anyone who works in the private sector outside of the Southeast. Even though they may feel their job is safe at present. The deep austerity driven cuts have yet to be fully implemented or truly felt by their local economy. Job cut backs and redundancies will inevitably grip retail and service industries in the wake of a fall off in demand. For the wage earners dependent upon this type of job, especially those with young families, it is essential to consider their options should their employer become one of many who will have to make cut backs to survive.
The shocking truth is that, on average, most people are out of work for seven or more months following redundancy (source 2011 specialist provider market research). During this time they are largely on their own financially with UK state benefits such as Job Seekers Allowance at less than £70 per week. People who are thrown out of work, but have savings that could pay their bills for six to twelve months, will survive. For anyone who does not have savings there is an alternative to running up huge debts and risking their home.
Low cost Lifestyle Protection Insurance, also known as short-term Income Protection Insurance, will typically pay anyone who is unable to work due to accident sickness or unemployment, up to £1,500 per month for a year. This payment is tax-free and does not affect entitlement to state benefits. If an individual aged 30 bought a policy that paid them out £1,000 per month, their premium would be less than £30 per month.
Quotes as low as this are only available from on-line specialists providers. The same cover can be bought from banks and independent financial advisers, although they charge considerably more for a personal service. This is however a very simple insurance product and well worth looking into on-line and not leaving it until bad news is received.
A critical point any potential buyer must understand; Lifestyle Protection Insurance and short-term Income Protection will only be offered to someone in steady work. This is because the insurance underwriters only cover people with an average risk of redundancy. For example, say a company has made an announcement that it is cutting back its staff or even merging with another. A Lifestyle Protection Insurance underwriter would view an application from someone who works at this company, little different from a Household Insurance underwriter being asked to cover a building already on fire! Therefore, anyone in a job at this time, who thinks this insurance might be for them, should look at buying this sooner rather than later.
For people living in the regions and especially those in the cities in the North, large sections of the working population could soon be prevented from buying Lifestyle Protection Insurance and short-term Income Protection Insurance. It is important people in these areas appreciate that they probably only have a limited window to buy this cover before insurers turn them away in increasing numbers.
Dennis Haggerty FCII M IDM Marketing Manager iprotectinsurance.co.uk is an Income Protection Insurance expert, specialising in helping people to protect their financial wellbeing at times of economic stress. Dennis particularly advocates low cost on-line; Lifestyle Protection Insurance, Income Protection Insurance and Mortgage Payment Protection Insurance. He offers consumers an inside track to finding a good deal and how to check the products they are considering are suitable for their needs.
Posted by
Author
A Taxi Fleet Insurance Guide For Taxi Companies
Taxi companies normally hire highly skilled drivers to ferry passengers from one point to another. They operate for many hours every single day of the year to ensure that the public has access to taxi services when needed. Running a taxi business that has numerous cabs and many cab drivers 365 days each year requires a great deal of management and co-ordination. One of the most important aspects of managing a taxi company is finding the best taxi fleet insurance for your business. Ideally, the cover should be cheap but with a wide coverage.
Most insurance policies for taxi companies cover both large and small taxi companies. These policies also cover home operators and contract work. Apart from existing drivers, these policies will also cover new drivers.
Taxi fleet insurance does not have to be expensive. There are many ways of reducing premiums. For instance, you can get lower rates if you build up a descent track record. A clean record will qualify your company for No Claims Bonus savings over time, as you build history and a clean record. This may translate into savings of between 20 to 60 percent.
The experience of your drivers will also qualify you for some discounts. Experienced drivers are less likely to cause accidents, so insurers will lower premiums based on the experience of your drivers. However, drivers need to carry taxi badges issued by the local authority. This badge shows the number of years that a cab driver has been working in the city.
Restricted driving can also lower the amount of money you will pay for taxi fleet insurance policies for your company. Most companies will offer lower rates to business owners who reduce and restrict the amount of drivers per policy.
You can also lower costs by considering voluntary access. While this may lower your premiums significantly, you may have problems when you make a claim.
The following are some attributes of a good taxi fleet insurance policy:
Unlimited windscreen cover
From one year onwards a protected no-claims bonus
Complete accident management and free 50,000 pounds legal expenses cover
Free roadside assistance 24 hours a day
Free coverage for spouse when using the vehicle for social purposes only, however, the council will have to approve this
Apart from the benefits mentioned above, there are many others that can be added to your taxi fleet insurance by a reputable insurance provider or broker. These benefits will protect you and give you peace of mind as you continue with your work.
Most insurance policies for taxi companies cover both large and small taxi companies. These policies also cover home operators and contract work. Apart from existing drivers, these policies will also cover new drivers.
Taxi fleet insurance does not have to be expensive. There are many ways of reducing premiums. For instance, you can get lower rates if you build up a descent track record. A clean record will qualify your company for No Claims Bonus savings over time, as you build history and a clean record. This may translate into savings of between 20 to 60 percent.
The experience of your drivers will also qualify you for some discounts. Experienced drivers are less likely to cause accidents, so insurers will lower premiums based on the experience of your drivers. However, drivers need to carry taxi badges issued by the local authority. This badge shows the number of years that a cab driver has been working in the city.
Restricted driving can also lower the amount of money you will pay for taxi fleet insurance policies for your company. Most companies will offer lower rates to business owners who reduce and restrict the amount of drivers per policy.
You can also lower costs by considering voluntary access. While this may lower your premiums significantly, you may have problems when you make a claim.
The following are some attributes of a good taxi fleet insurance policy:
Unlimited windscreen cover
From one year onwards a protected no-claims bonus
Complete accident management and free 50,000 pounds legal expenses cover
Free roadside assistance 24 hours a day
Free coverage for spouse when using the vehicle for social purposes only, however, the council will have to approve this
Apart from the benefits mentioned above, there are many others that can be added to your taxi fleet insurance by a reputable insurance provider or broker. These benefits will protect you and give you peace of mind as you continue with your work.
Posted by
Author
Travel Insurance to Secure Your Holiday
Are you packing your bags for a trip abroad? Make sure that you have a good Travel Insurance Policy in your kit before you leave. It is essential to ensure that nothing unpleasant happens to you on your trip. While a holiday abroad is a good experience for all it can be made unpleasant by any unforeseen happening and it is best to be insured against any such risk. Even a small happening like a stolen baggage or a major event like a civil emergency can land you in trouble. While a good Travel insurance plan covers you against all possible risks abroad it gives you a peace that there is a financial backing for you in case anything goes wrong.
Another major reason to have a travel insurance policy is that even if we have a health insurance policy, we will not get cover for our health if we are abroad. It is then that only a travel insurance policy can save you from a disaster.
One should always look at the coverage that a travel policy has to offer. Needless to say, wider the coverage, better the policy. Medical coverage should be the widest as it is one of the most important risks you would want to be covered while in an alien land. Medical expenses can be really high in a foreign country and disrupt your entire holiday budget. Hence always go for a policy that ensures you the widest coverage.
Some features one should look for while choosing a good policy:
• Medical insurance while you are abroad
• Personal Accident Insurance in case of death while abroad
• Repatriation of mortal remains in case the insured dies on the trip insured
• Coverage of hospitalization expenses in case of a medical emergency
• Coverage on Loss of baggage that has been checked in
• Coverage on loss of passport
• Payment of a distress allowance in case there is an excessive delay in flight, say more than 12 hours
• Payment of a hijack distress allowance in case the flight has been hijacked
• Online medical guidance in foreign country
• Arrangement of appointments with local doctors
• Arrangement of emergency hospitalization
• Direct settlement of bills in the hospital abroad
• Arrangements of conveyance in case of an emergency medical evacuation
Any policy that offers the above mentioned coverage can easily be taken to be good and reliable.
It should however be noted that most travel insurance policies exclude the following from the coverage:
• Pregnancy related costs
• Expenses arising due to self-injury or suicide attempts
• Treatments in psychiatric disorders
• Pre-existing diseases
• Expenses arising out of events happening due to influence of intoxicating drugs
It is best to avoid the above mentioned situations and rest assured of a complete coverage.
Another major reason to have a travel insurance policy is that even if we have a health insurance policy, we will not get cover for our health if we are abroad. It is then that only a travel insurance policy can save you from a disaster.
One should always look at the coverage that a travel policy has to offer. Needless to say, wider the coverage, better the policy. Medical coverage should be the widest as it is one of the most important risks you would want to be covered while in an alien land. Medical expenses can be really high in a foreign country and disrupt your entire holiday budget. Hence always go for a policy that ensures you the widest coverage.
Some features one should look for while choosing a good policy:
• Medical insurance while you are abroad
• Personal Accident Insurance in case of death while abroad
• Repatriation of mortal remains in case the insured dies on the trip insured
• Coverage of hospitalization expenses in case of a medical emergency
• Coverage on Loss of baggage that has been checked in
• Coverage on loss of passport
• Payment of a distress allowance in case there is an excessive delay in flight, say more than 12 hours
• Payment of a hijack distress allowance in case the flight has been hijacked
• Online medical guidance in foreign country
• Arrangement of appointments with local doctors
• Arrangement of emergency hospitalization
• Direct settlement of bills in the hospital abroad
• Arrangements of conveyance in case of an emergency medical evacuation
Any policy that offers the above mentioned coverage can easily be taken to be good and reliable.
It should however be noted that most travel insurance policies exclude the following from the coverage:
• Pregnancy related costs
• Expenses arising due to self-injury or suicide attempts
• Treatments in psychiatric disorders
• Pre-existing diseases
• Expenses arising out of events happening due to influence of intoxicating drugs
It is best to avoid the above mentioned situations and rest assured of a complete coverage.
Posted by
Author
Buying Travel Insurance? Then Read This Article
Travel insurance is not normally top of the priority list when planning holidays but it should be. Tour companies know that, and that's why they normally insist travellers have insurance. Travel insurance typically covers cancellation and curtailment, personal liability, personal possessions, injury & illness and emergency assistance.
The most significant insured risk is the medical one. If you have a serious medical emergency whilst abroad, valid travel insurance could literally be the difference between life & death, and will cover the assistance costs - an air ambulance back to the UK from the East Coast of the USA could set you back £50,000 otherwise. Without travel insurance and faced with an emergency, your only option would be to contact the nearest UK consulate or embassy who will no doubt help as best they can, but will not pay for assistance.
Like most things in life you tend to get what you pay for with travel insurance, and the low cost options sometimes have limitations. Apart from the specifics of the cover, the variables that determine the price are the number of days and geography covered, the number of people on the policy and their age.
Some basics to consider when buying a policy....
Travel insurance is sold as an annual policy or single trip. If you are going abroad more than once a year then an annual policy may work out cheaper. If you insure a single trip, take the policy out as soon as you have committed to the cost so that you have cancellation cover immediately.
Typically three options are offered for geographic cover: Europe, Worldwide excluding USA & Canada, and Worldwide including USA & Canada, the latter, with widest coverage, being the most expensive. Remember though, the further away from home you are, the more expensive emergency costs are likely to be, so the more important it is to have travel insurance.
Individual, couples and family policies are normally offered as standard. Couples and family policies will normally be cheaper on a per head basis. Family policies typically cover two adults and their children, but they do not normally provide cover for minors travelling on their own.
The cost of travel insurance increases with age. Standard travel insurance policies would typically have an age cap of between 70 & 80, but it would be unusual for the older traveller not to be able to get insurance if they shop around. There are a number of insurers who offer travel insurance for the older travellers at a price that reflects the increased risk. That said, travel insurance for the older traveller with significant pre-existing medical conditions can get very expensive.
Always consider the policy exclusions. Cover for skiing is normally an extra. Standard annual policies typically provide a limited number of days cover in a year - if you need more, there are specialist policies that provide this. Undeclared pre-existing medical conditions are not normally covered, neither are alcohol or drug related medical costs.
And when you travel.....
Take a copy of your policy certificate with you and the travel insurer telephone numbers. The insurer may have three different numbers for customer services, claims and 24 hour assistance. If your travelling in Europe take your EHIC card.
In the event of a medical emergency, contact the 24 hour assistance number who will advise on a course of action. If you act unilaterally and without insurer authorisation, the assistance costs incurred may not be insured. In cases of theft, always report it to the local police and get a crime reference number or equivalent and call the insurer claims number as soon as possible. As a general rule, inform the insurer as soon as possible in the event of any potential claim to confirm cover and give the insurer the opportunity to mitigate the costs of the claim.
Direct2insure.co.uk offers great value holiday insurance without compromising levels of cover. Selling exclusively online we keep costs to a minimum and monitor the market to ensure we offer you a competitive rate.
Set up and run by experienced insurance professionals, you can get a quote and purchase a policy online in seconds. You can also save a quote and purchase a policy later.
The most significant insured risk is the medical one. If you have a serious medical emergency whilst abroad, valid travel insurance could literally be the difference between life & death, and will cover the assistance costs - an air ambulance back to the UK from the East Coast of the USA could set you back £50,000 otherwise. Without travel insurance and faced with an emergency, your only option would be to contact the nearest UK consulate or embassy who will no doubt help as best they can, but will not pay for assistance.
Like most things in life you tend to get what you pay for with travel insurance, and the low cost options sometimes have limitations. Apart from the specifics of the cover, the variables that determine the price are the number of days and geography covered, the number of people on the policy and their age.
Some basics to consider when buying a policy....
Travel insurance is sold as an annual policy or single trip. If you are going abroad more than once a year then an annual policy may work out cheaper. If you insure a single trip, take the policy out as soon as you have committed to the cost so that you have cancellation cover immediately.
Typically three options are offered for geographic cover: Europe, Worldwide excluding USA & Canada, and Worldwide including USA & Canada, the latter, with widest coverage, being the most expensive. Remember though, the further away from home you are, the more expensive emergency costs are likely to be, so the more important it is to have travel insurance.
Individual, couples and family policies are normally offered as standard. Couples and family policies will normally be cheaper on a per head basis. Family policies typically cover two adults and their children, but they do not normally provide cover for minors travelling on their own.
The cost of travel insurance increases with age. Standard travel insurance policies would typically have an age cap of between 70 & 80, but it would be unusual for the older traveller not to be able to get insurance if they shop around. There are a number of insurers who offer travel insurance for the older travellers at a price that reflects the increased risk. That said, travel insurance for the older traveller with significant pre-existing medical conditions can get very expensive.
Always consider the policy exclusions. Cover for skiing is normally an extra. Standard annual policies typically provide a limited number of days cover in a year - if you need more, there are specialist policies that provide this. Undeclared pre-existing medical conditions are not normally covered, neither are alcohol or drug related medical costs.
And when you travel.....
Take a copy of your policy certificate with you and the travel insurer telephone numbers. The insurer may have three different numbers for customer services, claims and 24 hour assistance. If your travelling in Europe take your EHIC card.
In the event of a medical emergency, contact the 24 hour assistance number who will advise on a course of action. If you act unilaterally and without insurer authorisation, the assistance costs incurred may not be insured. In cases of theft, always report it to the local police and get a crime reference number or equivalent and call the insurer claims number as soon as possible. As a general rule, inform the insurer as soon as possible in the event of any potential claim to confirm cover and give the insurer the opportunity to mitigate the costs of the claim.
Direct2insure.co.uk offers great value holiday insurance without compromising levels of cover. Selling exclusively online we keep costs to a minimum and monitor the market to ensure we offer you a competitive rate.
Set up and run by experienced insurance professionals, you can get a quote and purchase a policy online in seconds. You can also save a quote and purchase a policy later.
Flood Insurance: Do You Really Need It?
Do you need flood insurance? You have to decide that based on where you live, whether you are in danger from floods and how the cost of insurance compares to the cost of your property.
Consider that flood damage often lasts after the actual flood has subsided. This may look like compromised structural support, permanently damaged furniture and mold growth.
Consider that if your home were destroyed by an ocean storm surge, an insurance company could deem the cause of destruction to be "flooding," leaving you uninsured and homeless.
Consider that rising temperatures may cause the ocean level to rise and erratic weather patterns to emerge. According to many climatologists, this may lead to storms of greater intensity around the world for years to come.
Only you can decide whether to purchase flood insurance. If you live in a flood prone area, you might want to request a quote online or by phone. An insurance quote is free, so you lose nothing by asking. You may be pleasantly surprised by the deals you find.
What Flood Damage Will Normal Insurance Policies Cover?
Your insurance policy may cover storm damage and fail to specify what type of storm damage, so you might be able to repair the damage from both water and wind in a single insurance payment. However, this is generally not the case, as insurance professionals will want to pay you as little as possible. More commonly, you won't be able to fix wind-related damage because it happened at the same time and in the same place as flood damage.
If flooding causes your electrical power to short, you may be able to receive compensation for spoiled food and appliance damage. However, this only applies to hurricane-related electrical damage. If heavy rains or river overflow cause the electricity to go haywire, you will probably not be compensated.
Condo owners and apartment renters may be able to fix common areas if the landlord or condo co-op has a flood insurance policy on the building. However, unless each individual living unit has flood insurance, water damage will not be covered for your own living space.
Finally, if flooding renders your house uninhabitable, your standard policy may cover additional living expenses. These expenses include those beyond weathering displacement and finding temporary shelter. The amount of money provided for additional living expenses is typically 20% of your insurance policy.
What Does Flood Insurance Cover?
A flood is defined by the National Flood Insurance Program as a partial or complete inundation of normally dry land due to overflow of inland waters, rapid accumulation of surface waters from any source or mud flows. This type of insurance covers:
* Any structural damage due to flooding
* Damage to or resulting from electrical and plumbing systems after a flood
* Damage to appliances, heating and cooling equipment
* Wood paneling, cabinetry and furniture damage
* Carpet damage and repair
* Damage to personal items such as jewelry and electronics
* Unavoidable mildew or mold damage as a result of flooding
* Debris removal
* All damage to detached garages
What Doesn't Flood Insurance Cover?
Even a comprehensive insurance policy may not provide complete coverage for every financial loss due to flooding. These common requests are usually denied by insurance providers:
* Financial losses caused by loss of property use, e.g. a flooded home office
* Land property outside the insured building, e.g. trees, patios, septic systems, gardens, swimming pools, etc.
* Mold and mildew damage due to flood that could have been avoided by the property owner
Consider that flood damage often lasts after the actual flood has subsided. This may look like compromised structural support, permanently damaged furniture and mold growth.
Consider that if your home were destroyed by an ocean storm surge, an insurance company could deem the cause of destruction to be "flooding," leaving you uninsured and homeless.
Consider that rising temperatures may cause the ocean level to rise and erratic weather patterns to emerge. According to many climatologists, this may lead to storms of greater intensity around the world for years to come.
Only you can decide whether to purchase flood insurance. If you live in a flood prone area, you might want to request a quote online or by phone. An insurance quote is free, so you lose nothing by asking. You may be pleasantly surprised by the deals you find.
What Flood Damage Will Normal Insurance Policies Cover?
Your insurance policy may cover storm damage and fail to specify what type of storm damage, so you might be able to repair the damage from both water and wind in a single insurance payment. However, this is generally not the case, as insurance professionals will want to pay you as little as possible. More commonly, you won't be able to fix wind-related damage because it happened at the same time and in the same place as flood damage.
If flooding causes your electrical power to short, you may be able to receive compensation for spoiled food and appliance damage. However, this only applies to hurricane-related electrical damage. If heavy rains or river overflow cause the electricity to go haywire, you will probably not be compensated.
Condo owners and apartment renters may be able to fix common areas if the landlord or condo co-op has a flood insurance policy on the building. However, unless each individual living unit has flood insurance, water damage will not be covered for your own living space.
Finally, if flooding renders your house uninhabitable, your standard policy may cover additional living expenses. These expenses include those beyond weathering displacement and finding temporary shelter. The amount of money provided for additional living expenses is typically 20% of your insurance policy.
What Does Flood Insurance Cover?
A flood is defined by the National Flood Insurance Program as a partial or complete inundation of normally dry land due to overflow of inland waters, rapid accumulation of surface waters from any source or mud flows. This type of insurance covers:
* Any structural damage due to flooding
* Damage to or resulting from electrical and plumbing systems after a flood
* Damage to appliances, heating and cooling equipment
* Wood paneling, cabinetry and furniture damage
* Carpet damage and repair
* Damage to personal items such as jewelry and electronics
* Unavoidable mildew or mold damage as a result of flooding
* Debris removal
* All damage to detached garages
What Doesn't Flood Insurance Cover?
Even a comprehensive insurance policy may not provide complete coverage for every financial loss due to flooding. These common requests are usually denied by insurance providers:
* Financial losses caused by loss of property use, e.g. a flooded home office
* Land property outside the insured building, e.g. trees, patios, septic systems, gardens, swimming pools, etc.
* Mold and mildew damage due to flood that could have been avoided by the property owner
Posted by
Author
Five Reasons To Use An Insurance Broker When Looking For Insurance
When buying insurance, you can choose to buy direct from an insurance company, from a tied agent or a bank that represents one company or you can choose to purchase your insurance through an insurance broker. Most brokers can save you money on your insurance not to mention the time you would otherwise spend shopping around yourself but there are other reasons why using an insurance broker can be of major benefit to you.
Here are just some of the advantages of purchasing your insurance through an insurance broker:
An insurance broker works for you - not the insurance company. Your insurance broker is not tied to a specific company or a specific company's products. They can search a number of companies and their products to find the best deal for you. A broker can take a thorough look at your personal needs and recommend the best and most suitable product for you based on your situation. Insurance brokers can get you the best deal available from their large portfolio of products and provider, while banks or insurance companies can only offer you the products from one company, and are therefore more limited in the number of products they can offer.
Insurance Brokers are experienced and professional. Brokers deal with a wide range of products and services and are qualified to recommend the policies that best suit your needs from the wide range of companies that they deal with. They will know for example what companies are best suited for younger drivers for example or who is best for providing public liability for your industry. They typically have experience with claims and can guide you through the often confusing and stressful claims process, answering any questions that you may have. What's more most brokerages in Ireland are generally smaller and can often offer a faster and more personalized support. Brokers are also committed to continual professional development and lifelong learning, ensuring that they are informed on the latest changes and adjustments to insurance policies and legislation to give you the best options available when you purchase your next policy.
Insurance Brokers are regulated: Brokers are required to meet certain standards and financial obligations. In addition to the requirement to hold professional indemnity insurance, they are required to carry out a process with each client to ensure that they are recommending the correct product to suit your needs. A 'fact find' should be used to discover your exact needs and requirements and on this information the broker should make their informed recommendations. A 'reasons why' letter or 'statement of suitability' should also be presented to the client outlining why the product and the provider is being recommended and how they meet the clients specific needs.
You can get access to insurance companies that you cannot access on your own: In recent years there are more and more insurance companies popping up that only deal directly with brokers. In transacting business in this way they can save costs and do not have the same requirement for large call centres or large administration teams to deal with the public. They can then pass on these savings to you, the consumer. Many of these companies only deal directly through brokers so you will not be able to get a quote directly. Certainly over the past couple of years we have found ourselves recommending these companies more and more as they are able to consistently deliver on price, product and service.
Insurance Brokers are required to give full disclosure on commission and fees and the effect on your insurance premium: Of course brokers need to be paid too and they get generally get paid a percentage commission from the insurance companies. In addition to this they may also charge a small fee for their services. As part of the regulation they must provide you with a copy of their terms of business which outlines the companies they deal with, how they are paid and details of any fees they may charge. This allows you to make an informed choice when buying insurance.
Choosing an insurance broker means that you have a professional on your side when choosing the best policy for yourself, your business and your family. Insurance brokers offer professional and unbiased advice, ethical conduct, and full disclosure of all the information you need to make an informed decision. They can talk you through each stage while giving you personalised advice and excellent customer service. So next time you are looking for insurance or renewing your current product why not contact your local broker first and see what a great service they can offer you.
Here are just some of the advantages of purchasing your insurance through an insurance broker:
An insurance broker works for you - not the insurance company. Your insurance broker is not tied to a specific company or a specific company's products. They can search a number of companies and their products to find the best deal for you. A broker can take a thorough look at your personal needs and recommend the best and most suitable product for you based on your situation. Insurance brokers can get you the best deal available from their large portfolio of products and provider, while banks or insurance companies can only offer you the products from one company, and are therefore more limited in the number of products they can offer.
Insurance Brokers are experienced and professional. Brokers deal with a wide range of products and services and are qualified to recommend the policies that best suit your needs from the wide range of companies that they deal with. They will know for example what companies are best suited for younger drivers for example or who is best for providing public liability for your industry. They typically have experience with claims and can guide you through the often confusing and stressful claims process, answering any questions that you may have. What's more most brokerages in Ireland are generally smaller and can often offer a faster and more personalized support. Brokers are also committed to continual professional development and lifelong learning, ensuring that they are informed on the latest changes and adjustments to insurance policies and legislation to give you the best options available when you purchase your next policy.
Insurance Brokers are regulated: Brokers are required to meet certain standards and financial obligations. In addition to the requirement to hold professional indemnity insurance, they are required to carry out a process with each client to ensure that they are recommending the correct product to suit your needs. A 'fact find' should be used to discover your exact needs and requirements and on this information the broker should make their informed recommendations. A 'reasons why' letter or 'statement of suitability' should also be presented to the client outlining why the product and the provider is being recommended and how they meet the clients specific needs.
You can get access to insurance companies that you cannot access on your own: In recent years there are more and more insurance companies popping up that only deal directly with brokers. In transacting business in this way they can save costs and do not have the same requirement for large call centres or large administration teams to deal with the public. They can then pass on these savings to you, the consumer. Many of these companies only deal directly through brokers so you will not be able to get a quote directly. Certainly over the past couple of years we have found ourselves recommending these companies more and more as they are able to consistently deliver on price, product and service.
Insurance Brokers are required to give full disclosure on commission and fees and the effect on your insurance premium: Of course brokers need to be paid too and they get generally get paid a percentage commission from the insurance companies. In addition to this they may also charge a small fee for their services. As part of the regulation they must provide you with a copy of their terms of business which outlines the companies they deal with, how they are paid and details of any fees they may charge. This allows you to make an informed choice when buying insurance.
Choosing an insurance broker means that you have a professional on your side when choosing the best policy for yourself, your business and your family. Insurance brokers offer professional and unbiased advice, ethical conduct, and full disclosure of all the information you need to make an informed decision. They can talk you through each stage while giving you personalised advice and excellent customer service. So next time you are looking for insurance or renewing your current product why not contact your local broker first and see what a great service they can offer you.
Why Renters Insurance? A Story That Explains It All
So you just got out on your own, got out of your parents place and want to prove to the world that you can survive. You've saved up enough money to pay for the first and last month's rent for your apartment, you just put utilities in your name, and filled your fridge and cabinets with all sorts of food you know you will never eat. You bring your big screen TV, your Xbox, your Wii, and every other electronic device you have into your new apartment. You sit back and relax, knowing that you are independent. No longer attached to your parents, you feel really good about yourself. You are finally living every teenagers dream.
You awaken later that night just in time to hear the door slam. You remember hearing voices, but you thought they were part of your dream. Did you imagine the door slamming? You didn't invite anybody over. What was that noise? You slowly creep to the door of your bedroom and look out towards the living room. Something isn't quite right. You keep taking small cautious steps towards the living room, and confirm your worst nightmare. All of your stuff is gone. The only item you set up was your bed, the rest of it, was gone. They even took some of your food. Your hands fumble for your phone, the first person you think to call: your dad. He always knows what to do. Your muscle memory quickly kicks in as you realize you didn't even think about it when you dialed his number. "Hello?" a very quiet voice comes on the phone, a voice you recognize as your dad. He sounds very tired, suddenly you realize its 2:45 in the morning. "Dad," you whisper, "Somebody stole my stuff."
A short while later, the police arrive at your apartment. Your dad's there now, trying to help you prepare a list of everything that's missing. "I just can't remember it all," you snap at your dad as you rack your brain to remember what you had. Even though you sounded angry, you still feel glad your dad is there to help comfort you. The police ask you questions, many of them you feel like you can't answer. You finally finish your list and hand it the police officer. You know the list is not complete, you forgot half of the stuff that you had. The officer explains to you that there were no signs of forced entry. Your years of watching C.S.I. kick in and you realize that means somebody didn't have to break in. You tell the officer you remember locking the door. Your dad always taught you to do that. The officer explains that the previous tenants may still have a key, and that you should change the locks. "That advice is a little late don't you think?" you say angrily to the officer, quickly regretting saying that. You knew it wasn't his fault. The officer is quick to come back though, "Well, I hope you have renters insurance."
"Renters insurance?" You asked more politely. "Yeah," the officer says, "renters insurance covers theft of your personal belongings. I recommend it to people who are renting, did you know that it's the only way to protect your personal belongings, even if they are in your car? I rent too, and I have renters insurance for my place. It's only about ten bucks a month."
"Ten bucks a month." You say as I looked around the empty room. "You mean I could have all of my stuff replaced from this, and it would only cost me ten bucks a month?"
"Yup," the officer says reaching for his wallet and pulls out a card, "here, why don't you talk to my insurance agent. He sells Farmers Insurance, good rates, and he will treat you right. Tell him I sent you. Here is his card."
"Thanks!" you say with maybe a little too much excitement. "I will call him tomorrow. What are the odds you will find my stuff?"
"Honestly?" The officer asks, "I don't think we will ever find it. You don't have a complete list, and there is no way to identify the property as yours even if we do find it. Sorry, but most of these crimes just go unsolved.
Once the officer leaves, your dad asks you if you wanted to come home for the night. You really want to, but you have waited for this moment for so long. You tell your dad you think you will be okay. As your father walks out of your apartment, you turn the lock on your door. You almost laugh as you think how pointless that action was. Somebody out there has complete access to your apartment, you might as well leave it unlocked.
For the rest of the night, you don't get any sleep. Every little noise in the new apartment startles you. You think of things you forgot to add to the list you gave to the officer.
The next morning you call the agent on the card. While speaking with the agent, he explains what Farmers Insurance does differently from other companies.
"Well," he says, "We have a feature called Contents Replacement. Basically, if you have a couch now, and something happens to it, you get enough money to buy a new couch of equal or greater value. Without that feature, you would only get about the 'garage sale' value of the couch. How would you buy a new couch with only twenty bucks? That may be the value of the couch to an insurance adjuster, but it was a couch to you! You don't need twenty bucks, you need a couch."
The agent finishes filling you in on all of the features and low cost of renters insurance, you finally breathe a sigh of relief. "Once I buy a new lock for my apartment, I think I can finally sleep well again." You think as you read off your credit card number to the agent. "I just wish everything was this simple."
You awaken later that night just in time to hear the door slam. You remember hearing voices, but you thought they were part of your dream. Did you imagine the door slamming? You didn't invite anybody over. What was that noise? You slowly creep to the door of your bedroom and look out towards the living room. Something isn't quite right. You keep taking small cautious steps towards the living room, and confirm your worst nightmare. All of your stuff is gone. The only item you set up was your bed, the rest of it, was gone. They even took some of your food. Your hands fumble for your phone, the first person you think to call: your dad. He always knows what to do. Your muscle memory quickly kicks in as you realize you didn't even think about it when you dialed his number. "Hello?" a very quiet voice comes on the phone, a voice you recognize as your dad. He sounds very tired, suddenly you realize its 2:45 in the morning. "Dad," you whisper, "Somebody stole my stuff."
A short while later, the police arrive at your apartment. Your dad's there now, trying to help you prepare a list of everything that's missing. "I just can't remember it all," you snap at your dad as you rack your brain to remember what you had. Even though you sounded angry, you still feel glad your dad is there to help comfort you. The police ask you questions, many of them you feel like you can't answer. You finally finish your list and hand it the police officer. You know the list is not complete, you forgot half of the stuff that you had. The officer explains to you that there were no signs of forced entry. Your years of watching C.S.I. kick in and you realize that means somebody didn't have to break in. You tell the officer you remember locking the door. Your dad always taught you to do that. The officer explains that the previous tenants may still have a key, and that you should change the locks. "That advice is a little late don't you think?" you say angrily to the officer, quickly regretting saying that. You knew it wasn't his fault. The officer is quick to come back though, "Well, I hope you have renters insurance."
"Renters insurance?" You asked more politely. "Yeah," the officer says, "renters insurance covers theft of your personal belongings. I recommend it to people who are renting, did you know that it's the only way to protect your personal belongings, even if they are in your car? I rent too, and I have renters insurance for my place. It's only about ten bucks a month."
"Ten bucks a month." You say as I looked around the empty room. "You mean I could have all of my stuff replaced from this, and it would only cost me ten bucks a month?"
"Yup," the officer says reaching for his wallet and pulls out a card, "here, why don't you talk to my insurance agent. He sells Farmers Insurance, good rates, and he will treat you right. Tell him I sent you. Here is his card."
"Thanks!" you say with maybe a little too much excitement. "I will call him tomorrow. What are the odds you will find my stuff?"
"Honestly?" The officer asks, "I don't think we will ever find it. You don't have a complete list, and there is no way to identify the property as yours even if we do find it. Sorry, but most of these crimes just go unsolved.
Once the officer leaves, your dad asks you if you wanted to come home for the night. You really want to, but you have waited for this moment for so long. You tell your dad you think you will be okay. As your father walks out of your apartment, you turn the lock on your door. You almost laugh as you think how pointless that action was. Somebody out there has complete access to your apartment, you might as well leave it unlocked.
For the rest of the night, you don't get any sleep. Every little noise in the new apartment startles you. You think of things you forgot to add to the list you gave to the officer.
The next morning you call the agent on the card. While speaking with the agent, he explains what Farmers Insurance does differently from other companies.
"Well," he says, "We have a feature called Contents Replacement. Basically, if you have a couch now, and something happens to it, you get enough money to buy a new couch of equal or greater value. Without that feature, you would only get about the 'garage sale' value of the couch. How would you buy a new couch with only twenty bucks? That may be the value of the couch to an insurance adjuster, but it was a couch to you! You don't need twenty bucks, you need a couch."
The agent finishes filling you in on all of the features and low cost of renters insurance, you finally breathe a sigh of relief. "Once I buy a new lock for my apartment, I think I can finally sleep well again." You think as you read off your credit card number to the agent. "I just wish everything was this simple."
Posted by
Author
Preserving Your Savings With Insurance
No matter what stage of your financial life you're currently in, saving money isn't always easy. An effective savings plan involves more than just a budget and goals; it involves a disciplined attitude toward keeping your finances on track, working toward reaching goals, and avoiding impulse buys when your savings start to accumulate. One of the things that you'll most want to do when you start saving money is protect your accumulating cash from the unexpected. Insurance not only protects your savings but helps preserve it for its intended use.
Protecting Investments
Every time you spend money, you're making an investment. Whether you buy a house, a car or another big-ticket item, instead of putting money into your savings account, you're spending it on an item that you expect to get a return out of. You're expect a return either though the appreciation of the asset value or from the actual usage of the item and its ability to enhance your quality of life.
When one of these items becomes damaged during an insurable incident and you don't have insurance, you must take money out of your savings in order to replace it. Not only does this reduce your savings but it also reduces any asset appreciation that you might have gotten from the item as you effectively double your cost basis. With proper insurance, you can ensure that you don't have to pay to replace your property when it becomes damaged due to a covered peril. Instead you can rely on your insurance company to pay replacement or actual value for the item.
Creating a Legacy
At least a portion of your savings is probably intended to go on far beyond your own life to create a legacy for your heirs. They may use this legacy to start their own families, to go to college or to pay off the taxes that your estate prompts. Saving money to create a legacy is not easy for many reasons, such as:
Within the confines of your current and future salary, it may be extremely difficult to find enough money set aside to leave the kind of legacy you want your heirs to have.
Your desire to create a legacy could impact your ability to live a comfortable retirement as you may attempt to spend less during retirement in order to ensure that there is something left behind for your heirs.
A life insurance policy is the perfect legacy planning tool as it creates a set of funds exclusively for legacy planning. This creates a more affordable way to leave the legacy you want while still allowing you to save money for all your other savings goals.
Maintaining an Income
How far off track would your savings plan get if you no longer had income during a long- or short-term disability? Not only would your ability to save be interrupted by your lack of an income while you are disabled but it would also be very difficult to get back on track after you recovered and were able to work again. Long- and short-term disability insurance policies help you maintain an income even while an injury interrupts your ability to earn a living. Receiving benefits from a disability policy also reduces the likelihood that you'll need to dip into your savings account. While you may not be able to make continued contributions while living on disability insurance benefits, you will at least keep your savings segregated from the money that you need to spend in order to support yourself and your family.
Guarding against Liabilities
It's often said that we live in a litigious society. One look around your home, yard and even your vehicle and you can probably find many different potential liabilities. Your exposure to liabilities is ever present and can result in expensive lawsuits for both damages and medical expenses should someone become injured on your property. Liability insurance through home insurance policies, auto insurance policies and umbrella policies ensures that even if you are liable for damages after an insurable event, the payment of the damages won't come out of your savings. Instead they'll be paid by your insurance coverage.
A well-structured insurance portfolio can be one of most powerful guardians of your savings plan. If you want to make sure that you're covered by insurance and your savings are protected, give us a call. We can work with you to fill any insurance gaps you may have.
Protecting Investments
Every time you spend money, you're making an investment. Whether you buy a house, a car or another big-ticket item, instead of putting money into your savings account, you're spending it on an item that you expect to get a return out of. You're expect a return either though the appreciation of the asset value or from the actual usage of the item and its ability to enhance your quality of life.
When one of these items becomes damaged during an insurable incident and you don't have insurance, you must take money out of your savings in order to replace it. Not only does this reduce your savings but it also reduces any asset appreciation that you might have gotten from the item as you effectively double your cost basis. With proper insurance, you can ensure that you don't have to pay to replace your property when it becomes damaged due to a covered peril. Instead you can rely on your insurance company to pay replacement or actual value for the item.
Creating a Legacy
At least a portion of your savings is probably intended to go on far beyond your own life to create a legacy for your heirs. They may use this legacy to start their own families, to go to college or to pay off the taxes that your estate prompts. Saving money to create a legacy is not easy for many reasons, such as:
Within the confines of your current and future salary, it may be extremely difficult to find enough money set aside to leave the kind of legacy you want your heirs to have.
Your desire to create a legacy could impact your ability to live a comfortable retirement as you may attempt to spend less during retirement in order to ensure that there is something left behind for your heirs.
A life insurance policy is the perfect legacy planning tool as it creates a set of funds exclusively for legacy planning. This creates a more affordable way to leave the legacy you want while still allowing you to save money for all your other savings goals.
Maintaining an Income
How far off track would your savings plan get if you no longer had income during a long- or short-term disability? Not only would your ability to save be interrupted by your lack of an income while you are disabled but it would also be very difficult to get back on track after you recovered and were able to work again. Long- and short-term disability insurance policies help you maintain an income even while an injury interrupts your ability to earn a living. Receiving benefits from a disability policy also reduces the likelihood that you'll need to dip into your savings account. While you may not be able to make continued contributions while living on disability insurance benefits, you will at least keep your savings segregated from the money that you need to spend in order to support yourself and your family.
Guarding against Liabilities
It's often said that we live in a litigious society. One look around your home, yard and even your vehicle and you can probably find many different potential liabilities. Your exposure to liabilities is ever present and can result in expensive lawsuits for both damages and medical expenses should someone become injured on your property. Liability insurance through home insurance policies, auto insurance policies and umbrella policies ensures that even if you are liable for damages after an insurable event, the payment of the damages won't come out of your savings. Instead they'll be paid by your insurance coverage.
A well-structured insurance portfolio can be one of most powerful guardians of your savings plan. If you want to make sure that you're covered by insurance and your savings are protected, give us a call. We can work with you to fill any insurance gaps you may have.
Posted by
Author
Renters Insurance - Why Every Tenant Needs It
Many renters overlook the fact that the owner's insurance coverage does not protect the replacement value of the renter's belongings or his liability for injury or loss to others that occur in his rented quarters. Anyone who rents a house, loft or apartment, whether a student, renting a room off campus, a senior citizen enjoying retirement, or those who are still working, must make sure to take the time to assess their risk of loss of physical possessions, or through legal liability for loss to others. Then they must choose a renter's policy that works for them.
In preparation for requesting quotes for renter insurance, estimate the value of possessions by making a list of everything that is owned and listing the estimated purchase price, and the date purchased. A photographic record would be useful, especially for any items that are of particular value.
What A Renter's Policy Will Cover
While each renter's policy will offer different features and benefits, some of the common coverage includes:
• Replacement value of all possessions for loss from fire, theft, or vandalism.
• Guest Medical Protection if a guest is injured in or around the renter's place.
• The renter's expenses if forced to live somewhere else for a while.
• Liability Protection for renter's legal defense fees and awarded damages.
• Unauthorized transactions on renter's credit cards
• Can save renter from having to pay for costly repairs to rented space
There Are Many Ways to Save on Your Renters Insurance Policy:
Some of the opportunities to save can be captured by leveraging the following suggestions:
• Compare quotes - but be sure the quoted policies provide equivalent
coverage.
• Ask for discounts.
• Choose to live in a safe neighborhood.
• Don't smoke! If a smoker, quit. If not a smoker, don't start.
• Bundle renter's insurance policy with any other insurance policies that may already be in force: auto, life, health.
• Install safety and security devices including deadbolt locks, smoke detectors, and a fire extinguisher.
• A good credit score can help.
• Seniors' discount - over age 55.
• Choose the deductible carefully. The most common deductible (the amount the renter's claim must exceed before your insurance company pays) is $500. An increase of the deductible could reduce
the renter's policy premium by as much as 30%. Balance the savings against the likelihood of loss.
• Review and update their policy regularly at least annually, both to see if there are additional discounts available, and to be sure that the policy limit is adequate to cover the renter's current assets.
Renter's Insurance Is Vital for Protection against Loss and Liability
Renters insurance is affordable and easy to find and purchase; therefore, there is no excuse for anyone not to have this vital protection. The best possible result would be to have a renter's policy, but, never have occasion to file a claim. The peace of mind which the renter will have enjoyed will be well worth the policy's cost.
In preparation for requesting quotes for renter insurance, estimate the value of possessions by making a list of everything that is owned and listing the estimated purchase price, and the date purchased. A photographic record would be useful, especially for any items that are of particular value.
What A Renter's Policy Will Cover
While each renter's policy will offer different features and benefits, some of the common coverage includes:
• Replacement value of all possessions for loss from fire, theft, or vandalism.
• Guest Medical Protection if a guest is injured in or around the renter's place.
• The renter's expenses if forced to live somewhere else for a while.
• Liability Protection for renter's legal defense fees and awarded damages.
• Unauthorized transactions on renter's credit cards
• Can save renter from having to pay for costly repairs to rented space
There Are Many Ways to Save on Your Renters Insurance Policy:
Some of the opportunities to save can be captured by leveraging the following suggestions:
• Compare quotes - but be sure the quoted policies provide equivalent
coverage.
• Ask for discounts.
• Choose to live in a safe neighborhood.
• Don't smoke! If a smoker, quit. If not a smoker, don't start.
• Bundle renter's insurance policy with any other insurance policies that may already be in force: auto, life, health.
• Install safety and security devices including deadbolt locks, smoke detectors, and a fire extinguisher.
• A good credit score can help.
• Seniors' discount - over age 55.
• Choose the deductible carefully. The most common deductible (the amount the renter's claim must exceed before your insurance company pays) is $500. An increase of the deductible could reduce
the renter's policy premium by as much as 30%. Balance the savings against the likelihood of loss.
• Review and update their policy regularly at least annually, both to see if there are additional discounts available, and to be sure that the policy limit is adequate to cover the renter's current assets.
Renter's Insurance Is Vital for Protection against Loss and Liability
Renters insurance is affordable and easy to find and purchase; therefore, there is no excuse for anyone not to have this vital protection. The best possible result would be to have a renter's policy, but, never have occasion to file a claim. The peace of mind which the renter will have enjoyed will be well worth the policy's cost.
Posted by
Author
What Types of Commercial Insurance Should I Purchase?
If you have your own business, you may be bewildered by the range of commercial insurance you need. Some of these forms of insurance are required by law, whereas others might be stipulated by various professional bodies in order for you to practice. In other cases, insurance is advisable though not mandatory.
Types of commercial insurance
The wide range of sub-types of commercial insurance means that it is worth gaining specialist advice to make sure you are properly covered. Some of the most common kinds are summarised below, though the list is not exhaustive.
Employers liability insurance is mandatory, except in very restricted circumstances. Under the law you must arrange cover of at least £5 million. Employers liability insurance protects you against claims from employees that arise in the course of their work. These can include accidents and injury, but also harassment, discrimination and wrongful dismissal, amongst other things.
Public liability insurance provides cover for claims that arise from third parties or members of the public (who are unconnected with your business) in the course of your work. For example, you might need to pay costs in the event of an accident that is your fault that results in injury to a person or damage to property.
Professional indemnity insurance is generally required by those who provide advice in the course of their work. This covers you for claims that arise when that advice is, or is perceived to be, deficient in some way. It is often associated with lawyers and architects, but is a type of commercial insurance applicable to a much wider list of professions.
Directors and officers insurance protects key members of a company from decisions they make as managers. This is important because a claim can be brought against both individuals and a company itself; directors and officers can be held personally liable for decisions made on behalf of the company, meaning their own assets are at risk. D&O can cover you for mistakes made by previous as well as current directors.
Premises insurance. If you have separate premises you will need to organise cover for the buildings and contents. There are various additions for special circumstances, for example if you keep a large amount of cash on the premises. If you work from home then you will need to consider how this affects your home insurance. In some circumstances it will not matter. Generally, though, if your work raises the risk of damage or burglary (perhaps because there are more people coming to your house) then your insurer will be reluctant to cover you without raising your premiums. Similarly if you are keeping valuable equipment or stock at home, you will need to change your policy.
Vehicle insurance. This is mandatory for any driver, but you must also make sure that they are covered for business usage if they are driving their personal vehicles in the course of work. If you are transporting products, you should also consider goods in transit cover.
Personal insurance. There are various kinds of personal insurance you might want to think about if you have your own business. Life insurance is an obvious one, but critical illness cover could also be important (this can often be purchased on the same policy.)
Combined commercial insurance policies
There are many different kinds of commercial insurance, and purchasing individual policies can be expensive. One cheap way to go about acquiring all the different types of insurance you need is to get a combined commercial insurance policy. This allows you to access economies of scale and create a bespoke set of policies that is right for your requirements from a long list of types of cover.
Types of commercial insurance
The wide range of sub-types of commercial insurance means that it is worth gaining specialist advice to make sure you are properly covered. Some of the most common kinds are summarised below, though the list is not exhaustive.
Employers liability insurance is mandatory, except in very restricted circumstances. Under the law you must arrange cover of at least £5 million. Employers liability insurance protects you against claims from employees that arise in the course of their work. These can include accidents and injury, but also harassment, discrimination and wrongful dismissal, amongst other things.
Public liability insurance provides cover for claims that arise from third parties or members of the public (who are unconnected with your business) in the course of your work. For example, you might need to pay costs in the event of an accident that is your fault that results in injury to a person or damage to property.
Professional indemnity insurance is generally required by those who provide advice in the course of their work. This covers you for claims that arise when that advice is, or is perceived to be, deficient in some way. It is often associated with lawyers and architects, but is a type of commercial insurance applicable to a much wider list of professions.
Directors and officers insurance protects key members of a company from decisions they make as managers. This is important because a claim can be brought against both individuals and a company itself; directors and officers can be held personally liable for decisions made on behalf of the company, meaning their own assets are at risk. D&O can cover you for mistakes made by previous as well as current directors.
Premises insurance. If you have separate premises you will need to organise cover for the buildings and contents. There are various additions for special circumstances, for example if you keep a large amount of cash on the premises. If you work from home then you will need to consider how this affects your home insurance. In some circumstances it will not matter. Generally, though, if your work raises the risk of damage or burglary (perhaps because there are more people coming to your house) then your insurer will be reluctant to cover you without raising your premiums. Similarly if you are keeping valuable equipment or stock at home, you will need to change your policy.
Vehicle insurance. This is mandatory for any driver, but you must also make sure that they are covered for business usage if they are driving their personal vehicles in the course of work. If you are transporting products, you should also consider goods in transit cover.
Personal insurance. There are various kinds of personal insurance you might want to think about if you have your own business. Life insurance is an obvious one, but critical illness cover could also be important (this can often be purchased on the same policy.)
Combined commercial insurance policies
There are many different kinds of commercial insurance, and purchasing individual policies can be expensive. One cheap way to go about acquiring all the different types of insurance you need is to get a combined commercial insurance policy. This allows you to access economies of scale and create a bespoke set of policies that is right for your requirements from a long list of types of cover.
What Can Be Compensated With Travel Insurance?
A lot of people don't mind their safety when traveling abroad. They think it's all about fun and thrill. But that should not be the case. If you are traveling to countries with high kidnapping risk, for instance, it's just reasonable to contact kidnap and ransom insurance companies to seek for advice and to obtain the right insurance product for you. Obtaining travel insurance is essential. The worst can happen to people who fall into the trap of too much complacency. Travelers have been victims of theft, crime, accidents, and medical emergencies. Without insurance they could be vulnerable.
Do not think of travel insurance as an added and unwanted expense. Many people don't mind paying for their travel insurance as long as doing so gives them peace of mind. With this form of insurance, you are assured protection in case something goes wrong. For overseas vacations, travel insurance is extremely necessary.
Keep in mind that there are different forms of insurance. Travel insurance may include only compensation for medical costs and losses incurred during the trip. Many companies also provide travel insurance for kidnapping.
If you have travel insurance, the following can be compensated:
Medical Costs
Accidents and sickness can happen to travelers. If you get hospitalized in a foreign country and you have no insurance, you end up paying all the hospital bills. Many American tourists would have to return to the United States. Imagine paying all the travel bills if you have no insurance.
Loss
You may lose belongings when traveling. Cases of lost baggage at airports and terminals are high. For tourists loss of baggage is extremely inconvenient in an unfamiliar land. It could ruin a supposed to be happy vacation. If you are an insurance holder, your frustration could be eased.
Cancelled Flights
This is another common complaint of travelers. Canceled flights actually bring about annoyance and distress. Flight cancellation causes passengers to wait for several hours and even days for another flight. You could miss out on events you're supposed to go to or miss package tours and accommodations you have already booked and paid. Travel insurance covers this trouble.
Calamities
If you travel to Bangkok sometime in August or September, you may become a victim of flooding. Many travel destinations suffer from calamities at certain times of the year. Hurricanes sweep across the Caribbean. Bushfires happen in Spain or Australia. If you are unfortunate, you may become a victim of these natural calamities in the middle of your vacation. It is important to know if such acts of nature are covered by your insurance policy.
Kidnapping
Certain destinations in the world are known for cases of kidnapping. If you are traveling to other countries with some risk of kidnapping, it is practical to obtain travel insurance for kidnapping. This insurance could provide you benefits in case you fall victim of kidnapping. However, paying attention to travel advisories should keep you from becoming a victim yourself.
Emergencies
You may have to head back home because your mother fell ill or your associate notified you of a company emergency. These cases can cancel your vacation. Travel insurance may allow you to recover cost of canceled holidays.
Some people think that insurance policies are expensive. But if you want to put a prime on your security, getting an insurance product is not a bad idea. There are insurance policies that come at a reasonable price.
Do not think of travel insurance as an added and unwanted expense. Many people don't mind paying for their travel insurance as long as doing so gives them peace of mind. With this form of insurance, you are assured protection in case something goes wrong. For overseas vacations, travel insurance is extremely necessary.
Keep in mind that there are different forms of insurance. Travel insurance may include only compensation for medical costs and losses incurred during the trip. Many companies also provide travel insurance for kidnapping.
If you have travel insurance, the following can be compensated:
Medical Costs
Accidents and sickness can happen to travelers. If you get hospitalized in a foreign country and you have no insurance, you end up paying all the hospital bills. Many American tourists would have to return to the United States. Imagine paying all the travel bills if you have no insurance.
Loss
You may lose belongings when traveling. Cases of lost baggage at airports and terminals are high. For tourists loss of baggage is extremely inconvenient in an unfamiliar land. It could ruin a supposed to be happy vacation. If you are an insurance holder, your frustration could be eased.
Cancelled Flights
This is another common complaint of travelers. Canceled flights actually bring about annoyance and distress. Flight cancellation causes passengers to wait for several hours and even days for another flight. You could miss out on events you're supposed to go to or miss package tours and accommodations you have already booked and paid. Travel insurance covers this trouble.
Calamities
If you travel to Bangkok sometime in August or September, you may become a victim of flooding. Many travel destinations suffer from calamities at certain times of the year. Hurricanes sweep across the Caribbean. Bushfires happen in Spain or Australia. If you are unfortunate, you may become a victim of these natural calamities in the middle of your vacation. It is important to know if such acts of nature are covered by your insurance policy.
Kidnapping
Certain destinations in the world are known for cases of kidnapping. If you are traveling to other countries with some risk of kidnapping, it is practical to obtain travel insurance for kidnapping. This insurance could provide you benefits in case you fall victim of kidnapping. However, paying attention to travel advisories should keep you from becoming a victim yourself.
Emergencies
You may have to head back home because your mother fell ill or your associate notified you of a company emergency. These cases can cancel your vacation. Travel insurance may allow you to recover cost of canceled holidays.
Some people think that insurance policies are expensive. But if you want to put a prime on your security, getting an insurance product is not a bad idea. There are insurance policies that come at a reasonable price.
Choose an Insurance Agency for Your Coverage Needs
Whether you are new to the subject or experiencing a particular life change, insurance coverage options can be overwhelming without proper guidance. Insurance brokers can help with issues as varied as getting homeowners insurance for the first time to selecting coverage for your family, your parents and other loved ones. Health insurance is far from easy to understand for many people, and working with an experienced insurance agency can help you make choices that result in peace of mind as well as proper coverage.
As insurance in general is not a straightforward proposition, virtually no question is likely to be considered unnecessary. Even the type of pet you have may affect whether or not your home will be insured, as well as the amount of your policy and what exclusions may apply. Questions regarding insurance claims and deductibles can be answered by your insurance broker, and the knowledge you gain will likely come in handy if you ever do feel the need to file a claim due to theft of property or damage to your home. Insurance may be required in many instances, but considering the premiums you pay your insurance should also work for you.
Car insurance is another coverage issue that can be frustrating to deal with, especially if you are unaware of what goes into determining the insurance quotes you receive. It often takes more than what you may consider to be a good driving record to get a low rate, and brokers can help you understand automobile insurance complexities. You may decide with confidence whether you are better off with basic coverage that is required by the state or getting significantly higher coverage amounts that may account for virtually any accident scenario after speaking with a competent insurance professional.
As a carefree young adult you may scarcely give life insurance any thought, but life changes and experiences may make this subject important to you very quickly. Your own marriage, parenthood, or family situation involving ill or aging relatives may require a sensitive and comprehensive approach to selecting the right coverage. Having an experienced insurance agency that you can count on to give you expert advice may be invaluable as you consider your options. While your final insurance choices may take a good deal of thought and planning, working with established insurance brokers can ensure that you have solid and worthwhile policies that thoroughly reflect your needs and preferences.
When searching for group insurance for your business using an established Pittsburgh PA Insurance Agency is a smart choice. You can learn all about the different benefits that you can offer your employees by reading more about the offerings of Pittsburgh PA Insurance Brokers at this website.
As insurance in general is not a straightforward proposition, virtually no question is likely to be considered unnecessary. Even the type of pet you have may affect whether or not your home will be insured, as well as the amount of your policy and what exclusions may apply. Questions regarding insurance claims and deductibles can be answered by your insurance broker, and the knowledge you gain will likely come in handy if you ever do feel the need to file a claim due to theft of property or damage to your home. Insurance may be required in many instances, but considering the premiums you pay your insurance should also work for you.
Car insurance is another coverage issue that can be frustrating to deal with, especially if you are unaware of what goes into determining the insurance quotes you receive. It often takes more than what you may consider to be a good driving record to get a low rate, and brokers can help you understand automobile insurance complexities. You may decide with confidence whether you are better off with basic coverage that is required by the state or getting significantly higher coverage amounts that may account for virtually any accident scenario after speaking with a competent insurance professional.
As a carefree young adult you may scarcely give life insurance any thought, but life changes and experiences may make this subject important to you very quickly. Your own marriage, parenthood, or family situation involving ill or aging relatives may require a sensitive and comprehensive approach to selecting the right coverage. Having an experienced insurance agency that you can count on to give you expert advice may be invaluable as you consider your options. While your final insurance choices may take a good deal of thought and planning, working with established insurance brokers can ensure that you have solid and worthwhile policies that thoroughly reflect your needs and preferences.
When searching for group insurance for your business using an established Pittsburgh PA Insurance Agency is a smart choice. You can learn all about the different benefits that you can offer your employees by reading more about the offerings of Pittsburgh PA Insurance Brokers at this website.
Posted by
Author
Useful Guide for Choosing the Right Insurance Companies
"What you can prevent, insure". Well, that is one of the most famous messages from the insurance companies highlighting the importance of taking an insurance cover for yourself and those things that are dear to you. With every dawning day, the danger of losing that which you love to some kind of an eventuality is always evident and an insurance policy is important. There are however different products that one can get from an insurance company and all is not meant to protect you from danger. Some policies such as the education policy have no danger attached to them but they help to prepare for your future education needs.
Dealing with an insurance company requires that one be well informed before putting their money in any given company. There are different insurance companies offering different products and all of them are run differently. The question therefore that every insurance policy seeker should be able to answer is on how to choose the right kind of a company for themselves. Below are some of the things you should consider when looking for the right company to deal with.
One of the most common factors to consider when looking at different insurance companies is the price. This is however not the only thing that you should look into although it will play a major role in the decision you make. The cost of the premiums should be considered alongside other factors.
You should also be able to look into the number of products offered by the different companies you are considering. Many companies in the market today only specialize on one product while others are more competitive offering numerous products which you might be interested in.
Of the greatest importance and something that should be a mark for all the insurance companies you should consider is their financial stability. Poor financial background could lead to the loss of your money and lender you bankrupt in the process. The financial standing for any given insurance company can be known through the rating services.
It is also important to deal with a company that is nationalized and not one that offers their services within a certain region only. This helps in ensuring that the company is stable and reliable.
Look for a company that has a track record of reliable claim management. Many insurance companies have a poor rating when it comes to the treatment of their clients and this could be a good indicator for you to keep away from one that has poor ratings.
Although this may not be considered exclusively, the size of the company could also give you a bearing about the company you want to deal with. Some companies have been in business for many decades and this could be a good indicator about their stability and reliability.
Bottom line
The best insurance companies should be able to give you the correct advice, prices and products and have a record of exceptional customer services and the economic capability to meet its financial requirements to its customers and their beneficiaries whenever they are due.
Dealing with an insurance company requires that one be well informed before putting their money in any given company. There are different insurance companies offering different products and all of them are run differently. The question therefore that every insurance policy seeker should be able to answer is on how to choose the right kind of a company for themselves. Below are some of the things you should consider when looking for the right company to deal with.
One of the most common factors to consider when looking at different insurance companies is the price. This is however not the only thing that you should look into although it will play a major role in the decision you make. The cost of the premiums should be considered alongside other factors.
You should also be able to look into the number of products offered by the different companies you are considering. Many companies in the market today only specialize on one product while others are more competitive offering numerous products which you might be interested in.
Of the greatest importance and something that should be a mark for all the insurance companies you should consider is their financial stability. Poor financial background could lead to the loss of your money and lender you bankrupt in the process. The financial standing for any given insurance company can be known through the rating services.
It is also important to deal with a company that is nationalized and not one that offers their services within a certain region only. This helps in ensuring that the company is stable and reliable.
Look for a company that has a track record of reliable claim management. Many insurance companies have a poor rating when it comes to the treatment of their clients and this could be a good indicator for you to keep away from one that has poor ratings.
Although this may not be considered exclusively, the size of the company could also give you a bearing about the company you want to deal with. Some companies have been in business for many decades and this could be a good indicator about their stability and reliability.
Bottom line
The best insurance companies should be able to give you the correct advice, prices and products and have a record of exceptional customer services and the economic capability to meet its financial requirements to its customers and their beneficiaries whenever they are due.
Insurance and The Engineer
The world is no longer right when the two words, Engineer and Insurance are used together, side by side in a conversation. Individually they are words that justify their use, with their own explanations and own meanings as those that compile dictionaries see fit! They each serve their own purpose until such a time as when they are used in the same sentence or even on the same page. Engineer and Insurance cannot be used together anymore, yes there was a time when this topic had no base but here and today it can be seen that the words are not in any sense synonymous with each other.
The dictionary tells us that, insurance is "a thing providing protection against a possible event" or "money paid to insure against something or by an insurance company in the event of damage, injury, etc". Well, that tells us something although it is a bit confusing.
The dictionary tells us that an Engineer is "a person qualified in Engineering" and also it says that an Engineer is "a person who controls an Engine or a Machine". And there we have it. It is sad that one cannot now look up "Insurance Engineer" or Engineering Insurance" to gain some valuable insight into what is involved and to shed some light on this matter.
What sadly and inadvertently sparked this subject was by what an Engineering Superintendent once said to a Ships Engineer whilst they supped beer in a bar one night. The Engineer was naturally complaining about the lack of spares that are made available to the ships he was on. NB: This is a frequent grumble of Engineers and probably does have value and meaning the world over, no company liking to part with expensive spares if they can help it. Anyway, the Superintendent, true to form agreed with the ships Engineer and blamed everything on the paper pushing bosses upstairs, current ships budgets and the economy, thus he followed all the usual avenues that Superintendents typically use in this regard. The superintendent unfortunately took one too many sips of his beer and forgetting that he had long since crossed the fence from Ships' staff to Office staff, let slip a snippet of conversation that he had either been party to or that his big ears had accidentally sounded out.
The statement was relayed like this: "It is not our policy to purchase spares for our vessels, we would rather wait until the equipment fails and then claim it back on Insurance".
Stunned is the word that comes to mind. Shock, disbelief and outrage could follow close second. The Engineer and the Superintendent naturally turned to other topics like discussing fellow Engineers and their faults before finally retiring to their respective beds and forgetting all about what had been discussed. Except for the Engineer who for some reason or other could never quite rid the Superintendents "slip" from his mind. And can anyone blame him?
Engineers struggle to perform their duties within parameters given and in often harsh and unforgiving environments but given the essential shore back up they invariably perform their duties well and to a high degree of end performance and safety standards. The dictionary states quite clearly that Engineers are qualified persons looking after machinery. Machinery needs both adequate spares and Engineers to provide a safe working environment and to keep the machinery and equipment in satisfactory working order. A machine that is awaiting a future Insurance Claim is not a safe working machine and the Engineer has failed in his duty to keep the Machine or Engine functioning. From an Insurance point of view an Engineer and required spares are the "things" that provide protection against a possible event.
Due to modern systems of communication and the fact that spares are readily available in most ports of the world it is not common practice to build up large stocks of spares on vessels. It is largely entrusted and accepted by Engineers and Office staff alike that when the Engineer orders spares he does so because he needs them. He orders spares through the company whilst retaining the knowledge that they should arrive at the next port of call or at the latest within one month or so. The Engineer furthermore orders them because he predicts a use for them. By placing such an order he is, without his being fully aware of doing so, enacting Insurance on the Machinery that he has ordered spares for. He is providing protection against a probable event, which in this case is his Insurance to keep the machine or engine in a functional and safe working condition - as prescribed by the duties of an Engineer.
To recap in simplified form: The Engineer insures his machinery by replacing worn or used parts as he sees necessary to maintain a certain piece of equipment in a satisfactory working and safe condition.
The Company in this regard have failed in their duty to the Engineer, by not supplying the necessary spares as the Engineer deems necessary to fulfill his duties.
Insurance contributions or money paid to an Insurer is a costly business when considering the size and scale of what is involved. To wait for failure and thus save money on spares and to have the cost attributed to failure, with the subsequent repair of the equipment paid for by the Insurance Company, must seem "great" to the Ship Owner/Manager. There he is having his money returned to him by those who take most out of his budget and into the bargain the Insurance Company pay for all damages invoked by the failure, stoppage times and subsequent replacement of the failed equipment.
An Engineer who is working on a vessel where spares will not be sent out upon request becomes a useless Engineer. Now preferably called a Caretaker with no skills or interest in insuring his property simply due to a lack of usable items to effect such. An Engineer is (was) Insurance against equipment failure as long as he has at his disposal the spares necessary - without these he negates any Insurance that goes with the title of Engineer. He is qualified to maintain and look after engines and equipment, but he only becomes Insured (the 'thing') if he has the necessary backup from ashore. Take that back-up away and we are left with a qualified yet uninsured Engineer. He cannot perform his duties satisfactorily, he cannot give insurance that his machines will perform well and safely under his care, he cannot fulfill his duties in any shape or form whatsoever and thus is a liability to all concerned.
An Engineer has thus become through no fault of his own an Insurance liability to all concerned and that is why we cannot use Engineer and Insurance in the same sentence - it hurts and badly.
The dictionary tells us that, insurance is "a thing providing protection against a possible event" or "money paid to insure against something or by an insurance company in the event of damage, injury, etc". Well, that tells us something although it is a bit confusing.
The dictionary tells us that an Engineer is "a person qualified in Engineering" and also it says that an Engineer is "a person who controls an Engine or a Machine". And there we have it. It is sad that one cannot now look up "Insurance Engineer" or Engineering Insurance" to gain some valuable insight into what is involved and to shed some light on this matter.
What sadly and inadvertently sparked this subject was by what an Engineering Superintendent once said to a Ships Engineer whilst they supped beer in a bar one night. The Engineer was naturally complaining about the lack of spares that are made available to the ships he was on. NB: This is a frequent grumble of Engineers and probably does have value and meaning the world over, no company liking to part with expensive spares if they can help it. Anyway, the Superintendent, true to form agreed with the ships Engineer and blamed everything on the paper pushing bosses upstairs, current ships budgets and the economy, thus he followed all the usual avenues that Superintendents typically use in this regard. The superintendent unfortunately took one too many sips of his beer and forgetting that he had long since crossed the fence from Ships' staff to Office staff, let slip a snippet of conversation that he had either been party to or that his big ears had accidentally sounded out.
The statement was relayed like this: "It is not our policy to purchase spares for our vessels, we would rather wait until the equipment fails and then claim it back on Insurance".
Stunned is the word that comes to mind. Shock, disbelief and outrage could follow close second. The Engineer and the Superintendent naturally turned to other topics like discussing fellow Engineers and their faults before finally retiring to their respective beds and forgetting all about what had been discussed. Except for the Engineer who for some reason or other could never quite rid the Superintendents "slip" from his mind. And can anyone blame him?
Engineers struggle to perform their duties within parameters given and in often harsh and unforgiving environments but given the essential shore back up they invariably perform their duties well and to a high degree of end performance and safety standards. The dictionary states quite clearly that Engineers are qualified persons looking after machinery. Machinery needs both adequate spares and Engineers to provide a safe working environment and to keep the machinery and equipment in satisfactory working order. A machine that is awaiting a future Insurance Claim is not a safe working machine and the Engineer has failed in his duty to keep the Machine or Engine functioning. From an Insurance point of view an Engineer and required spares are the "things" that provide protection against a possible event.
Due to modern systems of communication and the fact that spares are readily available in most ports of the world it is not common practice to build up large stocks of spares on vessels. It is largely entrusted and accepted by Engineers and Office staff alike that when the Engineer orders spares he does so because he needs them. He orders spares through the company whilst retaining the knowledge that they should arrive at the next port of call or at the latest within one month or so. The Engineer furthermore orders them because he predicts a use for them. By placing such an order he is, without his being fully aware of doing so, enacting Insurance on the Machinery that he has ordered spares for. He is providing protection against a probable event, which in this case is his Insurance to keep the machine or engine in a functional and safe working condition - as prescribed by the duties of an Engineer.
To recap in simplified form: The Engineer insures his machinery by replacing worn or used parts as he sees necessary to maintain a certain piece of equipment in a satisfactory working and safe condition.
The Company in this regard have failed in their duty to the Engineer, by not supplying the necessary spares as the Engineer deems necessary to fulfill his duties.
Insurance contributions or money paid to an Insurer is a costly business when considering the size and scale of what is involved. To wait for failure and thus save money on spares and to have the cost attributed to failure, with the subsequent repair of the equipment paid for by the Insurance Company, must seem "great" to the Ship Owner/Manager. There he is having his money returned to him by those who take most out of his budget and into the bargain the Insurance Company pay for all damages invoked by the failure, stoppage times and subsequent replacement of the failed equipment.
An Engineer who is working on a vessel where spares will not be sent out upon request becomes a useless Engineer. Now preferably called a Caretaker with no skills or interest in insuring his property simply due to a lack of usable items to effect such. An Engineer is (was) Insurance against equipment failure as long as he has at his disposal the spares necessary - without these he negates any Insurance that goes with the title of Engineer. He is qualified to maintain and look after engines and equipment, but he only becomes Insured (the 'thing') if he has the necessary backup from ashore. Take that back-up away and we are left with a qualified yet uninsured Engineer. He cannot perform his duties satisfactorily, he cannot give insurance that his machines will perform well and safely under his care, he cannot fulfill his duties in any shape or form whatsoever and thus is a liability to all concerned.
An Engineer has thus become through no fault of his own an Insurance liability to all concerned and that is why we cannot use Engineer and Insurance in the same sentence - it hurts and badly.
Posted by
Author
How to Get the Best Motorcycle Insurance Available
Motorcycle insurance is essential to any motorcycle owner for protection against anything that may happen to the driver or the bike. It is thus important that you do the right research to find the best insurance policy for your bike with maximum coverage.
So here are some tips on how to get the best motorcycle insurance available.
1. Shop around and don't get your policy from the first insurance provider you come across. You never know when you will find a provider who offers the best deals possible, at relatively lower prices.
2. Collect quotes from different insurance providers for different premiums and policy coverage and make comparisons. There is no restriction to the number of quotes you collect; so make use of the many online tools and resources available to collect and compare quotes to find the policy that fits your budget and meets your requirements.
3. Try adding some security features to your motorcycle like tire locks and security alarms to reduce your insurance premium amount. The more secure your bike is even in your absence, the less likely are its chances of getting stolen. This in turn is good news for the insurance provider and is the reason why they can afford to give discounts for bikes with security features.
4. How often you use your bike also determines your insurance policy. If you ride it only a few times a year, you are eligible for a discount on your monthly premium as you are exposed to less risk. This is again good news for the insurance company as it means the chances of you getting involved in an accident is reduced, and consequently, you don't spend much money for repairs and medical expenses.
5. Similarly, you can get the best insurance policy for your motorbike by improving your riding skills. The more qualified and experienced a rider you are, the less risk you are to fellow riders. Take a rider safety course or any similar course that makes you a better motorcycle rider to save money on your monthly premium.
6. Your driving record also affects your motorcycle insurance. If it shows you have been involved in any auto accidents, then your insurance premium amount instantly increases. Moreover, if you are new at bike riding, and you are a bit on the older side, you will have to pay a higher rate for your insurance policy. This can however be reduced by investing in some motorcycle class, and showing its certificate to the insurance provider.
7. Your address affects your motorcycle insurance premium as living or working in a high crime or accident area is risky for your bike. This is thus a risk to the insurance provider, which is why they charge higher rates for those working in these regions. However installing an alarm for added security and parking your bike in a garage is much safer for your bike than parking it in an open, unsecured area, and thus gives you a lower premium amount.
8. The newer, more attractive and more expensive bikes automatically attract higher rates as the chances of it getting stolen are much higher than that of an older bike. So if you have an option, and are on a budget, it's better to buy an ordinary bike than the latest models in the market.
9. Besides getting insurance coverage for your bike, you could also get 3rd party liability insurance which saves you a lot of money if you get involved in an accident. With this coverage, the insurance company pays for any damage to people and property involved in an accident where you are at fault.
However this coverage does not cover damage to you or your property. Full coverage insurance or a comprehensive policy is the one which covers you, your property and other passengers on your bike no matter if the accident was your fault or if it was someone else's fault.
It is important that you give the right answers to all the questions, especially the safety related ones as it increases the chances of you getting lower premiums for your insurance policy. Getting the best motorcycle insurance policy with maximum coverage can however be expensive for your budget.
If this is the case, it's better to look for discounts where available, and opt for an insurance policy that covers mainly theft and accidents so that you have coverage for the incidents that will most probably occur to your bike.
So here are some tips on how to get the best motorcycle insurance available.
1. Shop around and don't get your policy from the first insurance provider you come across. You never know when you will find a provider who offers the best deals possible, at relatively lower prices.
2. Collect quotes from different insurance providers for different premiums and policy coverage and make comparisons. There is no restriction to the number of quotes you collect; so make use of the many online tools and resources available to collect and compare quotes to find the policy that fits your budget and meets your requirements.
3. Try adding some security features to your motorcycle like tire locks and security alarms to reduce your insurance premium amount. The more secure your bike is even in your absence, the less likely are its chances of getting stolen. This in turn is good news for the insurance provider and is the reason why they can afford to give discounts for bikes with security features.
4. How often you use your bike also determines your insurance policy. If you ride it only a few times a year, you are eligible for a discount on your monthly premium as you are exposed to less risk. This is again good news for the insurance company as it means the chances of you getting involved in an accident is reduced, and consequently, you don't spend much money for repairs and medical expenses.
5. Similarly, you can get the best insurance policy for your motorbike by improving your riding skills. The more qualified and experienced a rider you are, the less risk you are to fellow riders. Take a rider safety course or any similar course that makes you a better motorcycle rider to save money on your monthly premium.
6. Your driving record also affects your motorcycle insurance. If it shows you have been involved in any auto accidents, then your insurance premium amount instantly increases. Moreover, if you are new at bike riding, and you are a bit on the older side, you will have to pay a higher rate for your insurance policy. This can however be reduced by investing in some motorcycle class, and showing its certificate to the insurance provider.
7. Your address affects your motorcycle insurance premium as living or working in a high crime or accident area is risky for your bike. This is thus a risk to the insurance provider, which is why they charge higher rates for those working in these regions. However installing an alarm for added security and parking your bike in a garage is much safer for your bike than parking it in an open, unsecured area, and thus gives you a lower premium amount.
8. The newer, more attractive and more expensive bikes automatically attract higher rates as the chances of it getting stolen are much higher than that of an older bike. So if you have an option, and are on a budget, it's better to buy an ordinary bike than the latest models in the market.
9. Besides getting insurance coverage for your bike, you could also get 3rd party liability insurance which saves you a lot of money if you get involved in an accident. With this coverage, the insurance company pays for any damage to people and property involved in an accident where you are at fault.
However this coverage does not cover damage to you or your property. Full coverage insurance or a comprehensive policy is the one which covers you, your property and other passengers on your bike no matter if the accident was your fault or if it was someone else's fault.
It is important that you give the right answers to all the questions, especially the safety related ones as it increases the chances of you getting lower premiums for your insurance policy. Getting the best motorcycle insurance policy with maximum coverage can however be expensive for your budget.
If this is the case, it's better to look for discounts where available, and opt for an insurance policy that covers mainly theft and accidents so that you have coverage for the incidents that will most probably occur to your bike.
Posted by
Author
Sport Vehicles And Insurance To Cover Them
Sport vehicles are very popular today and it's important to have the proper insurance to cover them. These types of vehicles are created for the owner to have fun. But, we all know accidents can happen.
Therefore being sure that your sport vehicles carry insurance is a smart move.
Insurance can be found for no matter what vehicle you enjoy. Over the years, this country has developed and manufactured many different types of sports vehicles.
Let's take a look at some of them and the insurance you may want to consider for each.
We will begin with snowmobile insurance. In most places insurance on a snowmobile is not mandatory. Even so, it is a good idea to have it in case of unforeseen accidents. When it comes to this type of insurance, you will want to check with your provider as each company that offers insurance is different. For example, Progressive only offers insurance for snowmobiles in 31 states.
Next, let's look at the wave runner or jet ski.
A jet ski is considered a watercraft and falls under the personal water craft type that is not covered under homeowner's insurance as a boat or yacht would be. Therefore it requires its own policy. Here also, not every company provides insurance for a jet ski; you will have to research this.
By taking a jet ski safety certification course in your area, you can possibly get a discount on the insurance you do find.
Another sport vehicle would be a motorcycle.
Most states require insurance on motorcycles and it covers two aspects. First is the damage that may occur to the bike and second is for bodily injury to the rider. Depending on what state you ride in, you may get a discount for how much you ride throughout the year.
For example, in Minnesota, there is typically only 6 months where the weather is favorable for riding and here you could get a discount. Some companies offer other discounts such as having a license to ride and if you wear a helmet. Check with your state to discover what coverage is needed for your region.
Another sport vehicle is a 4 wheeler ATV.
They premium costs for ATV insurance is most likely going to be higher than that of a vehicle. This is because the risk of an accident is greater on an ATV than it is for a car or truck.
It is a good idea to check with different providers to find the most cost effective insurance possible. This could save you some money.
Sport vehicles and their popularity means it is important to be sure you have insurance to cover your toy. It could end up saving you big money plus keep you protected if the unexpected happens.
Do you want to learn more about the Art and Zen on how to save money on your next vehicle and get the best terms?
If so, I suggest you check this out: This Boise Used Car Dealer Caught The Competition Napping.
Or maybe you don't believe there is a better way to purchasing a car and you truly believe that all used car dealers are the same!
Therefore being sure that your sport vehicles carry insurance is a smart move.
Insurance can be found for no matter what vehicle you enjoy. Over the years, this country has developed and manufactured many different types of sports vehicles.
Let's take a look at some of them and the insurance you may want to consider for each.
We will begin with snowmobile insurance. In most places insurance on a snowmobile is not mandatory. Even so, it is a good idea to have it in case of unforeseen accidents. When it comes to this type of insurance, you will want to check with your provider as each company that offers insurance is different. For example, Progressive only offers insurance for snowmobiles in 31 states.
Next, let's look at the wave runner or jet ski.
A jet ski is considered a watercraft and falls under the personal water craft type that is not covered under homeowner's insurance as a boat or yacht would be. Therefore it requires its own policy. Here also, not every company provides insurance for a jet ski; you will have to research this.
By taking a jet ski safety certification course in your area, you can possibly get a discount on the insurance you do find.
Another sport vehicle would be a motorcycle.
Most states require insurance on motorcycles and it covers two aspects. First is the damage that may occur to the bike and second is for bodily injury to the rider. Depending on what state you ride in, you may get a discount for how much you ride throughout the year.
For example, in Minnesota, there is typically only 6 months where the weather is favorable for riding and here you could get a discount. Some companies offer other discounts such as having a license to ride and if you wear a helmet. Check with your state to discover what coverage is needed for your region.
Another sport vehicle is a 4 wheeler ATV.
They premium costs for ATV insurance is most likely going to be higher than that of a vehicle. This is because the risk of an accident is greater on an ATV than it is for a car or truck.
It is a good idea to check with different providers to find the most cost effective insurance possible. This could save you some money.
Sport vehicles and their popularity means it is important to be sure you have insurance to cover your toy. It could end up saving you big money plus keep you protected if the unexpected happens.
Do you want to learn more about the Art and Zen on how to save money on your next vehicle and get the best terms?
If so, I suggest you check this out: This Boise Used Car Dealer Caught The Competition Napping.
Or maybe you don't believe there is a better way to purchasing a car and you truly believe that all used car dealers are the same!
Posted by
Author
Restaurant Insurance - A Short Guide for Smart Restaurateurs
A restaurant's success comes with a price. Part of the cost is paying for restaurant insurance in preparation for unexpected events. If you own a restaurant, you need to pay attention to these pointers.
Why should I buy business insurance?
To buy business insurance is to have enough coverage for unexpected events. While no one wants to experience fires or robbery, the chances of it happening are always present. For instance, leaking gas lines somewhere within a company's premise and a lit stove are combustible combinations. A disgruntled employee who wants some revenge may be quite unstoppable if he or she plans to steal.
As you purchase the policy, you protect your company from further losses. With insurance compensation on hand, you get rid of possible hassles. There will be no need to spend money out of your own pocket. You get to recoup losses or rebuild structures as needed all without risking away capital.
Why get a specific insurance?
Think of it this way, when a person has cardio problems, that individual is likely to visit a cardiologist and not a general physician. The same principle also holds true in business settings. You will need restaurant insurance if you have a restaurant. Without one, you might not gain full coverage.
Going about without proper insurance might have its repercussions. Possibilities are high that you might not get adequate compensation. This scenario can bring about massive losses on your end. What's worse is what if you never recover from the losses? You may sooner find yourself filing for bankruptcy if you didn't take the necessary precaution.
What is employer liability insurance?
Employer liability insurance is important when running a restaurant. Given its importance, this coverage is now a prime requirement for companies employing people.
This coverage, commonly associated with restaurant insurance, covers incidents that might happen to employees while they are at work. For instance, it can give due compensation for injuries experienced by a staff member while performing duties. It might also provide payments for health-related effects or death.
What is public liability insurance?
Public liability insurance refers to policies that safeguard the restaurant owner in scenarios where a person might be injured or killed due primarily to negligence. This coverage is especially necessary since you are serving food.
Prime examples are possible scenarios that can happen anytime. For instance, what if your chef or cook forgets to practice proper hygiene and it results to food contamination? A customer that becomes sick due to negligence can file a lawsuit and take the case to court. Another possible illustration is if the restaurant ends up in flames and causes damage to surrounding structures. Property owners might end up filing cases too.
In both situations, you can end up losing everything. Without insurance, you pay out-of-pocket costs to hire lawyers. Legal help costs money and you can soon find your company bleeding cash while legal battles continue in courts.
Of course, knowing all about possible restaurant insurance coverage is just one part of the process. The next and most important step to take on is getting it from a reliable provider. As you do this, scrutinize costs and stipulations carefully. You need to have something that offers adequate protection for possible situations.
Why should I buy business insurance?
To buy business insurance is to have enough coverage for unexpected events. While no one wants to experience fires or robbery, the chances of it happening are always present. For instance, leaking gas lines somewhere within a company's premise and a lit stove are combustible combinations. A disgruntled employee who wants some revenge may be quite unstoppable if he or she plans to steal.
As you purchase the policy, you protect your company from further losses. With insurance compensation on hand, you get rid of possible hassles. There will be no need to spend money out of your own pocket. You get to recoup losses or rebuild structures as needed all without risking away capital.
Why get a specific insurance?
Think of it this way, when a person has cardio problems, that individual is likely to visit a cardiologist and not a general physician. The same principle also holds true in business settings. You will need restaurant insurance if you have a restaurant. Without one, you might not gain full coverage.
Going about without proper insurance might have its repercussions. Possibilities are high that you might not get adequate compensation. This scenario can bring about massive losses on your end. What's worse is what if you never recover from the losses? You may sooner find yourself filing for bankruptcy if you didn't take the necessary precaution.
What is employer liability insurance?
Employer liability insurance is important when running a restaurant. Given its importance, this coverage is now a prime requirement for companies employing people.
This coverage, commonly associated with restaurant insurance, covers incidents that might happen to employees while they are at work. For instance, it can give due compensation for injuries experienced by a staff member while performing duties. It might also provide payments for health-related effects or death.
What is public liability insurance?
Public liability insurance refers to policies that safeguard the restaurant owner in scenarios where a person might be injured or killed due primarily to negligence. This coverage is especially necessary since you are serving food.
Prime examples are possible scenarios that can happen anytime. For instance, what if your chef or cook forgets to practice proper hygiene and it results to food contamination? A customer that becomes sick due to negligence can file a lawsuit and take the case to court. Another possible illustration is if the restaurant ends up in flames and causes damage to surrounding structures. Property owners might end up filing cases too.
In both situations, you can end up losing everything. Without insurance, you pay out-of-pocket costs to hire lawyers. Legal help costs money and you can soon find your company bleeding cash while legal battles continue in courts.
Of course, knowing all about possible restaurant insurance coverage is just one part of the process. The next and most important step to take on is getting it from a reliable provider. As you do this, scrutinize costs and stipulations carefully. You need to have something that offers adequate protection for possible situations.
Posted by
Author
Commercial Trucking Insurance For Everyone
Commercial trucking insurance is not only for trucking companies. It is also for independent contractors (drivers who own the truck being hired to deliver goods,) as well - for their protection. The common insurance for commercial motorists is primary liability insurance. Everyone who has a vehicle to be used for business purposes is required by law to secure the insurance.
But this type of basic insurance, the primary liability insurance, is limited. The damages on your vehicle are not covered by this insurance, sadly. It only covers the damages sustained by the other party involved in the collision or accident. With that as your only commercial trucking insurance, it will be very expensive on your part in the event of an accident. You need to prepare and then, protect yourself.
As a Contractor: Cargo Services for Hire
You have your own truck and a company hires you to deliver cargo for them. To protect yourself, you need to get an insurance policy that will cover the expenses on your truck in case of an accident plus damages during fortuitous events on your vehicle, too. And as required by law, you have the basic motor carrier's insurance - this means that while on the job, you are covered.
Another segment on the commercial trucking insurance plane is the bobtail insurance. It is recommended for all independent contractors, too (benefit of this will be known only when the accident takes place). This is a physical damage policy and you may see it as additional expenses on your part. But every contractor who has experienced a mishap on the road will praise the idea of having bobtail insurance to save up on cash outlay during the (future) untoward happening.
Regular Car Insurance vs. Commercial Trucking Insurance
Regular car insurance covers the physical damages inflicted on the driver and the vehicle. Some even envelop the injuries also sustained by the other party/parties. Commercial trucking insurance, on the other hand, covers both driver and truck but with the inclusion of the goods carried in the truck.
So, how is the insurance premium payment computed? It really depends upon what type of cargo the truck will be transporting. If the goods are sensitive, the policy price is higher. The purpose of this is to appropriately distinguish the payments - the more risky the cargo is, the more susceptible it is to be damaged. Thus, a higher policy rate is required.
Types of Trucks Applicable of a Commercial Trucking Insurance:
1. Dump Trucks
2. Refrigerated Trucks
3. Trailer Trucks
4. Tankers
Reminders on Choosing you Insurance Company
You have to keep in mind three things when selecting the insurance company to trust: authenticity, availability and completeness? Authenticity means that the company must be legit and dependable. Do not just trust any company who offers cheap policies. You have to be meticulous and deal with a company that has an excellent professional reputation.
Availability means that in case of accident, they are easy to contact. They must have telephone numbers, mobile numbers, toll-free numbers (if possible) and the best, 24-hour phone service. Completeness means that the company issues a policy that encompasses everything - damage, liability and coverage. If these three are present in a commercial trucking insurance company you have been eyeing, do not let go.
Copyright (c) 2012 Best Edge SEO
But this type of basic insurance, the primary liability insurance, is limited. The damages on your vehicle are not covered by this insurance, sadly. It only covers the damages sustained by the other party involved in the collision or accident. With that as your only commercial trucking insurance, it will be very expensive on your part in the event of an accident. You need to prepare and then, protect yourself.
As a Contractor: Cargo Services for Hire
You have your own truck and a company hires you to deliver cargo for them. To protect yourself, you need to get an insurance policy that will cover the expenses on your truck in case of an accident plus damages during fortuitous events on your vehicle, too. And as required by law, you have the basic motor carrier's insurance - this means that while on the job, you are covered.
Another segment on the commercial trucking insurance plane is the bobtail insurance. It is recommended for all independent contractors, too (benefit of this will be known only when the accident takes place). This is a physical damage policy and you may see it as additional expenses on your part. But every contractor who has experienced a mishap on the road will praise the idea of having bobtail insurance to save up on cash outlay during the (future) untoward happening.
Regular Car Insurance vs. Commercial Trucking Insurance
Regular car insurance covers the physical damages inflicted on the driver and the vehicle. Some even envelop the injuries also sustained by the other party/parties. Commercial trucking insurance, on the other hand, covers both driver and truck but with the inclusion of the goods carried in the truck.
So, how is the insurance premium payment computed? It really depends upon what type of cargo the truck will be transporting. If the goods are sensitive, the policy price is higher. The purpose of this is to appropriately distinguish the payments - the more risky the cargo is, the more susceptible it is to be damaged. Thus, a higher policy rate is required.
Types of Trucks Applicable of a Commercial Trucking Insurance:
1. Dump Trucks
2. Refrigerated Trucks
3. Trailer Trucks
4. Tankers
Reminders on Choosing you Insurance Company
You have to keep in mind three things when selecting the insurance company to trust: authenticity, availability and completeness? Authenticity means that the company must be legit and dependable. Do not just trust any company who offers cheap policies. You have to be meticulous and deal with a company that has an excellent professional reputation.
Availability means that in case of accident, they are easy to contact. They must have telephone numbers, mobile numbers, toll-free numbers (if possible) and the best, 24-hour phone service. Completeness means that the company issues a policy that encompasses everything - damage, liability and coverage. If these three are present in a commercial trucking insurance company you have been eyeing, do not let go.
Copyright (c) 2012 Best Edge SEO
Posted by
Author
Excellent Reasons to Buy Van Insurance
When one shops around for vehicle and van insurance, one often makes the mistake of just inquiring about how much it will be to buy van insurance, when in fact, the actual contents being transported by the van need to be taken into consideration. The premium needs to adjusted accordingly, as well as the actual van itself. If the van is doing long haul deliveries across borders, then one needs to take into account the fact that the van is not always going be behind a locked gate at night, or in a secure area at the actual business premises.
When looking to buy van insurance, there are many factors that will need to be taken into account, such as the goods being transported, the age of the van, the age and experience of the driver, the drivers driving record and the basic factors as well. However, in the case of a van being part of a fleet of vehicles that make deliveries, there is the chance that one or more of the vehicles could be involved in a motor vehicle accident, be hijacked or stolen. If the vehicle is stolen, and the goods being transported are still in transit, this brings more problems to the fore.
High risk situations such as the possibility that the driver of the van or of another vehicle is seriously injured, could mean that basic van insurance will definitely not be adequate enough to cover injury to people, as medical bills can run up very quickly and before you know it, the medical bills are the same price as a block of flats.
For this reason, when you buy van insurance you need to ensure that you have adequate catastrophic cover; this particular cover will ensure that all the medical costs are properly taken care of, and the business won't have to close its doors, because they are running into bankruptcy by having to pay for the medical costs due to a motor vehicle accident.
If fleet owners install extra security measures such as satellite vehicle tracking devices, alarm systems, and other security and safety devices, insurance companies could be willing to offer a lower premium, as these devices, effectively reduce the risk involved. Find out from your insurance broker, what kind of measures could save you money on your insurance premium.
Another huge consideration to take into account, is if a vehicle or van transporting goods, is crossing border lines, is the van or fleet still covered by the insurance company the minute is crosses over into another country? The premiums may be slightly higher, but it will be cheaper to check this information before hand, than to try and sort out a serious mess, should an accident take place in another country and the insurance does not want to pay out.
It would be a wise idea to make sure that all these points are queried, when you shop around, as information and requirements differ from broker to broker, and not everything is a standard clause in an insurance contract and that is how people get caught out and left accountable for millions they have to pay out of their own pockets.
When looking to buy van insurance, there are many factors that will need to be taken into account, such as the goods being transported, the age of the van, the age and experience of the driver, the drivers driving record and the basic factors as well. However, in the case of a van being part of a fleet of vehicles that make deliveries, there is the chance that one or more of the vehicles could be involved in a motor vehicle accident, be hijacked or stolen. If the vehicle is stolen, and the goods being transported are still in transit, this brings more problems to the fore.
High risk situations such as the possibility that the driver of the van or of another vehicle is seriously injured, could mean that basic van insurance will definitely not be adequate enough to cover injury to people, as medical bills can run up very quickly and before you know it, the medical bills are the same price as a block of flats.
For this reason, when you buy van insurance you need to ensure that you have adequate catastrophic cover; this particular cover will ensure that all the medical costs are properly taken care of, and the business won't have to close its doors, because they are running into bankruptcy by having to pay for the medical costs due to a motor vehicle accident.
If fleet owners install extra security measures such as satellite vehicle tracking devices, alarm systems, and other security and safety devices, insurance companies could be willing to offer a lower premium, as these devices, effectively reduce the risk involved. Find out from your insurance broker, what kind of measures could save you money on your insurance premium.
Another huge consideration to take into account, is if a vehicle or van transporting goods, is crossing border lines, is the van or fleet still covered by the insurance company the minute is crosses over into another country? The premiums may be slightly higher, but it will be cheaper to check this information before hand, than to try and sort out a serious mess, should an accident take place in another country and the insurance does not want to pay out.
It would be a wise idea to make sure that all these points are queried, when you shop around, as information and requirements differ from broker to broker, and not everything is a standard clause in an insurance contract and that is how people get caught out and left accountable for millions they have to pay out of their own pockets.
Posted by
Author
Make Sure Your Dog Show Vendors and Exhibitors Are Insured!
It is reasonable to ask whether your Club could survive a liability claim. As you probably know, there are programs available for Club insurance that includes Liability and Accident, Director's, Officer's Liability and Crime Coverage. However, if a vendor or exhibitor causes an accident at your show, and they do not have general liability insurance coverage, the Club policy likely would have to pay for any damages or medical claims resulting from an injury.
By definition, an accident is not expected, but steps can be taken to prevent one from occurring. So, as a prudent Club manager, you have:
Set up formal safety requirements with associated inspections
Purchased a general liability policy
Made sure dog owners have bite insurance
Taken steps to prevent being labeled "negligent" in the event a claim is made
Done, right?
Unfortunately, no. If you have vendors or exhibitors at your event, you may be found responsible for any injuries that they may cause. Usually when an injury occurs, everyone gets sued:
Organizer (your club)
Venue (where the event occurs)
Vendor/exhibitor
For example, in August 2011, seven people died when the main stage collapsed at the Indiana State Fair. As a result, forty-four survivors have sued the performing band. But even though the performing artist's contract specified the act had the final say on whether to cancel the concert due to weather, tort claims have been filed against the State Fair and the State of Indiana.
What to do? First, make sure your exhibitors have an up-to-date general liability policy. Check to make sure the effective date is on or before the start of your show, and that the expiration date occurs on or after the end of the show. Standard limits of coverage are:
$1 million per occurrence
$2 million aggregate
These limits of coverage provide up to $1 million for each claim (occurrence). During the term of the policy, up to a total of $2 million in coverage is provided if more than one claim is made against the exhibitor (aggregate). Second, ensure that your Club has been listed as an additional insured on the exhibitor's certificate of insurance. By doing so, this establishes a pecking order as to who pays first.
Suppose an exhibitor has been found negligent in an accident, and the injured attendee has sued the exhibitor and your Club. The injured party won and was awarded a $1.2 million settlement. In this case, if the Club is listed as an additional insured, the exhibitor's policy would pay $1 million of the settlement, and the Club would only be exposed to the additional $200,000.
Most venues where your events are held require all parties be insured, but it pays to be vigilant and check if this is the case. As always, deal with a reputable agent that only uses carriers rated "A" or better.
Don't forget, there are a lot of hungry lawyers out there!
By definition, an accident is not expected, but steps can be taken to prevent one from occurring. So, as a prudent Club manager, you have:
Set up formal safety requirements with associated inspections
Purchased a general liability policy
Made sure dog owners have bite insurance
Taken steps to prevent being labeled "negligent" in the event a claim is made
Done, right?
Unfortunately, no. If you have vendors or exhibitors at your event, you may be found responsible for any injuries that they may cause. Usually when an injury occurs, everyone gets sued:
Organizer (your club)
Venue (where the event occurs)
Vendor/exhibitor
For example, in August 2011, seven people died when the main stage collapsed at the Indiana State Fair. As a result, forty-four survivors have sued the performing band. But even though the performing artist's contract specified the act had the final say on whether to cancel the concert due to weather, tort claims have been filed against the State Fair and the State of Indiana.
What to do? First, make sure your exhibitors have an up-to-date general liability policy. Check to make sure the effective date is on or before the start of your show, and that the expiration date occurs on or after the end of the show. Standard limits of coverage are:
$1 million per occurrence
$2 million aggregate
These limits of coverage provide up to $1 million for each claim (occurrence). During the term of the policy, up to a total of $2 million in coverage is provided if more than one claim is made against the exhibitor (aggregate). Second, ensure that your Club has been listed as an additional insured on the exhibitor's certificate of insurance. By doing so, this establishes a pecking order as to who pays first.
Suppose an exhibitor has been found negligent in an accident, and the injured attendee has sued the exhibitor and your Club. The injured party won and was awarded a $1.2 million settlement. In this case, if the Club is listed as an additional insured, the exhibitor's policy would pay $1 million of the settlement, and the Club would only be exposed to the additional $200,000.
Most venues where your events are held require all parties be insured, but it pays to be vigilant and check if this is the case. As always, deal with a reputable agent that only uses carriers rated "A" or better.
Don't forget, there are a lot of hungry lawyers out there!
Posted by
Author
How to Cut the Cost of Your Small Business Insurance
Every business owner strives to reduce expenses as much as possible, as a firm's profit is simply the amount of money left over after expenses are added up and the total is subtracted from the company's income. This is true in all kinds of economic conditions, and applies to every category of business. However, it's even more important for the owners of small businesses, especially in difficult economic times. If a small business owner wants his company to survive and prosper, he must reduce his expenses wherever he can. One area every small business owner should consider for cost reduction is insurance. Too many people simply pay their insurance bill every month without stopping to consider if there's any way to lower their premium.
The good news is that there are actually many ways to lower the cost of small business insurance. Of course, coverage will vary from company to company, and firms in high risk industries, or high crime areas, will naturally pay more than firms which don't face the same hazards, but generally speaking, almost every business person could be paying less than their current premium for insurance. How? Well, there are four ways to substantially reduce the cost of small business insurance. Let's look at them.
First, the business owner can improve safety in the workplace. This might mean hiring a professional inspector to conduct a safety audit, but the expense is well worth it if it leads to reduced insurance premiums. The average person doesn't have the expertise to spot many hidden or less well known safety hazards; calling in a professional who does have these skills can pay off substantially. A person should get a safety audit done, make all recommended changes, and then notify the insurance agent of the changes and ask for a reduced premium.
Second, the owner can greatly enhance security in the workplace. Technology is constantly improving, and something that was on the cutting edge just a few years ago may now be obsolete. Locks and alarms are two areas where it really pays to have the very latest in technology. Installing a closed circuit television system, or replacing an outdated one, can also lead to lower insurance costs. If the area surrounding the business has a high crime rate, moving to a different location could also mean big savings on insurance.
Third, the owner can agree to a higher deductible. This can result in a drastic drop in monthly or quarterly premiums. Every business owner must decide how high of a deductible is safe and prudent, but it should be kept in mind that the higher the deductible is, the lower the premium will be. Fourth, a business owner should shop around. Many of them have been with the same insurance agent or company for years, or even decades, and don't compare costs out of a sense of loyalty, or mere complacency. This is understandable, but it's not cost effective. A person should talk to their agent about lowering their premiums, especially after making the changes recommended above, and if the agent can't lower their costs, then they should start getting quotes from several other companies. If a small business owner takes all four of these steps, a substantially lower insurance premium will be the reward.
The good news is that there are actually many ways to lower the cost of small business insurance. Of course, coverage will vary from company to company, and firms in high risk industries, or high crime areas, will naturally pay more than firms which don't face the same hazards, but generally speaking, almost every business person could be paying less than their current premium for insurance. How? Well, there are four ways to substantially reduce the cost of small business insurance. Let's look at them.
First, the business owner can improve safety in the workplace. This might mean hiring a professional inspector to conduct a safety audit, but the expense is well worth it if it leads to reduced insurance premiums. The average person doesn't have the expertise to spot many hidden or less well known safety hazards; calling in a professional who does have these skills can pay off substantially. A person should get a safety audit done, make all recommended changes, and then notify the insurance agent of the changes and ask for a reduced premium.
Second, the owner can greatly enhance security in the workplace. Technology is constantly improving, and something that was on the cutting edge just a few years ago may now be obsolete. Locks and alarms are two areas where it really pays to have the very latest in technology. Installing a closed circuit television system, or replacing an outdated one, can also lead to lower insurance costs. If the area surrounding the business has a high crime rate, moving to a different location could also mean big savings on insurance.
Third, the owner can agree to a higher deductible. This can result in a drastic drop in monthly or quarterly premiums. Every business owner must decide how high of a deductible is safe and prudent, but it should be kept in mind that the higher the deductible is, the lower the premium will be. Fourth, a business owner should shop around. Many of them have been with the same insurance agent or company for years, or even decades, and don't compare costs out of a sense of loyalty, or mere complacency. This is understandable, but it's not cost effective. A person should talk to their agent about lowering their premiums, especially after making the changes recommended above, and if the agent can't lower their costs, then they should start getting quotes from several other companies. If a small business owner takes all four of these steps, a substantially lower insurance premium will be the reward.
Posted by
Author
Advantages of Obtaining Various Life Insurance Quotes
The Life insurance is important in every single approach of life. Acquiring insurance coverage not only makes sure that your family will be looked after upon your demise, it will also procure you immeasurable reassurance at present. It is not just important to purchase life insurance policies, it is actually important to purchase a proper policy, the one that meets your preferences as well.
Most effective way of getting insurance quotes
Buying insurance is a personal affair, since we do it to meet our long term goals and to ensure the financial future for our families. Provided that every single individual has various financial wants and well being complaints, the life insurance policies too really need to gratify to these specific personal factors. The lone way you could get a policy, which is just best to you could be by obtaining numerous insurance quotes and comparing them.
Nonetheless, if this presents you psychological pictures of bustling into a lot of insurance corporations, and sizing up their gives then you may unwind. Currently, almost all the insurance firms have online presence. They provide you with hundreds of insurance quotes. Consequently due to this entirely automated approach, any of the life insurance policies could match with your demands.
Shopping about could take months for research, but with the internet, it will basically take just a few minutes and only a fraction of hard work. Internet could be the ideal way to acquire life insurance quotes.
Main advantages of finding about several insurance quotes
Obtaining many insurance quotes has several benefits. A regional agent normally offers four carriers, and taking into account the fact that a well-intentioned agent too acquires commissions for marketing policies of particular carriers, the agent is never going to market other carriers' policies to you, regardless of your requirements. Certainly, there is a tremendous factor of bias involved. Evaluating different life insurance quotes help you to discover the one that fits you the most and offers you an effective price tag. Thus, you could get more security on your rates only by evaluating various quotes.
Insurance quotes vary from corporation to corporation, depending upon their insuring strategy. There are several companies that glimpse upon elements of health and fitness extra favorably than few others. Moreover, underwriting pointers are typically adjusted, and is truly difficult to keep track of them on your own. By observing numerous quotes, which is possible with the help of internet quote suppliers having massive database.
The insurance is a competitive business and so, in an effort to remaining ahead, some companies offer totally free riders in conjunction with their life insurance quotes. Acquiring multiple quotes could keep you informed about these providers and give you the benefit of such free riders like incidental loss of the life rider, extended expression treatment rider, waiver in rates, and many others, which could enhance your coverage.
Whenever you look on the web for multiple quotes, the agency sites also offer you finish money information and comparison graphs within the businesses connected to several quotes. This enables you to make an intelligent choice. Few companies also offer cell phone or face-to-face consultations at this point, to help you decide much better.
Most effective way of getting insurance quotes
Buying insurance is a personal affair, since we do it to meet our long term goals and to ensure the financial future for our families. Provided that every single individual has various financial wants and well being complaints, the life insurance policies too really need to gratify to these specific personal factors. The lone way you could get a policy, which is just best to you could be by obtaining numerous insurance quotes and comparing them.
Nonetheless, if this presents you psychological pictures of bustling into a lot of insurance corporations, and sizing up their gives then you may unwind. Currently, almost all the insurance firms have online presence. They provide you with hundreds of insurance quotes. Consequently due to this entirely automated approach, any of the life insurance policies could match with your demands.
Shopping about could take months for research, but with the internet, it will basically take just a few minutes and only a fraction of hard work. Internet could be the ideal way to acquire life insurance quotes.
Main advantages of finding about several insurance quotes
Obtaining many insurance quotes has several benefits. A regional agent normally offers four carriers, and taking into account the fact that a well-intentioned agent too acquires commissions for marketing policies of particular carriers, the agent is never going to market other carriers' policies to you, regardless of your requirements. Certainly, there is a tremendous factor of bias involved. Evaluating different life insurance quotes help you to discover the one that fits you the most and offers you an effective price tag. Thus, you could get more security on your rates only by evaluating various quotes.
Insurance quotes vary from corporation to corporation, depending upon their insuring strategy. There are several companies that glimpse upon elements of health and fitness extra favorably than few others. Moreover, underwriting pointers are typically adjusted, and is truly difficult to keep track of them on your own. By observing numerous quotes, which is possible with the help of internet quote suppliers having massive database.
The insurance is a competitive business and so, in an effort to remaining ahead, some companies offer totally free riders in conjunction with their life insurance quotes. Acquiring multiple quotes could keep you informed about these providers and give you the benefit of such free riders like incidental loss of the life rider, extended expression treatment rider, waiver in rates, and many others, which could enhance your coverage.
Whenever you look on the web for multiple quotes, the agency sites also offer you finish money information and comparison graphs within the businesses connected to several quotes. This enables you to make an intelligent choice. Few companies also offer cell phone or face-to-face consultations at this point, to help you decide much better.
Posted by
Author
Australians Should Compare Health Insurance Policies for Pre-Existing Condition Coverage
Understanding your health insurance options can be confusing to begin with. If you or someone you love suffers from a pre-existing condition - that is an illness or condition that began within six months of acquiring health coverage - it becomes even more complicated. Determining whether your medical treatments are covered by your existing insurer can be just as intimidating as finding yourself insurance plans in anticipation of needing medical treatment. The sense of confusion and fear is often compounded by the stress endured from the medical condition itself.
There are online websites in Australia that can help you understand your rights when it comes to health insurance coverage, so you can compare coverage options and make a decision that suits your medical needs, and your budget.
A growing number of Australians suffer from chronic health problems, including heart disease and diabetes. A deficient diet, combined with a sedentary lifestyle are primary culprits in some of today's most common health problems. In addition to the challenges and risks of living with a chronic illness, many people who do not already have health coverage face the daunting prospect of what the cost of adding private insurance to their household budget will mean.
It is important to first examine the different types of insurance coverage available so you can move forward armed with the knowledge you will need to make intelligent comparisons of different policies offered by different insurers. Private health insurance often covers most medical treatment costs. Unfortunately, fewer and fewer Australians are able to afford private coverage, and for anyone suffering from a chronic illness, the idea of having no medical insurance can be downright frightening. Medicare is an alternative for those who do not have private coverage, however it may not be enough to pay all the medical expenses necessary to treat certain conditions.
In the past, insurers could refuse coverage to people with pre-existing conditions. However, legislation passed in 2007 halted the insurance companies' ability to refuse coverage for any pre-existing condition, making private health insurance available to anyone who needs it. However, when you compare insurance premiums, you could discover that a pre-existing medical condition increases the cost of the policy, and that a waiting period before treatments are covered may be required.
For many, private health insurance is simply unaffordable once the pre-existing condition rates are factored in. Insurance companies are not making much of a profit, if any, on these policies, and prefer to work with healthy individuals who are less likely to use their health care benefits very often. When a pre-existing condition factors into your health insurance coverage, you have no choice but to compare policies carefully to determine which insurer has the best coverage for your treatment needs, and your budget. find valuable information on comparing providers, and answers questions on difficult health-related subjects, including pre-existing conditions.
There are few things in life more challenging than dealing with chronic illness. Making tough decisions should not have to include worrying about which insurer can offer the best health coverage at the best rate. Find out more about your options and your rights when it comes to comprehensive health care by visiting online insurance comparison sites and examining your options.
There are online websites in Australia that can help you understand your rights when it comes to health insurance coverage, so you can compare coverage options and make a decision that suits your medical needs, and your budget.
A growing number of Australians suffer from chronic health problems, including heart disease and diabetes. A deficient diet, combined with a sedentary lifestyle are primary culprits in some of today's most common health problems. In addition to the challenges and risks of living with a chronic illness, many people who do not already have health coverage face the daunting prospect of what the cost of adding private insurance to their household budget will mean.
It is important to first examine the different types of insurance coverage available so you can move forward armed with the knowledge you will need to make intelligent comparisons of different policies offered by different insurers. Private health insurance often covers most medical treatment costs. Unfortunately, fewer and fewer Australians are able to afford private coverage, and for anyone suffering from a chronic illness, the idea of having no medical insurance can be downright frightening. Medicare is an alternative for those who do not have private coverage, however it may not be enough to pay all the medical expenses necessary to treat certain conditions.
In the past, insurers could refuse coverage to people with pre-existing conditions. However, legislation passed in 2007 halted the insurance companies' ability to refuse coverage for any pre-existing condition, making private health insurance available to anyone who needs it. However, when you compare insurance premiums, you could discover that a pre-existing medical condition increases the cost of the policy, and that a waiting period before treatments are covered may be required.
For many, private health insurance is simply unaffordable once the pre-existing condition rates are factored in. Insurance companies are not making much of a profit, if any, on these policies, and prefer to work with healthy individuals who are less likely to use their health care benefits very often. When a pre-existing condition factors into your health insurance coverage, you have no choice but to compare policies carefully to determine which insurer has the best coverage for your treatment needs, and your budget. find valuable information on comparing providers, and answers questions on difficult health-related subjects, including pre-existing conditions.
There are few things in life more challenging than dealing with chronic illness. Making tough decisions should not have to include worrying about which insurer can offer the best health coverage at the best rate. Find out more about your options and your rights when it comes to comprehensive health care by visiting online insurance comparison sites and examining your options.
Posted by
Author
Comparing Health Insurance Options Based on Life Stage
Never judge your private health insurance policy by its cover. Since private insurance plans differ vastly in the benefits they provide based on cost, policy holder need, and individual insurers, make sure the benefits your policy offers are the right benefits for you.
It should seem obvious that a young person in their 20's is going to have different medical insurance needs than his 55-year-old parents, and that his parents are going to have different coverage needs than their 75-year-old parents.
Yet all too often, Australians purchase or hang on to policies that they may have outgrown, or that may not be geared to their life stage, lifestyle and health issues. In turn, they may be either over-paying or under insured.
Comparing health insurance policies based on life stage is important in selecting the best coverage for your individual needs. For instance, parents with adult dependent children can carry coverage for them up to the age of 25, and can drop obstetrics coverage once they know that they won't be having any more children.
When comparing plans, make sure your needs are being identified by first considering which of the five general life stages you and your family fits into, and plan accordingly. Generally, these five stages include:
Singles - For young, healthy individuals, your health insurance should probably be geared toward emergencies such as injuries caused in an accident. If you become ill, your plan would need to cover ongoing treatments. You may need optical or dental coverage; selecting the right insurance coverage is a matter of comparing health policies and determining the level of coverage you want that fits your budget.
If you're a 20- or 30-something single, you probably won't need hip replacement surgery any time soon, but you should probably make sure you're covered for reproductive health issues if they arise, or treatment for sports injuries if you're active.
Young couples - Couples who have not yet started a family may compare health policies that include obstetrics and fertility treatments. Additionally, young couples sometimes face short-term or long-term illness of a partner. Your health insurance can provide financial security and the comprehensive level of care and treatment you will need if the unexpected happens.
Families - Whether you're planning to start a family, planning on having more children, or dealing with an illness or injury of a family member, your health insurance should provide the coverage you need to ease the financial crunch that medical costs can create. Choosing the best insurance plan for your family means taking into consideration the cost of hospital care, the physician or specialists that may be needed, and even after care. If yours is a young family with children aged infant to teen, it's important to have coverage that includes dental and orthodontic treatments.
Empty-nesters - This group can include individuals between the ages of 40 and 60, facing an increased risk of problems that are common as we get older. Heart disease, knee and hip replacements, elevated blood pressure, arthritis and other medical conditions begin to appear as we age. Your health insurance policy that has served you for years may no longer be suited to your lifestyle and needs. Review your existing coverage, and compare it to other health plans to make sure you're not paying for services you no longer need, and that you are protected for those health issues that begin popping up after 40.
Retirees - Australians 65 and over should consider keeping their private health coverage, since the government offers a 35 percent rebate on private coverage premiums; for individuals 70 and over, that rebate is increased to 40 percent.
Retirees who opt out of health coverage have up to three years to pick it back up; if it is not picked up within three years, your premium will cost an additional two percent for every year you are over 30.
Purchasing private health insurance can be confusing and expensive. The more comprehensive the coverage you choose, the more expensive it can get. Shop around and compare health insurance policies and premiums carefully before you buy. By thoroughly comparison shopping, you can cut as much as 30 percent off your health insurance premium.
It should seem obvious that a young person in their 20's is going to have different medical insurance needs than his 55-year-old parents, and that his parents are going to have different coverage needs than their 75-year-old parents.
Yet all too often, Australians purchase or hang on to policies that they may have outgrown, or that may not be geared to their life stage, lifestyle and health issues. In turn, they may be either over-paying or under insured.
Comparing health insurance policies based on life stage is important in selecting the best coverage for your individual needs. For instance, parents with adult dependent children can carry coverage for them up to the age of 25, and can drop obstetrics coverage once they know that they won't be having any more children.
When comparing plans, make sure your needs are being identified by first considering which of the five general life stages you and your family fits into, and plan accordingly. Generally, these five stages include:
Singles - For young, healthy individuals, your health insurance should probably be geared toward emergencies such as injuries caused in an accident. If you become ill, your plan would need to cover ongoing treatments. You may need optical or dental coverage; selecting the right insurance coverage is a matter of comparing health policies and determining the level of coverage you want that fits your budget.
If you're a 20- or 30-something single, you probably won't need hip replacement surgery any time soon, but you should probably make sure you're covered for reproductive health issues if they arise, or treatment for sports injuries if you're active.
Young couples - Couples who have not yet started a family may compare health policies that include obstetrics and fertility treatments. Additionally, young couples sometimes face short-term or long-term illness of a partner. Your health insurance can provide financial security and the comprehensive level of care and treatment you will need if the unexpected happens.
Families - Whether you're planning to start a family, planning on having more children, or dealing with an illness or injury of a family member, your health insurance should provide the coverage you need to ease the financial crunch that medical costs can create. Choosing the best insurance plan for your family means taking into consideration the cost of hospital care, the physician or specialists that may be needed, and even after care. If yours is a young family with children aged infant to teen, it's important to have coverage that includes dental and orthodontic treatments.
Empty-nesters - This group can include individuals between the ages of 40 and 60, facing an increased risk of problems that are common as we get older. Heart disease, knee and hip replacements, elevated blood pressure, arthritis and other medical conditions begin to appear as we age. Your health insurance policy that has served you for years may no longer be suited to your lifestyle and needs. Review your existing coverage, and compare it to other health plans to make sure you're not paying for services you no longer need, and that you are protected for those health issues that begin popping up after 40.
Retirees - Australians 65 and over should consider keeping their private health coverage, since the government offers a 35 percent rebate on private coverage premiums; for individuals 70 and over, that rebate is increased to 40 percent.
Retirees who opt out of health coverage have up to three years to pick it back up; if it is not picked up within three years, your premium will cost an additional two percent for every year you are over 30.
Purchasing private health insurance can be confusing and expensive. The more comprehensive the coverage you choose, the more expensive it can get. Shop around and compare health insurance policies and premiums carefully before you buy. By thoroughly comparison shopping, you can cut as much as 30 percent off your health insurance premium.
Posted by
Author
Subscribe to:
Posts (Atom)