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...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 assured and state in simple terms that the contract of insurance is avoided and will then list the grounds on which the avoidance is based.The contract is not void in itself; the option is available to the insurer as to whether or not he avoids the contract. Such avoidance, is, therefore, similar to contractual rescission, differing only in that the parties to an avoided insurance contract are returned to the pre-contractual position whereas in contractual rescission the duties and obligations of the contracting parties only cease after the date of rescission.As the insurer has the option to avoid the contract, if it takes a step which is inconsistent with avoidance after it is fully aware of the misrepresentation or the fact of the non-disclosure it will be said to have affirmed the contract and waived its right to avoid.The essence of waiver...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...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 an insurance policy, this information will form the basis of the policy that is taken out. It is a two way street between you, the business owner and the commercial insurer. You declare information, including sums insured's, values, security and construction details and an insurer then provides a contract of insurance which outlines their obligations to you, usually financial or re-instatement, in the event of an insured peril operating. This will also apply, in a business sense, to commercial property owners insurance. For many businesses nowadays, their insurance will define the types of security that needs to be in place. Usually, depending on the amount of stock and it's theft attractiveness and/or the value of other contents (such as business computers), you will be required to have an intruder alarm. Now, we are not intruder alarm or security experts. But you can appreciate that "intruder alarm", could mean anything from a top of...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
Contents Insurance For Tenants - How to Find a Cheap Policy Contents insurance for tenants has assumed importance in recent years because of the rising factor of insecurities in our lives such as personnel bankruptcy, robberies, natural...more