The Role Played By Edmonton Commercial Insurance In Society Development
The rapid growth of the world's economy today is due to the rapid increase in trade
, economical and commercial activities. Trade or Commerce can be defined as a transaction involving a buyer and a seller of a quality or service. It takes into consideration the purchase by the customer or client and sales by the producer of the good or service. Trade today has been facilitated by the use of money. Unlike in the past where the trade by batter system was the only means for the exchange of goods and service, this method proved to be terribly rudimentary and tedious, and as a result of this commodity was a need to serve as a medium of exchange. Money was the developed. Earlier forms of money known as commodity money such as tea leafs were used in china, cowries in Africa and gold in Europe. But this commodity money was in appropriate so came what is known today as a fiduciary issue. This form of money was easier to produce and has a purchasing power greater than its intrinsic value. This is the type of money being used today.Commerce as a whole is broken down into two parts which are; Trade and Aids to trade. Trade has to deal with the purchase and sales of goods and services, is further broken down into domestic and international trade. As for the aids to trade we mean all the factors which help to facilitate trading activities. We have banking, insurance, transport, ware housing, advertisement, and communication. These auxiliary services play a hugely pivotal role in trade and ensure safety in the various activities.
Despite the importance of the other auxiliaries to trade, one of them is the most outstanding especially as it provides a safety margin for investors and makes them willing to undertake this risky business ventures. This factor is known as insurance and to better understand we will focus on the activities of Edmonton commercial insurance in the automotive sector.
Edmonton commercial insurance can be defined as an agreement between the insurer that is the seller of the insurance policy and the insured that is the customer. The insurer agrees to pay or indemnify the insured incase of occurrence of a particular risk which was insured against. Edmonton commercial insurance involves the insurance against all form of business risk. Some of which are bankruptcy, bad debts, fire, theft, lost of goods in transit just to name a few. All the risk accrued to a business can be insured against, and here the insurer takes upon himself to compensate the insured in case one of the risk insured against occurs. Well it is worthy of not that not in all circumstances will the insured be paid. Before compensation, the insurance must assure that the incident was accidental and was not masterminded by the insured thus the insured must be free of blame. This is because the purpose of insurance is to ensure that the insured is restituted to his former state before the occurrence of the disaster and not for the insured to enrich him.
Edmonton has a population of 812 201(2011) inhabitants a majority of whom own vehicles sold by the numerous auto shops. The activities of these shops are encouraged by the Edmonton commercial insurance companies who are spread throughout the city. They are well organized, and their activities are supervised by the government and thus they pay taxes on their revenues. They commercial security which the offer has encouraged several inhabitants to get involve in business thus contributing to growth of the nation's economy as a whole.
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