Liability insurance is a policy taken out by those who wish to provide cover for third party losses. This is a standard policy to have for small businesses and for the self-employed. It protects the policyholder against any losses or injuries suffered if the unexpected happens, if something goes badly wrong and any third party involved sues for damages. If it is found that the policyholder is liable for costs then the liability insurance will pay the third party for those losses.
Liability insurance does not cover for any losses incurred by the policyholder, either personally or to property. Separate policies must be taken to cover against personal losses and property damage. There are various levels of liability insurance and the policies are easy to obtain. Liability insurance tends to be cheaper than many of the other insurance policies available, as claims tend to be rare. These policies are available from most of the mainstream insurers and can be easily purchased online.
If a company, small business or self-employed person does not have liability insurance and the worst should happen and someone makes a claim against them for damages or injury, the costs can be enormous. They may find themselves liable for medical costs, loss of earnings, repairs for damage to property and compensation for stress related conditions.
It is not compulsory that there is a liability policy in place, but having one is a good idea. The liability insurance policy offers peace of mind to the policyholder, because they know that they are covered in the event of something going amiss. It also gives peace of mind to the potential clients of any company or self-employed person who know that if the worst were to happen they would be fully compensated for any losses incurred.
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Home insurance, which is also commonly known as homeowner’s insurance, usually includes contents insurance, buildings insurance or can incorporate both. In essence, it is a form of property insurance that is purchased for the protection of a private home, business property or property owned by landlords for leasing to tenants.
Home insurance policies frequently include a variety of personal insurance protection, such as loss of contents, losses that occur in regard to the home itself and even damage to garages or sheds. There is a wide range of options available, with various levels of cover; however, customers must always be honest with their insurer. The policy should cover the cost of rebuilding the property should it be completely destroyed and the cost of any permanent fittings or fixtures. In addition, house insurance is available to cover the loss of use of the property and will therefore cover the additional expenses of having to live somewhere else temporarily.
What a homeowner pays for their insurance cover tends to depend on how much the property is worth and sometimes takes into consideration individual items that are worth a significant amount of money. However, the premium paid can also depend on the amount of research the homeowner is prepared to do to find a good deal.
For most typical policies, such occurrences as war and flood damage are not covered, but these are options that can be purchased as extras. It is recommended that the purchaser checks if the policy repairs old items or replaces them for new.
Cheaper Travel Insurance
> Posted by walkerjack in Travel Insurance
Overspending on travel insurance can be one of the biggest drains on money for British holidaymakers. Most travel insurance is relatively cheap – with single trips starting from £10 and annual insurance starting from £30. However, people often get confused and end up paying huge amounts to travel agents, instead of following some simple tips to cut the expenses.
First of all, always compare and check different companies. Online insurance agents have opened up the market and compete with the bigger insurance companies. Some travel agents are overpriced, but others work closely with insurance companies to meet the customer’s requirements. Compare quotes and ask your friends and relatives what they would recommend. You would be surprised to hear how many good deals are available.
Secondly, consider the right travel insurance for you. The most expensive travel insurance is not necessarily the best, and the cheapest is not the worst. You want to find the insurance that is exactly right for you – considering all your equipment, the specifics of your journey and your medical history. You never know if your travel insurance might save you a large amount of stress and expense.
Pet Insurance Made Simple
> Posted by walkerjack in Pet Insurance
Vet’s bills can be expensive; therefore it is financially safer to have a pet insurance plan in place to cover the costs of any necessary treatments. In addition to medical bills, the insurer may cover any costs incurred as a result of looking for a lost or stolen pet or the costs of looking after a pet if its owner goes into hospital. This all depends on the type of insurance plan. Often insurers will cover for medical treatments for illness but not for vaccinations. The cost of neutering is not covered. Most insurance companies will only cover domestic pets such as cats, dogs and horses, but it is advisable to ask if they will cover your pet. Rare pets such as snakes and reptiles may cost more to insure.
There are two types of pet insurance plans that can be purchased, the first being a limited time plan. A limited time plan only covers a pet for a certain length of time, such as a year and has to be renewed after this period. The second type is a life long plan, which essentially covers a pet for any illnesses throughout the length of its life. Illnesses will be more frequent later in life and this will increase the price of the insurance as with human insurance policies.
Insurance companies should be registered with the Financial Services Authority (FSA) so make sure this is the case before choosing where to purchase pet insurance.
When comparing cheap contents insurance quotes, policies are divided into two main types: wear and tear, and new for old.
Wear and Tear Contents Insurance
Policy Expert contents insurance quotes tend to be of the wear and tear variety. Wear and tear policies reduce the value of the contents of your home according to the age and condition of the item. Therefore, if an older item is lost, stolen or destroyed, it may be replaced by one of lesser value.
New for old Contents Insurance
Getting contents insurance on a new for old basis means that however old an item is, it will be replaced with a new, comparable item. This means that a new for old contents insurance quote tends to be a little bit more expensive than one that is provided on a wear and tear basis. However it may be worth the extra expense for the peace of mind that comes with knowing that if your home’s contents are lost or damaged, you will not be forced to accept a cheap substitute.
Health is a very individual matter, and so the standard policies of an insurance provider cannot possibly cover all the individual needs of each customer. Luckily, it is standard to have some room for negotiation when it comes time to choose a cover option. In addition, changing circumstances mean that customers sometimes have to change their health insurance agreement to make sure that they are still covered.
Development of new health conditions can affect the way a healthcare policy works. Provision should be made for regular appointments and procedures that may be a part of living with the condition. Specialist cover is generally available for these cases, and this can easily be added onto an existing policy. A good company will be able to advise the customer on the best way to fit this into their agreement.
Sometimes an individual decides that they wish to expand their health insurance by covering for people other than themselves; these are often spouses and other family members. This is a good way to simplify your dealings with the health insurance company, instead of taking out several smaller policies.
Make sure to include all information when taking out a new policy with the company – everything that affects your health is important and any issues must be revealed to the insurer.
When the unexpected occurs, especially when it involves your house, it is reassuring to know that you have some protection. Home emergency insurance is a type of home insurance that expressly covers those urgent situations that can arise. Most home emergency insurance cover circumstances of crises, such as blocked drains or burst pipes, loss of access to utilities (hot water, heating, gas, electricity), loss of keys to your house, or windows or doors that have been broken and thus pose a security risk.
Home emergency insurance is usually considered an additional benefit that can be added to your standard buildings insurance with accidental cover for an additional fee. Most home insurance policies do not cover emergency situations, such as a hot water breakdown or a blocked toilet. Purchasing home emergency insurance can give a homeowner some peace of mind, knowing that should such an event arise, they have the means to deal with it immediately. However, one should understand that home emergency insurance is certainly not a substitution for your home insurance policy.
All home emergency insurance policies do have exclusions such as loss or damage that occurred before the policy was purchased, or was a result of equipment that was not appropriately maintained. Home emergency coverage does not cover any damage to pipes, outbuildings, fences, gates, or hedges outside the house. These exclusions should be read through carefully before making a claim or deciding if home emergency coverage is right for you.
Depending on the nature of your travel, you may want to consider some specific types of travel insurance, like insuring your equipment or insurance for long stays.
Winter holidays that involve skiing and snowboarding are quite popular in Britain. A special type of winter sports travel insurance can give you exactly the type of coverage you need. Broken legs and arms are common injuries that result in painful memories and hefty medical bills in foreign countries. In France, for instance, a broken leg is around £4,000, while prices rise in the US or Canada. Skiing equipment is another worry – whether it is your personal skis or hired, it is good to cover them against loss or theft.
The adventure travel insurance is another type of insurance policy that is offered to those who love adventure sports. The need of insurance is increased when you plan bungee jumping, sky-diving or white water rafting. Give yourself and your friends and relatives peace of mind before you start putting yourself at risk.
If you are planning to spend longer periods of time abroad, you should consider “long stay insurance”, also known as “backpackers travel insurance” or “students travel insurance”. These policies vary from three months to a year and a half, including working abroad, and are especially important for people who plan to go to third world countries.
People with medical conditions should consider travel insurance for people with pre-existing medical conditions, which give them the freedom to travel without worrying about the extra risks.
Finally, always compare prices and types of insurance to find the one that suits you best.
SORN – For Vehicles Kept Off the Road
> Posted by walkerjack in Car Insurance
Although there is a legal requirement for a car to be insured, and penalties in the form of fines or possible destruction of a vehicle for failing to insure it, there are several exceptions to the rule. Motorists should be familiar with these exceptions as they could prevent financial penalties and criminal proceedings.
SORN
When a Statutory Off Road Notification, or SORN, is made, a car does not need to be insured. An owner must notify the Driver and Vehicle Licensing Agency (DVLA) in Swansea that the vehicle is not going to be used in a public place and will be kept off the road, bearing in mind that roads are public places. Thus, a garage or a driveway would be appropriate places for a vehicle to be kept. SORN should be declared as soon as possible following the decision to keep a vehicle off the road. This may be when the road tax is due for renewal, in which case no payment is required for the tax and no insurance is needed, or at any time during which the vehicle remains in possession of valid road tax and insurance. Any prepaid road tax or insurance will be repaid by the DVLA and the insurer, so it is worth being proactive when it comes to declaring a car as off the road.
Stolen Car
If a car has been stolen, the owner must report the theft as soon as possible to avoid a claim on their insurance. The owner is only protected if the theft has been reported to the authorities. This helps to prevent fraud and thus, to keep insurance premiums down for car owners.
Sold Car
As soon as a car has been sold and taken away, the previous owner is no longer liable for insuring the vehicle. This applies both to private sales and instances in which a car has been passed on to a car dealer. It is important to ensure that the appropriate new ownership details are sent to the DVLA so that the previous owner is not thought to be liable for insuring the car.
Scrapped or Exported Car
If a car has been scrapped or exported permanently, it does not need to be insured. It is essential that the DVLA are informed of a scrapped or exported car.
Research carried out by The Association of British Insurers shows that one in five households in Britain could be underinsured. The main reason for this unfortunate situation is that policyholders simply did not know the value of their household contents. If you are in the position of having to make a claim, underinsurance can be a real headache. If you have insufficient cover you will find that the full cost of replacing lost or damaged items will not be met by your insurance company.
To avoid being underinsured, take time to re-check your house insurance documents. Study the paperwork and make sure you completely understand the level of cover that you have.
Make an inventory of your household contents. Walk through each room in your home and list the items. Do not forget the curtains and carpets. Also, remember to include tools in the garden shed or garage, if these are covered by your policy. Make use of the quick calculation tools offered by some online insurers, as these will help you arrive at an approximate value for home contents.
Some cheap contents insurance quotes do not include cover for all your possessions. Antiques, art and high value items are often required to be listed separately and will incur an additional premium. If you are not sure about some items, make a list and query it with your insurers.
Make it a rule to keep your household insurance up-to-date, and ensure that your policy cover reflects any changes. Reviewing your house contents insurance annually should ensure that you achieve the best cover at the most competitive price.