Directors and Officers Liability Insurance

This policy typically covers the individual directors and officers and the organization that they are the director or officer for from wrongful actions committed on behalf of the directors or officers.

Directors and officers are in a fiduciary roll and thus they have legal obligations that they must adhere to in the role for the organization. They must exercise reasonable care that is customary and reasonable for the position that they are in. They have a loyalty to the company and to any stockholders to operate the business prudently that is in their care, custody and control.

Transparency is tantamount in this role in that full disclosure must be made for any and all transactions that involve each and every director and officer. Many times within the corporate bylaws there are provisions that dictate that the corporation will reimburse and/or indemnify directors and officers for any litigation that is brought against them as individuals. In order to fund that obligation most organizations purchase and provide directors and officers insurance for this liability exposure. Typically lawsuits involve the individual director and officer as well as the corporation. Thus, the policy needs to protect and indemnify both the individual director or officer and the corporation as a whole. With that in mind, some key provisions of the policy should be reviewed and considered before one purchases this type of policy.

Purchasing a policy that covers both the individual in the corporation well obviously cost more than just covering the individual but they will provide much broader and complete coverage than just covering the individual. The definitions of what is a wrongful act can also be an important area of concern when purchasing this type a professional policy. The broader the definition of wrongful actions the more coverage one is going to receive when a claim is presented. If this is the first time the organization has purchased directors and officers insurance having coverage for prior acts can be very important part of this policy. You may or may not want to consider having a consent provision that allows you as the professional consent to any payments for claims that are presented. There usually is a cost for that provision and you usually have to pay the portion that exceeds the amount on the table when the carrier could have settled the claim without going further in the litigation.

Typically directors' and officers' policies exclude coverage that should be purchased and provided in other policies. Usually claims dealing with property classes or general liability losses are not covered on this type of professional policy. Criminal acts are not covered in this policy. Nor are they covered in any other policy as that is against public policy countrywide. In larger corporations the directors and officers might serve on multiple boards across multiple industries. Have any specific endorsement to cover those ancillary exposures might help in attracting quality directors by providing that type of coverage for them. Having directors and officers insurance in place will help complete your insurance portfolio and risk management strategy for most corporations.

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Protect Your Business From Lightning Strikes With Business Insurance

Big black clouds could be looming over the future of your business. But the dangers will not necessarily come from an unpredictable and gloomy future, but could at anytime come from those dark cumulonimbus thunder clouds that regularly appear in the skies above us.

More to the point the biggest threat to business property is the danger that lies within those storm clouds. Lightning!

Lightning is a visible electric discharge between clouds or clouds and objects on the ground.

Material damage may occur to business property from the high power travelling to earth through a structure, and the release of energy being such that it causes extensive damage to the structure which in some cases leads to the buildings collapse.

A bolt of lightning can strike a building in an all round circle of as much as ten miles beyond the edge of a thunderstorm and anywhere below the mass of turbulent air. Buildings and commercial property can be struck by a bolt from the blue hours before a slow-moving storm reaches the premises.

According to the Office of National Statistics around 1500 properties in the UK are hit by lightning each year of which around a half are commercial properties. The incidence of lightning strikes against commercial property being so high, is due to the fact that blocks of flats and large industrial buildings and towers, have a higher propensity to be struck by a bolt, literally!

Lightning Risk Management

Regardless of any business insurance cover that may be in place, all businesses and enterprises should take the necessary steps to minimise any damage or loss that could be caused by lightning or may occur as a result of a lightning strike.

All commercial buildings should be protected by a lightning conductor system.

The purpose of the installation is to direct the current discharged from the bolt safely to earth thereby protecting the building's structure and its occupants from the worst effects of the lightning strike.

Burning damage may occur, often within the electrical wiring of a premises, which can lead to a general fire and ignite stock or office equipment. Depending upon what is being stored on the business premises, in particular if hazardous materials are involved, the risk from fire may be greater. For example a hardware shop, a chemical plant or a paper warehouse.

Electrical equipment is particularly at risk from power surges and it is not just office business equipment that is at risk. There has been a spate of recent incidents of lightning inducing high voltages and currents in computer installations and Internet server farms.

Fires arising from lightning strikes and the risks of subsequent losses can be minimised by ensuring that the lightning protection system is always in good working order and all alarms function correctly.

The continuity of the conductors is imperative for functionality and can be broken during building repairs or ground excavations.

If lightning conductors are disturbed by building works they should be repaired straight away.

It is also important for a small business to implement a regular servicing and testing regime and most insurance polices will insist upon this for the cover to be effective.

If you live in an area where the frequency of storms and lightning damage is higher, listening to long range weather forecasts can help a business prepare for storms and give a company time to take necessary steps to protect the business property.

Business Insurance

Nearly all business insurance policies designed to cover commercial property will have a provision for lightning material damage loss and consequential business interruption under the basic perils risk coverage.

The risk of lightning is covered under perils in either the buildings or contents section of a commercial property insurance policy. it is available to property owners, lease-holders or tenants to cover their contents against such loss.

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The Complications of Business Insurance Explained

The phrase public liability insurance has become a bit of a buzz word in recent years, but people are still not entirely sure of what it means. In short it is designed to cover the costs of any injury or damage caused to the public by your business or its employees. Given the rise in popularity of compensation claims, this kind of insurance has been taken out by more and more business of all sizes. The business insurance services range can be complicated and some policies seem to overlap, so here is some clarification on what exactly public liability insurance covers.

The first point to note about this kind of insurance is that it does not cover injury or damage to any employees. This is covered by Employers' Liability Insurance, which is mandatory under legislation. However, damage caused by employees to the members of the public is covered by public liability insurance.

This form of insurance is not yet a legal requirement, however you may find that some other business, whether suppliers or buyers, will refuse to deal with your business if you don't have some form of basic cover. This is because the costs which can result from these sorts of claims can easily cripple any small or medium sized enterprise.

The reason that this insurance is not yet compulsory is because not all businesses are well-served by having it. If your business is just a "one-man band", with little direct contact with the public have little need for this sort of cover and may be better off saving the potential premiums. On the other hand, the premiums for this kind of business are likely to be quite low, so it may be worth getting covered. Similarly, if your business has a great safety record, you may think that you don't require any sort of cover. But if you do look into getting covered, you should find that an excellent track record results in lower premiums.

It is now possible to get quotes for this sort of insurance on-line, in the same way you would car or home insurance, but the range of companies which provide it is quite limited. Also, because there are so many variables involved, you may want to do it the old-fashioned way. In this case to get a fuller understanding of the range business insurance services you will be best served by contacting an expert such as a broker, who can help you with all the details.

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How to Get Online Liability Insurance Quotes

Public liability insurances are imperative for any business venture, big or small. However, getting a public liability insurance is not as easy as 1-2-3. Owners need to determine the cost of insurance coverage for their company. There are conventional ways to do it like going to the insurance company directly or calling them one by one through phone. Yet, these ways are time-consuming. Business owners are busy people who need to attend to a lot of things. To make things easier and convenient for them, they can get online public liability insurance quotes straight from the net

In order for a business owner to get online public liability insurance quotes, they need to provide information regarding their business. The following which will be discussed are the 8 most important details needed by the insurance company. The first detail is the type of business. The next point is the incorporation of the business whether it is a sole proprietorship, partnership or, a limited company, among others. The third detail is the ratio of annual sales to the inventory.

The fourth information required are the particulars regarding any liability claims that the company had dealt with the past, if ever there are. It includes details on the case such as the situation, date of occurrence, and the cost paid. The next detail is the location of the business - whether it is in a commercial or an industrial area. It is then followed by points wherein the business will take in subsidiary organizations.

The seventh detail required to get an online quote is the information about the exact number of employees so as the agent can identify the premium. It includes the number of clerical employees, directors, and business partners. And the last, but definitely not the least point, is the preferred starting day of the policy.

After the completion of the public liability insurance online quote, the owner is expected to get a quote conformation sent directly to their e-mail address. Business owners can send information on their enterprise and get online quotes from several insurance companies. That way, they will have a chance of selecting the best insurance company that can provide their business the appropriate and most suitable public liability insurance.

Businesses and its owners should not be easily enticed to get the cheapest insurance policy: getting these types of offers are not all the time efficient as expected. Yet, expensive insurance policies are not advisable as well. It will be beneficial for them to make an online research for reviews on different online professional liability insurance quotes to get the best among the rest.

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Truck Insurance Rate

Are you worried about your truck insurance rate? Are you planning to change your insurance provider for a better insurance rate? Then you have come to the right place. In this article I will provide you with a list of things that you need to do in order to get the cheap truck insurance rate.

• Irrelevant of the insurance provider you are searching for you need to understand a few things on how insurance works. Any insurance company is mainly interested in increasing their financial asset, this is not wrong, this is just business. So they would fix the rate depending on the amount of risk the truck is exposed. If you want a cheaper rate then you need to reduce the risks which the truck is exposed to. This will automatically convince the insurance provider that providing coverage for minimal rate is not a threat for their interest.

• The easiest of way of reducing the risk is by parking the truck in a safe environment when not in use. This will reduce the rates on your vehicle damage insurance policy. If you were to park the truck in a garage or a compound when not in use then the companies will automatically reduce the rate on your policy.

• The next way is to apply for discount based on safe driving record. If you were to drive the truck or the person who drives the truck has a clean driving record with good experience in driving the specific type of vehicle then you can apply for discount on the insurance rate. The companies will view a clean record as a minimal threat to their interest and give you a big discount on the insurance rate.

• The best way is to reduce the rate on your insurance policy is to make sure that your vehicles is in good condition. You certainly can't expect a good company to give you policy for cheaper rate if your vehicle itself is breaking apart. So make sure your truck is in good condition when you apply for insurance.

• Lastly the place where you search for the truck insurance policy. The best place to get cheap rate is by searching for the policy online. Many online website offer discount so n policy if they are purchased from them. Further more you get to compare various truck insurance policies which allow you to choose the cheapest policy available in the market.

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Choosing on the Right Business Insurance Broker

You know that having the right business liability insurance policy in place is an important component of maintaining your business's success. The agent who helps you select and keep the right business liability insurance plan for your company's development is equally important. Yet, it can be a challenge to know where to find the right agent for you. You might even wonder if there really is a difference in choosing one agent over another.

There are differences in business liability insurance agents. Just as there are a myriad of business types needing coverage, there are as many different types of liability coverage to suit them. There are insurance agents who work specifically within certain areas of business liability insurance. The truth is, finding an agent right for you and your business is going to be a necessary step in obtaining the right insurance for the stage your business is at currently.

You obviously would not be working with an agent who handles commercial automobile insurance on a routine basis when you need errors and omissions coverage for your architectural business. Selecting an agent who is knowledgeable in the area of coverage you need is as necessary as the coverage itself. Additionally, you will be shopping for good quality coverage at a competitive price.

While you are shopping for the best kind of coverage for your employees and coverage for office furnishings for the best price for it, you will also be shopping for an agent to provide both to you. When it comes to something as important to your business's survival as liability insurance, you want an agent who can provide you with great service as well as great insurance coverage. But, service from a business insurance agent is oftentimes more than just getting your business the right insurance plan and getting it at or under your budget.

First, you may want to select an agent based on location. Of course, your insurance will largely be determined by your specific industry and the location where your business operates. So, finding an agent who is licensed to work within your area is important for a few reasons.

They will know just how to assist you with selecting the appropriate insurance. If you need product liability coverage, or if your company could do with an umbrella policy, they will be able to guide you in obtaining the exact coverage right for you and your business. Plus, it is often a matter of convenience to work with an agent who is located close to you or your business.

When shopping for your coverage, you want to work an agent who is not only an expert in your field, but someone who makes you comfortable while going through the process of purchasing your business liability insurance. Business liability insurance can be tricky at times. What suited your company at the start may not be sufficient as your company moves into the future.

You want a good relationship with the agent you choose. Different companies need different types of insurance, but different people need different types of personalities to succeed when working together. Each business owner is going to find that one agent appeals to them more than another agent mostly out of personal preference.

When deciding on the right business liability insurance agent, you want to find someone who has a personality that works well with your own. Take the time to select a suitable agent based on knowledge, experience, and competitive prices. But, do not forget to look for an agent based upon compatibility as well.

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Frequently Asked Questions About Charity and Charity Shop Insurance

Frequently Asked Questions About Charity and Charity Shop Insurance

1. Why Do Non-Profit Organisations and Charities Need Insurance?

The fundamental purpose of a voluntary organisation or charity is to offer a service and to raise the necessary funds to enable them to do so. Despite the fact that they aren't a profit making enterprise, they still have a duty of care to their volunteers, employees and the general public. If the organisation does not have appropriate insurance, they could find themselves liable for any costs or damages that result from an injury sustained on their premises, particularly if they are operating a retail shop. Whilst researching and purchasing insurance, it is important to remember that cheap shop insurance probably won't be the best shop insurance and the most important factor to consider has to be obtaining adequate and appropriate cover.

2. Is Employer's Liability Insurance Compulsory?

All UK employers are legally obliged to purchase employers liability insurance; the current certificate needs to be displayed in a place where interested parties can see it and past certificates should be retained for a period of 40 years following expiration.

3. Public Liability Insurance

Although public liability insurance is not legally required, it is highly recommended that all organisations including non-profit and charities buy it to ensure protection against any claims that involve 3rd party damage or loss. If a customer trips on a loose carpet in the charity shop, without public liability insurance, the charity may be held liable for legal costs in addition to the actual compensation awarded.

4. How Much Should We Insure For?

Whatever you are insuring needs to be insured for the full cost of rebuilding or obtaining a replacement. This will ensure that you will receive an adequate amount of money in the case of a claim. If you are under insured, your insurance provider is likely to reduce any claim amounts in proportion to the amount of the under insurance and you will liable to pay the difference.

5. How Can We Insure Items Which Are Removed From the Premises?

Many shops and businesses need to have coverage for 'off site' items and an 'all risk' policy should be purchased. Policies are available for items anywhere in the world, in Europe or within the UK.

6. Does Employer's Liability Insurance Cover Volunteers?

Yes, as long as your insurer is aware of the nature of your business, cover for any damage or injury to a volunteer which they sustain in the course of their duties will be included.

7. What Happens if We Undertake Hazardous or Extreme or Activities?

All details should be provided to your insurance provider before the event takes place so that they are able to evaluate the potential risks. You should be able to obtain insurance for most events but may find that an extra premium is charged.

8. Do We Need to Obtain Public Liability Insurance for an Event Being Held Inpremises That Is Covered by the Owner's/landlord's Own Insurance?

Yes, the premises insurance will only cover their own liability for injury or damage sustained as a result of their negligence, if for example, the injury was caused by poor building maintenance. However this insurance will not cover your activities or event and it is recommended that you purchase adequate protection of your own. A lot of 3rd party venues will require proof of your public liability insurance prior to the event taking place.

9. Will We Automatically Be Covered for Activities Which Take Place Off the Premises?

No, All details should be provided to your insurance provider before the event takes place so that they are able to provide advice regarding the appropriate cover required as well as any terms and conditions that may need to be applied.

10. What Is Employment Practices Liability Insurance and Why Does a Voluntary Organisation Need This Cover?

Changes and revisions to employment law in recent years have meant that it is becoming ever easier for dissatisfied employees to take action against their employer. In view of these amendments, voluntary organisations and charities now have the option to arrange employment practices liability cover. This will provide protection in respect of expenses, legal costs as well as court awards for a wide range of disputes including discrimination due to an individual's race, sex, religion, belief, disability, or sexual orientation. This insurance will also cover constructive or unfair dismissal of an employee and other questionable allegations which can are expensive to defend.

Cheap shop insurance policies will only offer some of these elements as 'add-ons' and may result in a higher premium needing to be paid than was quoted for the basic policy.

Cheap shop insurance is available in the UK from Specialist Risks.

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Business Interruption Insurance For The Supply Chain Failure Domino Effect

If you are in business there are risks inherent in every industry that are totally out of control of the entrepreneur, particularly when the business is reliant upon other parties.

As a result of damage to property a business may be unable to trade for a period. In order to cover these consequential risks, a business insurance policy will always contain cover for what is known as Business Interruption insurance (BI) or Loss of profits insurance.

BI covers a business against all consequential losses arising out of claims made against the policy which have been caused by an event leading to a valid loss. Such an event could be a fire, flood or loss of supply of electricity for example.

Most businesses will have interruption cover on their commercial insurance policy, that either has a defined level of indemnity as standard cover in a package or has been set from the declared annual turnover value on a commercial combined policy with a separate business interruption risk section.

Business consequential losses are calculated on a daily basis pro-rata from the declared annual turnover. If a business makes a claim they will usually be asked to provide accounts to verify the interruption loss.

A business can be protected against losses on the distribution side with credit insurance which covers losses of creditors failing and going bust, but what of suppliers?

Until the recent recession, insuring risks of trading losses due to failures in the supply chain was limited to small sums insured and various terms and conditions about what constitutes cover.

However the recession has led to many businesses and suppliers going into liquidation, and in all business sectors an enterprise may well find itself on the brink of receivership. This is often not because it is a bad business, but because somewhere along a linear network of product critical suppliers, a link in the chain has become insolvent.

This break creates a large knock on effect that cumulatively accounts for snowballing consequential losses the further you go down the supply and sales chain.

Businesses have been demanding from their insurers cover for this potentially business stopping risk.

Insuring the domino effect of a breakdown in the supply chain

The problem with a standard BI policy wording is that the cover only extends to loss of profits caused by a break in the supply chain of essential goods or services from an immediate supplier.

Furthermore that supplier must have been put out of business temporarily by one of the perils effective for the insured's policy.

For example if my printing business is insured for fire with interruption cover in force and my paper supplier's factory is burnt down, then this is covered under my policy. This is called first tier cover.

However if the paper mill supplying the paper distributor caught fire and the paper supplier could no longer supply my printing business with paper, I would not be covered.

This domino effect has always been regarded by underwriters in the past as a business risk that is uninsurable.

On the most expensive of Lloyd's underwritten supply chain policies that have been available recently, the limits of indemnity are fixed and often do not provide adequate cover for a large business that has suffered supply chain failure more than one step removed.

However due to the growing number of insolvencies and claims repudiated under standard business combined polices, underwriters have been forced by the market to supply cover and have recently devised a new form of BI called 'Contingent Insurance' which specifically addresses all the limitations of the standard policy cover.

Contingent Insurance policies will insure against loss caused by disruption anywhere in the supply chain, which now includes both damage and non-damage related events.

The covers extend to supply chain breaks due to political risk-related events, civil disturbances, terrorism and political violence, as well as cyber risks, environmental risks, strikes, erupting volcanoes stopping flights and all other transportation issues affecting a business in the chain.

Many insurers of large businesses and corporations will insist that proper risk assessment of the consequential losses of supply failure is performed by a company and that maximum expected probable losses are defined, before issuing a policy.

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How To Make Sure You Have The Best Hotel Insurance For Your Accommodation

Because a hotel deals with many types of people coming and going every day, this type of insurance is critical for your hotel and is something that should never be taken for granted or forgotten about, because you simply have to make sure that your hotel is covered by the correct insurance.

No matter what type of hotel you own, you really must make sure that you have the correct type of insurance for your business.

If you own:

• Hotel • Guest House • Bed And Breakfast (B&B) • Motel • Hostel

Then you will need the relevant and valid insurance, which means that should you, your guests or hotel suffer from any damage, injury of theft / vandalism, then you will have the correct cover in place to make sure that everyone is protected.

When it comes to insuring your hotel, there are standard or "off the peg" types of policies that will pretty much cover your business, depending on the type of hotel you are running, number of bedrooms and various other factors that an insurer will take into account when issuing you with a quote or policy.

Many hotels are now using specialist insurers and brokers to get "tailor made" insurance, which means that the policy is designed specifically for your hotel and will include all of the factors to make sure that the insurance policy covers all aspects and requirements that you set out with your insurer. This kind of insurance policy is always specific to the hotelier or business, but it is usually still made up of the normal components, but they are just put together into one type of insurance for your accommodation.

Because your hotel is totally unique, from number of bedrooms right the way through to location, the insurance will often be far more in depth than other types of insurance, because it has to cover so many different things.

For example, you will need the usual building and contents insurance to protect you against fire, theft and damage, but you will also need liability insurance to cover staff and guest against accident and injury whilst on your premises. Speaking to a broker or a specific hotel insurance specialist is often a brilliant idea, because although you might pay a little bit more, you will at least know that the insurance you have for your hotel is going to be the best it possibly can be.

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Planning to Insure Your Business? - Know What to Consider

Every business, regardless of its size and industry, needs insurance to protect itself from various financial losses that can arise due to unfortunate events such as natural disasters liability, theft or litigation. Business owners today know the importance of insurance, but many of them fail to plan properly while insuring their business.

Business owners should make sure that their business is covered for all the possible events that can lead to financial loss. Here are some key things every business owner should consider while purchasing insurance policy.

Risks associated with your business type Almost every business faces risks. Depending on the industry and size of the business, risks can vary. In order to provide full security to your business from financial losses, you need to purchase insurance policy that covers all risks related to your business. But for that, you should identify and evaluate risks specific to your business. It is not an easy task to find out the risks associated with a business. Hence, it is better to take experienced and professional help.

Assets which require protection Identify your business assets that might face risk and require an appropriate protection. Your business assets may include your company's building, vehicles, business equipment like PCs, important files or documents, patents, copyrights, business products, and the most important assets of your business - your employees.

Types of business insurance

Some of the important insurance policies that may be required by a business are:

Property insurance - Physical properties such as building, furniture, machinery, electronic devices, involve a lot of investment. Mishaps such as fire accidents, earthquakes, floods, etc. can damage your property and may lead to huge financial losses. Hence, insuring these things is very important for any business.

Public liability insurance - This insurance is very important for businesses, where their customers or general public visit their premises. If any customer or any person gets injured or dies at your business premises, you will have to pay for their claims. Public liability insurance protects you against the legal suits and claims resulted from the third-party.

Product liability insurance - If your business involves in manufacturing or selling any physical products, then you must consider taking product liability insurance. Since they are your products, you are legally responsible for any damage or injury they cause. If any person claims for the damage, you have to pay for it.

Employer's liability insurance - If you have employees, you should have employer's liability insurance. This insurance offers financial support when your employees fall sick or die in course of the employment.

These are the general insurance policies you need to include in your business insurance policy, so that you can protect your business from various types of financial losses.

Choose comprehensive policy from a reliable insurance broker Now that you are aware of the common types of insurance policies, it is the time to choose a policy that covers all your business' requirements. As discussed earlier, it is better to take professional (reputed broker or agent) help when choosing an insurance policy for your business.

Advantages of buying insurance through a reputed brokerage firm:

•Insurance brokers provide reliable, fast and professional service

•They understand your business and the specific type of risks associated with your business. So after getting clear idea about your business' needs, they tailor your business insurance policy to exactly match your business requirements

•They offer sound advice. They estimate the amount of coverage required for your business

•They not only offer you a competitive price, but also provide you with the wide cover

•In case of liabilities, they also deal with the legal issues, without having the need for the owner to interfere

The essential characteristic of an effective insurance is to cover the business against unforeseen hurdles that might occur. So, depending on your business requirements get a right and complete cover by considering all the above mentioned factors.

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The History of Marine Insurance

The development of insurance contracts began to take shape in ancient Roman times as they tried to establish some order to trading methods. Genoa and other Italian city States instituted a system of separate insurance for maritime trade during the fourteenth century with this spreading to cities in Northern Europe. Primarily, costing of the policies was estimated on whether or not sea routes were safe or considered high risk of capture by pirates.

Marine insurance in English court law became established in 1601 with a chamber of assurance that separated it from other law. During the middle of the eighteenth century, the merging of merchant law and common law principles came about and saw the founding of Lloyds of London. Other marine insurers began and so an infrastructure consisting of shipbrokers and admiralty lawyers in combination with bankers gave birth to the maritime insurance as known today.

During the nineteenth century, standard clauses were developed by Lloyds and other London underwriters, known as the Institute Clauses, which are still used by marine insurers today.

From this ancient insurance, there developed non-marine insurance and reinsurance. However, in modern times, this is usually on offer together with Aviation and cargo risk (transit) insurance, known as 'MAT,' which a later standard policy on the London Market in 1991, changed to the 'MAR 91 form', a form of general insurance statement.

A typical marine insurance policy covers three-quarters of the insurer's liability to third parties. During the nineteenth century, ship owners formed underwriting clubs called Protection and Indemnity Clubs or P&I, for the remaining quarter of liability. These clubs still exist and non-commercial marine and non-marine mutuals are modelled on them, regarding oil polluting and other risks, such as nuclear fallouts.

Then there is 'total losses and 'constructive total loss'. When the damages to or cost of a repair equals or exceeds the value of the property, this is an actual loss, whereas a constructive total loss is the cost of the repair and the cost of salvage equal or exceeding the value. These two terms are applicable when there are assets left to pay for damages. Unfortunately, this is not always the case as ships sometimes get lost at sea or total theft occurs.

This is how marine insurance differs from non-marine insurance with the insured party having to prove the loss. By tradition, marine insurance notes that the insurers have an interest in the ship and cargo, rather than in only the ships survival.

Boat Quote provide cover from recognised UK marine insurers

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Small Business Insurance Quotes

Small business insurance quotes, while provided aplenty on the Internet, may or may not provide all the protection a particular business may require. There is too much at risk when operating a small business to take any chances of operating without the protection of business insurance. It takes the help and guidance of a qualified insurance agent or broker to help small businesses understand the dynamics involved in obtaining coverage that is risk specific. A tire salesman, for example, has a much different exposure than the Chinese restaurant where he goes to lunch.

Commercial insurance policies are best written for each individual risk as opposed to being written for the individual. While it is possible to obtain multiple small business insurance quotes, it is also important to make sure that they compare across the lines of coverage that are being offered.

Policy limits may apply to the physical property as well as the general liability exposure. Liability is the all-important third party protection that not only extends to customers on the insured's property, but also to the products and completed operations that the business performs.

All too often, the unforeseen exposure may only be discovered when a suit is filed, making the safety net of business insurance an invaluable part of the business arsenal when it comes to protection. Typically, a good agent will be in communication with an insurance company's underwriter where they can both be instrumental in tailoring a package that not only covers the exposures sufficiently, but will also include the appropriate credits so that agreement on price can be made without unnecessarily limiting coverage. With business insurance, it is not advisable to manipulate the coverage to mitigate the price. There is far too much at risk.

As any small business owner recognizes, there is a lot of blood, sweat and tears that go into getting the business up and running. Since insurance rates are regulated by the U.S. Department of Insurance, it's a safe bet that lines of coverage will compare rather well between small business insurance quotes. It is then left up to the competition between carriers where they will allow credits to bring the premiums down. Further, a good agent will work with an existing insured or potential client so that every effort is made to ensure the safest risk possible and therefore the highest level of credits available to further help reduce the premiums.

There are many efforts that can be made to provide a safe environment for customers, as well as employees. Slip and fall hazards can easily be avoided, yet often, these are the cases that are most often settled without dispute due to the costs they may incur. Installing safety railing or painting a step to make it more visible are just examples of some of the simple steps that can be taken in an effort to prevent needless accidents. A wholesome approach to running a business, as well as a wholesome approach to appreciating the requirements of a comprehensive general liability policy will allow a business owner to discern the best coverage for the best price among small business insurance quotes.

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Why Does Your Business Need Professional Indemnity Insurance?

Let's be clear not all businesses require this type of Business Insurance. It should be considered for businesses that gives advice or offer a professional service as part of their offering.

So if you are setting up or have an existing business you should consider carefully exactly what level of cover you require before launching into any policy.

Lots of professional services businesses are required by their professional membership body to have Professional Indemnity (PI) insurance. These would typically include, financial advisers solicitors, mortgage intermediaries, architects, accountants, insurance brokers and. Many consultants, in creative industries like Public Relations, advertising agencies, and web designers also choose to have this type of insurance.

This means that most professional bodies have arrangements with one particular insurer to provide this type of insurance. If you are a member of a professional body such as the Law Society, or RICS, in the first instance I would always recommend that you approach these people. Also some regulatory bodies insist that you have legal cover.

There are several benefits. Straight away the insurer will be in tune with your type of business. So it might cut down on the amount of paperwork.

But it is always worth shopping round. After all you are trying to get the best cover for the best price.

So why might you need this type of Business Insurance? If you operate a service Professional Indemnity (PI) insurance protects your business against claims for mistakes or in some cases against negligence. So in effect it will cover your legal expenses.

There are various reasons why there might be a PI claim against your business. A web designer might have inadvertently have used an image which was copyrighted. Another example might be if an architect drew a set of plans with the wrong measurements, which at the point of construction meant the development was built in the wrong place.

Depending on the level of covered you have agreed with your insurer the legal fees and the fine might be covered by your insurer.

Minimise claims with good documentation

Keeping good paperwork will help keep your house in order. This will mean that if you need to defend a claim, the proper paperwork, which is outlines everyone's responsibilities will help support your defence.

This is a specialist field and requires specific knowledge. Make sure that you consult with your insurance brokers.

Getting the proper level of cover

If for any reason you are thinking of cancelling your policy, either due to retirement or moving to another insurer it always worth considering that any claims refer to when your policy was in place.

This means if you move your policy to another insurer you either need to arrange with the new insurer to accept previous incidents or arrange a 'run-off' policy.

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Restaurant Insurance - A Short Guide for Smart Restaurateurs

A restaurant's success comes with a price. Part of the cost is paying for restaurant insurance in preparation for unexpected events. If you own a restaurant, you need to pay attention to these pointers.

Why should I buy business insurance?

To buy business insurance is to have enough coverage for unexpected events. While no one wants to experience fires or robbery, the chances of it happening are always present. For instance, leaking gas lines somewhere within a company's premise and a lit stove are combustible combinations. A disgruntled employee who wants some revenge may be quite unstoppable if he or she plans to steal.

As you purchase the policy, you protect your company from further losses. With insurance compensation on hand, you get rid of possible hassles. There will be no need to spend money out of your own pocket. You get to recoup losses or rebuild structures as needed all without risking away capital.

Why get a specific insurance?

Think of it this way, when a person has cardio problems, that individual is likely to visit a cardiologist and not a general physician. The same principle also holds true in business settings. You will need restaurant insurance if you have a restaurant. Without one, you might not gain full coverage.

Going about without proper insurance might have its repercussions. Possibilities are high that you might not get adequate compensation. This scenario can bring about massive losses on your end. What's worse is what if you never recover from the losses? You may sooner find yourself filing for bankruptcy if you didn't take the necessary precaution.

What is employer liability insurance?

Employer liability insurance is important when running a restaurant. Given its importance, this coverage is now a prime requirement for companies employing people.

This coverage, commonly associated with restaurant insurance, covers incidents that might happen to employees while they are at work. For instance, it can give due compensation for injuries experienced by a staff member while performing duties. It might also provide payments for health-related effects or death.

What is public liability insurance?

Public liability insurance refers to policies that safeguard the restaurant owner in scenarios where a person might be injured or killed due primarily to negligence. This coverage is especially necessary since you are serving food.

Prime examples are possible scenarios that can happen anytime. For instance, what if your chef or cook forgets to practice proper hygiene and it results to food contamination? A customer that becomes sick due to negligence can file a lawsuit and take the case to court. Another possible illustration is if the restaurant ends up in flames and causes damage to surrounding structures. Property owners might end up filing cases too.

In both situations, you can end up losing everything. Without insurance, you pay out-of-pocket costs to hire lawyers. Legal help costs money and you can soon find your company bleeding cash while legal battles continue in courts.

Of course, knowing all about possible restaurant insurance coverage is just one part of the process. The next and most important step to take on is getting it from a reliable provider. As you do this, scrutinize costs and stipulations carefully. You need to have something that offers adequate protection for possible situations.

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Vacant Property Insurance

In these tough economic times insured's would be prudent to review all properties that they have property insurance on. The two most important words to pay attention to in your insurance contract are occupancy and vacancy. These provisions usually affect the property insurance for your buildings and contents that you have insurance on but they can also play a part in your general liability insurance program also.

Most insurance policies clearly define what they mean by vacant or occupied. Reading and understanding these definitions can be tantamount for you as the insured in knowing whether or not you're going to have coverage if a claim should occur. Usually insurance companies are not as concerned with the building being unoccupied as they are with the building being vacant. The insurance companies understand that from time to time buildings can be unoccupied as new tenets come and go. Or there might be some remodeling issues that need to be addressed and the building could be unoccupied for a period of time. Knowing what the limit of time for a building to be unoccupied is the number you should know. You probably can break that string of being unoccupied simply by just occupying the building for a short third time and the meter will be reset and start counting again. Most insurance policies have a 3 to 6 month unoccupied clause in their contracts. The building remains unoccupied for the specified period of time the policy can be rendered null and void come claim time.

A building being vacant, meaning usually having nothing in the building except for the four walls usually has a shorter timeframe. That is usually 90 days in most property policies. The risk management tip of the day is that you as insured should read the occupancy and vacancy clauses in your property insurance contracts. Also, sometimes in your general liability policies there can be occupancy and vacancy clauses built into the warranties so that the general liability policy may not respond if you exceed the occupancy and vacancy clauses. When you got to market for proposals, besides comparing prices and coverages, it would behoove you to also compare what occupancy and vacancy clauses are built in to the respective insurance carriers contracts. If you typically experience longer periods of unoccupied and/or vacant buildings, an insurance policy that might be cheap in price but restrictive in these clauses might not be in your best interest in the long run. As the insured, being knowledgeable about these clauses can help you in your insurance decision-making process.

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