Michigan requires the residents who own car to buy the no fault insurance. There are several types of no fault car insurance including personal injury protection (PIP), property protection insurance (PPI), and residual liability insurance.

The personal injury protection (PIP) will pay for the medical cost of the policy holder. If you are not injured, it will pay the maximum compensation including your lost salary for 3 years. In the event that you die in the accident, the insurance company will disburse a monthly allowance to your beneficiaries for up to 3 tears. The monthly allowance is based on the earnings. Each policy holder is entitled to receive compensation of $20 for replacement service. The replacement service compensation is used to pay services such as yard work, maid, which you are not able to pay by yourself because you are not fit to work. The PIP coverage can be coordinated with the majority of the health policies. However, you cannot coordinate the PIP coverage with the government insurance bodies such as Medicaid, and Medicare. If you coordinate the PIP coverage with the health policy, the health policy is the main payer while the auto policy will pay for the balance medical expenses. The coverage for the remaining medical cost is called excess medical loss.

The property protection insurance (PPI) offers compensation for the damages your car done to the property that belonged to other people. For example, PPI insurance will pay for the damages if your car accidentally collides into the buildings or fence. If your car collided into a parked vehicle, the PPI insurance will also pay for the damages. The PPI insurance covers up to $1 million dollar.

The residual liability insurance covers the lawyer fee if you are sued by a third party due to a car accident. The residual liability insurance is also called bodily injury and property damage (BI/PD). It will pay for the lawsuit fee if you are sued for causing someone to die in an accident or involved in another state. In addition, you are entitled for the compensation if the third party is a non resident. It also covers up to $5000 for the damages you have incurred on another car during an accident. The coverage will only apply if you are the one that is responsible for causing the damages.  The no fault policy will compensate for the limit amounts in the event that a third party sue you for causing damages to him in the accident.

Source by Alexei

It costs more to get insurance for teen drivers than more mature ones, but there are ways to keep the costs lower than they would otherwise be.  Even teenagers can drive in a mature fashion and avoid crashes.  They can also avoid driving certain types of vehicles.  They can also make sure they qualify for all discounts available to them.

You can expect to pay more for car insurance for a teenage driver.  The simple fact is that less experienced drivers have more crashes than older drivers.  This costs the carrier more money and this cost is passed on to the carrier’s policy holders.

You can reduce the risk factors associated with teenage drivers and lower your costs.  This can benefit you in two important ways.  You can lower your costs.  You can lower the chances that your young driver will get into an accident.  This can be much more important than any savings you might experience.

The biggest thing that is under the control of a teenage driver is his or her driving record.  Avoiding violations and crashes is crucial if you want to keep costs down.  Driving more safely can keep a ridiculous car insurance rate from going even higher.

Certain autos can cost more to buy insurance coverage for.  High performance automobiles can add to your car insurance cost because they tempt drivers to drive faster and be risky drivers.

The value of the automobile will only have increase on the cost of insurance if the policy has collision and other than collision coverage.  This coverage can pay your body shop if your auto is in a auto accident.  Since this part of your policy pays you and not other parties, it is optional unless your car has a lien on it.  

If you own your car free and clear you can reduce your cost for collision and comprehensive.  You can purchase a auto that costs less to repair.  You can raise your deductibles.  You can drop the collision and other than collision coverage all together.

Teenage drivers may qualify for two important discounts not typically available to more experienced drivers.  The good student discount may save you 10% of the cost of insuring a youthful driver.  A driver’s education lessons discount may save you an additional 10%.

Experienced drivers will typically have a driving record that is a better judge of their driving ability than how good they were in school.  However, with a teenage driver the insurance carrier has to make assumptions using other factors besides the driving record since the driving history may be very limited.

Young drivers can qualify for a good student discount and get a lower cost.  Students who get better grades tend to be smarter drivers also.  Insurance companies will typically give discounts for teenage drivers who have better grades.  Maintaining a B average can save you hundreds of dollars each year for several years.

Another rate reduction that younger drivers can qualify for is a driver’s education discount.  Taking and passing a certified driver’s education course can result in a less costly insurance policy.  These savings will typically far exceed the cost of the drivers ed lessons.  

A driver’s education course can also make a youthful driver a safer driver.  Safer drivers avoid crashes and violations.  They also live longer and are less likely to become disabled.

The cost of auto insurance for a young driver will always be high.  However, there are several strategies that may keep those costs from eating you alive.  You can do what you can to avoid speeding tickets and crashes.  You can drop or lessen the cost of your physical damage coverage.  You can make sure that you get a drivers ed discount and good student discount.

Source by Alston Balkcom

Once upon a time, just a few years ago, employers almost unbegrudgingly added health insurance to their employee benefit package and as insurance costs began to rise, this perk became highly prized by employees. Everyone was happy. Employers who offered good perks, got to pick from the cream of the employee crop, and employers had their health care costs covered.

Things changed, as all things inevitably do and a darkness covered the land. The American economy slowed; available jobs decreased and health care costs sky rocketed. It has been estimated that employer-sponsored health-care costs rose by 9.3% in 2005, 7.7% in 2006 and 6.1% in 2007.

On average, employers currently pay, $3,785 a year for single-person coverage and $8,824 to cover a family, passing 16% of that premium, to individual employees, and 28% of it to families.

Smaller employers often charge their employees less for single coverage while significantly increasing it for family coverage. Things are expected to get even worse for employees as, according to one survey, 40% of large employers say they are “very likely” to increase the amount of employee contributions to health insurance in the next year.

Back in the days when the Sun shined and birds chirped, no one fortunate enough to receive coverage from their employer would have ever conceived of opting out of their group coverage and buying health insurance on the individual market. The cost of individual health plans were comparatively much too high, but as the skies darkened, as health-care expenses began to grow and companies shifted a greater percentage of those costs onto their workers, individual coverage begans to look like a very viable alternative to employer sponsored group coverage.

Many employees are now opting to retain their group health insurance for themselves alone, while moving their family members off of group coverage and enrolling them instead in an individual or family medical plan.

This strategy can save a family thousands of dollars a year, however there are some pitfalls and some major risks here. Do not make this decision without consulting a licensed professional who can warn you in advance of possible trolls hiding under your health insurance policy bridge.

Source by Richard Bronstein

Usually, employers who offer health insurance coverage for their employee’s spouses do not do the same for unmarried couples.  This is because the law does not require them to do so.  This is unfortunate for people who are living together but are not yet married or has no plan of being married although cohabiting and plans to stay that way.

A trend though is starting to develop which will be beneficial for domestic partners.  This trend sees large companies extending their offering of health insurance to domestic partners.  Smaller companies are following this step and it is bound to gain more popularity in the near future.

The health insurance plans offered to domestic partners are generally the same as those offered to married couples.  This is great news for people who have been wondering if they could get insurance for their domestic partner.

If you have a domestic partner and your employer is not extending its offer of a health insurance plan to your domestic partner, you can still get an individual health insurance.  With many companies offering different policies though, you have to be careful what you sign up for. Remember that insurance policies are complicated and should be understood correctly so that you will not have any problem with your claims in the future.

If you can get a health insurance from your employer, that would be great.  If not, try searching online and you might find a good online insurance quote.  As always, it is strongly recommended that you check the coverage before you commit.  Some of the things you might need in the future could not be covered by some policies and that would end up being one of your problems in the future.

Some of the things you have to be aware of are the extra coverage.  For example, women place more importance on dental care so if your partner is someone who goes to the dentist a lot, it is good to have a health insurance that will cover that.  There are also health insurance policies which add vision care.  If you are working in front of a computer all day long, it is recommended that you get a plan with this coverage.

Remember that a good insurance policy includes hospital expenses coverage which shoulders fees for room, board and other related expenses you may accrue while in the hospital. It should also include laboratory coverage as more often than not, a visit to the hospital involves having to pay for laboratory fees.

While the law does not require employers to offer health insurance to unmarried couples, this should not be a hindrance for domestic partners to prepare for their future.  With the abundance of health insurance policies being offered by different companies, domestic partners would not find it hard to pick the right one for them.  With the current trend gaining ground though, it will only be a matter of time before all employees extend their health insurance offering to domestic partners across the country.

Source by Elizabeth D. Swart

Risks and uncertainties are part of life’s great adventure — accident, illness, theft, natural disaster – they’re all built into the working of the Universe, waiting to happen, this where life insurance comes into picture.
What is life insurance?
 Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured. Life Insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities. Taking out life insurance responsibly can help you live the life you want to and protect your family after you’re gone. Without life insurance many people would be left destitute in the event of an unexpected disaster. Besides providing for financial security in the case of one’s untimely death, it can be used to accumulate a kitty for your old age, systematically build assets, for funding your child’s education and also for saving on taxes.
Let us study the roles of life insurance in detail:
Role 1: Life insurance as an “investment”
Insurance is an attractive option for investment. While most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment options, and this is besides the added incentives (read bonuses) offered by insurers.
In life insurance, unlike non-life products, you get maturity benefits on survival at the end of the term. In other words, if you take a life insurance policy for 20 years and survive the term, the amount invested as premium in the policy will come back to you with added returns. In the unfortunate event of death within the tenure of the policy, the family of the deceased will receive the sum assured.

Now, let us compare insurance as an investment options. If you invest Rs 10,000 in PPF, your money grows to Rs 10,950 at 9.5 per cent interest over a year. But in this case, the access to your funds will be limited. One can withdraw 50 per cent of the initial deposit only after 4 years.

The same amount of Rs 10,000 can give you an insurance cover of up to approximately Rs 5-12 lakh (depending upon the plan, age and medical condition of the life insured, etc) and this amount can become immediately available to the nominee of the policyholder on death. Thus insurance is a unique investment avenue that delivers sound returns in addition to protection.

Role 2: Life insurance as a “risk cover”
First and foremost, insurance is about risk cover and protection – financial protection, to be more precise – to help outlast life’s unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides you with that unique sense of security that no other form of investment provides. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise.

To provide such protection, insurance firms collect contributions from many people who face the same risk. A loss claim is paid out of the total premium collected by the insurance companies, who act as trustees to the monies.

Insurance also provides a safeguard in the case of accidents or a drop in income after retirement. An accident or disability can be devastating, and an insurance policy can lend timely support to the family in such times. It also comes as a great help when you retire, in case no untoward incident happens during the term of the policy.

With the entry of private sector players in insurance, you have a wide range of products and services to choose from. Further, many of these can be further customized to fit individual/group specific needs. Considering the amount you have to pay now, it’s worth buying some extra sleep.
Role 3: Life insurance as “tax planning”
Insurance serves as an excellent tax saving mechanism too. The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per cent on the annual premium payable on his/her life and life of his/her children or adult children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family. This rebate is can be availed upto a maximum of Rs 12,000 on payment of yearly premium of Rs 60,000. By paying Rs 60,000 a year, you can buy anything upwards of Rs 10 lakh in sum assured. (Depending upon the age of the insured and term of the policy) This means that you get an Rs 12,000 tax benefit. The rebate is deductible from the tax payable by an individual or a Hindu Undivided Family.
But many people make the mistake of burdening themselves with too many life insurance policies to the detriment of the quality of their lives while they’re alive.

Keep the following in mind when buying life insurance:

• The best insurance for your family is having a roof over their heads that no-one can take from them after you die. Before putting large amounts of money into a policy, pay off your debts and increase your assets.
• Rather than taking out a number of life insurance policies, take out one good one with a reputable company that has a sound track record.
• Make sure you don’t buy too little or too much insurance. As a rule of thumb, your policy should pay out 15 to 30 times your annual income as capital when you die.
• If you are financially dependent on your partner, make sure that there is adequate life insurance to cover your and your children’s needs should your partner no longer be able to generate an income.
• When taking out protection against loss of income, you must be sure that you can maintain the same standard of living as when you were working.
• Protect yourself against debt. People to whom you owe money have first claim to your assets. Make sure there is life insurance to pay off your house, car, etc when you die.
• Your premiums will depend on your age (the younger you are, the less you will pay), your state of health (the healthier you are, the less you will pay) and your lifestyle (if you smoke, you will pay more). Be completely honest with your insurers. Many people have had their claims rejected because they did not tell the broker about their smoking habit or a particular health problem.
•   Be specific about naming a beneficiary – the person the money will be paid to after you die. If you do not name a beneficiary, the money will be paid into your estate and it could take months before your family is able to have access to the money.

Source by aditi

It is obvious that courier insurance is very important for courier businesses, offering protection against unwanted accidents and losses that might occur during a courier business’s operation. The cost of getting a proper courier insurance policy might be relatively high – although there are ways you can reduce them to a certain point – and it has became one of the major cost factors of a courier business. Recently, some courier companies began to charge their customers directly for courier insurance fees. This has started a debate among courier business experts on whether courier insurance fees should be considered a direct cost (charged directly to customers as part of shipping and handling cost) or indirect cost (considered an overhead cost paid by the courier company itself). There are several points of view to justify both theories, and both views are good for business. However, you can also combine these two interpretations and reduce your share of courier insurance fees at the same time.

It is clear that there are three types of courier insurance: vehicle insurance, goods-in-transit insurance and public liability insurance. Which are direct and indirect costs? Let us go through this one step at a time. Vehicle insurance is definitely an indirect cost. It is a cost that must be paid by your courier company in order to protect your assets. You can add this to your overhead cost, which will eventually be part of cost factors considered when determining the true cost of delivery. Goods-in-transit insurance fees are direct costs for sure. Some courier companies offer insurance as an optional service to their customers, allowing them to choose to insure or not to insure their delivered goods when they sign the delivery papers. This way, your customers are paying goods-in-transit insurance fees directly, and you will not have to spend a thing. Of course, public liability insurance is an indirect cost as well, since it is protecting your interests. You can choose to add it as part of your overhead costs of delivery, or simply put it as part of your company’s overall operating cost.

Knowing how to handle your courier insurance costs is important because it will affect your delivery cost and of course, the amount your customers have to pay to have their goods delivered. A courier business is one of the most competitive business fields these days, and having comprehensive and safe shipping services at affordable prices are crucial to your courier business’s success against competitions. By sorting your courier insurance costs properly, and adding them carefully to your overhead costs, you will be able to get the best possible cost combination and eventually produce lower delivery costs. Therefore, you can offer your customers high quality shipping services at low – or at least affordable – prices. Your customers will also have the liberty of having their goods shipped with or without insurance, increasing both your credibility and customers’ satisfaction at the same time.

Aside from the given costs scheme, there are several other combinations you can utilise to manage your courier insurance costs. All you have to do is assess your business as well as your customers properly, to get the best possible scheme of managing your courier insurance costs.

Source by Eric Token

The world of insurance premiums is a complex place. Identical coverage for the same person can vary greatly. What causes these variations? Back in 2003 two authors at the University of California, researched this exact question. With the help of the Lewis Center for Regional Policy Studies, they were able to pinpoint many interesting causes. The full report can be found at http://www.uctc.net/papers/654.pdf . This paper explains many reasons for California car insurance cost differences.

Geographic area seems to be a huge factor in car insurance rate variations. Inner cities have the highest accident and crime incidences and subsequently the highest costs for insurance. People living in suburban and rural areas may have insurance costs hundreds of dollars lower than urban dwellers. Geographic regions can be split by zip codes or area codes. To find out which your California car insurance company utilizes, give them a call.

Income range is also a major factor in rate quotes. There are higher incidences of late payments and non-payments in the lower income range. Insurance companies try to offset the missed payments by charging higher rates among these individuals. Some states have taken steps to try and alleviate this borderline discriminatory practice.

The two factors, geographic region and income range, target poor inner city non-whites the most. This has led some to try and regulate what basis premiums are set by. Voters have approved propositions to limit insurance determination factors to age, record, and years driving, but courts continue to overrule them. To date it remains controversial and California car insurance companies continue to be allowed to use zip codes as premium determinations.

In the insurance company’s defense, insurance is a business. They should be allowed to recoup their costs in higher risk areas. If they paid more out than they brought in, the company would go out of business. It doesn’t seem that they are targeting minorities on purpose, it just happens that the majority of residents in a targeted area fall into certain ethnic categories.

California car insurance companies use many determinations in car insurance rate quotes. Saving money on your policy may be as simple as moving out of the city into a suburban or rural area. Searching for and landing a better paying job may also save you a few hundred dollars. If this is not possible or you like your current employer, job longevity will also help bring your rates down.

Source by Mary Duares

As a vehicle owner you owe a lot of responsibility while driving your vehicle on the road. There is more to this responsibility than driving it safely and regular maintenance checks to prevent it from breaking down on the road. The law makes it mandatory for you to have third party car insurance before you are eligible to bring out your vehicle on the road. But buying insurance plans that offers you maximum coverage and comes at the best price isn’t always easy. The insurance market in Kenya as elsewhere in the world has numerous players offering a number of plans for you to choose from. If you are wondering on how to compare these plans systematically you need to try out the services of insurance aggregator websites. These websites help you in making informed decision and finding maximum coverage for your vehicle.

Find the Right Quotes       
As mentioned earlier the best way for you to buy insurance is through comparison. Finding the right insurance coverage starts with finding the right quote. When you visit these aggregator websites you would need to fill in a few details about the vehicle such as its model, make and the type of usage. Once you have entered these information these websites would immediately offer you 3rd party car insurance quotes from the leading insurance companies in Kenya. They don’t merely give you the quotes but also offer you deep insights into the plan in terms of its inclusions and exclusions. These companies also offer you consultancy services over phone where you can all their insurance experts and find the right plans that would meet your niche needs.

Unbiased Information       
Go back to the old days when you would consult an insurance broker or walk into the office of an insurance company to buy third party motor insurance in Kenya. Both the broker and the salesperson of the company would suggest you the ‘right’ plan for your needs. There were two problems with this approach. First these suggestions were driven by their self-interests and profits and secondly it wasn’t possible for you to visit every insurance company, ask for their quotes and compare them. Thus as a customer you could never be sure of the fact that the plan you bought was the best available in the market. Most brokers had their own favourites depending on the amount of commission they received on each sale. Insurance aggregator sites came and changed this for good. They offer you the latest data on insurance plans from all major companies in Kenya and you would be able to compare the plans in an organized manner. They have to offer you unbiased information as this is the selling point of their services.

Buying third party car insurance online offers you many advantages and the biggest of them all is that you would find a plan that suits your needs. While there are a number of insurance aggregator websites in Kenya you should choose one that deals with maximum number of insurance companies and also offers you consultancy services over the telephone. 

Source by pesabazaar

Insurance terminology can be confusing.  It reminds me of a joke.

A young man walked into an insurance office to purchase coverage for his new motorcycle.  Only one question confused him. "Do you have a lien holder on the vehicle?"

"I’ve got a kickstand," the prospect replied. "Is that the same thing?"

Co-insurance is not co-pay.  Co-pay is the money you pay to the doctor for an office visit.

Co-insurance is not deductible. Deductible is the amount of money you are required to pay for your medical expenses before the insurance kicks in and starts providing reimbursement for medical costs.

Co-insurance shares the medical costs between the client and the insurance company. Co-insurance amounts are stated as percentages.  For example, 90/10, 80/20, 70/30, 60/40, 50/50. 

The most common co-insurance is 80/20.  What this means is that the company will cover 80 percent of the medical expenses after the deductible, and the client will cover 20 percent of the medical expenses after the deductible. Almost always a cap is put on the amount that is to be covered by the co-insurance, usually $5,000 but sometimes $10,000.

Here’s an example of how this works:

Say you have an insurance plan with a $1,000 deductible and co-insurance at 80/20 with a cap at $5,000. In a worse case scenario you would need to pay out $2,000.

Now how did we arrive at that number? 

First, you would obviously pay your $1,000 deductible.

 Next, you would also pay 20 percent of the next $5,000, which would be $1,000. The insurance company would pay the other $4,000 and all expenses beyond $5,000.

Source by Jeff Gulleson

One of the most interesting facts about the Irish Construction industry is that there is no legal requirement for a construction company to hold any from of construction insurance! In fact, the only insurance an Irish contractor is legally obliged to have is basic motor insurance on his/her motor vehicles!

Although there is no legal requirement under Irish law for a contractor to hold adequate Construction Insurance it is extremely important that adequate cover is in place.

One of the most important reasons is the high injury & mortality rate on Irish Construction sites. One major positive of the recent construction boom is the fatality per thousand ratio has fallen in recent years although it is still at an unacceptable level.
For example, in 2001 28% of workplace fatalities were Construction related and the Irish Construction industry is consistently second only to the Irish Agriculture& Forestry Industry.

As many primary contractors require their subcontractors to hold Construction Insurance the reality is that although Construction Insurance is not a legal requirement it is usually a prerequisite to obtaining work on the majority of the countries construction sites so the need for construction insurance is a necessity in everything but law!

Although Construction Insurance is quite a complex field the four main areas of cover are as follows:
• Public Liability Insurance
• Employers Liability Insurance
• Contractors All Risks
• Personal Accident
Public Liability Insurance
Public liability insurance [PL] provides cover in the event that the policyholder is sued by a third party who feels that they have suffered injury or loss as a result of the policyholders negligence (lack of care).
Consider the following examples where Public Liability Insurance will provide cover:
• You run a plumbing company. One day you are called to an office to sort out a problem in their kitchen. Accidentally, you burst a pipe, and flood the office. Your client then makes a claim against you for the damage to their carpet and computer systems which have been damaged by the water.
• You are a building contractor. While walking along scaffolding one of your men drops a piece of equipment which falls to the street, injuring a passing pedestrian. The pedestrian makes a claim against your firm.
Obviously these are very simplified examples and we haven’t discussed the complexities of Products Liability/Liability Law/Duty of Care etc however it should provide a basic understanding of Public Liability Insurance.

Employers Liability Insurance

Employers Liability Insurance [EL] provides cover if any of your employees suffer physical injury or death, and it is proven that as an employer you acted negligently and subsequently could have prevented their loss. If they then decide to pursue you for compensation the insurer will pay the cost of the claim.
Consider the following examples where Employers Liability Insurance will provide cover:
• You run a carpentry company. One of your employees loses a finger while using a chop saw and decides to claim against you for his injury
• You are a scaffolding contractor and are erecting scaffolding around an apartment block. While erecting the scaffolding one of your employees falls and suffers severe bodily injury. He decides to claim against your firm.
Please note that Public & Employers Liability is offered ‘hand in hand’, that is when arranging construction insurance you will need to arrange both Public Liability & Employers Liability Insurance together [Also known as Combined Liability Insurance] as Employers Liability Insurance is not available on a ‘Stand Alone’ basis..
Contractors All Risks Insurance

Contractors All Risks insurance (also known as Contract Works insurance) is an insurance policy specially designed for builders and a number of other trades working at a contract site. Contractors All Risks insurance can include cover for contract works, own plant, hired-in plant and employee’s tools. The main part of the contractors all risks insurance is the contract works section which provides cover for the property being worked on (e.g. new house, etc.). However, cover for the existing property is excluded (e.g. the existing structure when building an extension) and must continue to be insured under its own insurance cover.

Consider the following examples where Contractors All Risks Insurance will provide cover:
• You are a building contractor and are building a house for resale. So far you have spent €200,000 on materials and labour. The property catches fire and is destroyed before it has been completed. • You are groundwork’s contractor and are presently digging foundations for a new housing development. Naturally you leave your excavator on site until the contract is completed however one night your excavator is stolen.
Personal Accident Insurance

Personal Accident Insurance [Also known as Income Protection Insurance] is highly recommended for a sole traders, business partners and company directors as a combined liability policy does not cover any injury caused to a sole trader/business partner while it is extremely difficult for a company director to sue his/her own company. A policy can be tailored to your exact needs and policies include a tax free monthly benefit, a lump sum [capital benefit] and hospital cash.
Consider the following examples where Personal Accident Insurance will provide cover:
• You’re a self employed carpenter with no employees. You cut your hand and are unable to work for eight months. As you have Personal Accident cover you receive a tax free benefit of €1,500 after one month and continue to receive this amount until you return to work.
• Although Personal Accident/Income Protection insurance is no substitute for full time earnings it will provide you with an income if you are unable to earn and it will reduce your financial worries at a time when your recovery should be your number one priority.

Machinery & Plant Insurance
Machinery & Plant Insurance is normally arranged on a case by case basis and provides Accidental Damage Fire & Theft Cover on Machinery. This policy is normally taken by contractors who wish to cover a specific number of items.
Health & Safety Executive

In Ireland the HSE [Health & Safety Executive] have the ultimate authority over Construction Sites and have the ability to close a site if they feel it is a safety hazard. Their primary initiative is the ‘Safe Pass’ – a one day site safety training programme.
Who needs to do Safe Pass awareness training?
Safe Pass is a one-day safety awareness programme aimed at general construction workers, craft workers and “on site” security personnel in the construction industry. The aims of the programme are to:
• raise the standard of safety awareness in the construction industry
• ensure that site personnel after completing the one day awareness programme can make a positive contribution to the prevention of accidents and ill health while working on the site
• maintain a register of personnel who have received training
• provide participants with a FAS Safe Pass registration card, indicating that the holder has attended a formal course in health and safety awareness
Under the Safety Health and Welfare at Work (Construction) Regulations 2006 Safe Pass / Safety Awareness Programmes applies to –
(a) craft and general construction workers,
(b) persons undertaking on-site security work, and
(c) persons or classes of persons as may be prescribed by the Minister.
For more information on Irish Site Safety please visit the website of the Health & Safety Authority www.hsa.ie while for more information relating to Irish Construction Insurance please visit the website of Keystone Insurance www.keystone.ie, Ireland’s premier supplier of Construction Insurance

Source by Keystone Insurance

The U.S. Census Bureau reports that an increasing number of people are now unable to afford medical insurance. Some 47 million people do not have medical insurance. When they begin to fall sick, there is nothing that can be done if money is short. When it comes to a choice between food on the table and treatment, most people decide to eat. They hope they will get better. When health does not improve, there is no improvement in the choice to be made. If treatment remains unaffordable, they have to wait until their sickness worsens to the point it can be considered an emergency. At this point, people decide to go to the emergency room at their local hospital. Federal law is very clear. Hospitals are under a positive legal obligation to treat everyone who walks in through the door. It does not matter whether the emergency is real, in the sense of a traffic accident inflicting unexpected injury, or to some extent manufactured, where the condition only becomes an emergency because of a deliberate delay. People must be given treatment. The difficulty is that most of the uninsured cannot afford to pay their bills. The hospitals can and do issue invoices for the treatment given and drugs supplied. This is also a part of the law. People have a responsibility to pay for their treatment. But hospitals are realistic about their chances of collecting. Continued pursuit for payment usually results in bankruptcy and the creditors only get a few cents in the dollar. So, hospitals make a rational decision. They spread all the unpaid bills among all those who can pay. In other words, whether you are paying out of your own pocket or you are relying on your own health insurance to pay for your treatment, a percentage of every hospital’s bill is a provision against bad debts from the uninsured. The irony is that everyone who is insured is also insuring all the uninsured for their emergency room visits. If you have been wondering why your own health insurance premiums have been going up so sharply of late, it’s because there is a wave of uninsured people going to the emergency rooms around the country. The health insurers are having to pay more and this additional cost gets passed on in the premiums. Is it going to get any better? No. It’s actually going to get worse. Ever more people are finding health insurance unaffordable. Even with sites like this which allow people to find the cheapest insurance around, many still find the premiums too much. That does not mean you should give up. Using this site will get you offers. Then it’s up to you to negotiate directly with the insurer or its agents to get the best actual premium for the cover. It’s not worth the risk of being uninsured. If at all possible, get some cover.

Source by David Mayer

Think of business insurance as the copper solder that fuses a plumbing joint together; if the joint leaks, there can be major ramifications. The same holds true with business insurance; if you don’t have the coverage that a backflow prevention contractor business really needs – you’ll watch those profits flow right down the drain. You personally cannot control or eliminate every potential risk that threatens your livelihood, but business insurance can provide the added protection against these risks … if you carry the right kinds.
Choosing the right policy with all of the appropriate coverages can be a challenge when you are a backflow contractor/technician. Bob Smart, commercial lines director of Compass Insurance in Highlands Ranch, Colorado, states: “Everybody wants to lump each backflow contractor/tester/tech into the plumbing category, when in fact they are not all plumbers; that was my point of contention with the insurance carriers. I explained to Hartford [insurance carrier] that the backflow techs test the backflow apparatus – then they make a report on the valve they tested or they repair or replace the valve. They are not going in and tearing out water lines or sewer lines.
“What Hartford did…was to cover these backflow techs under an engineering class because it’s obviously more about reports and paperwork,” he continues. “I had over 30 backflow techs insured through Hartford under this engineering class and never had one claim.” Hartford has since modified this particular class of coverage with regards to backflow techs and currently does not cover backflow techs that work on fire lines, i.e., sprinkler systems, suppression systems; supplementary coverage is required or a different class should be selected.
Find an agent who understands your business.
A key component in selecting insurance coverage for a backflow contractor/technician/tester is to make sure that your agent fully understands what it is that you do and don’t do in the course of your work day. “If one agent wants to place you in the plumber class – which can cost upwards of five times the annual premium of let’s say an engineer class – find an agent who is willing to listen and really understand your business, ” says Smart. “If all you do is test backflow apparatus, then you shouldn’t be placed in a plumber class.”
Regrettably, insuring your business is not as simple as insuring your car. Because this business is unique, you’ll need to draft a package of insurance that meets your business needs and provides the level of protection you’re comfortable with.
Your first decision is to decide which types of insurance your business needs. Two types that all businesses need are property and liability insurance.
Property and Casualty Coverage
Property insurance protects the assets your business owns, including the building and equipment, from destruction or damage. Even if you run your business out of your home, you’ll need to protect your business assets with separate property insurance; your homeowner’s policy will not cover business equipment. There are two general types of property and casualty coverage: All Risk Coverage and Named Perils Coverage. As the names imply, “All Risk” will cover you for almost any type of loss whereas “named peril” coverage will only cover you for specific named causes of loss, such as fire. You need all perils coverage. Even with so called all peril coverage there will be exclusions. Make sure and review the exclusions in the policy. If there are exclusions in the policy that are important to you, you may want to try another insurance company or purchase specific coverage for the excluded situations.
Property insurance is also written as either replacement cost or actual cash value. The first will cover the actual cost necessary to replace the lost property (less the deductible). The actual cash value policy will only pay you the depreciated value of the property — almost never enough to replace what you have lost. Unless the cost is prohibitive, you should purchase replacement cost coverage. Even with replacement cost coverage you will need to make sure you have purchased a high enough limit. If your building and contents are worth $1.5 million and you only have $1 million in insurance, a total loss would still leave you $500 thousand in the hole.
To determine how much property insurance you’ll need, create an itemized list of your business’ assets and their individual dollar values. Then decide which assets you actually want to insure and for what value, which will determine the insurance premium. In some cases, you may decide against insuring a particular asset, because it just doesn’t warrant the cost of the premium. In other cases, the premium may be well worth paying.
General Liability
Liability insurance is the other kind of insurance no business should be without. General liability is just that — very general in nature and protects your business from liability arising from negligence on your part that may cause injury to others, such as a customer or employee. It also protects your company if someone is injured as a result of using your service. When you consider that the legal expenses, settlement or judgment expenses of a single lawsuit could drive your business into bankruptcy, you’ll see why this kind of insurance is considered a “must-have”. Also check whether or not your general liability insurance policy also covers product liability for the valves you may be replacing. If not, you’ll want to add this type of specific liability insurance to your package. You should include “Errors and Omissions” coverage which protects you in the event you are sued as a result of a mistake in your work.
What limits of General Liability should you purchase? According to the Insurance Industry at-large, the absolute minimum in this day and age should be $1 million; most businesses should consider increasing this to $2 or $3 million. The good news is that insurance is not priced on a straight line basis. Since smaller claims are much more likely than large ones, the first $1 million in coverage will cost the most; an additional $1 to $2 million will not cost double or triple the amount.
Different types of liability coverage have developed over the years do address specific business needs. When buying a liability policy, you should be aware that there are two types of coverage, occurrence coverage and claims-made coverage. Occurrence coverage is more expensive but covers you based on when the loss happened, even if it was many years ago. Claims-made coverage only covers you while the policy is in force and the claim is made. With occurrence coverage, as long as you always have some policy in force, you will not have gaps in coverage. With a claims-made policy, it is possible to have gaps when you have not coverage in force.

Commercial Auto Coverage
If you use any vehicles in your business, you need commercial auto coverage. Personal auto policies generally exclude coverage if the vehicle is used in business; be sure to read your policy or ask your agent. Otherwise, vehicles used in business need business auto coverage. The good news is that commercial auto coverage is usually very competitive and can even be cheaper in some cases than personal auto coverage. As is the case with General Liability, you should purchase at least $1 million in limits.
Worker’s Compensation
If you are a backflow contractor that employs other backflow techs in your business, Worker’s Compensation is insurance you will want to carry. It is surprising that this is often the most misunderstood business insurance coverage since it covers exactly what it says. This coverage reimburses workers who are injured on the job for lost wages, medical and rehabilitation costs. It is required by law in virtually every state. Generally, there are two aspects of this coverage: the first covers the lost wages and medical costs of the injured employee; the second covers the employer’s liability should the injured employee or his family decide to sue. In most states the worker’s compensation system is the sole remedy for an injured worker. As a small business owner you will likely have the option of excluding yourself from worker’s compensation coverage in exchange for a reduction in your premium. Weigh this option carefully in light of your personal medical insurance, which may have an exclusion for job-related injuries.
Business Interruption Insurance
Additionally there is insurance business owners may also want to purchase to protect their businesses from incurring the kinds of losses that can close their doors: Hurricane Katrina is just one example of an unforeseen natural disaster that could force you to suspend your business operations; floods, tornadoes, and wild fires are other examples. Or, on a more commonplace level, your business could be the victim of vandalism or theft. Business Interruption insurance protects you from the loss of revenue incurred when you’re forced to close down. It usually has an interesting deductible based on the number of days you are out of business rather than a dollar amount and will generally only kick in after your business has been down X number of days. The premium for this coverage will be based on your business income and reimbursement will be made according to your average of income.
Umbrella Insurance
Is it actually possible for you to buy an insurance policy that can save you money on other insurance policies? It is and an umbrella policy is a great example. An umbrella policy is a type of liability coverage that protects you if there is a judgment against you that is larger than your limits of coverage in your General Liability or Commercial Auto policy. The good news is that since the umbrella policy is secondary, the premium can be very inexpensive. What is even better, it may be possible for you to lower your limits on your General Liability or auto policy to something less than $1 million, purchase a $2 to $3 million umbrella policy and save money overall.
Disability Insurance
Since you’re a business owner, you should also carry some kind of disability insurance. There are various kinds of disability insurance available that are tailored to the needs of business owners. All of them involve paying premiums now to cover your lost income if you become disabled or unable to carry on your business. If your business is dependent upon the expertise or knowledge of particular people in your company, you should also consider key person insurance. This type of plan helps to compensate a business for financial losses due to the death or long term disability of a key person. The insurance provides additional funds to the business until the key person can be replaced, or until he or she returns to work.
Business Owner’s Policy
Properly covering your business is a complex task, involving multiple policies each of which has its own limits and exclusions. Many small business owners can satisfy many of these through a package policy known as a Business Owner’s Policy or BOP. Often the BOP policy is priced very competitively and allows some level of customization through purchasing of additional limits and coverages. It is only available for businesses up to a certain size – ideal for a small backflow contractor — and varies from carrier to carrier. You should ask your agent.
Reading an insurance policy contract can be a daunting task. Their structure can be very confusing and they are loaded with special definitions. Despite this, it is critical that you understand your coverages; your agent can help. However, when all is said and done, just like everything else in your business, the final responsibility rests with you, the owner.
Being a successful business person means being able to anticipate events and plan for the future. Business insurance is one way of ensuring that you’re in control of your future rather than being controlled by it. Unfortunately, there is no generic plan that will meet every small business person’s needs. You’ll need to shop around, just as you would for any product, to get the business insurance that’s most suited to you as a backflow contractor.

Disclaimer
This article is intended to provide general information on commercial insurance for educational purposes only. The material here is not intended to provide specific recommendations for any individual business or type of business. Insurance is regulated in each state by that state’s Department of Insurance. Only a licensed Insurance Agent or Insurance Broker in your state is qualified to provide you with advice on your specific business insurance needs.

Source by Lorren Repton

Auto insurance in Canada is as essential as most other countries around the world. The main difference is that each Province has its own rules and regulations regarding the minimum level of cover and also who can supply the insurance cover. Without a doubt it is imperative that wherever you reside in Canada you do have the minimum level of cover required by Provincial Law, you were truthful when you applied for the coverage and that you are able to produce the correct documentation (the “pink card” which is your proof of insurance anywhere in Canada) if requested by the police.

The minimum level of Auto Insurance and who provides it differs around the various Provinces with British Columbia, Manitoba and Saskatchewan Government Insurance agencies being the authorized vendor. You will purchase the minimum level of cover when you register your vehicle each year. This applies to the minimum coverage with both the Government and Private companies offering additional coverage that effectively boosts the level of protection. The Province of Quebec has a slightly different system with any vehicular or property damage being covered by private companies and the injury coverage being provided by the Provincial Government. These provinces may not give out the Pink card as the vehicle registration is proof of insurance.

The remaining Provinces all have private insurance companies giving the Auto Insurance coverage with Alberta in particular recently having a Provincial Government led revamp of their system. This led to a reduction in the maximum level of compensation paid out to minor injuries in a bid to reduce spiraling premiums.

In Canada, every vehicle driver who is correctly licensed has access to the basic auto insurance required by Law. However, your driving history will have a direct impact on the amount you will pay for this insurance along with several other factors:

1. The make and year of vehicle you drive (for comprehensive policies)

2. The location of the vehicle (“bad area’s with high crime have higher premiums)

3. Business use

4. Insurance claim record (more claims higher cost)

5. Number and age of other drivers who are entitled to use your vehicle and their driving records.

The Canadian Council of Insurance Regulators is a country wide body that’s mission is to “promote an efficient and effective regulatory system in Canada to protect the public interest”. Each Province in turn has its own insurance regulatory body to ensure that standards are introduced and then subsequently followed – these regulators cover most types of insurance and not just the Auto Insurance.

If you are inadequately or incorrectly covered the consequences may be severe. The legal action will undoubtedly involve demerit points on your license and also a hefty fine. This in turn will increase your future insurance premiums quite substantially. The other side of it is that should you be involved in an accident where you are at fault your insurance will be invalid. Then you are liable for all the costs associated with the accident (yours and other vehicle repairs/replacement, damaged property, emergency service costs, clean up costs. This may seem a lot of money, which it is, but this will pale into insignificance should anyone be injured seriously or killed and will most likely end up in bankruptcy.

Another good tip is to use a quality Auto Insurance company, not always the cheapest, but I know from experience that if you are injured in an accident you have better things to concern you than being messed around by a substandard insurance company. The Physiotherapist treating my minor injuries had extensive experience of clients who had injuries being treated that were fighting every step of the way to have the treatment paid for when it was clearly covered in the policy.

In the event of an accident or claim against your policy it is imperative you contact your insurance agent as soon as is practically possible. If injuries have been inflicted, unlawful damage or theft taken place or the amount of damage will be beyond the limit stated for each Province then the Police must also be contacted within a prescribed time limit. Contacting the Police and the agent will ensure that correct procedures are followed, you do not negate the policy or incur additional Police Charges (depending upon circumstances).

More, detailed information can be found at htp://www.onestopimmigration-canada.com/auto_insurance.html

Source by Dave Lympany

What is Homeowners Insurance?

Homeowners Insurance provides you with the coverage in case of a disaster. In the event of a disaster your homeowners insurance will provide you with financial protection. A homeowners insurance policy insures the home in which you live along with the possessions you keep in it.

Home Insurance is a Package Policy

Homeowners insurance is purchased in a package policy. A package policy means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or a member of your household cause to other people. Homeowners insurance also covers damage caused by household pets.

A homeowner’s insurance policy covers most disasters, however there are some exceptions such as floods, earthquakes and poor maintenance (Also known as wear and tear). If you want coverage for floods or earthquakes, you will have to purchase separate policies. However, maintenance related problems are the homeowner’s responsibility to take care of. In fact, keeping up with the maintenance of your home will help to reduce the likelihood of a loss in the future. A good example of this is the replacement of a roof that is showing signs of wear.

Overall it is very important to have homeowners insurance coverage that suits your specific needs. You never know when a loss is going to occur and you are going to need the money to fix it. Take Hurricane Katrina for example; there were many of people that were without homes because they didn’t have flood insurance. That is why it is very important that you get the proper coverage.

Remember that standard homeowner’s policies do not cover flooding so you will have to purchase that separate through your homeowner’s insurance agent. Discuss all of the possible exposures with your agent, broker, or insurance company.

Replacement Cost

Replacement cost coverage is available for the structure of your home; This allows you to repair the home to the state that it was before the damage took place. Actual cash value coverage is replacement cost less depreciation. The older your possessions are, the less you will recover from the homeowners insurance company.

Renters Insurance

Not only is insurance coverage available for homeowners it is also available for the people who rent apartments or houses. If you rent a house and you have a renters insurance policy, you will be covered in the event of a loss. The coverage for a renter is relatively inexpensive and will cover your property, your liability, and loss of use of the home due to a covered loss.

Coverage Types

The standard homeowner’s insurance policy includes four different types of coverage.
1) The coverage for the structure of your home is offered by the homeowner’s insurance company. This means that they will repair or rebuild your home in the event of a covered loss.
2) The coverage for your personal belongings that you have in your home is also covered by the homeowner’s insurance company. This means in the event of a claim that is covered by your insurance policy, your personal belongings will be able to be replaced. Note: It is a good idea to carry replacement cost coverage for your contents. This way, your items are not depreciated if there is a loss. With replacement cost coverage, your property can be replaced with items of like kind and quality.
3) Liability protection covers you in case of a law suit against bodily injury or property damage that you are your family members caused to another party.
4) Additional living expenses if you are temporarily unable to live in your home because of an insured disaster.

There can be more to a home insurance policy and there are limitations for certain types of property. It is best to discuss these options with a representative at the time your are applying for coverage.

Source by Robert Lawrence

You can be seriously hurt in a car collision.  The injuries you sustain could take years to heal and require extensive medical attention.  Even if you have health insurance it may not be enough to pay for all of the therapy you may need after you have been hurt in a car collision.  Personal Injury Protection (PIP) insurance will fill in the gaps between what your health insurance will pay and what is left over for you to pay out of pocket. 

You are not the only person who will be covered under PIP insurance.  PIP insurance will cover all of the policyholders, anyone riding as a passenger during a collision and any pedestrians that are unfortunate enough to be caught up in the collision.  It is only for bodily injuries that were brought about by the collision and pays all the medical expenses in association with it.

With PIP insurance it doesn’t matter who is at fault in the accident.  You could be at fault and your PIP insurance will pay all the medical expenses for your passengers.  All that is required is that the afflictions that are being treated by medical professionals were the result of the car collision.  If the charges are not the result of the collision then this is called no-fault claims fraud and you are advised against committing it.

PIP insurance does not cover property damage so you will have to have separate coverage for this type of damage.  There very well may be damage to city property and personal property and the coverage offered by auto insurance companies for property damage will cover this type of loss if you have it along with PIP insurance. 

Source by InsuranceIWant.com

A private hire vehicle is different from a licensed taxi or a public service vehicle such as a bus or coach. It is a vehicle which is manufactured or adapted to seat less than nine passengers and is available with a driver for public hire for the purpose of carrying passengers.

private hire insurance is a different type of insurance specifically aimed at vehicles which are used for private hire for payment or reward. It differs from public hire vehicle insurance used for taxis which are licensed for public hire, such as the Black cabs in London.

The key difference between a private hire and public hire vehicles is that a private hire vehicle must be ordered prior to a journey, it is not possible to hail a private hire vehicle on the street. Plying for business or hire is liable to prosecution.

Private hire vehicles are also prohibited from advertising, displaying or imply that they are for hire, unlike black cabs which have the famous ‘for hire’ illuminated sign on the vehicle. Legally (London) it is only Black cabs, also know as Hackney Carriages which can be stopped, hailed, and pick up fare paying passengers from the street.

The operators of Private hire vehicles are required to hold an operators license which has to be displayed at the license holder’s place of business. The license will be required by insurers when applying for private hire insurance.

All private hire vehicles require a vehicle license, which informs customers that the vehicle is ‘fit for use’.

A driver’s license is also required which differs from a personal driving license. The private hire driver’s license is obtained by the driver passing checks such as proof of right to work in the UK, that they have passed a medical check and have an enhanced criminal record background check. All of these measures have been put in place to help protect the public from illegal operators. The license/badge has to be worn at all times when working. Drivers who fail to wear their private hire drivers badge in a clear and visible manner are liable to prosecution.

Private hire vehicles used for weddings and funerals are exempt from the private hire regulations, however, they do require appropriate vehicle insurance.

All private hire vehicles have to have the correct private hire insurance, failure to do so is an offence which is liable to prosecution under the Road Traffic Act 1988. This can mean penalty points on the driver’s license, disqualification from driving and/or fines. Therefore, it is imperative and a legal requirement that all private hire vehicles have the correct insurance cover.

There are many different types of private hire services and operators. These range from stretch limousines to tourist guides and companies which offer airport transfers, pick you up from the supermarket or take you to and from a night out. All are required to have the relevant licenses and private hire insurance and will need to be pre-ordered either in person or by telephone. When ordering a private hire vehicle the operator is required to ask details such as the name of the person, the time and place of the pick-up, destination and contact phone number. People ordering a private hire vehicle should also inform the operators if they have any special requirements such as having an assistance dog. Failure to carry out a booking by the operators may result in prosecution.

Source by Stanley Headley

Investing in life insurance is important if you want to be sure your affairs and loved ones will be taken care of after you pass away. Such a policy can do everything from pay off your debts to secure your family’s future if you were and are the breadwinner. This is why it is important to find a life insurance policy that really will protect you and your family. The best way to find solid rates and terms on insurance plans is to use the Internet. Here, you can find a wide range of quotes from companies around the world. The following are just some of the many reasons to use the Internet to compare life insurance quotes.

Using a website, you can enter in some basic information about the type of life insurance you desire and will be able to see the rates and terms of plans from dozens upon dozens of companies. Being able to compare plans side by side is important. You will not only be able to see what the plans will cost you each month, but you can see what they do and do not include. This will help you decide which plan has the best value. You shouldn’t have to go into debt to protect your family. However, you don’t want to invest in a cheap plan only to see that it doesn’t cover much. Thus, by comparing quotes online, you can see what companies have to offer you and can make a smart decision about your future.

Once you have all the necessary information, you can decide which quote is best for you. This will no doubt help you sleep better at night. After all, who doesn’t want to be sure their affairs are in order before they pass away? Life is too short to gamble. By taking the time to compare life insurance quotes online, you can secure your family’s future.

Click Here To Get Your Life Insurance Quote

Source by Jeremy

GEICO vehicle insurance is an particulary well recognized vehicle insurance business and is an inspiration and resource of enthusiasm for many insurance companies. GEICO is well-known for their cute talking Gecko in their inspiring commercials and more recently included cavemen commercials. These two characters from the GEICO commercials would insure everything from automobiles, motorcycles and even boats.

About GEICO: GEICO stands for Government Employees Insurance Company is recognized as the leader in the vehicle insurance market and provides vehicle insurance to hundreds and thousands of people. If you are looking for a great vehicle insurance carrier, then GEICO vehicle insurance carrier would be a sensible decision. This vehicle insurance carrier was founded in the 1930s by Leo Goodwin and his wife Lillian Goodwin, which was during the great depression. This carrier soon surpassed their competition and became one of the finest vehicle insurance companies in the United States including numerous other countries.

Seperate from this, there are also a few other things that you should know about the company. GEICO vehicle insurance company is rated as the number one property casualty insurer. GEICO is rated third for first-rate customer satisfaction among the people of United States. They were also rated as a superior company by the consumers in the year 2007. The company also has a number of AAA’s across the board and they are also rated number one as the most respected insurer.

What does GEICO offer? GEICO vehicle insurance gives a number of discounts including multiple vehicle discounts, seatbelts, and discounts for cars with airbags and also includes discounts for a membership which is one of almost 300 organizations. Seperate from this fact, GEICO also offers great customer support. This includes 24/7 service through online staff, phone support and the claims settled very fast and fairly.

Auto insurance with GEICO: Overall, GEICO actually exceeds the principles set by other vehicle insurance carriers. You can acheive very low rates and even enjoy great customer service. If you need a great and reasonable vehicle insurance, then GEICO vehicle insurance is the best decision. However, you might also be very familiar with other insurance companies which also offer you good rates and great after-bond services, but you should know inside-out about the company and whether it is one to be respected. The budding recognition of GEICO through their educative and funny commercials actually lets you know that they can be trusted.

GEICO Auto Insurance and DUI Auto Insurance: DUI vehicle insurance is actually a important issue to those charged with drunk driving. The vehicle insurance companies including GEICO vehicle insurance would base their rates on numerous factors including the driving record. Drunk driving convictions often cause most of the vehicle insurance companies to even lose you as others might augment the rates of your insurance. In case of an accident due to drunk driving, it would also be very hard to negotiate with your auto insurance company and with the lawyer. Although most of the vehicle insurance companies will just ignore such an accident, if you have a GEICO vehicle insurance policy, then you can be guaranteed that the policy would cover the damage caused.

You can search online for other insurance companies. However, it would be a bit difficult to find a vehicle insurance policy that would offer you very low rates for the policy and great service than with GEICO.

Source by Justin Flex

Why do you need to buy cargo insurance? The plain answer is: You ought to buy cargo insurance for peace of mind. The function of this type of insurance is quite clear: It covers your commercial shipment or personal property in case of accidents when transferred by vessel, truck, train or airplane.  And accidents can and do take place. During the nationwide transport or international shipping your cargo is exposed to possible damages & losses: piracy, tough weather, acts of God or other unexpected situations. It was designed to protect the cargo owner’s fiscal interests while the cargo is in transit from the seller to the buyer. It is a very vital, but often left out aspect of the international transaction or a simple household goods move.  It seems that people genuinely understand the grounds for insuring their personal residency, automobile and other valuables but tend to consider unnecessary when it comes to insuring cargo shipment.

Did you know that when you move your commodity, vehicle, household goods by air, ocean or land with any transport carrier and damage or loss occurs, the contingent shipment insurance they offer will pay you only… $0.  That’s not a great deal and by law that’s all they’re expected to pay you, because contingent insurance is completely subject to the carrier’s legal liability and their terms and conditions (tariffs).  You’ll be able to purchase a broader shipment insurance coverage with some carriers, but at very high costs and the coverage will still be bounded by their liability and tariffs and probably based on the item weight and not the value.  With contingent insurance, you run a risk being postpaid very little for your loss. What you need is primary insurance coverage for all types of shipments, not the limited contingent type provided by freight carriers & moving companies. As a result, manufacturers and exporters turn to the cargo insurance brokers that meet the need for full-value-based insurance to protect your shipment.

Fortunately, finding a reliable freight insurance company is not a problem. Search for an insurance underwriter rated A++ with AM Best and AAA with Standard & Poor’s (their maximum ratings).  These 2 companies are independent insurance rating providers who issue the financial effectiveness ratings of all insurance companies. Established underwriters can furnish the coverage for material loss or damage to cargo while in transit, either internationally or domestically.  You can obtain freight insurance coverage for any value from a humble $100 package to million dollar cargoes.  It doesn’t matter who’s handling your shipment – you can get shipment insurance coverage for any common carrier.  It’s not unusual to save up to 50% compared to carrier insurance and up to 25% over traditional primary commodity insurance directly from the underwriter.  You’ll obtain your own consignment insurance policy with the loss payable directly to you or whoever you select, unlike coverage of freight carriers in which they extend you under a blanket policy that encompasses everyone’s shipment. Insurance policy refunds you for de facto losses or the “Stated/Declared Value of the goods”, whichever is less, under the Terms & Conditions of the insurance you purchase. 

This brings us back to the statement about the peace of mind: knowing that you won’t suffer any financial losses should anything happen to your overseas or state-to-state shipment and you don’t have to rely on the transport company to cover for any accidents.

Source by Michael Bliss

If you delve into the industry of insurance you will find several groups of professionals working hand-in-hand to provide security to their clients, amongst them the insurance underwriters play a significant role. Insurance underwriters are the professionals skilled in analyzing risks.

Who are the underwriters?
Underwriters are the professionals, hired by the insurance companies to write businesses for them. The underwriters work in accordance with the insurance companies to protect the insurer from insuring bad-risks. The job of the underwriter involves

•Making final decision regarding accepting or declining an insurance application
•Locating and finally assessing the hidden risks that the insurer might have failed to identify.
•Developing and designing competitive insurance products
•Determining and structuring the premium rates
•Determining the need of add-ons and endorsements to a policy

The insurance underwriter walking on the tight rope

The job of an underwriter involves constant challenges and anxieties. An underwriter is required to work with equal efficiency with every policy application. One mistake on their part can cost the insurance company thousands of dollars. The insurance company can lose business to the competitors for erroneous representation of risk. They can also suffer loses if their underwriter develops a lenient approach towards writing the policies. Therefore, an underwriter has to protect the interest of the insurer and at the same time has to write enough business for the insurer to survive the competition. Every insurer sets their own underwriting guidelines which the underwriter has to comply while writing polices.

Career opportunity in the field of underwriting

As a career, underwriting can be quite rewarding. An underwriter can make around $50,000 and above in a year, depending upon the type of insurance he writes. The average working hours for an underwriter is 40 hrs. a week.

One has to begin as an assistant or trainee underwriter, working under the supervision of the senior underwriters of their respective line of insurance. The job of the junior underwriter involves collecting information on the applicant and learning the methods of underwriting. The value of the underwriter grows with his/her experience.

How can you become one of them?
Though the prerequisite for the profile is graduation, but more and more insurers are now getting inclined in hiring college graduate with degrees in business administration, mathematics, economics, accountancy and the like. Along with proficiency in finance and computer is necessary. Adequate knowledge in finance and market may help an individual to face the challenges associated with the profile. An underwriter should also possess good communication and analytical skills.

The challenges before the career

•Increasingly the insurers are using underwriting software for their businesses for faster and accurate analysis of risk. Use of the tool is also reducing the scope of human error, thus affecting the pace of job creation in this field.

•Normally an underwriter gets confined to a particular line of insurance underwriting like-life or P&C or business, because each form of insurance needs to meet special sets of underwriting requirements. Hence, job switching is a problem faced by the professional in this field.

•More and more insurers are now setting degree in business administration or mathematics as the prerequisite for the job of underwriting. Its, thus, preventing the other college grads from entering into this profession.

Source by Joyeeta Sinharay