Posted in Insurance

Earthquake Insurance

Earthquake is a natural disaster which can threat a life of common man. Nowadays people are going to buy Earthquake insurance. But one should keep in mind its positive and negative points before applying for it.

Who wants earthquake insurance?

It is mandatory for everyone because the earthquake can come in any area and states. Some areas are more prone to earthquakes, and they need to be insured first by earthquake insurance. In western countries, people are well versed aware with all the cases of the quake and its requirement of a common man in those areas. In some regions, people have to buy it because earthquake damages their home. Sometimes people do not have enough funds to rebuild their homes.

Where to purchase earthquake insurance?

The best way to get the earthquake insurance done is to contact your present house owners and renters company. One should go and ask about the insurance offered by them to all the categories of customers. The type of insurance offered like stand-alone and add-on type policy. The customer should figure out about the coverage provided by the company or not. If it is not offered, then one can look for other companies to get the insurance done.

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Kidnap and Ransom Insurance

Nowadays the primary source of revenue is kidnapping for the professional type of kidnappers. It has become prevalent around the world, and the number of cases has been growing in Latin America. All the families in all the parts of Latin America should know about it and prepare themselves in advance. They should have proper insurance for an appropriate cover for kidnapping and protection of their loved ones.

It is not necessary to buy the insurance policy for the payment of reimbursement amount but to it is a kind of professional help. It is essential these days

Coverage for all types of Kidnapping

  1. Fast Kidnapping – It is done with no extra planning and the particular type of target.
  2. Political Based Kidnapping – The principal object of this kind of seizure is a demand of government and power of politics.
  3. Robbery – It needs two types of victims which are done by blackmail and another kind of crime.
  4. Virtual Type of kidnapping – It is for stealing things like mobile phone and personal kind of information to make someone feel that he is kidnapped.
  5. High Profile Kidnapping – It is a most elaborative type of scheme in criminal gather all the information about victim family.
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Crime insurance

The basic idea to get the Commercial Crime insurance is to secure the assets from theft, fraud and dishonesty and losses due to the third party. It is insurance can cover all types of members like the permanent employee, temporary worker and freelancer as well. It is a scheme which is helpful in reducing the risks for all cases like theft, forgery and fraud.

Everyone knows that life is unpredictable and anything can happen in life. So it is the best thing one should prepare him for these types of conditions.  Crime insurance is a kind of such privilege which can support us to get ready for an unseen situation for vehicle, house and health.

Perils of Commercial Crime Insurance

  1. Employee Theft Insurance – It is a loss of money and other assets by theft and breaking of the law by the insurance employee.
  2. Coverage of Workplace – The third parties losses of damage, disappearance and other assets which take place in the companies.
  3. Coverage of Transit – It is for the losses which occur outside the premises during transit of items from a location to the other.
  4. Coverage of Counterfeit – The losses which happen due to the dishonesty of cheques drawn on the accounts of the company by some third party.
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Portable Electronic Device Insurance

Just like other insured properties, the electronic devices are also required to get insured under the legal terms and conditions. After many attempts, the lawyers got success in over 45 states to get the portable electronic devices to be covered under insurance law. The insurance includes mobile phones, tablets, computer, cameras etc. The insurance of inland marine is similar to electronic device insurance.

To offer the insurance on the portable products the vendors or the retailers require an insurance license to legalise the product insurance and provide to the customers. Each and every consumer requires insurance or the extended warranty on their devices for recovering the loss from the damages caused due to theft or in –operability.

The insurance covers the losses and compensate towards repair/replacement or maintenance of the devices against manufacturing defects, poor workmanship or regular wear and tear. But before providing insurance to the consumer for goods purchased, the retailer has to brief them about the benefits which are covered under extended warranty and electronic device insurance, because both have different terms and conditions. The gadgets of high price bear expensive insurance charges. Say, if you own a gadget costing 200 Euro then the cost paid for the insurance policy will be 100 Euro.

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Mortgage Insurance

The losses faced by the investors and the money lenders due to any default caused in mortgage loan are given relaxation by the insurance companies by taking mortgage insurance. The insurer can opt private or public type of mortgage insurance as per need. We all know that buying a home is the most tedious job, so who does not like to get a home on less than down payment price charged by the bankers?

Yes, you are thinking right, MI (mortgage insurance) offers you the privilege of owning a house on 20% less than down payment. The investors provide this facility to those borrowers who produce MI to the lenders because MI takes the financial guarantee of the individual so the advantage is provided. MI helps in buying a house faster because of lesser down payment. The loans having MI are approved sooner as compare to non-mortgage insurance loans.

The price range of private mortgage insurance falls in between 0.5% to 1% of the full loan amount which is charged annually. For example, if an owner has sanctioned $200,000 loan amount then he will be paying $2000 in a year.  This amount is calculated on the loan taken and the capacity of the loan applier.

Posted in Insurance

Plant Insurance

Every businessman wants to secure themselves with regards to damage or losses against plant and machinery. The plant includes tools, fixtures and equipment required for carrying out a business or a company. No matter how full proof and branded equipment you have, but you need to get them insured because breakdown is the normal tendency of the plant and machinery items. This insurance is termed as plant insurance.

In a business, risk includes everything like theft, burglary or damages against plant equipment in a business. Though some of the machines are robust in nature but they can get damaged due to fire accidents or vandalism. So to get the plant insurance for a businessman is the intelligent step taken in advance to meet the future risks without financial burden.

Plant insurance gives cover to the plant and provides lowest repair or replacement cost on the machines. The complete insurance package automatically gives protection to the small tools and fixtures which get damaged in unfortunate accidents.

The cost of the insurance starts from 20 Euro which covers the plant and provides an extension to the business liability. This type of insurance comes under the policy of public liability and can be afforded by the Tradesman or businessman.

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Terrorism Insurance

There was a time when terrorism was a remote evil, but now it has smugly made its way to being a major evil in the modern world. Terrorism has not only spread its wings in Africa and Asia but also in the western world. Therefore now all of the business, property and human lives are in danger. This has raised a crucial need for terrorism insurance, and therefore many organisations have included this in their insurance schemes.

 The terrorism insurance covers-

  • Bomb attacks
  • Knifing
  • Vehicle attacks
  • Attacks on skyscrapers and aeroplanes
  • Damaged or destroyed property
  • Business interruptions

Some of the aspects of Terrorism Insurance are-

  • There are many organisations which offer terrorism insurance, and you can choose your ideal insurance plan and get your desired property insured to prevent losses caused by these evil terrorist attacks.
  • The major advantage of getting the terrorism insurance is that you will be compensated for the loss that has happened because of the terrorist attack and saves you from the downfall in business and personal life and continues from where you left off.
  • These insurance plans and packages vary in nature and size and thus are affordable for all class and categories of people. It starts from the scratch to the complete coverage and therefore you can take the most feasible plan and save your most crucial asset without exceeding the budget.
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Crop Insurance

Just like property, health, business, pets, etc. one should also protect its crops. Crops are reliant on the weather conditions and are also exposed to all kinds of obvious hazards like seasonal changes, fire, raids, etc. and therefore it is important to get them insured for long-term benefits. There are many organisations in the market which offer crop insurance, and you can easily choose the coverage according to your requirements. Once you get your crop insured, you will get compensation to the extent of liability covered and in the case of poor harvest; you shall be compensated to the extent of the premium charged.

Some Aspects of Crop Insurance-

  • The crop insurance should cover your crop against all natural disasters, human-made disasters, thefts and raids, and should also include the machines and equipment and livestock.
  • Since the crops are dependent upon weather conditions, you should also get them insured to get compensated in times of poor yield due to unfavourable weather conditions.
  • There are many organisations which deal with crop insurance, and therefore you should choose an insurance which satisfies all of your needs and requirements. There are a number of insurance packages available, and you can choose one depending on your affordability.
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Dog / Pet Insurance

Dogs are a very vital part of a lot of families in today’s era. They are equivalent to children for these family members and are raised with utmost love and care. To keep your dog fit and healthy, and save him from diseases and injuries- organisations have brought the Dog Pet Insurance schemes which will help you in your time of need.

There are many dog pet insurance packages available in the market.

The coverage of the Dog Pet Insurance includes-

  • Vet fees
  • Surgery costs
  • Medical tests,
  • Vaccinations
  • And Oral Treatments etc.

There are certain policies and criterions for Dog Pet Insurance-

  • Lifetime insurance– in this type of insurance, you offer a premium payment every year and get your insurance renewed at the end of the year.
  • Limited-time Insurance– in this kind of insurance, only those risks is covered which happen within the insured period.
  • Accident-only insurance– in this type of insurance, you are insured only for the accidents that might happen.

There are many organisations which offer Dog Pet Insurance, and their insurance schemes cover the liabilities from $100,000 to $300,000, thus making it affordable for all class of people.

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Professional Liability Insurance

The professional liability insurance, commonly abbreviated as PLI is also regarded as professional indemnity insurance or PII. This form of insurance assists in providing protection along with professional advice to ensure the availability of service providing individuals or companies who are readily present to bear the full cost of defence against all sorts of negligible claims that are often provoked by the client.

The coverage concerns also focus on the financial loss along with several errors or omissions in terms of the service or product mentioned by the policyholder while selling.  Certain kinds of professional practice require professional liability insurance in some of their areas. The necessities basically arise in the fields of medical or legal subjects. They are also required under contract by several businesses that call for setting the beneficiaries of the services or advise.

  • Several professions are often found to purchase the insurance deals:-

Depending on the profession, the PLI may often take on various names and forms. This practice is commonly acknowledged by the brokers, lawyers, insurance agents, consultants and more. Other streams include accounting, construction, financial, transportation and engineering services. It is also regarded as one of the most risk management instrument available to the business firms and individuals at the most legit rates.