Understanding Commercial Indemnity Insurance

Commercial indemnity insurance is often referred to as either commercial insurance or indemnity insurance. There are several instances when this kind of insurance is used. This type of insurance has the main purpose or focus of protecting business owners against and the staff of a company against being held liable for a wrong doing. These are typically known as instances like malpractice or errors and omissions insurance. So, in other words, if you are part of an organization and a claim is brought against you, this is the type of policy plan that will keep you safe.

Financial industry related businesses often carry this type of insurance. It also helps in cases where company executives need to still get money that is owed to them, even if the company goes under and files for bankruptcy. But, it can also be used in instances involving health insurance. This acts as a bridge to cover the gap when someone is between health insurance policies. It may not cover all expenses and procedures but can help a person still have basic health insurance coverage.

Commercial Indemnity Insurance for Health Insurance

If you can secure the right kind of commercial or indemnity insurance you should try to find a policy that enables you to see any physician in any practice or type of medicine without incurring extra fees, penalties or costs. Like standard insurance, you will usually still be looking at having to pay a copay, deductible or out of pocket costs that are always in place. A copay is the amount you pay anytime you use your insurance for different reasons. So, while a regular doctor's visit might cost you $20 each time, you may pay $50 for any time you visit the emergency room, if the need should arise.

The deductible is the amount you have to meet annually for your insurance to start to cover you. A standard deductible amount, for example, is usually $500. So, you cover all of your expenses until you meet this amount. Generally, the copay does not work towards the deductible amount and even after the deductible is met you will still pay the copay. This should include prescriptions, too. Make sure if you are getting this type of insurance that you fully understand what is covered so you do not end up with expensive medical bills you could have avoided.

Other Kinds of Commercial Indemnity Insurance

Indemnity insurance can also be used to protect a lender of finances for mortgages in instances when the loan is not repaid. While this does, of course, help the lender it is typically the person paying the loan that is paying the premiums. Also, as mentioned before, this type of policy helps protect professionals should a client or patient file a claim that results in lost monies or income from mistakes and fraud when working with them. So, if you are looking for commercial indemnity insurance you should be aware of what kind of coverage and what kind of policy you need to get the best protection possible.

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What Does Jet Ski Insurance Cover?

There is very little that is more fun than spending a sunny day on the water playing with your jet ski. When used properly jet skis are lots of fun and will be an important part of some of your best memories. A less fun, but important part of Jet-Ski ownership is making sure your jet ski is properly insured.

For some reason, Jet-Ski owners seem to think that because their machine is small and easy to use, it doesn't need to be insured. The reality is that it doesn't matter how small the Jet-Ski might be, it is still considered a watercraft and you are required to have it insured. When you stop and think about how expensive a new jet-ski is, not having insurance is silly.

Why Jet Ski Insurance is Necessary

Jet Ski owners seem to think that they will never get in an accident while they are riding their jet skis. The owners assume that because the Jet-Ski is light, quick, and maneuverable, they will be able to avoid an accident. This is not true. There are approximately 5,500 accidents every single year, nearly half result in serious injuries. According to the statistics, a person is 10 times more likely to get injured while they are riding on a ski, than while they are a passenger in a boat.

What the Insurance Covers

The type of insurance you will have to purchase for your machine is called personal watercraft insurance (PWI). A good PWI insurance plan will cover so much more than just the cost of repairing your machine when it gets damaged in an accident. When you are purchasing a PWI insurance plan for your jet ski, you want to make sure the plan covers accidents, medical expenses, fire, vandalism, and theft. You should also make sure that the plan has an additional clause that covers things like kneeboards, wakeboards, towable tubes, and water skis. If something happens to you, your machine, and the person you are towing, you will be grateful that you opted to spend the few extra dollars on the additional insurance.

Just like car insurance, not all PWI insurance plans for jet skis are alike. Different companies have different requirements. When you are shopping for insurance for your jet ski, you have to look at more than just the cost of the insurance plan. You need to read through the insurance plan very carefully. You want to know exactly what types of boating accidents are covered by the plan. Make sure you will be covered if someone other than yourself is driving the Ski at the time of the accident. You should also know exactly what steps you will need to take after an accident.

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Personal Property (Home) Inventory Services - The Good News and the Bad News

"I never heard of a personal property inventory. What a great idea!" That was often the response I received seven years ago when I told people about the new business my husband and I started.  Then, unfortunately, most people would ask, "Why would I need one; I have insurance?"

First, of course - the good news!

This industry has grown very slowly over decades, and is now becoming acknowledged as a viable and beneficial - if not essential - business. One key reason for the acceptance of this service is public knowledge of the importance of having an inventory of one's belongings.

The number one reason people are aware of this need is their insurance agent tells them to create an inventor of their belongings. Many companies even give a worksheet to their policyholders.

As the boomers are reaching retirement age, and begin their estate planning, they see the value in having this information. If a disaster happens, and there is no document to help remember, the chances of receiving an equitable settlement from the insurance company is very low. Having an inventory will help ensure their estate is worth every penny is it worth now. Without proper financial recovery from a disaster could mean less money (if any) that remains for the children or grandchildren. If you can't recover properly from a disaster, you'll most likely withdraw funds from a retirement fund.

Another reason the inventory service sector is growing is that these boomers want the inventory now so their adult child/executor will not need to compile the information after the parent dies. It's a great gift to the executor to have already had the inventory created.

And the bad news

This isn't bad news for the inventory providers. It's really bad news for the general public and business owners. There are still not enough people who know how their insurance process works. This means that there are a large number of people who believe they will just get a check in the mail for the amount of their insurance. Ask any insurance agent, and they'll tell you that you need to complete a claim form, itemizing each item you want reimbursed for, when you bought it and how much you paid for it. That includes even items in a junk drawer.

The same is often true for a divorce. When you're determining value of household items, having a list created prior to "issues" will certainly be a benefit when it's time to split possessions.

So, the good news is that more people are learning about the need for an inventory, and more are creating one or hiring a professional service to do it for them. More are learning the "why" they need an inventory. The bad news is there still are not enough people and businesses with this information. Until everyone learns of all the reasons for this valuable document, people will continue to face the daunting task of creating a list of belongings after the disaster hits. And that means people and businesses will continue to receive only dimes on a dollar from their insurance company.

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What Is the Need For Landlords Insurance?

It is very essential to have a landlords insurance policy for every property owner in order to ensure the safety of one's asset, it may be a building, house or any property which generates a rental income. It is very necessary to buy such policy so that the damage caused to the property due to any particular reason can be recovered by claiming the amount the insurance company.

Before purchasing any type of landlords insurance policy, it should be considered by a person that how much coverage is required, it should be decided that how much is the worth of the property and its contents, how much it will cost to repair the whole building if in case it gets destroyed and last but not the least to be assessed by the landlord is that how much rental income will be lost if one is not able to rent the property for an extended period. All these considerations will be very helpful to assess the approximate coverage required by a person.

Vandalism damages, the dangers associated with letting, legal cover and lost earnings can also be some of the reasons why one requires the landlord insurance policy. These types of damages are not covered by regular home insurance policies. There are a number of other reasons also to purchase landlord insurance policy. It protects the person from personal injury claims - This insurance policy covers the claims for the injuries caused to any tenant in the property. Landlord won't have to face any type of the liability in such cases.

To protect the property from any type of the damages - If a building is required to be repaired due to damage caused by a tenant, storm or being vandalized, then the insurance will cover all expenses for repairing a building.

Liability protection is provided - There can be any other type of claims also that can be charged against the landlord apart from any personal injury claims. This type of general liability is also provided by the insurance policy.

The court and other legal costs are also covered - If a person wants to defend himself against any liability claims, it can be very expensive. For such cases, if a person has already purchased a landlords insurance policy that covers all the legal and court costs then it is very easy for an individual to defend himself from any kind of the liability claims and one can effectively deal the claims filed without paying anything.

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