insuranceclub's Blog

Being shot by a bow and arrow

Not just for those that are planning on taking their upcoming holidays in Sherwood Forest, having holiday insurance that covers you in the eventuality of a wayward arrow flying towards you is actually quite handy for those that plan on playing a little archery on their summer holidays. Admittedly you would have to be pretty unlucky to actually be hit by an arrow, but that’s not to say that archery is without its risks. The most common accident in archery is the arm slap where your bow string snaps against your arm leaving a very nasty bruise. However, even the most experienced person can suffer from freak accidents and after hearing the recent story of an archer who accidentally died after mishandling his arrows its great to know that you have travel insurance which prepares you for any eventuality.

Having your cruise ship hijacked by pirates

Having Johnny Depp hijack your cruise holiday definitely doesn’t seem like something you should use your holiday insurance to cover against, but the truth is that pirates have been known to hijack cruise ships and they aren’t the bumbling Disney kind. The 300,000 ton cruise ship Nautica recently had to fight off pirates on the Yemeni Coast as they attempted to loot the liner of customer valuables and oil. However, it is relatively rare for passenger liners to be targeted, with most of the notorious Somalian gangs concentrating on cargo liners and navy ships. But, the tragic events of 9/11 show only too well that hijacking can happen, whatever vessel you happen to be travelling on and as a result most holiday insurance companies offer up to £500 cover in the tragic event of hijacking.

Falling Out Of Santa’s Sleigh in Lapland

Visiting Santa Claus in Lapland is an excellent family adventure; whether you stay for one day or one week. Once you’re there you’re bound to want to take part in a reindeer drawn sleigh ride through the crisp Scandinavian snow. However, what happens if one of Santa’s reindeer spots a lone carrot on a snow covered doorstop and makes a bolt for it, leaving you careering of the edge headfirst into a patch of black ice with a dozen PS2s, for the good girls and boys, crashing down on your head. Well, the good news is that you’re covered on your travel insurance for the medical care that you require, in the event that you have paid an additional premium upfront. The bad news is that when hearing of your plight few people are likely to take you seriously again. And if after all that kerfuffle you don’t fancy getting back in a reindeer drawn sleigh, then take a husky drawn sled instead, as these are also covered under your holiday insurance policy.

Tripping Over an American Tourist

Whilst visiting the Sistine Chapel, you accidently knock over an American tourist who thinks that it’s a great idea to stand in the midst of the spectacular building firing off flashes at Michaelango’s stunning mural. You may think that you’ve got away with a polite apology and are now the best of friends, having exchanged home addresses and everything. Until that is you receive a rather brusque letter from their solicitor suing you for loss of enjoyment on their European jaunt. Your eyes may glaze over when you read through his list of rather unreasonable demands for settlement, but the good news is that you’re covered on your travel insurance premium for legal costs up to £25,000, and the bad news, well you might want to choose your new best friends a little more carefully.

So you’ve booked your holiday, filled in your EHIC card and paid for your travel insurance. You’re all sorted right? Well you may want to check again. Here’s our list of important things that you should remember to check for when buying holiday insurance.

How many children are covered in your holiday insurance policy?

If you’ve got more than one child then purchasing a family holiday insurance policy can seem like a great way to save money. However, you may want to double check that your whole family is included in your travel insurance policy. Most insurance policies only cover the standard family unit of 2 children, so if you’re a family of five or more then be sure to read the small point as you may need to purchase an additional travel insurance policy for one or more of your brood.

Does your travel insurance include personal liability?

It may sound scary but what if someone is injured and it’s your fault? In today’s society of compensation claims and lawsuits it’s easier to be sued then you may think. If you don’t have a comprehensive travel insurance cover then you’re liable to pay your own legal costs and these can quickly mount up.

Does your holiday insurance cover all the sports and activities that you want to do?

You may be a regular GI Joe that swims with sharks on a Saturday and sky-dives on a Sunday. Unfortunately, that doesn’t make you the regular tourist and as a result many holiday insurance companies won’t cover you. This doesn’t mean that you should tone your holiday down if bungee jumping breaks are you’re kind of thing. Instead make sure the company that offers your extreme sports have their own insurance policy and that you’re covered on it. Of course if you really are GI Joe then you may want to look at getting a more comprehensive holiday insurance policy.

Does your travel insurance policy provide sufficient cover for any medical eventuality and repatriation?

So you’re pleased as punch because you not only remembered to buy your travel insurance, but you actually got a really good deal in your local supermarket when you nipped in to buy some tuna last week. But take another look at it; is it really that good a deal? How much cover does it give you? Some cheap holiday insurance companies only cover up to £2,000 in medical expenses and to be honest this is pretty rubbish. The Foreign and Commonwealth Office recommends that the level of cover should be £1 million for Europe and £2 million for the rest of the world.

Does the policy cover a full refund of your costs if the trip is cancelled or cut short for any reason?

It’s a scenario that doesn’t bear thinking about. But imagine that it’s the day before you’re dream holiday, you’ve packed the ubiquitous wardrobe of summer brights and your fake tan is booked in for the afternoon. Then all of a sudden you get the dreaded call, no it isn’t your mother checking that you’ve packed enough clean underwear. It’s the travel company and your holidays been cancelled. So what do you do? Well there’s little you can do unless your travel insurance policy covers a full refund of the costs and if it does then excellent, book yourself a last minute deal straight away and use the extra cash to treat yourself to an upgrade.

Things can go disastrously wrong at the worst possible times. For example, your wedding dress might become ripped or the venue you've reserved for the reception may suddenly be off limits. Whether the problems are avoidable or not, they can quickly transform the most important day of your life into a veritable nightmare. If you fear unforeseen circumstances and want to protect yourself financially, a wedding insurance policy might be the solution.

In this article, we'll explain the basics behind such policies and describe a few scenarios in which they're handy. We'll also take a look at how much it costs to insure your ceremony and reception.

How The Coverage Works

A wedding insurance policy fills the financial gaps in the event that an unexpected problem occurs that can potentially derail your big day. For example, imagine that the groom is traveling from out of state and has packed his rented tuxedo in his luggage. If the airline loses his luggage, he may be forced to purchase a new tuxedo (last minute rentals are often difficult to find). In this case, the contract would reimburse the cost of the tuxedo and help the couple avoid postponing the ceremony.

Insuring Against The Unpredictable

There are countless situations that can suddenly threaten your big day and they're often unpredictable. For example, imagine that you reserved the site for your reception several months in advance. However, three weeks before your wedding, the venue goes bankrupt and closes down. Not only will your deposit be forfeit, but you'll need to pay for a new venue - with only three weeks to spare, that can be expensive. A wedding insurance contract can compensate you for the additional cost.

Or, consider the expense of having to postpone your ceremony (for example, if you're injured on the ski slopes). The deposits for the flowers, catering, music, limo, and photography may normally not be refundable. An insurance policy can cover the gap.

The Cost Of Enjoying Peace Of Mind

Like most types of insurance policies, the cost of insuring your big day can vary based upon the items you'd like to cover. Most basic plans will include coverage for the rings, photography, videography, gifts, and the dress and tuxedo. Expect to pay approximately $200 for $1,000,000 in coverage.

You can also supplement the policy to cover such items as venue cancellations, sickness, and even your honeymoon. The price of the policy will obviously rise with the additional coverage.

Is The Investment Worthwhile?

Wedding insurance can make the difference between enjoying a worry-free event or risking postponement. But, that doesn't mean the coverage is necessary. A lot of vendors will already be covered for various unforeseen circumstances; an insurance policy may duplicate that coverage, unnecessarily adding to your expense. Talk to each of your vendors, including the manager at the reception hall. Ask them for details about their existing coverage. If there are any glaring gaps, explore whether an additional policy is appropriate for you and your sweetheart.

More and more people are becoming aware that any major decision in either purchase or vending requires a good deal of thought and some amount of preparation, which is why more and more people are now interested in what specific considerations should be dealt with when seeking to either buy or sell a house. One of the biggest expenses a person can ever face in life involves either a good vehicle, property, or any type of residence. Considering that both purchase or vending of any one of these things involves a significant amount of money, the buying or selling of any of these things is rarely as simple as going to the person buying or selling and then proceeding with the payment transaction. There is an actual procedure to be followed in these instances, and other than paying for what is actually being sold or bought, there are also other payments to be made to complete the entire process.

Here are some of the expenses that are involved in the buying of a house:

The downpayment – Typically, the downpayment on a house is usually based various aspects of the house being sold, although depending on the actual size of the property, downpayments required may vary greatly. Getting a loan to be used in purchasing a house is not uncommon, and typically the required minimum amount is 20% of the house’s purchase price.

Property tax – This figure may actually vary, since there will always be neighborhoods and areas that will have significantly pricier land values than others, which is why rich people, celebrities, and prominent politicians tend to live close to each other. The average property tax is around 1.5% to 2% of a house’s purchase price.

Homeowner’s insurance – Insurance companies will definitely charge different rates, so it would be a good idea to invest some time in contacting them to learn the pertinent info you need. There are also certain things you may know from an insurance company regarding a house that the broker itself may not tell you, since the insurance company is sure to send an independent representative to assess the house itself.

Private mortgage insurance – Should your downpayment be any less than 20% of the purchase price of the house, you may need to pay a certain amount each year to your loan costs until the equity of the house amounts to 22%, at which time there is no longer a need for the insurance.

Various miscellaneous fees – These are varied payables which may differ greatly depending upon the agreement between the buyer and the seller. This is probably the most negotiable of all the costs involved in the entire process of buying a house.

For those selling a house, here are the expected expenses:

Existing home loan – It is quite understood that a homeowner who has taken out a mortgage or two on their home cannot sell the house unless the loan is already settled. Careful planning when paying this loan is needed, since there are lenders that actually impose a penalty on early payers.
Broker’s commission – The commission is often the largest expense in the entire process of selling a house, ranging anywhere from 5% to 7% of the selling price. Different real estate agencies will typically charge different rates, so take the time to scout around for the best agency or broker that will give the most value for the amount that will go to them.

Closing costs – Another significant expenditure in the process of selling a house is the closing cost. Closing costs are typically made up of the title insurance expense, pro-rated property taxes, document preparation fees, and legal fees for the services of a lawyer.

Are you debating whether to go green with your fleet?

The good news is that going green with your fleet can generate savings that will improve your bottom line over time, while earning your business a better reputation.

How will this choice affect your fleet insurance?

Fleet insurance companies consider these hybrid vehicles as equals to their diesel and petrol counterparts.

Therefore your fleet insurance policies will not be affected adversely when you make the decision to help protect the environment.

Tips for Green Fleet Management from Cover4Commercial :

1. Assess your current fleet performance taking into account the mileage, fuel consumption, average mpg both per vehicle and driver, destination and reasons for travel, and the overall costs.

2. Then identify the areas which can be improved –

• Are the vehicles all as efficient as they could be for the specific needs?
• How can mileage be reduced?
• How well maintained is the vehicle?
• Can alternative fuels be used?
• Does your company’s current mileage allowance encourage an increase in mileage claims?
• Would your employees benefit from more driver training?
• What are the CO2 emission levels and Euro standards of the vehicles?

3. After assessing and identifying the areas for improvement, set yourself realistic targets, such as unnecessary business travel and monitoring and reducing fuel consumption.

4. Continue to monitor your performance over time, which will enable you continue to make both financial and environmental savings over time.

Finding the right Motor Fleet Insurance policy for your business can be a challenging task.

Before making any decision look at the following tips as a checklist:

You need to consider early on who will be driving your company’s vehicles. The higher the age restriction means that you can avail of a larger discount from the fleet insurance provider. Some of the options regarding these age restrictions are:

Any Licensed Driver Over 30
Any Licensed Driver Over 25
Any Licensed Driver Over 21

You can choose from three levels of cover, and some companies will facilitate you by allowing to have varied cover, so you could combine a choice of the following types of motor fleet insurance.

Comprehensive
Third Party Fire & Theft
Third Party Only

Another consideration is what type of extensions you may require for your fleet insurance policy such as:

Windscreen cover
Breakdown Cover
Courtesy cars
Legal Expenses Insurance

Naturally like any regular car insurance you will pay more for any sporty cars, so consider an age restriction just for these vehicles.

Of course your fleet insurance broker needs to know the type of use for your motor fleet insurance such as:

Haulage
Carriage of Own Goods
Private and / or Public Hire
Social Domestic & Pleasure use only (SD&P)
SD& P and Business Use
Carriage of hazardous Goods
Airport Side Use Extension

Fleet insurance is a big investment and you need to weigh up the pros and cons of going green, but in the medium to longterm this is preferable.

Choosing the right package and motor fleet insurance company for you requires careful research and making sure that the solution ticks all the boxes for your fleet.