You might not have realised it, but boat insurance is the oldest kind of insurance there is. People have been insuring their boats since the 17th century, and over time a number of standards have arisen. The chances are, though, that youre probably much more familiar with car insurance so the good news is that car insurance and boat insurance are actually very similar.

Basically, there are three situations you can be insured against: your boat (or its cargo) being damaged, your boat sinking, and your boat hitting another. Although few countries make it a requirement that your boat must be insured (considering how many boats sail in international waters), you would be very wise to at least buy the third party insurance, in case you hit a boat that is very much more valuable than your own. You will probably find it quite unnecessary to insure your boat against total loss unless it is very valuable it is mainly practical for large ships, and especially for ones carrying valuable cargo.

As with car insurance, policies come with an excess to discourage small claims for boat insurance, this is usually quite a large sum of money, as the intention of the insurance is to cover you against substantial losses instead of just scratches and dents.

There are also a few kinds of insurance you can buy that are unique to boating, although it is unlikely that you will ever find yourself in need of them. If you get Increased Value insurance, your policy will pay out at your boats market value if it is more than the amount you insured it for only useful if you expect your boat to go up in value. Finally, if youre thinking of sailing into a warzone, you might want to get war risk insurance. Of course, you might also want to get your head checked out, if you know what I mean.

Hospital expense insurance covers the expenses incurred on a patients hospital stay, provided heshe already has a subscription in this regard.

Nobody has ever lived a life time without a bout of illness and a subsequent hospital stay. This is something inevitable as no one is perfectly immune to diseases. And every hospital stay one has brings with the discharge order a mind boggling bill – the psychological effect of which is more than enough to send back the fitness-regained patient for another few days for treatment in the same hospital. When it comes to health related issues, no one could keep a check on the cash flow. After all, in such circumstances, it is the question of life and health that supersedes the financial issue. But with hospital expense insurance, one could reclaim the money spent by producing all the relevant certificates and bill.

Hospital expense insurance is one form of the health insurance that pays for the expenses incurred for the patients room and board costs. The coverage also compensates financially for incidental expenses such as x-rays, the use of the operating room, anesthesia, drugs and laboratory charges. When it comes to payment, some insurance providers prefer to pay the claim on an indemnity style where the insurer pays a definite sum each day for a set maximum number of days. Some players, on the other hand, opt to pay the actual bill or a percentage of the actual amount regardless of what the amount the bill indicates.

Generally, at the time of the payment, the insured is paid a claim that amounts to a fixed percentage of the policy amount minus the deductibles. Various hospital expense insurance policies follow different schemes and hence the payable amount varies a lot. The customer should ideally see if the “stop-loss” or “coinsurance maximum,” which limits the insured persons liability is at an acceptable limit. A decently followed scheme does not put much burden on the customer. Also look for those insurance providers who offer a maximum benefit ceiling.

Practically, there are a large number of hospital expense insurance policies which are rejected on technical grounds. The reality is that, for the insurance firms, their aim is to make profits and by denying one a hospital expense insurance policy claim, actually the company is gaining profits in larger numbers. Inadequacy or discrepancy in the information provided by the customer is one of the grounds in which they deny a policy. Hence, the customer should ensure that heshe provides the correct and updated information to the insurance companies.

Also, the customer must be thorough with the rules and regulations that define the hospital expense insurance policy. See to it that all relevant documents and papers are in place. Remember, a missed piece of document is a valid ground for refusal of a claim.

Before buying any hospital expense insurance policy, the customer ideally should be doing a bit of research on the insurance scene of hisher place of stay. One can go by references if you have any trusted friend or you know anybody who have had successfully claimed the hospital expense insurance. In this regard, browsing the insurance companys home sites facilitates for an easy comparison of similar policies and their rates.

To conclude, how much the customer may need to shell out along side the claim amount so as to pay the hospital expense directly depends upon the hospital expense insurance policy heshe selected. And that requires a good application of discerning senses and yes, a bit of common sense as well.

Aviation Insurance More Than Sky- High For The Fly Boys

Those magnificent men in their flying machines Ever since the Wright brothers pioneered our ascent into the skies we have strived to fly higher, faster, further with aeronautical advancements surpassing one another at an ever-increasing rate.

Taking to the skies is, of course, much more than the romantic notions upheld in quaint versions of Up, up and Away or Come fly me, lets fly, lets fly away It is, for most aircraft owners, a significant part of their livelihood and not to be contemplated without the proper insurance.

Aviation insurance is different from other forms of insurance in that it is very subjective. Due to the vast array of aircraft types, uses and pilot experience, policies should always be specifically tailored to suit the unique requirements of each individual applicant. For this reason it is recommended that a broker, specialising in aviation insurance be engaged to arrange cover.

When applying for aviation insurance, several matters will be taken into account including:

Sum insured: Aviation policies are divided into

i. Hull: The loss of or damage to the aircraft.

ii. Liability: Loss of or damage to property belonging to others andor bodily injury to others as a result of the insureds negligence

Aviation insurance is based on agreed value. This means that, in the event of a total loss in respect of the hull, the amount agreed to in the policy is what will be paid upon acceptance of the claim.

It is vital that the aircraft be insured for its true value as major difficulties can arise for the owner if the amount is under or overinsured. For example, if an aircraft is grossly underinsured, the agreed value will not be enough to enable the owner to replace it.

In the case of overinsurance, the insurer may decide to approve a lengthy repair process, costing more than the market value but less than the agreed value. This will result in major delays to plans of getting back in the air.

Liability is a different issue with settlements determined in most large cases by the courts.

Type of aircraft: Generally, helicopters cost more to insure than fixed wing aircraft. Here in Australia, this is partly due to the manners in which they are employed, for example, mustering livestock and heavy industrial use.

Helicopter accidents are also more likely to result in a total loss of the aircraft than fixed wing accidents. What would seem a relatively minor heavy landing in a fixed wing aircraft would most likely write-off a helicopter.

The best way to ensure the lowest price possible is quoted for the aircraft, fixed wing or rotary, is to be clear with the insurer exactly what it will be used for. For business owners, it may be worthwhile considering whether diversifying from the central business function is worthwhile if diversification results in more hazardous usage of the aircraft.

Pilot Experience: Pilot experience and qualifications are the most important aspects of determining the amount of the premium and level of coverage. In some cases, cover may not be extended if the pilot has not enough hours in the air logged.

If any persons other than the owner are to be flying the aircraft it is the owners responsibility to ensure all details regarding additional pilots be accurate and up to date. Inaccurate information can lead to a claim being rejected. There are basically three types of pilots able to fly the insured aircraft:

i. Owner: Self explanatory

ii. Open Pilot Warranty: The Open Pilot Warranty (OPW) is the minimum standard of requirements that must be met in order for a pilot to fly the insured aircraft. Although names of OPW pilots do not have to be notified to the insurer, it is crucial to ensure that all OPW pilots meet the requirements for the insured aircraft. Remember that the OPW for one type of aircraft may not be satisfactory for another.

iii. Named Pilots: These are persons you will be permitting to fly the aircraft but who do not meet the OPW standards. Using Named Pilots will generally mean a higher premium.

It is useful to consider the insurers position here. An aircraft is a high level of risk to the insurer. In order to underwrite that risk it must be worthwhile. Since most aircraft accidents are statistically due to pilot error, more premium must be charged for less experienced pilots to justify the risk.

Once cover is granted, renewal after one year is not always automatic.

As the renewal date approaches, cover is re-evaluated along with the premium. This can have a positive outcome as pilot experience and any additional training undertaken will be considered when calculating the new premium.

Overall, the main issue to be understood is that all information given regarding the aircraft to be insured and its pilot(s) is to be as accurate and up to date as possible. Whether or not this leads to a premium one may deem cheap is irrelevant. What is relevant is that the premium will be a true reflection of the risk.

And that is as insurance should be.

Auto accident checklist: Tips on what to do following a car accident

Hopefully you will never be involved in an auto accident or need to file an insurance claim. Even the most careful and skilled drivers, however, can easily find themselves in the middle of a crash. Would you know what to do? Knowledge of what to do after the car accident can help make the insurance claims process easier and smoother so that you are back on the road faster.
If you are in an auto accident:

1.Try to stay calm, stop your vehicle and check for injuries. The life and health of you, your passengers and the other people involved in the accident is far more important than the vehicle itself.

2.If required, call the police and let them know of the accident, your location, how many people are involved, whether there are injuries and the types of injuries.

3.You may wish to take reasonable steps to protect yourself, and your vehicle, from further damage. Where possible and if legal, move the autos to the side of the road and turn on your hazards as soon as it is safe. If you have flares, you may wish to use them to warn oncoming traffic and to prevent additional crashes.

4.Taking lots of notes is a good practice, like:

the date, time and location of the accident
how the accident occurred sometimes a drawing is worth a thousand words and can help enhance what youve noted
the type and location of damage to your car
the type and location of damage to the other cars or property involved
the names, addresses and contact information of all drivers and passengers involved in the accident
drivers license numbers and all the information on the licenses
insurance identifications including the name of the insurance company and policy number
the names, addresses and contact information of witnesses
the names and badge numbers of police officers or other first response personnel

(Being able to take notes is important so keep a pen and pad in your glove compartment, just in case.)

5.You may wish to ask the police officer when and where you can get a copy of the accident report. Theres a good chance youll need it when you submit your insurance claim to your insurer.

6.Its usually a good idea to call your insurance company right away and report the accident because the sooner they know about the crash the quicker they can start working to resolve your insurance claim. As well, theyll be able to explain the next steps, like where to have the car towed if necessary and arrange for an adjuster to come out and appraise the damage before any repair work is done.

7.There are a couple of donts you might want to consider like dont discuss the financial limits of your auto insurance policy and avoid discussing the responsibility for the accident or circumstances of the accident with anyone other than the police or a representative of your insurance company.

Auto accidents take a significant toll on everyone involved. But, if you stay calm, make safety your priority and follow the above tips, you will get through the ordeal of being in an accident and submitting an insurance claim.