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Informative Insurance
Need of Insurance In Our Daily Life..
CAR/EAR Insurance
7:34 AM
Contractors All Risks (CAR)
Our Contractors All Risks insurance policies provide coverage for buildings and civil engineering projects against hazards which may threaten the works during construction, resulting in loss, or damage or destruction of materials, works in progress, construction plant and equipment and construction machinery. Construction of offices, buildings, hospitals, schools, factories, roads and bridges are just a few examples of where CAR can be applied.
Erection All Risks (EAR)
The Erection All Risk Insurance policies cover the erection of individual machines or complete plants – ranging from complete power stations to installation of lifts and air conditioning equipment. EAR policies provide a comprehensive cover to all types of projects involving erection works against accidental loss or damage to machinery and erection materials during storage, erection and testing / commissioning.
Machinery Breakdown Insurance
7:18 AM
Traditionally, this insurance product was applied to insure mechanical equipment and machinery such as turbines, generators, transformers, pumps and electric motors as well as pressure vessels like boilers, heat exchangers, and the pipe structures of chemical plants.
Today this insurance covers practically every kind of machine from metal processing equipment to helicopter rotors and ski lift mechanisms. Trigger of indemnification must be a loss caused by mechanical or technical failure, lack of lubrication or even “operator error” by a worker.
The property insured can be the most valuable single machine, or a group of machines, however the most preferable solution is to insure all the equipment with no inventory needed.
Professional Indemnity Insurance
8:46 AM
Professional indemnity insurance is a type of insurance which is designed to protect professionals from claims made against them by clients. This type of insurance may cover legal fees involved in a suit, along with any payouts determined as a result of a lawsuit. This insurance product is required by law for people in some professions, and strongly encouraged for others, as a lawsuit can be financially crippling in addition to highly damaging to someone's reputation, and professional indemnity insurance can help people weather the strain of a lawsuit.
This type of insurance is designed to provide financial protection in the event that someone makes a mistake and a client sues or makes a claim. Basic professional indemnity insurance just covers negligence, while other policies may cover breach of duty, civil liability, intellectual property disputes stemming from accidental infringement, and loss or damage of data or records. For example, professional indemnity insurance might come into play if an accountant failed to store financial records properly and a client sued.
Doctors and lawyers are often legally required to carry this insurance product, but professionals in all kinds of fields can benefit from carrying a professional indemnity insurance policy. Although the costs of the premiums can be high, especially in high-risk professions, the benefit of the insurance definitely outweighs these costs. A single suit can make the insurance pay for itself, and people in professions which notoriously attract litigation may be involved in several suits over their course of their careers, which certainly justifies the purchase of professional indemnity insurance.
Each profession and professional has slightly different needs. Only a limited number of insurance companies offer this product, and it is a good idea to go to an insurance specialist to discuss whether or not a policy is needed, how large the policy should be, and what types of situations the policy should cover. A good insurance professional will not be afraid to tell someone that the insurance is not necessary or that only a limited policy is needed if he or she believes that extensive coverage would not be in the best interests of the client, and insurance professionals can also provide detailed advice on the types of products and coverage available.
Liability Insurance
8:42 AM
There are many different types of insurance policies available, but liability insurance is one of the most popular because it costs much less than many other options. For example, in regard to auto insurance policies, liability insurance costs far less than full coverage. The reason for this is because full coverage insurance must pay for both your vehicle and any other vehicle involved in a collision, as well as property damage and medical expenses due to injuries to you or another party.
On the other hand, liability insurance is only responsible for the other party's losses. Your person and your property are unprotected, but liability insurance protects you from being held responsible for the other party's damages.
There are different types of liability insurance, including general liability, which works in much the same way as auto liability insurance, but covers businesses. General liability protects a company from third party claims. Aside from general liability, there is also D & O liability, employer liability, and professional liability insurance.
D & O liability stands for "directors and officers" liability and is intended to cover the acts or omissions of those in the director or officer position. An entire company should not be held liable for the statements, actions, failure to act, or other mistakes that are the responsibility of an officer or director.
Employer liability is also known as worker's comp, and it is a mandatory form of liability insurance coverage that all businesses must carry. While it sounds like it is intended to protect the employee, which it does to some degree, it is actually protection for the employer in case of injury, job related illness, or other damages for which the employee might sue the company.
Professional liability is similar to malpractice insurance, although the coverage may not be as comprehensive as some malpractice policies in different fields. The purpose for professional liability insurance is to protect those seen as professionals or "experts" in a given field, who may not be protected by general liability due to their expertise. When one is seen as a professional, he is held to a higher standard and is therefore often considered to hold greater liability towards his clients. Consequently, he needs more coverage than general liability insurance offers.
Aviation Insurance
8:35 AM
Aviation insurance is insurance which is designed specifically to meet the needs of aviators. There are a number of different types of available for a variety of aircrafts and pilots. Laws about aviation insurance tend to be less clearly defined than those regarding car insurance, which can make it difficult to choose the right policy and carrier. Pilots who are not familiar with the specifics of the industry may want to consider asking for advice from an insurance broker or an experienced pilot
Just as with insurance for other types of vehicles, there are a number of levels of coverage in aviation insurance policies, including liability coverage for accidents when the policyholder is at fault, theft and loss coverage, life insurance riders, and insurance for other types of situations, such as loss of cargo. The more services requested on a policy, the more expensive it will be. Coverage also varies depending on the type of craft: helicopters, sport planes, commercial airliners, and so forth are all covered differently.
People who own and operate their own aircraft generally purchase aviation insurance so that they are covered in a wide variety of situations, and so that their aircraft will be replaced if they are damaged, lost, or stolen. Owners may also cover insurance on aircraft they rent out, lease, or hire pilots to fly, in which case the individual pilot may need to carry additional insurance to be fully covered in the event of an incident.
People who lease or rent aircraft usually get aviation insurance which will cover them in the event that something happens to the aircraft while it is under their control. This insurance replaces the aircraft or pays for repairs and covers liability issues, such as injuries to people who were riding in the aircraft at the time of an accident. Many rental and leasing agencies ask for proof of insurance before they will release aircraft to pilots, or request that pilots purchase additional temporary coverage for special aircraft.
Marine Insurance
8:28 AM
Marine insurance is a type of insurance that covers boats and ships, as well as their cargo and in some instances the places where the boat or ship is docked. It has a colorful history, beginning informally in England during the 17th century. In 1906, the Marine Insurance Act was passed under British law, creating a standard operating procedure for policies that dictates the world's policies to this day. The standards set forth by the act are considered reasonable, but due to changes in technology and social standards, the act is generally seen as obsolete and is being replaced by more modern legislature.
There are several varieties of insurance that can be taken out by a boat or ship owner. Marine cargo insurance covers whatever goods the boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. There are also more general policies that cover the boat itself and its passengers, liability for damages to other moving vehicles and liability during an encounter with a non-moving object. These all fall under the heading of a marine insurance policy.
A private ship owner who uses his large boat for pleasure cruising in a marina may wish to take out inland marine insurance, as well as specialty yacht insurance. A merchant ship sailing in politically unsure waters may find it necessary to take out cargo insurance as well as a specific war policy that protects the boat and goods in the event of unfriendly actions. Marine insurance is often available through general insurance companies, and many car insurance dealers offer discounts to those who pay for more than one policy through their company. There are also dealers who work singularly in this area and only offer marine boat insurance. Policies can be broken down to cover only the boat, only the cargo, or both; most do not include coverage of objects on the boat that are not required for the ship's operation, such as computers, cell phones, or other types of valuables.
Types of life insurance
12:18 AM
There are many types of life insurance products available to meet the differing needs of many individuals and families. It is often difficult to understand what kind of protection each policy offers. Learn more about the various types of life insurance products and to clarify the differences between these policies. In order to evaluate which life insurance policy will meet your particular needs, it is important to discuss the matter with an agent or advisor. There are numerous factors to evaluate before purchasing life insurance coverage. Some of the many things you should consider include your age, marital status, number and ages of your children, medical history, earning capability, debt ratio, and anticipated financial needs.
Single Premium Life insurance requires the insured to pay a one-time premium to receive a fully paid life insurance policy. There is usually a minimum death benefit that depends on the individual insured and the amount of the lump sum payment received for the policy. Normally, the full payment goes into a cash value account and the interest rate is applied to the cash value account annually. The interest rate may fluctuate from year to year but there is usually a guaranteed minimum interest rate amount. The insurance company typically charges an annual fee, which covers mortality risks and administrative costs. This policy is usually looked at as a long-term policy since insurance companies typically charge a large amount on a Single Premium Life insurance policy if the insured takes money out during the first few years. The insured may take out a loan against this type of policy and usually the terms are favorable to the insured. Most insurance companies try to structure these policies to meet federal tax law requirements so that death benefits are free from income tax to the beneficiary.
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Term Life insurance provides a specific amount of life insurance coverage for a designated time period. Currently, the available policy lengths for Term Life insurance are one year, five years, ten years and fifteen years. If the insured person dies within the time frame in which the policy is in effect, the insurance company pays out the face value of the policy. If the insured person lives longer than the term of the policy, the policy expires and would pay nothing. Term Life insurance does not build any type of equity is often one of the least expensive types of insurance and is available in several forms. Term Life insurance is typically purchased as a means of temporary protection or when an individual can't afford the cost of other forms of Life insurance. Some people prefer to invest their own money elsewhere and feel they can obtain higher yields without having to use a Life insurance plan.
There are Renewable and Non-Renewable Term Life policies. Both of these types are fairly simple and can be dealt with quickly. With Renewable Term Life, one automatically re-qualifies and is able to continue the existing policy when the original term is up. Non-Renewable simply means that when the policy expires the individual must take another physical and answer more health questions in order to re-qualify for a new policy.
There are also Convertible and Non-Convertible Term Life policies available. With Convertible Term Life policies, the insured may switch his/her term policy into a permanent form of life insurance such as Whole Life, Universal Life or Variable Life. Non-Convertible simply means that one can't switch the policy to another form of life insurance.
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