Understanding Medigap Insurance Ratings Prior to you fully commit to signing up for a specific Medigap policy, it pays to know about the distinct Medigap insurance ratings. For those seniors seeking extra medical coverage that supplements Medicare, Medigap is a good choice. Nonetheless, the way Medigap is structured appeals to a wide selection of applicants. Once you learn about Medigap ratings, you can pick the finest plan for you.Medigap...more
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, in Moore vs. Evans [1918] the assured was unable to provide proof that the property consigned to a German consignee, prior to the First World War, could not be recovered after the war. Therefore, the assured could not prove that a permanent loss had occurred under the policy. This case is at odds with an Australian case of Ranicar vs. Frigmobile Pty Ltd. [1983] in which it is suggested that a change in the physical state of the goods, although perhaps temporary, can constitute damage.Most, if not all, ARPI policies contain specific clauses excluding indirect or consequential loss, but are such clauses necessary? In the context of ARPI it is generally accepted that consequential or financial loss is not covered without the inclusion of a...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...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" would extend beyond simply underwriting, to cover running off the account and paying claims.We do not intend to discuss here the requirements of the Department of Trade and Industry, but failure to obtain authorisation has, historically, created considerable problems for parties to insurance contracts and reinsurance contracts. A series of cases in the 1980s, namely Bedford Insurance Co. Ltd. v. Instituto deResseguros do Brazil [1984] 1 Lloyd's Rep 210, Stewartv. OrientalFire Of Marine Insurance Co. Ltd. [1984] 2 Lloyd's Rep 109, and Phoenix General Insurance Co. of Greece S.A. v. Administratia Asigurarilor de Stat [1986] 2 Lloyd's Rep 552, all dealt with the problems of illegality. Finally, the Court of Appeal in Phoenix v. Adas decided that the lack of authorisation on the part of an insurer renders both the original insurance and the...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...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