Thinking about buying a boat? Before you pick out the water craft of your dreams you will want to investigate the various kinds of marine boat insurance available. Do you want to buy insurance from the agent who handles your home and auto insurance? If you do there is probably an additional discount available because you already have multiple policies with that carrier. What about finding a marine boat insurance agency that specializes in boats, personal water craft, yachts, etc.? If you had to make a claim which company would be more responsive? There are different schools of thought on which one would be best and I would let my bank account make that decision. If the coverage is similar then go with the least expensive policy.
Boat US has been providing marine boat insurance for over forty years and offers a wide range of provisions on every policy including $800,000 in extra fuel spill liability. Federal and state regulations have put the burden on boat owners to pay for any clean up necessary due to any kind of fuel spill in their waters. You also get the availability of twenty four hour seven days a week dispatch service for emergencies like fuel spills, break downs and even salvage operations. You get full salvage assistance without a deductible and you can also get towing assistance with no deductible in their premium program.
With every policy you also get $25,000 in medical coverage and uninsured boater coverage for additional medical coverage in the case you are hit by someone with no insurance. You also get liability coverage for any dock contracts made at the local marina. In the case of a hurricane your policy will pay half of your emergency haul out costs up to $1000 if you want your boat or personal water craft out of the water because of a NOAA radio warning.
Boat US also offers yacht specific coverage, fishing boat coverage, personal water craft coverage and even regular boat coverage in both a premium package and a basic package to save you some money.
Yacht insurance is one of the most expensive policies you can buy but with Boat US you get the above mentioned coverage and in addition you will get under the Total Protection Yacht Policy the following: agreed value coverage for the boat, trailer, equipment and dinghy; medical payments up to $10,000; liability of $500,000 per incident; consequential damage - damage as a result of an accident, fire, explosion, sinking or stranding; a lifetime repair guarantee and investigative services if your damage is the possible result of a manufacturer's defective part.
For personal water craft coverage you get actual cash value coverage; a broad cruising area in the United States and Canada; medical coverage up to $5,000 per person per incident; liability coverage up to $300,000 and optional boat trailer coverage. The best thing about Boat US is that you can request an online quote and have your insurance in hand effective the next day within a few minutes of submitting all of your information.
Wednesday, December 9, 2009
Avoid That Sinking Feeling When Placing Marine and Yacht Insurance
Although there is no official standard such as ISO within the yacht insurance industry to guarantee complete consistency across carriers, most policies have developed many common denominators.
Hull, protection and indemnity, medical payments, personal effects, uninsured boater's liability, towing and emergency assistance and even pollution coverage have all become accepted as essential elements within a policy.
However, as we know the devil hides in the detail and the subtle nuances between seemingly similar policies can lead to very costly uncovered loss, in turn resulting in an expensive claim on your own professional indemnity cover.
Environmental damage, Ice and freezing, mechanical break down, and defense costs are some of the key areas that if cover is not adequate can lurk beneath the surface of a policy waiting to cause such exposure if attention to detail is overlooked.
We live in an age of increase environmental awareness and as such the laws designed to protect our beautiful planet are now rigorously purposeful in their intent to hold boat owners accountable for their actions. If you are the owner of luxury sports/fishing yacht in Queensland for example, a minor accident running aground into one of the local reefs could leave a bill that would leave Richard Branson feeling slightly worried.
Environmental damage is generally addressed by carriers in three different ways.
Firstly, total exclusion for the damage to the marine environment, secondly with a stated sub-limit ranging from $60,000 to $150,000 and finally a policy which is 'silent' to the coverage. Obviously the latter is the most generous as it doesn't exclude or sub limit environmental damage, however if the insured yacht is based somewhere such as the more robust shores of England, it can be an unnecessary premium.
Possibly the most frequently argued claim in a carrier's yacht portfolio is almost certainly mechanical breakdown. Although coverage for mechanical breakdown is by no means uncommon how it is adjusted varies widely. There is a thin line between wear and tear and the unforeseen mechanical breakdown. The latter being often being covered and the former more than likely not.
It is essential to establish the variables within the policy such as is the cover adjusted on the basis of its actual cash value or a replacement cost? Also does the valuation change when the boat reaches a certain age and if so, when? Often a policy will begin as replacement cost and then convert to ACV as the boat reaches an age such as 10 years old.
To overlook the threat of ice and freezing as non-critical is all too easy unless you are based in an area where it is common fact of life. This outlook can be compared to the homeowner who doesn't' buy flood coverage because he doesn't live on the water and therefore doesn't see the threat. Too often this nonchalance can come back to haunt us. More often than not Ice and freezing is excluded but there are policies which have no such exclusions or give back coverage based on the berthing standards of the vessel which provide underwriters with more opportunities to control exposure. In this instance some policies may not exclude ice and freezing but rather exclude damage resulting from improper winterization.
Finally it is vital to understand the critical difference between a policy that has defense cost in addition to the limit of liability and a policy where the defense costs are included within the limit of liability, thereby diminishing the limit available for settlement by the cost of the defense. With their still being a lack of standard here make sure you check each policy wording carefully. If the owner runs out of limit often the only feasible step is to make up the difference with your PI cover - and this is not good.
Obviously it is important to know all of the coverage differences from policy to policy but each of the above occur in real life scenarios and the difference in one policy over another can have dramatic effect upon the amount of loss covered by any particular carrier.
With the yachting sector having seen many top insurers merge, sell on their portfolios or even leave the business altogether across the last five years, now more than ever an examination of policy and what lies beneath the surface can prove to be a invaluable endeavor when placing business.
Anything less than a 100% understanding of all areas of the marine insurance policy and how they fair against the vessels risk adversity, could lead to a somewhat sinking feeling all round.
Hull, protection and indemnity, medical payments, personal effects, uninsured boater's liability, towing and emergency assistance and even pollution coverage have all become accepted as essential elements within a policy.
However, as we know the devil hides in the detail and the subtle nuances between seemingly similar policies can lead to very costly uncovered loss, in turn resulting in an expensive claim on your own professional indemnity cover.
Environmental damage, Ice and freezing, mechanical break down, and defense costs are some of the key areas that if cover is not adequate can lurk beneath the surface of a policy waiting to cause such exposure if attention to detail is overlooked.
We live in an age of increase environmental awareness and as such the laws designed to protect our beautiful planet are now rigorously purposeful in their intent to hold boat owners accountable for their actions. If you are the owner of luxury sports/fishing yacht in Queensland for example, a minor accident running aground into one of the local reefs could leave a bill that would leave Richard Branson feeling slightly worried.
Environmental damage is generally addressed by carriers in three different ways.
Firstly, total exclusion for the damage to the marine environment, secondly with a stated sub-limit ranging from $60,000 to $150,000 and finally a policy which is 'silent' to the coverage. Obviously the latter is the most generous as it doesn't exclude or sub limit environmental damage, however if the insured yacht is based somewhere such as the more robust shores of England, it can be an unnecessary premium.
Possibly the most frequently argued claim in a carrier's yacht portfolio is almost certainly mechanical breakdown. Although coverage for mechanical breakdown is by no means uncommon how it is adjusted varies widely. There is a thin line between wear and tear and the unforeseen mechanical breakdown. The latter being often being covered and the former more than likely not.
It is essential to establish the variables within the policy such as is the cover adjusted on the basis of its actual cash value or a replacement cost? Also does the valuation change when the boat reaches a certain age and if so, when? Often a policy will begin as replacement cost and then convert to ACV as the boat reaches an age such as 10 years old.
To overlook the threat of ice and freezing as non-critical is all too easy unless you are based in an area where it is common fact of life. This outlook can be compared to the homeowner who doesn't' buy flood coverage because he doesn't live on the water and therefore doesn't see the threat. Too often this nonchalance can come back to haunt us. More often than not Ice and freezing is excluded but there are policies which have no such exclusions or give back coverage based on the berthing standards of the vessel which provide underwriters with more opportunities to control exposure. In this instance some policies may not exclude ice and freezing but rather exclude damage resulting from improper winterization.
Finally it is vital to understand the critical difference between a policy that has defense cost in addition to the limit of liability and a policy where the defense costs are included within the limit of liability, thereby diminishing the limit available for settlement by the cost of the defense. With their still being a lack of standard here make sure you check each policy wording carefully. If the owner runs out of limit often the only feasible step is to make up the difference with your PI cover - and this is not good.
Obviously it is important to know all of the coverage differences from policy to policy but each of the above occur in real life scenarios and the difference in one policy over another can have dramatic effect upon the amount of loss covered by any particular carrier.
With the yachting sector having seen many top insurers merge, sell on their portfolios or even leave the business altogether across the last five years, now more than ever an examination of policy and what lies beneath the surface can prove to be a invaluable endeavor when placing business.
Anything less than a 100% understanding of all areas of the marine insurance policy and how they fair against the vessels risk adversity, could lead to a somewhat sinking feeling all round.
Sunday, August 9, 2009
Condo Insurance - What Does it Include?
As you're shopping for condo insurance, New York insurance carriers will explain their own terms and conditions regarding their coverage options, but below are three important questions you should ask your agent - regardless.
1. What Does My Policy's Liability Coverage Include?
Liability coverage is extremely important because it protects you during serious situations in which someone becomes injured on your property.
Given how expensive medical bills are and how costly it can be to supplement someone's lost income, you can understand why it's important to ask about the specific details of the liability coverage in your policy of condo insurance. New York insurance carriers can fully explain their policies' details to you so you can determine if you're getting enough liability coverage or if you want to purchase more.
2. Is There a Limit for Covering My Valuables?
Most insurance companies place limits on covering your valuables. Take care to find out exactly what your limit is each policy of condo insurance. New York condo insurance carriers can then help you purchase more coverage if the basic limit isn't enough.
3. What Does My Loss of Use Coverage Entail?
For most policies, "loss of use" coverage can help you maintain your standard of living should your condo become damaged or destroyed due to a catastrophe such as fire.
Because you probably don't want to go from living in a luxury four-bedroom, two-bathroom condo in an opulent complex to a modest one-bedroom, one-bathroom condo in an economy-style complex, it pays to find out the details about the loss of use coverage with your condo insurance. New York carriers, again, will be able to explain the details for each of their policies.
1. What Does My Policy's Liability Coverage Include?
Liability coverage is extremely important because it protects you during serious situations in which someone becomes injured on your property.
Given how expensive medical bills are and how costly it can be to supplement someone's lost income, you can understand why it's important to ask about the specific details of the liability coverage in your policy of condo insurance. New York insurance carriers can fully explain their policies' details to you so you can determine if you're getting enough liability coverage or if you want to purchase more.
2. Is There a Limit for Covering My Valuables?
Most insurance companies place limits on covering your valuables. Take care to find out exactly what your limit is each policy of condo insurance. New York condo insurance carriers can then help you purchase more coverage if the basic limit isn't enough.
3. What Does My Loss of Use Coverage Entail?
For most policies, "loss of use" coverage can help you maintain your standard of living should your condo become damaged or destroyed due to a catastrophe such as fire.
Because you probably don't want to go from living in a luxury four-bedroom, two-bathroom condo in an opulent complex to a modest one-bedroom, one-bathroom condo in an economy-style complex, it pays to find out the details about the loss of use coverage with your condo insurance. New York carriers, again, will be able to explain the details for each of their policies.
Choose the Right Home Insurance For Your Needs
Whether you rent or own your home, however, there are some things about home insurance that will help you to make a more educated decision:
- Renters
Renter's insurance is inexpensive in most states. Depending on the coverage you need, it will likely only cost you about $50 - $70 yearly. The key to getting renter's insurance that you feel good about having is to do your homework. Often, it isn't how low your insurance premiums are, but how good your coverage is. Just because your landlord has insurance on the property in which you live doesn't mean that everything you own and keep in the property are covered, so you need to make sure that in case of a fire, flood or burglary, you are protected against your losses.
Renters should consider how much their possessions are worth. Now, just because your great-grandmother's teapot is irreplaceable to you, you will need to consider how many dollars would it cost you to purchase something similar. Add it all up, even your dishes and clothing. If there were a fire, how much money would it cost to replace everything that you lost? This is the amount of coverage you will need.
Take pictures and list anything that is significantly expensive. Your insurance company will give you guidelines, but this is a very important step because it will help make all your claims go smoother. This is the time to consider expensive items valued at more than $10,000. Many home insurance companies suggest that you take out a rider on your current home insurance policy to cover very expensive items.
When you're shopping for renter's insurance, remember that many insurance companies offer multiple policy discounts. If you are happy with your auto and life insurance, consider getting your renter's insurance through the same company. Chances are, you will get a great discount.
- Homeowner's
When you buy a home, your lender will require that you have insurance on the property. Your lender will require that the home be insured for at least as much as you owe on it and it will have to cover the structure and contents.
Insure yourself against getting sued if someone gets hurt on your property. Liability is included in homeowner's insurance. Many insurance agents recommend that you insure your possessions for about as much as the value of your home, with very expensive items covered on a rider.
When you're shopping for homeowner's insurance, it will probably be paid out of your escrow, so it's likely that your mortgage payment will be affected. Depending on the cost of your home, your insurance can sometimes be more or less than you anticipated. It's important to choose an insurance company who has a good claims record. Raising your deductible will likely lower the yearly cost of your home insurance.
- Renters
Renter's insurance is inexpensive in most states. Depending on the coverage you need, it will likely only cost you about $50 - $70 yearly. The key to getting renter's insurance that you feel good about having is to do your homework. Often, it isn't how low your insurance premiums are, but how good your coverage is. Just because your landlord has insurance on the property in which you live doesn't mean that everything you own and keep in the property are covered, so you need to make sure that in case of a fire, flood or burglary, you are protected against your losses.
Renters should consider how much their possessions are worth. Now, just because your great-grandmother's teapot is irreplaceable to you, you will need to consider how many dollars would it cost you to purchase something similar. Add it all up, even your dishes and clothing. If there were a fire, how much money would it cost to replace everything that you lost? This is the amount of coverage you will need.
Take pictures and list anything that is significantly expensive. Your insurance company will give you guidelines, but this is a very important step because it will help make all your claims go smoother. This is the time to consider expensive items valued at more than $10,000. Many home insurance companies suggest that you take out a rider on your current home insurance policy to cover very expensive items.
When you're shopping for renter's insurance, remember that many insurance companies offer multiple policy discounts. If you are happy with your auto and life insurance, consider getting your renter's insurance through the same company. Chances are, you will get a great discount.
- Homeowner's
When you buy a home, your lender will require that you have insurance on the property. Your lender will require that the home be insured for at least as much as you owe on it and it will have to cover the structure and contents.
Insure yourself against getting sued if someone gets hurt on your property. Liability is included in homeowner's insurance. Many insurance agents recommend that you insure your possessions for about as much as the value of your home, with very expensive items covered on a rider.
When you're shopping for homeowner's insurance, it will probably be paid out of your escrow, so it's likely that your mortgage payment will be affected. Depending on the cost of your home, your insurance can sometimes be more or less than you anticipated. It's important to choose an insurance company who has a good claims record. Raising your deductible will likely lower the yearly cost of your home insurance.
Seek Appropriate Advice From Injury Claims Solicitors!
In the eventuality of an accident, you must take advice from an accident claims solicitor. They can help you get the required information on making a claim. As a layman, you may not be aware of all the procedures to make a claim. Hence, seeking help from solicitors can prove to be useful. The solicitors will provide required guidance to make a claim. They will also brief you on the necessary steps to be taken to make a claim.
They will simplify things for you and help get compensation quickly. You need not worry about how to proceed with the claims case. The solicitors are always ready to help you with the procedure. If there are any complexities or technicalities involved, they will help you with it. You can also look online to make a claim.
If you look online, you can also get free advice on making a claim. From within the comfort of your house, you can get the required details. You need not worry about where to look for information. You can get free consultation from a team of accident claims solicitors.
The solicitors have abundant experience in handling claims cases. They have successfully handled various claims cases. You can benefit from their expert advice. The legal team will investigate your claims case and offer a suitable solution. They can arrive at the best possible solution for you. No matter how complex is the claims case, you can get compensation in a short period of time.
It is very important to seek help from accident claims specialists. The solicitors will investigate your case and provide a suitable solution. The solicitors can provide you with free advice on making a claim. Looking online is the best thing that you can do. This is not only simple but also a free procedure. If you have suffered an injury due to faulty equipment, you can make a claim.
It is not difficult to make a claim for the injuries that arise from defective machinery. All you need to do is prove that injuries have occurred due to the fault of someone. However, you must have sufficient proof to prove that the injury has resulted due to the fault of someone. There are various provisions under the law that can offer you a suitable solution.
Basically, "work equipment" is defined as any kind of machinery, appliance, apparatus, tool or installation that is used at work. "Use" in relation to work equipment means 'any activity involving work equipment. It also includes starting, stopping, programming, setting, transporting, repairing, modifying, maintaining, servicing and cleaning'. Hence, if you find yourself in a position wherein, you have suffered an injury due to faulty equipment, you can make a claim.
They will simplify things for you and help get compensation quickly. You need not worry about how to proceed with the claims case. The solicitors are always ready to help you with the procedure. If there are any complexities or technicalities involved, they will help you with it. You can also look online to make a claim.
If you look online, you can also get free advice on making a claim. From within the comfort of your house, you can get the required details. You need not worry about where to look for information. You can get free consultation from a team of accident claims solicitors.
The solicitors have abundant experience in handling claims cases. They have successfully handled various claims cases. You can benefit from their expert advice. The legal team will investigate your claims case and offer a suitable solution. They can arrive at the best possible solution for you. No matter how complex is the claims case, you can get compensation in a short period of time.
It is very important to seek help from accident claims specialists. The solicitors will investigate your case and provide a suitable solution. The solicitors can provide you with free advice on making a claim. Looking online is the best thing that you can do. This is not only simple but also a free procedure. If you have suffered an injury due to faulty equipment, you can make a claim.
It is not difficult to make a claim for the injuries that arise from defective machinery. All you need to do is prove that injuries have occurred due to the fault of someone. However, you must have sufficient proof to prove that the injury has resulted due to the fault of someone. There are various provisions under the law that can offer you a suitable solution.
Basically, "work equipment" is defined as any kind of machinery, appliance, apparatus, tool or installation that is used at work. "Use" in relation to work equipment means 'any activity involving work equipment. It also includes starting, stopping, programming, setting, transporting, repairing, modifying, maintaining, servicing and cleaning'. Hence, if you find yourself in a position wherein, you have suffered an injury due to faulty equipment, you can make a claim.
How Not to Buy Laptop Insurance
It seems that these days, technology just keeps getting smaller and smaller. Just fifteen years ago, mobile phones were the size of bricks, but heavier, and are now practically the width of playing cards and featherlight. Televisions are no longer pieces of furniture - they've morphed into slim, sleek accessories that can lay flat against a wall and have DVD capacity built right in. MP3 players allow us to tuck thousands of CDs worth of music into our hip pockets. All around the globe, technology is rapidly shrinking, becoming at once more accessible, more manageable and more portable.
An inevitable consequence of all this convenience, however, is that the possibility for damage to technology increases directly in relation to its portability. An iPod being carried around in one's pocket day after day, for example, is much more likely to be dropped, rained on or stolen than a stereo system resting safely back home. A modern, diminutive mobile phone is more easily mislaid than the gargantuan devices of yesteryear. And then there is the most valuable of all these shrinking gadgets - and, perhaps, the most valuable - the laptop computer.
The home computer, for many consumers, represents the third largest material investment in life (following housing and car). It has become more a necessity than a luxury in today's day and age, something indispensable for work and play. And now, as technology continues to shrink, more and more of those in the market for home computers are electing to purchase laptop computers. Though a laptop does offer increased convenience over more traditional desktop models, it also presents the consumer with greater risk. And because a laptop computer embodies not only a substantial financial investment, but also (due to the great amount of personal data stored on most machines) a hefty emotional one, the loss of a laptop can be a particularly crushing blow.
Even more than other pieces of technology, then, it is very important to insure one's laptop computer. You should NOT, under any circumstances, travel with this very valuable device without protection. The BBC reports that muggings in London have risen 40% over the last year, and that many of these incidents involved the thefts of laptops or other portable electronic devices. These statistics, coupled with the potential for loss or damage inherent in the possession of a laptop computer, should serve to motivate you to go out and get your valuables insured.
Now, it is important to note that laptops and other portable electronic devices, because of the very high risk they present, are generally NOT covered by house or homeowner's insurance. It is possible to expand one's coverage to include a laptop computer, but the policy add-on is often quite expensive. Unless you are planning on losing two to three laptops a year, expanding your house or homeowner's insurance to cover your computer is generally NOT a good idea.
Luckily, there are other options for protecting your laptop computer. There are insurance agencies that specialize in portable electronic devices including laptop insurance. Their specialization ensures that their premiums reflect an accurate amount of risk - not an inflated number generated by some larger agency's spreadsheet.
This article is titled "How Not to Buy Laptop Insurance." What should you NOT do? Don't go uninsured. Don't expand your homeowner's insurance to cover your laptop. What should you absolutely do? Get insured by an electronics specialist. You'll be glad you did!
Emily Frost has worked in the insurance industry for over ten years and has a background in technology, having a master's degree in electronic engineering. She is an expert on gadget insurance and works for a leading company in the industry.
An inevitable consequence of all this convenience, however, is that the possibility for damage to technology increases directly in relation to its portability. An iPod being carried around in one's pocket day after day, for example, is much more likely to be dropped, rained on or stolen than a stereo system resting safely back home. A modern, diminutive mobile phone is more easily mislaid than the gargantuan devices of yesteryear. And then there is the most valuable of all these shrinking gadgets - and, perhaps, the most valuable - the laptop computer.
The home computer, for many consumers, represents the third largest material investment in life (following housing and car). It has become more a necessity than a luxury in today's day and age, something indispensable for work and play. And now, as technology continues to shrink, more and more of those in the market for home computers are electing to purchase laptop computers. Though a laptop does offer increased convenience over more traditional desktop models, it also presents the consumer with greater risk. And because a laptop computer embodies not only a substantial financial investment, but also (due to the great amount of personal data stored on most machines) a hefty emotional one, the loss of a laptop can be a particularly crushing blow.
Even more than other pieces of technology, then, it is very important to insure one's laptop computer. You should NOT, under any circumstances, travel with this very valuable device without protection. The BBC reports that muggings in London have risen 40% over the last year, and that many of these incidents involved the thefts of laptops or other portable electronic devices. These statistics, coupled with the potential for loss or damage inherent in the possession of a laptop computer, should serve to motivate you to go out and get your valuables insured.
Now, it is important to note that laptops and other portable electronic devices, because of the very high risk they present, are generally NOT covered by house or homeowner's insurance. It is possible to expand one's coverage to include a laptop computer, but the policy add-on is often quite expensive. Unless you are planning on losing two to three laptops a year, expanding your house or homeowner's insurance to cover your computer is generally NOT a good idea.
Luckily, there are other options for protecting your laptop computer. There are insurance agencies that specialize in portable electronic devices including laptop insurance. Their specialization ensures that their premiums reflect an accurate amount of risk - not an inflated number generated by some larger agency's spreadsheet.
This article is titled "How Not to Buy Laptop Insurance." What should you NOT do? Don't go uninsured. Don't expand your homeowner's insurance to cover your laptop. What should you absolutely do? Get insured by an electronics specialist. You'll be glad you did!
Emily Frost has worked in the insurance industry for over ten years and has a background in technology, having a master's degree in electronic engineering. She is an expert on gadget insurance and works for a leading company in the industry.
Arranging a More Comprehensive Insurance For Your Residential Property
When you bought a residential property, the financing bank will require you to insure the building at least with a basic Fire Insurance policy to protect the bank interest as well as you the owner's interest. Fire use to pose the highest treats for property insurance as every year, billions of dollars has been lost due to fire damage. However, in recent years, due to climatic changes which caused the occurrence of many naturally disasters in many parts of the world and destroyed billions worth of properties and death of many lives, people are more conscious on many others perils or risks that can damage or destroy that property other than fire.
A basic fire insurance policy will not compensate the owner in the event of any damages done due to the perils other than fire, so in order to protect your property again all these natural and man made disasters. You need to arrange a more comprehensive insurance policy to properly protect your property again all these risks. There are insurance companies which package many of their perils with fire policy to provide their policy holder a wider and more comprehensive cover and protect than just fire damage. Some of the perils include;
Earthquake and Volcanic eruption
Windstorm damage
Flood
Water Damage due to bursting of domestic water tank, apparatus and pipe
Riot, strike and civil commotion
Malicious damage
Impact damage by vehicle
Aerial damage
House breaking and theft
Bush and forest fire, etc etc
These comprehensive indemnify you on your losses cause by these insured perils and not necessarily related with or caused by fire. If your property is situated in an area that prone to such occurrence, you might w ant to consider arranging such a comprehensive cover to give you piece of mind. Again, always buy your insurance from a reliable and qualified insurance consultant and if in doubt, check with the authority concerns.
SK Wong, A Chartered Marketer of The Chartered Institute of Marketing UK; graduated with an MBA in Finance. He is also a Certified NLP Sales Trainer and a Certified Member Trainer of Junior Chamber International. Currently SK is working as Manager in a Risk Management & Insurance company. He is in charge of Business Development, Operation and Management of his unit. SK has conducted many training for his teams of Financial and Insurance Consultants on Motivation, Goal setting, Leadership Development, Marketing & Sales and Management Effectiveness apart from product knowledge training.
A basic fire insurance policy will not compensate the owner in the event of any damages done due to the perils other than fire, so in order to protect your property again all these natural and man made disasters. You need to arrange a more comprehensive insurance policy to properly protect your property again all these risks. There are insurance companies which package many of their perils with fire policy to provide their policy holder a wider and more comprehensive cover and protect than just fire damage. Some of the perils include;
Earthquake and Volcanic eruption
Windstorm damage
Flood
Water Damage due to bursting of domestic water tank, apparatus and pipe
Riot, strike and civil commotion
Malicious damage
Impact damage by vehicle
Aerial damage
House breaking and theft
Bush and forest fire, etc etc
These comprehensive indemnify you on your losses cause by these insured perils and not necessarily related with or caused by fire. If your property is situated in an area that prone to such occurrence, you might w ant to consider arranging such a comprehensive cover to give you piece of mind. Again, always buy your insurance from a reliable and qualified insurance consultant and if in doubt, check with the authority concerns.
SK Wong, A Chartered Marketer of The Chartered Institute of Marketing UK; graduated with an MBA in Finance. He is also a Certified NLP Sales Trainer and a Certified Member Trainer of Junior Chamber International. Currently SK is working as Manager in a Risk Management & Insurance company. He is in charge of Business Development, Operation and Management of his unit. SK has conducted many training for his teams of Financial and Insurance Consultants on Motivation, Goal setting, Leadership Development, Marketing & Sales and Management Effectiveness apart from product knowledge training.
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