Insurance Risks - The Burden of Proof The significant feature, however, which distinguishes ARPI from other categories of insurance is that it covers the assured against physical loss caused by all perils and risks. Of course, having covered the assured in the insuring clause, the policy will then continue to exclude cover for various risks in the exclusion clauses, such as nuclear explosion, war, flood and many more. Therefore, is the...more
Insurance Policy - Physical Loss Or Damage The trigger of coverage is proof of physical loss or damage to or destruction of property identified in the policy. For the purpose of defining the trigger it is not necessary to consider the meaning of event or occurrence, although as we will see, they may be relevant when applying deductibles under the policy.The loss of or damage to the property must be absolute and not temporary. For example,...more
Top 5 Everlasting Principles of Insurance Of certainty, principles ruled the world. For instance, Sir Isaac Newton propagated the acceleration due to gravity. That is whatever that go up must come down due to gravitational force. In like manner, insurance is subject to certain principles. Then, what is insurance? Insurance is a contract, a risk transfer mechanism whereby a company (Underwriter) promised to compensate or indemnify another party (Policyholder) upon the payment of reasonable premium to the insurance company to cover the subject-matter of insurance. If you are well conversant with these principles, you will be in a better position in negotiating you insurance needs.1. Insurable interest. This is the financial or monetary interest that the owner or possessor of property has in the subject-matter of insurance. The mere fact that it might be detrimental to him should a loss occurred because of his financial stake in that assets gives him the ability to insure the property. Castellin Vs Preston 1886.2. Umberima fadei. It means utmost good faith, this principle stated that the parties to insurance contract must disclose accurately and fully all the facts material to...more
Insurance - Waiver Or Affirmation? The only remedy available to the insurer in the event of material non-disclosure or misrepresentation is the avoidance of the policy of insurance. It must then return the premium to the assured and parties will be returned to the status quo. Frequently, the insurer or its solicitors will write to the...more
Authorisation of the Insurer in the United Kingdom An insurance company carrying on the business of insurance in the United Kingdom must be authorised by the Department of Trade and Industry under Sections 2 and 3 of the Insurance Companies Act 1982 ("the Act") and the Insurance Companies Regulations (1981). "Carrying on insurance business"...more
Medigap Insurance Plans - What Do They Cover? There are several Medigap plans that cover a variety of aspects. They are lettered A by means of L. Medigap plan A covers hospital coinsurance. This is for days 61-90 as well as days 91-150 in the hospital. It also covers part B coinsurance, such as doctor's services, laboratory and x-ray services, as well as hospital outpatient services. Hospital coinsurance is covered by plans A through L. Part B Coinsurance is covered by all plans A by means of L, but for plan K it is up to 50 percent, and plan L is up to 75 percent.An additional aspect of coverage for Medigap plans is the initial three pints of blood. This is covered in all plans, but in plan K it is up to 50 percent, and plan L is up to 75 percent. This is also true for the hospital deductible befit. The Skilled Nursing Facility daily coinsurance covers a particular quantity per day for days 21-100 of every benefit period. This is a benefit of plans C by means of L. For plan K and L, it is 50 percent and 75 percent respectively. The component B annual deductible is only obtainable for plans C, F and J.Also included in Medigap plans is component B excess charges advantages....more
When you look to obtain a business insurance quote you will either be asked to declare certain information or complete a proposal form. This information will be used to provide you with a quotation and should you choose to accept the quote and incept...more
There are many cheap HGV insurance quotes There has been a rise in the number of accidents involving HGV or heavy goods vehicles, many of which have occurred on days when it has been rainy or foggy. HGV insurance is therefore essential for...more
Contact Insurance - Consideration, Fronting Generally, consideration is not an issue which will concern the parties to ARPI. The premium passes from the assured and the insurer agrees to provide cover according to the terms of the policy....more
Are you going to live forever? Of course not. As someone once said, life is terminal and no one gets out alive. Most of us understand that and have accepted it. We all want to leave this world with our financial affairs in good order. So we draft a...more
Only a few motorbikes are considered precious and are treasured by the owners for a long period of time. These bikes should be protected from the dangers of the roads and other mishaps and so many insurance companies have introduced classic bike...more
You always want the best when it comes to your business. In very detail involving the operation, quality control is strictly adhered to in order for you to achieve the ultimate profit. This is very true especially when you are in the trucking...more