Archive for the 'Insurance' Category
What is Liability Insurance?
Author: walkerjack
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.
read comments (0)Negotiation of Health Insurance
Author: walkerjack
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.
Special Travel Insurance
Author: walkerjack
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.
Do I Need Pet Insurance?
Author: walkerjack
Pets provide love and companionship that may seem priceless to any pet-owner, but the reality is that pets do come at a price. Any owner would do whatever it takes to keep their pet healthy and happy, but sometimes this can become a heavy financial burden. Accidents or sudden illnesses can produce hefty vet bills, but pet insurance can ensure that the bills are paid and you can concentrate on getting your pet better.
The most popular insurance policies taken out are for cats and dogs, and pedigree breeds are perhaps the most likely pets to be insured. Pedigrees are expensive to buy and if they are lost, stolen, or die unexpectedly, the owner can claim the purchase price of the pet from an insurer. Secondly, pedigree pets are likely to inherit medical conditions and may need lots of expensive treatment, which pet insurance can cover the cost of. Insurance is also available for different types of pets; horses, rabbits, guinea pigs and exotic animals can all be insured, but it may require more research to find an insurer with the right policy.
Not only does insurance cover the cost of a pet’s medical treatment, it can also cover holiday cancellations if a pet becomes ill, or the expense of the kennels or cattery if the owner were to be taken ill. Different insurers will offer different levels of cover, so spend time choosing the right policy that will suit your needs adequately.
Is Your Home Secure?
Author: walkerjack
If you are researching home insurance, you will be asked questions regarding the security of your home and what you are doing to avoid being burgled. In addition to the basic security measures such as locks on doors and windows, there are other things you can do to lessen your chances of being burgled.
Ensure you lock all doors and windows when you go out. A high percentage of burglaries are opportunist events, where a burglar has chanced upon an open door or window. Additionally, you may want to consider upgrading the locks in your home. External doors should lock at three points. Deadlocks can offer a further degree of protection. Walk around your home looking at all the access points. Would you be able to break into your own home? The harder it is for an intruder to gain access, the more likely they will move on to an easier target.
You must change the locks if you lose your keys, especially if they were stolen from your handbag. Consider changing the locks when you move into a new property, as you don’t know who else has a set of keys to your house.
Never leave cash or valuables in a visible place. Consider placing your treasured items in a personal safe. Additionally you can increase your chances of recovering valuables by marking them with special security pens, tagging and photographing them.
Make sure that you have adequate home insurance in place. If the worst happens and you need to make a claim to replace stolen items, is your household contents insurance policy up to date? Cheap House insurance quotes can be obtained easily from a number of insurers.
Don’t Leave it up to Fate
Author: walkerjack
Once you have achieved your purchase of a buy-to-let property, it is easy to think that all the hard work is done. This seems especially true once you have acquired tenants willing to pay rent so that you can start seeing profits from your investment.
It can seem attractive to overlook the need for landlord insurance as you might feel that your tenants appear responsible and there is nothing untoward that could occur. However, taking into consideration the sudden and impacting changes in personal circumstances, you might want to reconsider.
Think of the way that defaults in rent payments will impact on your life. Consider how much more it would cost you if you found out that your property was damaged and suddenly required a great amount of financial resuscitation in order to make it profitable again.
Your rental property is technically out of your hands when let and ignoring this fact could easily mean that your gains could become meagre. While these factors might seem like an improbability, they are the risk that landlords run when deciding to rent out their properties.
“Protecting your investment” is not merely a statement to encourage you to part with your hard earned money on landlord insurance premiums, it is an essential if you wish to maintain some sanity and financial stability if things do go wrong. Landlord insurance not only brings about peace of mind that your property is being financially covered, but you also buy the assurance that you will be able to act fast should there be a problem.
Types of Life Insurance – which one suits you?
Author: walkerjack
There are two main types of life insurance; term insurance (also referred to as term assurance) and whole-of-life Insurance. However, within these two bands there are many different options that vary between insurers, depending on the situation of the person being insured.
Term insurance is usually the simplest and cheapest form of life insurance. A person is insured for a certain amount of time, for example 10 or 15 years, and pays regular premiums. If they die within that term their beneficiary will receive a lump sum. If they live for longer than the term then nothing is paid. Some insurers may include clauses that allow the policy to be extended, but this is not typical of term insurance.
Whole-of-life insurance covers a person for the rest of their life, rather than for a limited number of years. It tends to be more expensive than term insurance but may be useful for someone who has someone dependent on them right into old age.
Most life insurance policies pay out a lump sum upon the person’s death. However there are opportunities to set up a family income benefit, which will pay the beneficiary in instalments as a replacement to a regular income rather than in one lump figure. There are other options which allow the insurance to be flexible or tailored to specific needs, such as terminal illness benefit which allows the money to be paid out before death.
Different insurers will offer varying features to their life insurance policies so it is worth researching, shopping around and getting professional advice in order to find the policy which suits you best.
Children’s Life Insurance
Author: walkerjack
Life insurance policies are highly useful for covering the expensive funeral costs when a loved one dies. There are different types of policy to buy, and the quote you receive depends on your personal circumstances. Although it is recommended to buy a policy if you have dependents or a next of kin who may struggle to pay your funeral costs, it is also possible to take out a policy for a child. This is becoming particularly popular because when the premium expires you may use it to cover living costs (e.g. University fees).
Most life insurance premiums are paid monthly or annually over a period of twenty-five to thirty years. In the case of children’s life insurance, the policy is often paid up until the child turns eighteen or twenty-one and then the insurance company will pay out. Once the policy expires, the money can be put into investments or college fees. A number of parents are taking this type of life insurance out when their children are very young so that the child may have savings. Although a lot of people take these policies out for this reason, it means that another life insurance policy will have to be taken out to cover your children in the event of their death. Children’s premiums are much cheaper to pay than adults because the older you get, the higher the risk you are to the insurance firm. It is always a good idea to research different insurance company quotes before deciding which company is for you.
Car Insurance – the Law
Author: walkerjack
It is a legal requirement in the United Kingdom for cars or other motorised vehicles to be insured. This allows the vehicle to be driven in a public place, but legislation also states that a car must be insured at all times by its registered keeper. Insurance is there to provide protection for the driver, passengers, the vehicle itself, other motorists and anyone else affected in case of an accident. It protects the motorist against liability and will compensate people for any injuries they may receive or for damage to property. There are financial penalties if the registered keeper of a vehicle is not insured; however, there are certain exceptions to this rule.
Exceptions
A vehicle does not have to be insured if a SORN (Statutory Off Road Notification) has been made. This means that the government, through the DVLA (Driver and Vehicle Licensing Agency), has to be informed if the vehicle is kept off-road and not used in a public place. Vehicles with a SORN must not be driven. Insurance is not necessary for a vehicle that has been stolen, as long as the theft has been reported, or if the vehicle has been passed or sold to a car dealer. There is no need to insure a vehicle that has been scrapped, provided this has been recorded by the DVLA, or one that has been exported permanently. The DVLA should also have this on record.
Penalties
A keeper of an uninsured vehicle may be liable for a fixed penalty fine of £100, may have the vehicle clamped, impounded or destroyed, or even face a court prosecution with a possible fine of up to £1,000.
How do I Know if my Claim Qualifies?
Author: walkerjack
It is nice to know that your travel insurance will be there to help when you need it most. When unforeseen events arise that cause a trip to be altered or cancelled, it is travel insurance that usually saves the day. To make sure your travel insurance qualifies for reimbursement, there are a few things you need to know.
If you are hoping to have your hotel accommodation reimbursed, there are two key elements to being successful with your claim. The first is that your hotel has to be pre-booked before your trip. Most travel insurance policies will not cover hotels that are booked after you arrive at your destination.
The other important element is that, for some policies, where you stay must be recognised as a tourist accommodation. This includes hotels, B&Bs, hostels, guesthouses and resorts. It is always a good ideal to check with your travel agent if you are unsure.
With certain companies, you will also need to show that your accommodation was at least 25 miles away from your home. Some travel insurance companies insist on a 50-mile radius. Other travel insurance companies will not cover trips that are not of a personal nature.
Always keep your airline tickets, accommodation confirmation and any other receipts. These will help to prove your travel dates and the cost of your trip in the event that you have to make a claim.