Home Authors Posts by John Stewart

John Stewart

Profile photo of John Stewart

0 0

Much has been written about condo and apartment association insurance versus insurance carried by condo / apartment unit owners. The two main types of coverage offered to condo associations are:

 1) Bare Walls In – policies covering all real property from the exterior framing inward, excluding fixtures or other installations within the unit.

 2) All In – policies covering all fixtures, installations, or additions within the interior surfaces of the individual units.

 Obviously the best one for your unit owners would be the All In condo association insurance policy, which would limit the need for owners to purchase additional coverage. Condo associations buying Bare Walls In coverage leave a bit more loss exposure for their unit owners. Most condo associations will advise unit owners on which policy is covering the premises. But what about deductibles?

 Most condo association insurance policies have a deductible. As condo associations reassess their insurance limits and premiums and increase their deductible amounts, many unit owners are left exposed to large loss amounts. Why? Because condo associations can, and do, pass the deductible on to the unit owners.

 In the past, deductibles topped out at $5,000. With historic losses in the insurance industry, many policies became hard to obtain, had lower limits, had higher deductibles, or simply cost too much to continue at the current level of coverage. These days it’s not uncommon to see a condo association with a deductible of $25,000 or even $50,000. If the damage to the building is spread among 25 residents, the deductible is much easier to afford than if the damage is limited to one or two units.

 If your condo association has opted for higher deductibles, inform your unit owners in writing of their exposure. Unit owners can purchase their own property policies to cover any losses not handled by the condo association policy, thus reducing the amount they’re responsible for should disaster strike. Paying  $25,000 – $50,000 to cover the association’s deductible isn’t in everyone’s budget. Unit owners who currently have property policies should confirm with their personal agent that their policy would cover the deductible in the event of damage. 

Source by Emerson Poort

0 0

The entire preparations for migrating to another country may, typically, be overwhelming and could also involve many last minute errands. So, the first thing that comes to mind when one plans to settle abroad is to find and set it a new home, familiarize with the local culture and then, learn to establish with the laws of the land. Beginning a new chapter will definitely drill a big hole in your pocket, having said that an expatriate must procure apt international health insurance coverage in order to secure unforeseen circumstances. A recent estimate released by US State Department indicated that nearly 5.25 million American citizens are expatriates who are currently not affiliated with the US Government. It is believed that an increasing number of American families are migrating abroad to secure a better life.

Plus, due to the sky-high costs of medical expenses in the Big Apple, most Americans are also flocking to South American countries like Costa Rica for medical treatments and wellness therapies. The ongoing trends have led to the popularity of medical tourism in these countries and in the Asian countries. As a matter of fact, many medical tourists from developed countries like US, UK, Canada and Germany etc.

travel on short term health insurance for expatriates to medical tourism destinations for low costs medical treatments in cosmetic surgery, cardiac surgery, knee replacement surgery and many more. In addition, some of the best coverage features of international travel health insurance may also include doctor consultation, hospitalization and intensive care, personal choice of hospitals and surgery due to an injury or sickness. Last but not the least the coverage may also extend up to prescription drugs in some plans.

Also, securing an overseas medical insurance is a responsibility for each and every expatriate because national health policies or the laws governing health policies of a country may differ from one country to another. As a result, non-tax payers like foreigners are often excluded from most of the national health benefit schemes offered to the citizens.

On top of that, expatriates deployed overseas for employment purposes generally lose out on employment benefits provided by their home country. Therefore, it is imperative for expatriates to get international health insurance coverage from their employers and for themselves and their families, if accompanied. However, it is also important to note that not all the international health insurance plans may cover features that are suitable to your requirements.

Most of the international health insurance plans generally offer policy holders with two options in terms of policy coverage areas namely- worldwide or worldwide excluding USA. The reason behind the distinction in policy features lies in the fact that the cost of medical expenses in America is comparatively higher than anywhere else.

Consequently, the worldwide coverage plans that are inclusive of USA have higher premiums than those without. So, an expatriate must look into all the innate details of expat health insurance coverage in conformity with one’s requirements.

Source by John MichelCane

0 0

Term Life Insurance refers to those insurance policies that have temporary life insurance protection. This means that you are ensured security only for a fixed period of time. Another factor that characterizes this type of policy is that you have to pay low premium compared to other types of life insurance. This is because it builds no cash value and you pay only for the cost of insurance (C.O.I.). The C.O.I. is the amount of money the insurance company charges to keep your life insurance policy in force. And this depends greatly on your age and health at the time you apply for coverage. The C.O.I is usually determined at the time you apply and increases at each policy anniversary as per the Yearly Renewable Term policy. The C.O.I. increases due to the fact that as you get older, it becomes more expensive to insure your life.

The C.O.I. remains same during the initial guaranteed period but increases sharply with time as per a Level Term policy. Term Insurance pays a fixed lump sum to your designated beneficiary incase of your death within the period covered by the policy. The policy protects your family by providing money which they can invest to replace your salary. This also includes resources to cover the immediate expenses incurred by your death.


Term Insurance is best for young, growing families, whose financial needs are especially high but whose resources are often insufficient to cover those needs. The Term Insurance policies are quite affordable in the beginning compared to other policies as it builds no cash value.


Though the Term Insurance premiums are affordable initially, yet it increases with age with death risk becoming obvious as people get older. In some cases, the Term Insurance premiums may rise each year or after the initial guarantee period of 5, 10, 15, 20, 25 or 30 years. In fact, it is seen that over the age of 65, the cost of Term Insurance becomes quite expensive, and at times too exorbitant.

More information www.ratedetective.com.au/

Source by Rate Detective

0 0

Finding Car Insurance For 17 Year Olds

It is usually quite easy to find car insurance for 17 year olds, but it can be pricey. There are things you can do to reduce the cost of the premiums and the internet is a great place to start looking.

It is ironic that young people and students are perpetually strapped for cash, yet they have to pay the most car insurance. It seems unfair but it is due to the fact that inexperienced drivers are far more likely to have a car accident than experienced drivers so, on average, they cost the insurance company more. If you’re 17 you might find it difficult to pay for your car insurance but there are a few things you can do to make sure you’re paying the lowest rates possible.

When it comes to car insurance for 17 year olds, the model of car you drive will greatly influence your premiums, as it does with all young drivers. If you’re thinking of choosing a car, going for the most basic, low-speed model that will get you from A to B will help you bring the cost of your insurance down. Where you store your vehicle will also impact on your premiums. If you keep your car in a garage, it is going to be much safer than one out on the street.

Aside from these practical issues, there is a limited amount you can do before you have passed your test. When you have a full licence, however, there is another course of lessons you can take called Pass Plus. This teaches you advanced driving skills, such as how to travel on motorways safely, and will help bring your insurance costs down with most companies.

Although it sounds unfair, car insurance for 17 year olds is a lot cheaper if you are female. Young male drivers have a higher accident rate in their first three years behind the wheel so have to pay higher premiums. If you are a woman, it might be worth considering a women-only insurance company as they claim to charge women cheaper premiums.

Ultimately, you only have a limited amount of control over your practical circumstances. Whatever they may be, the best way of cutting down your insurance costs is to shop around. The internet has made buying car insurance incredibly easy as you now have access to hundreds of policies in a few seconds.

Source by Carole Maclennan

0 0

A relative has just died. He had a life insurance policy with you listed as the beneficiary. There’s just one problem: the life insurance policy is missing. You have no idea which insurance company wrote it.

If you find the missing life insurance policy in the future, are you still eligible to receive the death benefit?

Hope they paid their insurance bills

If you’re a beneficiary and you find the lost life insurance policy shortly after the insured dies (within six months to a year, for example), claiming the death benefit should be trouble-free.

First, determine if the insured had term or permanent life insurance. If the insured held a term policy, you’ll receive the death benefit if he died before the end of the policy term. If he died after the policy expiration date, you would get nothing.

If the insured had a permanent life policy, you’ll receive the money if the death occurred while the policy was “in force,” meaning all premium payments were made up until the time of death. If the death was a while ago, you’ll receive the benefit with interest from the date of death.

If the life insurance policy lapsed — meaning the insured stopped making premium payments before he died — there’s a chance you might get nothing. When a permanent life insurance policy lapses, most insurance companies switch its status from permanent insurance to one of two options:

“Extended term” — The insurance company uses the cash value of the policy to buy a term life insurance policy for the same death benefit using the cash value of the policy. The death benefit will continue for the longest period the cash value will purchase.

“Reduced paid up” — The insurance company will keep the policy in force permanently, but will reduce the death benefit.

Gerry Brogla, an actuary for State Farm, says in the majority of the cases at his company, the permanent policy continues as extended term if it lapses. At State Farm, extended term is the default option for most permanent policies.

If the policy lapses, and the extended-term period expires before the insured dies, the policy is worthless and the life insurance beneficiary will get nothing. If the insured dies before the extended-term period is up, the beneficiary will receive the death benefit. If the policy lapsed because the insured died (thus ending premium payments and causing the insurance to be placed in extended-term status), the beneficiary will still collect the full death benefit, regardless of when the extended term was up. The beneficiary always needs to supply the insurance company with a death certificate to verify the date of death.

There is no time limit during which a life insurance beneficiary must step forward to collect the money, according to Jack Dolan, spokesman for the American Council of Life Insurers. “If a person shows up 30 years after [the insured’s] death, the company still makes good on it,” Dolan assures.

What happens if no one ever reports the death?

If the insured dies and the insurance company does not learn of the death, the policy lapses. Insurance companies will take steps to find out why a policyholder stopped making payments.

When an insurance company stops getting payments, it sends letters to the insured informing him the policy may lapse as a result of unpaid premiums. If the letters go unanswered, the company might initiate a search to find the insured. If that comes up empty, the company will then lapse the policy.

If a beneficiary to a policy never steps forward, it unfortunately means the insured paid money to a policy throughout his life and his beneficiaries never see a penny. This is why its a good idea to make sure beneficiaries are aware of any life insurance policies you have.

If you’re lucky, the state may have your money

In some cases when a beneficiary fails to claim a death benefit for several years, the money is transferred to the state where the insurance policy was purchased under the escheat laws.

If a company knows an insured died and it cannot find the beneficiary, it must turn the full death benefit over to the state comptroller’s department within three to five years of the insured’s death. The money is transferred to the state where the insured bought the policy. The money is considered “unclaimed property” and gets lumped in with dormant bank accounts and uncollected rent deposits. The comptroller’s department maintains a database that lists the names and addresses of lost life insurance beneficiaries.

Many states will try to contact life insurance beneficiaries in an effort to pay the death benefits. In Texas, for example, the names and addresses of the beneficiaries are published annually in each county in the state. In New York, the Web site of the New York State Comptroller’s Office of Unclaimed Funds has an online search to find any unclaimed death benefits owed to you. You can find out the procedures in your state by contacting the office of your state comptroller or treasurer.

Keep in mind your chances of finding the policy with the state are slim. The insurance company has no obligation to hand the money over to the state if it’s unaware the insured died. In most cases, it’s the beneficiary who contacts the insurance company.

Also, the insurer only transfers the money to the state three to five years after it cannot find the beneficiary but knows the insured died. If the state doesn’t have the death benefit, it’s likely the insurer is still looking for the beneficiary or doesn’t know the policyholder has died.

Unclaimed death benefits are rarely transferred to the state. Dave Potter, a spokesman for Hartford Life, says less than 1 percent of his company’s death benefits go unclaimed.

Del Chance, a life insurance claims manager at State Farm, says, “Turning over life policy benefits to an individual state after the death of an insured is extremely rare. State Farm utilizes their own search techniques as well as outside vendors to locate lost beneficiaries in the event of the death of one of our insureds. By and large these procedures have always located the beneficiary.

Tips for making sure your life insurance beneficiaries get your death benefit:

1. Give your beneficiaries your policy information. It can be a difficult and awkward conversation, but an important one.

2. Keep all your financial records (especially your life insurance policies) in one place. Don’t force your beneficiaries to search your house from top to bottom after you die.

Tips for looking for lost life insurance policies:

1. Go through canceled checks or contact your relative’s bank for copies of old checks. Look for checks made out to insurance companies.

2. Ask those who may have known about your relative’s finances. Speak with the relative’s lawyer, banker or accountant. Also contact the relative’s insurance agent.

3. Contact your relative’s past employers. They might know of possible group life insurance. The insured might have also purchased supplemental life insurance through work.

4. Check the mail for a year. Premium bills and policy-status notices are usually sent annually.

5. Look at income tax returns for the past two years. Check for interest income from policies or expenses paid to life insurance companies.

6. Contact the Medical Information Bureau. If your relative bought life insurance fairly recently, there might be a trail of the companies to which he applied. The Medical Information Bureau (MIB) maintains a database that might show if insurers requested your relative’s medical information within the past seven years. Record searches can be requested through the MIB’s Policy Locator Service and cost $75. The MIB says that nearly 30 percent of searches turn up leads.

Source by Insure.com

0 0

Hi, i considered necessary to know who offer the best home insurance? to be exact price and cover?
Just wondering where I can get the best adjectives round deal I got a large amount from State Farm when I insured my car with them do. They are a right company that has been surrounded by business a long…

Home insurance canceled for nonpayment because hill froze my vindication?
My home insurance canceled for nonpayment because bank froze my report at the same time I processed my stipend and I did not know till it was to unpaid and my payment be rejected. I took care of the mound problem and my account is unfrozen and the…

Home insurance contents claim?
Im after a rough estimation. Im thinking of putting through a claim for my laptop through my home insurance. Ive got a premium of within between roughly 300-400. The laptop is worth lb700. I wanted to know how much should i expect my premium to increase after my claim? (Roughly) Also would i be…

Home Insurance Dupe – What can be done?
used mneysupermarket.com to purchase home insurance in October. From tomorrow I shall no longer be liing contained by the house and I will be renting it out. (I went for the cheapest insurance as I have to prove I had home insurance to redeploy my mortgage to a buy to…

Home insurance excess keep increasing?
Hi, i have the most comprehensive home insurance cover, i own the most expensive insurance available in writ to cover everything, i mean everything, even my guests. I appreciably have a big monthly premium, i have have to recently construct a claim on my laptop and have previously for other items, and it…

home insurance for a home that be built 107 years ago…?
why on earth did i take a quote of 3500-4000 for 300k insurance on this home? Is the home that damn old? I’m an insurance agent and I also enjoy an old home. My house be built in 1903. There own been seriously of updates to…

Home insurance how does it work?
Hello, My question is, does anyone know how insurance companies want if an area have a high crime rate? Do they freshly go by record crimes that have have claims through insurance or any recorded crimes regardless? I hold been interested contained by getting home insurance as my parents don’t have…

Home insurance policy premium?
My home insurance premium went up by $100 this year from $340 to $440. Customer Service told me that this is due to the increased coverage. Coverage singular went up by $15,000. Do I enjoy to agree with that or can I give an account them to keep the coverage as it be to…

Home insurance surrounded by the UK? how does it work?
I am a tenant in an appartment surrounded by London with my boyfriend. I’d resembling to know if I need to return with a home insurance for this appartment and what king of insurance (building or content?). I mean, if at hand is a fire, a window…

Home insurance!?!?
about how much would home insurance be in the toronto west nouns? a moment ago crowd within a free form and grasp a quote from these associates here gsx1.com/insurancecomparison.html… They’ll compare adjectives insurance companies in the USA and find which companies submit the best prices, if it works out remember my points please 🙂

Home insurance, beforehand or after closing?
Should I purchase home insurance before or after closing? Closing is only 3 weeks from immediately Get insurance BEFORE the closing & best advise, start calling today. This gives the agent time to find you a company that best fits your requests & if there is an underwriting issue – antediluvian roof,…

Home Insurance?
Hi, I am looking for home insurance. This is not for a huge house just rather cottage, would like to insure it for around $40.000. This is a break cottage so dont need a huge amount. While mbrcatz have it essentially right, we need to know what state the home is within. In most instances…

Home insurance?
I am not sure how much home insurance coverage I should have for the house I bought 2 years ago. The cost of the house including the lands was $96,000. But that includes the price of the estate, etc. I now hold to renew the home insurance policy and realized perchance I should reduce the…

Home insurance?
My partner and I have buidlings and contents insurance, my cross-examine is…is this classed as home insurance or with this simply being buildings and contents do i stipulation separate home insurance. I know this may be a daft question to ask but I be just wondering so please any direction thankyou Buildings and Contents cover…

Home Insurance?
When i enquired in the region of home insurance, i was asked if i have a criminal record. Would they find out if i said i didn’t own one? It’s unlikely to affect your premium but I used to work selling car and home insurance if you don’t clear a claim it is unlikely that…

Home insurance-closing on house next Wednesday!?

Help! We will be closing on our house next week and for some reason I forgot I’ll need to get home insurance. I have no idea where to begin to look for a good policy at a good price. I don’t know how much residence coverage or personal liability coverage to get….

please serve?
A friend of mine took out a home insurance policy last year (sep-06). His cistern in the airing cupboard have now burst and his house is flooded. He contacted his insurance company and they informed him that the direct debit have been cancelled contained by January 07. He lost his debit card…

How can I receive my lost wages and medical bills covered? Friend have Allstate home insurance.?
I was helping my friend at her house when her garage door come off track (wheel popped off) and come crashing down on me. I was orifice door for her. It broke my arm. I cannot work for 6 weeks and the…

How can I return with home insurance for a uninhabited house ?
My Father died recently and the Company have cancelled his coverage. Although I live there (part-time) I am told the house is no longer “owner occupied” True, it’s not. You can move about to www.foremost.com, and that’s the cheapest place I’ve seen for deserted property…

How do I find a appropriate Health Insurance Agent In Texas?
Back contained by California where on earth I am from I have a great Health insurance agent. He took nurture of everything. My vigour insuranc, home insurance, time insurance and auto Insurance. I achieve to Houston Texas and find out that most agents any treaty beside home…

how do I get a copy of our home insurance policy..I am currently going through a divorce?
Your Insurance Agent will be able to obtain a copy for you.

How do I procure home insurance if I be cancelled for putting contained by a claim?
If you have smaller quantity than 2 claims in the concluding 5 years (on your home owners) then try the big name. If 3 or more in the final 5 years. Contact your State Insurance Commissioners’ office, they will direct you…

How do I return with out of paying flood insurance? It’s slaughter me!?
I’m in a flood zone by I don`t know 20 feet. The neighbor across the street lives closer to the mere and he says he doesn’t income it. My home insurance is $1,200.00 a year and flood insurance is $1,800.00 add to that. My house…

How does a home shelter system affect your insurance rates?
Any advice, denial or positive, would be nice. We’re considering it, and we’re meeting near the guy who would put it in tomorrow. How much did you payment? Is it worth it? How was your home insurance artificial? I don’t know what things are like where on…

How much are general public paying for home insurance at the present time?
I pay around lb20 a month for contents one and only (its a rented property so the landlord pays buildings). Covers everything to a worth of lb35,000, with 0 excess, items taken outside the home, credit cards etc for identity fraud. I muse its…

How much do you pay for home insurance? what area of the country do you live in? what is your home worth?
my answers: 800 (year) 160,000, midwest $980, 150,000 Southwest. If you want to find out yours in your area, check this site: www.insureme.com/landing.aspx?ref… You will have several quote within a next few hours in a during…

how much does home insurance cost?
Here are some of the factors that put together up the cost of homeowners insurance: Credit score Dwelling Coverage Amount Deductible Prior Claims Location of Home To receive a solid quote from a local agent try the home insurance directory: http://www.insuremyhouse.com depends on what you want it to cover flood fire…

How much does you home insurance stir up when you buy a trampoline?
how much idc but like im wondering, and say that you dont make clear to the insurance company does it really matter, its kind of the home owners decicion This is going to depend on the state and company you are insured near. The company…

How much does your home insurance progress up next to a German Shepherd?
I’m getting quotes and I’m finding that they are really HIGH! 🙁

how much home insurance should I buy?
My current package insures my home for the amount of the purchase price, which seem high. Should I insure the structure and property for the amount it would cost to go back to the beginning, rather than the full purchase price? Do you own a mortgage? If you do, the mortgage…

More home insurance questions please visit : InsuranceFreeFAQ.com

Source by insurancefaq

0 0

With gas prices being the way they have people all over the country have started to get creative with their finances and the costs associated with auto travel.

Prices vary from company to company, so it pays to shop around. Get at least four to five price quotes. You will find that there are several websites out there that can save you the time from doing this the slow and hard way as they will often get you quotes from up to a dozen companies all at once. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers. And no, companies like Progressive that claim they will compare other companies, but they are an insurance company, so they are not to be trusted. They only have one interest, and that is to promote their own business.

Bigger is not always better. There are several low cost automobile insurance companies offering competitive rates in relation to the big names out there. This makes it possible to save a bundle on this expense. Many people seem to ignore this cost and tend to accept the burden of expensive insurance even when monthly payments almost match a car payment. In one case, I lowered my car insurance rates by about 50% when I found a good local company (I had switched from a really big name company).

One of the best ways to get cheap car insurance is simply to use a service that forces insurance agents and brokers to compete against one another. At the end of this article is one example of such a site. As soon as you finish your online quote request, multiple agents will contact you. But it is important to NOT sign up with any one of them immediately-Instead, let them know that you are awaiting calls from other local insurance providers. After 5 or so of these people have contacted you, you should have a good idea of what sort of range you might expect to pay.

Then, if you really want to get the cheapest car insurance possible, simply tell the agents that you are ready to buy within the next 24 hours with whichever company offers you the lowest insurance rates. This really puts the fire under them, and is sure to create the most optimal pricing for you. Of course, be sure to carry through on your promise.

If it makes sense, you may want to consider getting a bundle package. Basically, see what it might cost to insure not only your car, but also your home, property, health and life insurance. This can save a person around 10% – 30% depending on the company you go with; and it does make paying your bills easier as well.

Oh, and one more tip, remember that the more info you provide upfront, the more accurate your quotes will be, and the more likely the insurance companies will be responsive to your inquiry. This is especially true when filling out a quote from multiple companies.

Source by Car Insurance Guy

0 0

All companies covered by insurance must respond to insurance audits annually. These audits can be good experiences if managed correctly, or can become stressful events resulting in wasted time, premium increases and adjustments or even cancellation of policies. By knowing what to prepare and maintaining organized records, you can survive your insurance audit.

What is an insurance audit?

Policies are audited to ensure that the premium charged by the insurance company reflects their actual exposure, which was estimated at policy inception.

Insurance audits are performed by employees of the insurance company or independent auditors hired by the insurance company; in some cases forms will be sent to the business for a ‘self audit’ process. In all cases, the business must prepare information and utilize the time of its employees to respond to the audit. The level of personnel required varies based on the company’s size. Personnel required might include the Office Manager, Accounting Manager, Controller or external CPAs. Data is collected and provided to the insurance auditor by the company personnel.

What is the auditor looking for?

Insurance companies audit certain Liability policies and ALL Workers’ Compensation policies. The audits collect exposure information estimated when the policy was written and compares it to the actuals. This data is then used for determining and adjusting premium amounts. Information typically (though not exclusively) required includes the following:

* Liability Policies
?Gross company sales
?Independent contractor costs (insured and uninsured)
?Payroll for certain types of exposures

* Workers’ Compensation Policies
?Actual employee payroll
?Cost of independent contractors if no certificate or proof of other coverage is provided

This information may be in the form of payroll records, Federal Form 941, Financial Statements, Check Registers and Certificates of Insurance from contractors/vendors. A company’s use of contractors can be determined by information disclosed in the financials or check register. Contractors/Vendors that do not have valid insurance certificates proving independent coverage will be added to the company’s exposure totals. Not only do the possibly uninsured contractors/vendors increase a company’s exposure to loss, they can also cause significant increases in their premiums.

What makes for a ‘good audit’ experience?

The main requirement for a ‘good audit’ experience is having all the information requested readily available for the auditor when they arrive on the premises. This includes easy access to contractor certificates of insurance demonstrating that the coverage is current and meets required limit levels. The upfront preparation and organization by the company can prevent ongoing audit responses and adjustments later on. Another ‘good audit’ experience is no surprises such as large premium adjustments, amounts due or returns after the audit is complete.

What makes for a ‘bad audit’ experience?

If the company cannot readily access the requested data, a variety of unwanted events can occur including:

?Excessive waste of time for the auditor and company personnel
?Company (Policy holder) gets a bill for a large additional premium for the audit period and next period
?Company must immediately contact contractors requesting certificates and forward to auditor for premium adjustments, requiring significant time for both parties.

What are the potential consequences of a bad audit?

The results of a bad audit can be severe, especially if the audit resulted in additional premiums. Policies may be cancelled due to non-payment of the additional premium or for non-cooperation in the audit process. The company could have their credit affected. Staff will need to dedicate additional time to correct or adjust audit discrepancies, resulting in lost productivity and a disruption of the work routine. An insurance company could cancel the easy ‘self audit’ process and insist on ‘in person’ audits.

How do you avoid a ‘bad audit’ experience?

Two words – be prepared. Understand what is auditable and what the audits are based on. Have the requested financial information available for the auditor. Present up-to-date insurance certificates for all vendors and contractors indicating limits meet requirements and coverage dates are current. Be sure the certificates are tracked and kept up to date. The best way to manage contractor certificates is by maintaining an automated certificate tracking system that provides policy expiration notices and allows you to attach images of the certificate for quick access during the audit, helping to avoid unnecessary adjustments to the premium. Automated systems – notably insurance and vendor tracking software – are available on the market to help in this process.

To survive your insurance audit, make sure you know what the auditor wants in advance, collect and organize the information and be ready to find additional data quickly. Avoid the pitfalls and surprises of the ‘bad audit’ experience!

Source by Phyllis Recca

0 0

Owning a pet can be far more expensive than most people realize. There are shots and physical exams, regular medications to keep them pest and parasite-free, boarding fees for those times we go on vacation and the unexpected expenses of illness or accidental injury. Despite all that, most pet owners will tell you unequivocally that their pet is worth every penny spent on them. Even if your pet is worth every penny you spend on health care – and then some – wouldn’t it be nice to spend less on caring for your pet’s health? With pet insurance, you can.

Whether you think of your pet as a valued possession or a family member, pet insurance only makes sense. Pet insurance offers many benefits beyond cutting costs on health care for your pet. Depending on the policy you choose, your pet insurance could also cover many of the common expenses of owning a pet.

Health Care for Your Pet

Few pet insurance policies cover routine care for your pet, but some do. In general, you will have to pay for regular physical checkups and shots. Beyond that, though, pet insurance will help pay medical expenses for illnesses and accidents. While few pet insurance policies will pay the entire medical bill if your pet becomes ill, it can be a hefty savings for you.

Pet insurance works just like health insurance for people. You pay a monthly premium to insure your pet. The insurance company pays out if your pet becomes ill or is injured. The average pet insurance policy will cost you less than $300 a year. If your pet is diagnosed with a long-term health condition, the health insurance will cut your vet and medical bill by thousands of dollars.

Many insurers do not cover hereditary conditions in breeds that are prone to them, so it’s important to check the fine print of the policies you choose carefully. Similar to human health insurance, most policies also do not cover pre-existing conditions, so again, be certain that you read the fine print carefully.

Accident Insurance

Illness is only one of the medical expenses that your pet may require you to spend. Pet owners in the US spend nearly $11 billion a year for medical treatment for pets who have been injured in accidents. It can cost over $3,000 to treat a broken hip incurred when a dog is hit by a car. If your pet swallows a foreign object that becomes lodged in his intestines, it can cost over $2,500 to remove it. Even after you subtract required co-pays and the percentage of the bill that your policy may require you to pay, a pet insurance policy can save you thousands of dollars in care over the course of just one accident.

Other Benefits of Pet Insurance Policies

Many pet insurance policies provide other benefits besides health and medical coverage. Some of the other benefits that you might find included in a pet insurance policy include:

  • Pet recovery expenses
    Most pet insurance policies pay out a benefit to pet owners if their pet is lost. The pet recovery benefit will usually cover the cost of placing advertisements in local newspapers and copying expenses for posters advertising for your lost pet.
  • Insurance against theft
    If your pet is stolen, some pet insurance policies will pay you the value of your pet. It won’t replace your pet of course, but it can help console a heartbroken child with a new kitten.
  • Death benefit
    Your pet insurance policy may pay for burial or disposal of your pet’s remains if the animal dies while covered by the insurance policy.
  • Medical expenses for someone injured by your dog
    If your pet injures someone other than a family member or household resident, pet insurance may cover medical expenses for their care. In most cases, there is a cap on the amount paid out for this benefit, just as there is with most other benefits.
  • Property damage caused by your pet
    If Rover digs up your neighbor’s rosebushes or damages your rented apartment, the reimbursement for the damages will usually come out of your pocket. Many pet insurance policies will pay a percentage of those damages.
  • Boarding if you become ill
    The last thing you should have to worry about if you become ill is how your pet will be cared for during your hospitalization. One of the lesser-known benefits offered by many pet insurance policies is a boarding benefit that will cover part of the cost of boarding your pet if you are hospitalized for an illness.

One of the most important benefits of pet insurance, though, is one that can’t be quantified – it’s the peace of mind that comes with knowing that you can afford the expense of caring for your pet if something unexpected happens. If your pet is a member of the family, knowing that you can afford the expense of an unexpected illness is invaluable.

Source by Brian Jenkins

0 0

Do you know that auto insurance is one of the most important insurance cover to buy? Do you know that your expert rate does not guarantee your safety on the road? Do you know that you can not predict the car coming behind you and what the driver will do next? Do you know that that car in your front can reverse into your car? Do you know that your break can fail any time without giving you any notice or sign? How much have you prepared for all this casualties? Here is how you can buy cheap online auto insurance for you car to prepare for the bad day.

Car insurance is a necessity for every car owners. You must get your car insured to avoid police embracement and your insurance will also save you when you find your self in any car casualty. My friend said “my car insurance was my savior” if you do not buy car cover for your car, you will find it difficult to cope when your car is involved in an accident and you don’t have cash to fix your car and the other car involved.

The best way to get cheap online car insurance is to look for the company that has the highest discount percentage in their deductibles. If you want to buy cheap insurance cover online, you need to locate the company that will offer you a better deal when it comes to discount in all their possible deductibles.

Auto insurance is a necessity but you can keep the cost low, all you need to do to get cheap online car insurance is to look for insurance company with the highest discount percentage.

Do you need the company with the highest discount percentage for their deductible? Visit http://www.cheapautoinsure.blogspot.com


0 0

Term life insurance is called this way because life insurance is limited to a certain period of time, also called term. This type of insurance only offers pure insurance protection, without any additional features like savings that other life insurance policies have.

You can sign such a life insurance, over a period of time that can vary between 1 and 30 years. The 1 year option is of the renewable type and you can only get it for short periods of time, between 1 and 5 years.

For this period of time, the premium remains fixed, and the most popular type of insurance is the one for a 20 year term. In some situations you can choose a term until you reach a certain age, like 65.

The best use out of term life insurance can be gotten by young people, which might need only short-term or temporary insurance. A good example are growing families that are young, that need a simple life insurance coverage but have a smaller income.

Other situations where this type of insurance is good, is the mortgage, where the need for it decreases in time.
Premiums are cheaper as the person getting it is younger.

And, since the premiums remain the same during the entire term, a longer term will save you more money. If you’re young, you can get a big insurance death benefit, by paying only a small premium, until you reach the age of 65.

Another thing that is beneficial is the “Return of premium”, a feature in some term life insurances. If you choose it though, you will usually pay a bigger premium and you need to pay the policy until it’s done, or the premium benefit might be forfeited.

Source by Ricky Lim

0 0

Accidents and mishaps can never be foretold at all and just like prevention is better than cure; precautionary measures are the only solution to overcome mishaps. The safety and security of someone’s life and possessions one has is the important concern. Everyone in Abu Dhabi and Dubai is concerned about making his or her life and possessions safer and securer. Especially, for those who are the breadwinners for their family are always worried about security of their families and in Dubai and Abu Dhabi insurance is the vital step of that issue to overcome.

The next big problem is the safety and security of your possessions you have like cars and car insurance Dubai companies come with the security of your automobile if it is damaged or stolen in all situations. Due to this concern, the businesses of car insurance brokers in Dubai, Abu Dhabi and other countries of Middle East are developing day by day. In Abu Dhabi insurance brokers can provide you with the commitment of recovering any kind of loss that your car bears. With variety of the insurance packages and types including insurance for cars, home, medical, life, and travel we can make our life full of peace.

There are many car insurance brokers in Middle East, including Abu Dhabi, Dubai and other major countries. These insurance companies in Middle East are working in their full capacities as there are lots activities that can be seen and the industry portfolio for insurance at its peak. So there are no risks in investing your hard earned money for a car insurance policy, rather it is the best way to avoid risks of potential disasters and damages of your cars.

Along with taking care of your commercial possessions the insurance companies also take care of your life. The usual issues for any individual are the car, house, medical, and others, which are well taken care of by the insurance brokers in Dubai, Abu Dhabi and other parts of the Middle East. No matter small or big losses, individuals are given compensations of their loss or damage to them by the car insurance companies just according to commitments done in the agreements.

Dubai and Abu Dhabi insurance companies also cater the need of businesses and for that there are offers like insurance for their workforce, machinery, buildings, transport and the like. If we go in more detail there are corporate level insurance services that offers motor fleet, labors compensation, professional indemnity, property, group medical, marine transit, plant and equipment, group personal accidents, group life insurance, and the like.

In Dubai and Abu Dhabi insurance companies serve with extreme cooperation and they completely support their customers when they need them with the best and committed procedures. The most used policies are for life and car insurance in Dubai and Abu Dhabi. The procedure is as simple as snow. You need to pay monthly premium for the selected policy about which you are most concerned. As with this easy and simple ways to get an insurance policy it is never a loss deal to secure your family’s career and your possessions.

Source by Andy Robert

0 0

Health Insurance

Health Insurance has gained high importance in the present scenario, since it safeguards you and your family against financial crisis arising due to medical emergencies. It provides monetary support in case of a sudden illness or accident. The increasing cost of health care and the availably of innovative, customer oriented insurance plans, coupled with greater awareness, has accelerated and enhanced the health insurance industry. The insurance companies are innovating their policies continuously to provide unique coverages. However, it is important to be well informed and choose a plan that suits your needs and your budget the best.

What are the basic coverages offered in a standard health insurance policy?
While buying a Health Insurance policy, look for the following basic covers.

Hospitalization Coverage

A basic hospitalization cover takes care of the Inpatient hospitalization expenses where the insured is admitted in a hospital for more than 24 hours. However, there are plans that also cover outpatient expenses and day care expenses. This means that even if the insured is not hospitalized for 24 hours, the outpatient treatment expenses such as reimbursement of medical bills, dental expenses, are covered. These may include doctor’s fees, room charges, diagnostic tests costs etc.

Personal Accident Cover

Personal Accident policy is framed to offer cover in an event of an accident , if it leads to permanent total disablement or the death of the insured. In fact, look for a cover that also offers coverage against terrorism.

Terrorism cover

With the threat of terrorism increasing day by day, insurance companies have now come forward to offer coverage against acts of terrorism. The policy assures monetary support if the insured suffers permanent disablement or dies due to terrorism or acts of terrorism.

Family Floater cover

Family Floater is a concept where the entire family is covered under one plan. Each member of the family is covered up to the total sum insured. As it is a single policy, only a single premium needs to be paid.

To add to this, In India, you also get tax benefits under section 80D of the Income Tax Act, 1961 against the premium you pay for the medical policy. As per the budget 08-09, apart from the Rs. 15,000 benefit for medical premium for your family, you can avail an additional tax benefit for up to Rs. 15,000 when you insure your parents’ health. If your parents are senior citizens you can get tax benefits for up to Rs. 20,000

Availing insurance is now much more convenient than ever before. Always prefer to buy your health insurance online as it is instant and secure. When you buy online, an instant digitally signed e-policy is generated which is a legal document. Hence, even if you misplace your hard copy, you can take a print out of the policy anytime, anywhere.

Also, always check for other online services, such as renewal reminders, renewing online facility, online claim tracking facility etc to ensure a smooth and convenient experience. Also check for payment options available and if you can get interest free EMI option. Look for other add ons such as free health checkup coupons and more. ICICI Lombard offers all these and much more.

The cost of the policy, that is the premium, is usually the deciding factor for many. But it is important that you give equal, or maybe more, attention to the coverage offered in the plan.

Explore and get quotes of the best health insurance policies available in the industry

Note that the coverage differs from company to company and plan to plan. Ensure you get all the details and make an informed decision

Source by Laxmi Wadhwa

0 0

One of the more annoying features of modern life is this alphabet soup. You are expected to know what all these letters stand for, iykwim. Even those who are into texting and SMSing can get caught out when it comes to insurance jargon. So here is a simple explanation of the differences between a Health Maintenance Organization (HMO) and a Preferred Provider Organization (PPO) with guidelines to suggest which to buy. Both employers and the private health insurers offer this choice. An HMO is a network of healthcare providers that enters into a contract with insurance companies to provide medical services at a fixed price. This network will include hospitals, clinics and a range of professionals. Usually they are grouped together in a particular part of a city or rural area, offering a spread of coverage across the major medical specialties to all the people living within that area. Because the insurers can bring a guaranteed volume of business to the network, they are able to negotiate quite good prices for the different services. These savings are passed on to you as lower premiums. Even more importantly, service within the network can be free or with only low copayments. But the majority of plans have quite restrictive terms. When you sign up, you have to choose one doctor to be your primary care physician. This person must be an existing member of the network. If your current doctor is not a member, you will have to change. This physician acts as the gatekeeper and he or she must refer you on to specialists within the network. Because the insurers pay bottom dollar, the gatekeepers tend not to refer on unless the problem is really serious. Further, because the network is for-profit, it must see more patients in a day to earn a reasonable profit. You may therefore expect little opportunity to discuss your treatment or explore options. You have only a few minutes and must make the most of that limited opportunity. PPOs also negotiate contracts with the insurers but the organization of the network tends to be loose. Unlike an HMO, the PPO does not limit you to a single physician. You can see anyone within the network at the standard price. If you go outside the network for specialty advice, you will have to make out-of-pocket payments. So, this gives you more control over the medical care you buy but, as a result, costs more. So the choice comes down to two key factors. How much can you afford? You will save money if you opt for an HMO. There are fewer copayments and out-of-pocket expenses to cover, but you have less control over your treatment. Secondly, how well do you get on with your current doctor? If you have a good relationship, but he or she is not a member of the relevant HMO, do you want to loose this trusted physician? If not, go with a PPO. Obviously, as a private buyer, you need to get health insurance quotes from as many insurers as possible. Only then can you see which represents the best value for money. But do not forget that health insurance quotes are just ballpark numbers. You will need to read the small print on the plans offered before you can make the overall decision that’s right for you.

Source by David Mayer

0 0

If you serve on the board of a local youth athletic association, you need to educate yourself regarding nonprofit liability insurance. Nowadays, angry or upset parents are suing the daylights out of athletic associations, creating an urgent need for nonprofit liability insurance policies.

Standard Liability Insurance Will Not Protect The Board

Most athletic associations carry general liability insurance, which will cover if a child is injured during a sporting event and the athletic association was negligent. But many board members of athletic associations are unaware that general liability coverage does not cover them if they are accused of mismanaging the organization.

If, for example, a child is injured during a game, the parents may accuse the ruling association of not enforcing stringent safety standards. The parents can sue the board of the association for failing to properly manage the association, negligence, or even gross misconduct.

General liability insurance will not cover the costs of defending the board from a lawsuit claiming mismanagement. Only good nonprofit D&O insurance indemnifies the board members from having to pay exorbitant legal fees.

The case of Brentwood Academy vs. The Tennessee Secondary School Athletic Association went all the way to the Supreme Court! In this lawsuit, Brentwood was challenging the jurisdictional authority of the Athletic Association. The athletic association most likely purchased nonprofit liability insurance, because they wouldn’t have the funds to take this case to the Supreme Court.

All Nonprofits Need Protection

Many other types of nonprofits can benefit from nonprofit D&O insurance.  The Nonprofits Insurance Alliance of California is a special organization that pools together liability insurance for a variety of different nonprofits. Medical nonprofits, NGOs, missionaries, homeowners associations, and many other nonprofits are included in this alliance.

Nonprofits need to engage in risk management just as much as for-profit companies. Disgruntled employees sue nonprofits just as much as they’ll sue for-profit companies. For example, Chubb Insurance reported that 78% of nonprofit liability claims came from allegations of employment discrimination or wrongful termination.  Employment Practices Liability can be packaged together with your D&O policy to provide coverage for these claims.

Include EPLI and E&O in your Nonprofit Insurance Policy

All nonprofit organizations should also consider purchasing EPLI insurance and E&O insurance. EPLI stands for Employment Practices Liability Insurance. This will protect you and your company from claims made by employees alleging discrimination or wrongful firing. E&O, or errors and omissions insurance, protect companies from inadvertent errors made by the company that causes a monetary loss to a third party.

With sexual harassment claims skyrocketing, it’s obvious that all organizations, including nonprofits, need to implement EPLI into their insurance policies. Employers can be held liable for the actions of their employees. In fact, in the last decade, the number of employment discrimination claims has nearly tripled.

EPLI can cover a variety of claims, including discrimination, wrongful infliction of emotional distress, sexual harassment, wrongful termination, deprivation of career opportunity, wrongful discipline, and much more.

All nonprofits need to equip themselves with good nonprofit liability insurance. In today’s litigious society, a good insurance policy is the only defense against vicious lawsuits. It’s always smart to anticipate the worst and plan in case anything should happen.  Insurance for non-profits does not have to break the bank, but is vital part of the long-term financial planning of the organization.

In this case, consult with an insurance professional who can consult with you and tailor a nonprofit insurance policy that will protect your nonprofit organization. You will be glad you did.

Read more about nonprofit liability insurance and the best plans for your company.

<input id=”gwProxy” type=”hidden” /><input id=”jsProxy”>

Source by Russ Birch

0 0

What will happen if you get into accident without a car insurance? Expect for the worst!

Imagine yourself driving your car one afternoon. It’s a rush hour. Serious traffic adds up to you stress. All you wanted is to go home and relax. But you are stuck in a massive traffic. You got out of the traffic after an hour eager to get home. You stepped on the gas in excitement. Then wham! You hit a car from the blindside corner of the street.

This kind of story is now common. We can just hope that the damages are not serious. At worst it can lead to death. Injuries in these kinds of situations are commonplace and you have to pay for hospital bills. Yet it is almost sure that you have to pay for all the damages to the cars involved.

Problems like this will really be a burden if you don’t have car insurance. There’ no way your auto insurance company is going to cover the damage costs you just inflicted. It simply means you have to pay for everything. In the end, you will get to spend your life’s savings and probably end up broke.

Now this is not the only problem. When the police finds out that you don’t have a car insurance, at the minimum, you will be fined. At the maximum, you will be sent to jail.

Actually, even if you are the victim of an accident, once you have no insurance, everything will be difficult. Driving without insurance is a legal offence. There is a corresponding punishment for every offence, whether you are a victim or not. Fines that may be up to $5,000 depending on the state laws.

You cannot take chances into your hands. Accidents are unpredictable. The effects are sometimes unbearable. Better be prepared, so that in case you get into accident, you have something to secure your back. Without insurance, you are in serious trouble. If you caused the accident, multiple charges might see you. Plus, you have to pay for the amount of damage you caused to property and person.

However, auto insurance entitles you to financial assistance in case of emergency. It will cover the costs of damage inflicted from unintended collision or accident. Some insurance company have extended features. They even cover theft damages, and non-collision damages – repairs, and the like. It depends on the policy program. The better the policy, the costlier the price, but you can be assured of many things.

There are thing you cannot avoid. The best move that we can make to mitigate these things is preparation. Never ever drive without auto insurance.

Now, you can do all your auto insurance nitty gritty job online. You don’t have to think about it. Just do it in the internet and you will be done in a few minutes. You can even compare auto insurance rates from various companies. You can tailor suit the best auto insurance to your lifestyle and unique preferences.

Source by Patricia Gabbett

0 0

After Hurricane Andrew hit Florida in 1992, many of the best Florida home insurance companies began to leave the state. Many more exited Florida after the hurricanes of 2004 and 2005. Today the few name brand companies that remain for the most part don’t write any new business. What was once a prominent list of over 500 companies is now a short list of about 40 brand new start up companies that most people have never heard of.

With all of the chaos in the Florida home insurance market, what is the best way for you to find the best Florida home insurance companies?

For starters, it’s never been more important to have coverage with a private company – staying away from the bureaucracy of Citizens Property Insurance Company. While Florida’s state run insurance company of last resort, is charging below market rates and competing with the private market, there are plenty of storm clouds on the horizon.

Citizens has stated that it does not charge enough in its rates to cover the risks that it is taking. Consequently, the company must borrow even before hurricanes hit in order to have enough cash available to pay claims. It has enough cash to pay for smaller hurricanes but a major event would send Citizens into the bond markets looking to borrow to pay your claim. After major storms, if you are a Citizen policyholder you will be subject to special assessments that will be higher than those who have coverage in the private market. Last but not least, Citizens has not distinguished itself with fast and fair claim payments after major hurricanes.

Moving to the private market of Florida home insurance companies, you should look for companies that have most or all of the following:

Longevity – companies that have been around longer simply have more experience and better developed systems to write policies and process claims.

Financial Stability – high financial ratings, a large surplus to pay claims, and backup reinsurance from companies that also have high ratings.

Risk Diversification – a core base of policies that include an appropriate mix of newer, inland homes balanced out against older homes that are closer to the Florida coast. The company’s policy base should be geographically distributed across most of the counties in the state of Florida – not just concentrated in the South Florida coastal counties. Finally it is better to find a company that has expanded its policy base to other states in addition to Florida.

Customer Service – the company should have a reputation for excellent policyholder customer service along with a track record of fast and fair claims processing. In other words when you call them someone quickly answers the phone. If you have a billing question, they have the people skills and the systems to make things right. After a hurricane, it means that an adjuster will be scheduled quickly to come visit your home and assess the damages. And when he leaves, the company quickly values your damages and sends you a check.

Here’s what you can do to figure out if the Florida home insurance company you are considering can meet your expectations in these areas:

Check the websites maintained by the Florida Office of Insurance Regulation and find out when the company first started doing business in Florida. Try to find a company that started doing business before the 2004 hurricanes.

Get the company’s NAIC (National Association of Insurance Commissioners) code and use it to check its financial ratings with AM Best and Demotech. Find out how much surplus the company has to pay your claim. Don’t bother trying to assess the quality of the company’s reinsurance – the Best and Demotech ratings take that into consideration.

Ask your Florida insurance agent about each company’s policy diversification across Florida and into other states as well. Find out what you can about the type of risks the company is writing. As a general rule, home insurance companies in Florida that have taken out policies from Citizens have a higher risk policy base that must be offset against newer homes that are located in the interior counties of Florida. Finally, ask your agent about the company’s complaint history for the past couple of years. Rule out any company that has had a higher number of complaints filed against them relative to the amount of insurance premium they have written.

If you follow even half of these recommendations you’ll be doing a lot more than the average Florida insurance consumer to find the best home insurance company to meet your needs.

Source by Michael Letcher

0 0

Are you dreading the day when you have to add your teen to your car insurance policy? You have probably already heard nightmare stories from friends whose young driver car insurance resulted in a 50-100% increase in the family’s overall premiums. Ouch!

Many car insurance companies consider drivers under the age of 25 to be at much higher risk for vehicle-related accidents. And if you’ve driven by your local high school parking at 3:00 lately, you probably know too well the driving habits of young drivers. Yet, there are a few things you can do to help your teen become a safer and cheaper-to-insure young driver. The following five ideas will have a positive impact on your young driver car insurance rates:

1. Keep that driving record clean. Even one DUI infraction can multiply a young driver’s car insurance premium by a factor of ten. And that’s not just for one year. The increased annual premium is likely to stay in effect for three years, costing literally thousands of extra dollars in increased insurance premiums.

2. Keep those grades up. Some car insurance companies offer lower rates to young drivers who qualify as full-time high school or college students and maintain at least a 3.0 grade average. It doesn’t hurt to ask about it when you’re shopping for car insurance quotes!

3. Consider an accredited driver safety course for your young driver. Some insurance companies sponsor them locally, or check online with the National Safety Council. Your young driver might qualify for a car insurance discount, and is likely to become a safer driver in the process. A double win.

4. Consider a safer car. By avoiding sport cars, expensive cars, and SUV’s your young driver may save up to 50% on car insurance premiums. Consider a newer model car with airbags as a cheaper, and safer, alternative for your teen.

5. Stuff the car with safety features. To keep your teen safe, and save on car insurance premiums, consider adding side-airbags, automatic seat belts, and anti-lock brakes to your young driver’s vehicle.

By considering these five factors that affect young driver car insurance, you can make those teen years a little less expensive and a lot more enjoyable.

When you’re ready to start shopping for young driver car insurance, consider getting multiple quotes from the online service recommended below. They provide at least five free quotes from major insurers.

Source by Barb Dearing

0 0

Although the concept of whiplash was first introduced over 80 years ago and it is scientifically recognised as a legitimate injury, the authenticity of low speed impact claims continue to promote conflicting arguments from insurers and personal injury specialists.

Low speed impacts are typically accidents that occur under the speed of 10 mph and there is often little or no damage to either of the vehicles involved. However passengers of the vehicle that has been struck often complain of neck, shoulder and back pain, typically referred to as whiplash injuries. </i>Sometimes the effects of such injuries are not always immediately apparent and can often appear a number of days after the collision.

When faced with such claims, insurers often try and argue that as the accident occurred at such a low speed, the symptoms complained of are either non-existent or exaggerated and it is often alleged that the majority of such claims are fraudulent. Insurers base these accusations on tests that are carried out on crash test dummies, which show that when a vehicle is struck at a low speed potential whiplash injuries are fairly rare.

The opposing argument for these assertions are that although there may be no apparent damage to the vehicle, research carried out in 2003 and 2004 confirmed injuries are just as likely to be sustained in a low impact collision, as in a high speed accident.

Any results produced following experiments on crash test dummies can also be questioned, as they are usually set up using dummies of an average height and build. It is also likely that the crash test dummies are seated correctly, with seats and headrests in the appropriate position, to minimise or eliminate any potential whiplash injuries. These factors are important when considering the validity of any test results as studies have confirmed that the severity of whiplash injuries are governed by the position of the cars headrest and certain groups such as women and tall people are more prone to suffer whiplash injuries.

Whiplash occurs when the soft tissue and ligaments in the neck or back are strained after a sudden movement or jolt. On the whole, the majority of whiplash injuries subside within a 6 – 9 month period, however approximately 5-10% of cases in the UK show that some injuries last in excess of 1 year and individuals are left with more serious chronic symptoms. Past cases involving more serious injuries have occurred when a vehicle is hit at a low speed. Each individual case is different and each set of facts must be assessed separately on its own merits, therefore it cannot just be assumed that all low speed impact claims are fraudulent.

Although the vehicle may show no damage, the velocity and accompanying force has to be transferred somewhere and usually, this is directly to the occupants of the vehicle being struck, as even at low speeds, the occupants are unable to brace themselves for the impact to prevent any injuries occurring.

Therefore, the occupants are the victims of the accident and are entitled to pursue a claim to recover compensation to redress the <a target=”_new” rel=”nofollow” onclick=”javascript:ga(‘send’, ‘pageview’, ‘/outgoing/article_exit_link/1024779’);” href=”http://www.theclaimsconnection.co.uk/q&a-personal-injury.html”>whiplash injuries</a> and any other losses suffered.

Source by Sarah Nandhra

0 0


Sometimes when a lawsuit is filed against you, your insurance company will provide you with an attorney to represent you but indicate that this is an “excess claim” and that it is defending you under a “reservation of rights”. An excess claim is one in which the amount sought exceeds the policy limits. In such a situation, you are responsible for any amount awarded in excess of your policy limits.

A reservation of rights means that your insurance carrier is reserving its right to deny coverage and to withdraw its defense in the matter. This may be because it believes you are insured for one of the claims against you but not for others.

For example, if you sell and install a built-in oven that later explodes and injures someone, you may be sued for negligent installation and a breach of warranty. Your insurance carrier may believe you have coverage for the negligence claim but not for the warranty claim and thus will defend under a reservation of rights. If you win on the negligence claim and lose on the warranty claim, your insurance company may deny coverage.

If a claim for punitive damages is included in the lawsuit, your insurance company will usually indicate it is not responsible for that portion of the claim.

Another reason your insurance company may reserve its rights to deny coverage is if it thinks you may have provided false or misleading information on your application for insurance, such as failing to inform them that you install the ovens you sell.

Sometimes it is unclear whether your policy covers the type of claim being made against you. Your insurance carrier may choose to defend you because if it fails to do so and you lose, it would be responsible for the judgment if a court subsequently rules that the policy did provide coverage in this area.

When your insurance company indicates that you have less than full coverage and/or it is defending under a reservation of rights, your interests may be diametrically opposed to your insurance company’s. While both of you hope that you win the case outright, your insurance company wants the matter to be settled or resolved outside of your coverage. You, of course, want it to be settled or resolved within your coverage.

While the attorney provided by your insurance company represents you on the claims against you, he or she cannot get involved in the coverage issues raised by your insurance carrier.

It is wise to consult your own attorney at the outset to represent you on the coverage issues. Your attorney can negotiate with your insurance carrier to settle the claim within your policy limits so that you do not run the risk of being liable for any award in excess of your policy limits. If you insurance company acts in bad faith and fails to settle the matter within your policy limits, it may become responsible for the excess amount, as well.

Your own attorney may also suggest that you reject the reservation of rights and force your insurance company to either defend without any limitations or to deny coverage.

If the insurer denies coverage and refrains from providing you with an attorney, it runs the risk of being responsible for the judgment if another court ultimately rules that your policy covered you against the claim. If either you or your carrier do not like this element of risk a separate suit on the policy (a declaratory judgment action) may be immediately filed by either of you seeking a judicial determination as to whether there is coverage and if so, where the coverage lies.

When you receive a letter from your insurance company indicating that the claim is in excess of your coverage or that it is defending under a reservation of rights, you should contact your own attorney immediately so that crucial strategic decisions can be made early on. If you wait until the case against you is ultimately resolved, it may be too late.

December 22, 2008

Source by James Adler