Feb/120
Blanket Insurance For Businesses
Blanket Insurance is an insurance policy under which more than one property can be insured in more than one location. When you purchase a blanket insurance policy, you need not to specify the items covered under the insurance, as everything under a property is covered. Blanket insurance is not used to insure just property, but also things like the health of employees, theft in a particular establishment etc.
How to Get Blanket Insurance:
There are some basic requirements that you have to fulfill before you ca opt for Blanket Insurance.
1) List the Items
You need to draw up a Statement of Values stating the value and name of the items that are going to be covered by the Blanket Insurance. The SOV states the name of the item and its location.
2) Coinsurance
If you have insured property at various locations, one major problem arises at the time of payment for any accident or damage to the property. The limit of the property under Blanket Insurance needs to be looked into. If the value of the damaged property is more than what is offered under the terms of blanket insurance, then you will suffer a loss. You must remember that insurance companies keep in mind the cumulative value of the properties and items you are insuring, not the value of one single item.
What You Must Know Before You Opt for Blanket Insurance:
1) Agreed Value
Agreed value is the value that both insurer and the insurance company agree on while drawing up a blanket insurance plan. You must be very careful while stating an agreed value, as you cannot invoke the coinsurance penalty and get the insurance limit changes at the time of payment.
2) Varying Rules
Before opting for a blanket insurance cover, you must remember that different insurance companies have different rules regarding blanket insurance. Since insurance must be done on many items and properties, all under a single limit, many companies are reluctant to do it.
3) If your property is located in many different regions, then getting a blanket insurance cover becomes difficult. In fact, you may need to use many different blanket insurance covers for properties in different states and countries.
4) Blanket Highest Rate
The highest blanket rate is calculated based on the highest value item under the items covered by Blanket Insurance. This type of Blanket Insurance can be expensive.
5) Blanket Average rating
The individual values of the items covered under blanket insurance are added, and then divided by the insurance limit. The resulting amount is called Blanket Average Limit. This is cheaper than Blanket Highest Rate premium.
Many people blindly sign for blanket insurance covers, thinking it will protect all their property against any kind of loss. Before signing, you must read the fine print, and keep the above points in mind. If you find it difficult to choose a Blanket Insurance cover for your business, you can consult a small business consultant or an insurance agent.
Jan/120
Insurance – It’s Early History
Insurance. What would we do without it? Though it seems impossible, there was a time when insurance on anything didn’t even exist. Unfortunately, the early beginnings of insurance are unclear. Over the centuries there have been key writings uncovered that give us some ideas of it’s beginning s. But as to an actual moment in time when the first item was insured, no one really knows.
There are theories that insurance goes back to the early days of the Babylonian traders at around the 2nd millennium BCE. They created a system which was recorded in the famous Code of Hammurabi around 1750 BC. This system was practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment he would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen.
As a business itself, the first recognizable form of insurance started in Great Britain in 1666. This was in reaction to the “Great Fire Of London.” Because of this incident fire became a growing concern in England. Another major concern in England during the time was marine insurance because of England’s position in the world of sea trade. Some of the early insurance companies of the time were The Sun Fire Office, Royal Exchange Assurance and Hand In Hand.
As was stated above, there were some early writings that point to the first insurance companies and types of insurance. Below are a number of these writings.
From 1680 the following memo was found. “Mr. Newbold, London’s Improvement and the Builders’ Security Asserted, by the apparent advantages that will attend their easie charge, in raising such a joint-stock as may assure a Re-Building of those Houses which shall hereafter be Destroyed by the Casualties of Fire.” This memo appears to point to the beginnings of fire insurance. There were many other memos found during that same time period from 1680 to 1700 all related to fire insurance companies.
In 1697 writings were found to show the beginnings of an insurance company created to insure the welfare of widows and orphans. This appears to be the early beginnings of life insurance. During the period of 1697 to 1762 many other memos were found relating to the establishment of life insurance. Some of the early known companies are The Society For Equitable Insurances, The Perpetual Assurance Office and The Hampshire Society. It wasn’t however until about 1850 that the first evidence of life expectancy actuary tables were found.
The first evidence of insurance for businessmen was memos found going back to the year 1601. Many different kinds of businesses were mentioned in these memos such as small businessmen, mining companies and ship building companies. Evidence also shows that the British took out insurance on their enemies’ ships for the purpose of collecting on them after they were destroyed by the British Navy.
In the next article we’ll go over the various types of insurance that one can purchase today.
Jan/120
Burial Insurance Benefits
These days, buying different kinds of insurance is very popular-auto, life, and so on. However, many people are still hesitant about buying burial insurance, when in fact, this is something that they should pay more attention to because it will surely happen sooner or later. Moreover, you can get a lot of benefits from buying burial insurance while you are still young.
One great benefit of buying burial insurance is something that you cannot buy anywhere, and that is peace of mind. You will sleep well everyday knowing that if anything bad happened to you, your family will be safe and secured.
If everything has been taken care of when the time comes for you to say goodbye, your family can mourn peacefully without having to worry about burial costs and expenses. The death of someone you love is devastating enough, but worrying about financial aspects of your loved one’s death at the same time might be a little bit too much to handle.
Another great benefit of burial insurance is that you can choose what kind of funeral or burial service you would like to have down to the smallest detail. You can choose the kinds of flowers and their arrangements, music, color and style of the casket and so on. It might sound morbid for some people but it is not impractical. The truth is, many people buy burial insurance not to save money but to ensure that their burial service is something that they will like.
The premium that you need to pay monthly will definitely not go to waste because death is inevitable and something that we cannot prevent from happening. Every person will eventually die and the only thing that most people wonder about is “when.” But for other insurance plans like auto insurance, the premium that you are paying every month may go to waste if no accidents happen which involve your car.
Burial insurance allows you to gradually save money to your bank account. Just imagine if you do not have a burial plan and suddenly you fell down and die. This will give your family a hard time paying for all the costs and expenses. It will cause a big dent in your wallet if you have not decided to pay everything in advance.
Having burial insurance will give you and your family the peace of mind that all of you deserves.
Jan/120
Insurance Coverage – What’s Just Right
Being a defensive driver does not mean one is safe from road accidents. Such can happen to almost anyone anytime, anywhere. But if drivers are insured, they might be relieved of the hassle that their coverage affords them.
Owners must take a look of various coverage of car insurance. They can then select what type of coverage they would want to take advantage of based on their needs as a driver.
First on the list is the collision coverage. This takes care of the refurbishment of the car in case of accident and includes windshield, tires or any part of the car that needs to be replaced.
Second is bodily coverage. This includes medical expenses or injuries that drivers may cause to third party during accidents.
Third is comprehensive coverage. This is for the restoration or replacement of the car in case of calamities, vandalism, hurricane, fire or any other natural calamity aside from collision of course.
Fourth is the property damages coverage which shoulders the things or properties destroyed during an accident. Properties such as the neighbor’s fence or telephone poles are taken charge of.
Fifth is medical coverage. This is very important because it incorporates medical expenses of the driver including those of the passengers in case there are passengers in the car during a misfortune. This includes medical treatment, x-rays, surgeries and even funeral charges just in case someone is unlucky enough during an accident.
Last is personal injury coverage. This is inclusive of the medical expenditures that might arise because of an accident. Medical bills, laboratory fees, surgeries and other related services are likewise included. If there are still remaining amounts after all expenses have been deducted, payment for not being able to go to work because of the accident will be paid by this car insurance coverage.
With the basic knowledge provided here about some of the coverage that drivers might possibly avail of, it is now time to go online to check for possible insurance quotes. From there, owners can settle on what are the things they needed the most. They should consider the lifestyle they have and how often you use their car in choosing the right quote.
After acquiring an online quote, one should call an agent. It is then time to discuss what coverage they would want to avail. Nevertheless they must be very attentive in availing coverage because they might end up paying multiple coverage with just the same remuneration. They should not forget to ask if they have clarifications to make.
One thing to not though driving a car with auto insurance should not be a motivation to be reckless. The best insurance still is being defensive or extra careful every time one is in front of the wheel. Drivers might be insured but there is no better thought than driving without encountering any road accident. Use car insurance as a protection and use it wisely.
Dec/110
Car Insurance For a Woman – Some Interesting Facts
It is somewhat interesting to note that car insurance for a woman is often cheaper than that for a man of the same age. There are many reasons that insurance companies can legally ask for less money to give the same policies, but most would point out that, statistically, women are in less traffic accidents than men, and therefore tend to be viewed by insurance companies as a less risky driver to insure.
This is not just a guess!
Naturally insurance companies cannot just claim these things, and will often take into consideration national traffic data along with insurance industry statistics to ensure that their reasoning is sound and just.
For example, car insurance for a woman might be less because national statistics prove that younger men of a certain age account for a large number of traffic violations and accidents. Insurance statistics also add up to the fact that female customers making claims tend to have a lower total cost of repairs than males.
The times they are a changin’
Interestingly enough, trends are beginning to change and not all companies are sticking with a different set of costs for men and women. Additionally, there are some companies that are now geared entirely around coverage for women and these offer additional features such as roadside assistance, courtesy cars, and even coverage for their driver’s handbags in the event of theft of the car.
When a policy offers only car insurance for a woman the total cost is not derived strictly based on their gender of course. A woman with a bad history for traffic incidents or violations, who maintains a low credit score, or who is unmarried and owns a single vehicle with high annual mileage might see their monthly premiums even higher than a male of the same age and driving the same car.
It is also important to note that a woman who adds a male family member to their policy may see any discounts removed at the time that the additional person is added.
Like all others seeking auto insurance, a woman will need to be assessed based on the amount of risk they represent to the insurance company. Naturally, a savvy female shopper will apply the same standards to their potential insurance company and look at the insurance rating and performance data on any that they contact. If their financial stability is not very good, it is best to seek out other alternatives.