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Professional Indemnity Insurance

Professional Indemnity InsuranceWhat is Professional Indemnity Insurance?

Professional indemnity insurance provides protection or cover against claims brought against the policyholder in situations revolving around professional negligence. Professional indemnity insurance is primarily obtained by business professionals who offer and provide advice to their customers. In a general sense, there are two types of businessmen who purchase professional indemnity insurance: voluntary and involuntary.

The involuntary business or businessman is required to purchase professional indemnity insurance, in accordance with federal or state legislation. These individuals typically belong to accounting or financial services firms, transport industries, information technology firms, consulting businesses, charitable organizations, building professionals or architects.
Medical professionals and legal professionals are examples of individuals who may voluntarily purchase a professional indemnity insurance policy. There are three primary types of professional negligence–negligent error or negligent omission, error or omission and civil liability—and each will be discussed below:

Types of Professional Indemnity Insurance:

Negligent Error or Negligent Omission: This type of professional indemnity insurance protects the policyholder against any loss or circumstances incurred solely as a result of their negligent act, error or omission in carrying out the holder’s everyday business.

This form of professional indemnity insurance is the narrowest form of cover.
Negligence Act, Error or Omission: This form of professional indemnity insurance protects the policyholder by providing coverage against any losses or circumstances arising solely as a result of their negligent actions, errors or omissions in carrying out the policyholder’s business.

Civil Liability: The majority of professional indemnity insurance policies will extend beyond simply the coverage examples offered above to provide indemnity for any civil liability. This form of professional indemnity insurance provides coverage against an assortment of actions, including all libel and slander, as extensions to the specific policy wordings.

Furthermore, civil liability professional indemnity insurance provides coverage in situations where a breach of contract occurred. All civil liability professional indemnity insurance policies are attached with an operative clause, which is both wide and fairly complex. As a result of the operating clause, there is typically an extensive list of exclusions listed under such policies, in order to exclude certain liabilities that are covered elsewhere. If such a list was not attached to this form of professional indemnity insurance, things like the Public Liability and Employers Liability may be overlapped in regards to coverage.

Picking the Right Travel Insurance

Picking the Right Travel Insurance

 

What is Travel Insurance?

Travel insurance is a type of insurance that will provide a traveller with coverage against monetary losses, obtained during the trip, and delayed or cancelled travel.

Furthermore, purchasing travel insurance will offer coverage for costs associated with medical expenses, financial hardships over travel suppliers and other losses that may incur while travelling. Travel insurance may be purchased by an individual travelling within his or her country or abroad; regardless of the location, the insurance policy provides coverage against any financial losses that occur as a result of travelling.
Similar to other insurance policies or types of coverage, travel insurance will be offered by competing travel insurance companies and their coordinating agents. In any competitive market, there is a great deal of diversity in regards to what situations are specifically covered or offered in a policy or product, to what extent the policy is offered and the overall price of the package.

As is common in all insurance markets, travel insurance companies will specialize in different aspects of coverage and will provide specific packages based on where the individual is travelling to, what mode of transportation they are using and the type of travel insurance offered.

Types of Travel Insurance:

In addition to a traditional travel insurance policy, an individual can purchase temporary or cheap travel insurance, which is usually arranged at the time the trip is booked. Temporary or cheap travel insurance will provide coverage for exactly the duration of the trip.

This form of cheap travel insurance is less extensive than continuous travel insurance, which can be purchased from travel agents (work for travel insurance companies) or directly from travel suppliers, such as tour operators or cruise lines. That being said, a comprehensive travel insurance package, purchased from a travel supplier, will tend to be less inclusive than a policy offered by an insurance company.
Travel insurance will often provide coverage to an assortment of travels; student travel, leisure travel, adventure travel, business travel, international travel and cruise travel are all options or forms of travel that can be covered by travel insurance.

Travel Insurance Reviews:

Travel insurance reviews are resources, typically offered online, that enable individuals to evaluate and price various travel insurance plans. Travel insurance reviews will evaluate all major travel insurance companies and their coordinating travel insurance policies; however, travel insurance reviews are limited in regards to their personalization and customization.

For example, single parents travelling with young kids do not need the same type of coverage as retirees vacationing on a cruise. Furthermore, a short summer vacation will require different coverage than a longer trip, such as living abroad. These characteristics play a crucial role in the evaluation of a plan’s effectiveness, because often times, the most suitable form of insurance is solely dependent on your particular trip.
Although a lack of personalization damages the true effectiveness of travel insurance reviews, it is still necessary to use the resource when deciding on purchasing a policy.  As a general tool, travel insurance reviews will tend to cater to larger companies, who are able to offer a wider array of protections and policies. Travel insurance companies aside, the following aspects are sought after and recommended for the following types of travel:

What kind of Travel Insurance do I need?

Best Travel Insurance Plans for Vacation or General Travel: Traveller should have a pre-existing condition waiver, financial default, trip interruption (up to 150% reimbursement for unused travel costs), medical coverage (min $25,000), baggage coverage (min $1,000), evacuation coverage (min $100,000)

Best Travel Insurance Plans for Family Travel: Coverage for children is free, medical coverage (min $25,000), repatriation coverage (enables the kids to travel home if parents are hospitalized) and ‘cancel for any reason’ available. 

Based on Travel Insurance Reviews, the two best and most comprehensive travel insurance policies for family travel are the Worldwide Trip Protector from Travel Insured International and the Gold Protect Assist plan from Travel Guard

Van Insurance In Depth

Van Insurance In DepthWhat is Van Insurance?

Van insurance is a specialized form of auto insurance that is designed and offered specifically for owners of vans. This form of insurance is primarily purchased by shipping, transportation or service companies who frequently use vans to execute their day-to-day business model.

Auto insurance, in the United States, is a compulsory product; all owners, meaning to whom the car is registered, must obtain car insurance before using the nation’s public highways and roads. As a result of this mandate, all owners of vans, particularly those aforementioned business industries, must acquire an active van insurance policy before operating the vehicle.

Similar to car insurance products, a van insurance policy will fluctuate, in regards to what is covered, the premium, the deductible and the rates, based on a case by case circumstance. Furthermore, van insurance policies can be personalized and tailored to meet a van owner’s specific wants.

How much does Van Insurance Cost?

Van insurance, in most cases, is more expensive than car insurance; this statement, becomes affirmed when a party insures a can used strictly for commercial purposes. That being said, the cost of van insurance is based on a pricing model used to evaluate all insurance products.

Van insurance rates, like so many forms of insurance policies, are delivered following an evaluation or assessment of the applicant’s risk. As a general statement, if the prospective insurance purchaser is more likely to get in an accident than a normal driver his or her van insurance rates will be higher than average.
To evaluate the riskiness associated with the driver, meaning the probability that he or she will get in an accident and thus require a claim, the insurance company will observe the driver’s basic information (age, occupation and credit score) his or her driving record (number of speeding tickets, traffic violations and accidents) and the value of the goods to be insured.
In addition to an assessment of risk, insurance rates for the majority of insurance policies are also calculated by considering the cost of the underlying car or van. If the van is more expensive than average the price of repairing the vehicle will invariably be higher. As a result of this increase cost, the insurance company will charge a higher premium—similar to the buyer, the insurance company is attempting to mitigate risk through the delivery of an appropriate pricing model.

Types of Van Insurance:

The majority of insurance companies will offer separate policies for personal and business van use; the separation is applied simply because the two vans are used differently. Vans that are used for business purposes typically rack up more miles than a van solely dedicated for personal use.

In addition to the extended miles, business vans will also carry heavy equipment as well as multiple people—both of these characteristics greatly alter the insurance company’s risk assessment. Furthermore, a business van typically has visibility, as well as stability issues given the nature of the company; both of these represent safety concerns for the insurance provider.

Van insurance is also typically available to those individuals who rent vans, regardless of time frame or intended use. The majority of personal insurance policies will cover individuals driving rental vans; however, coverage in this sense is severely limited. Rental van insurance can provide additional protection to the drivers, as well as the passengers, of rented vans.

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