Thursday, December 13, 2007

A Little Known Service Making A Huge Difference

Insurance loss assessors - making sure you get the maximum payout on your insurance claim

If you've ever had to make a claim on insurance, you'll know it can be a lot more complicated, and that you received a much lower payout, than you were expecting. We think our insurance companies will be more than happy to give us the maximum we are entitled to - but why would they want to do that? Like all businesses, insurance companies are in it for the money, and they will do their best to give away as little as possible.

What's more, they deal with insurance claims on a daily basis, and employ experts who know exactly how to reduce the amounts the company pays. You, on the other hand, probably have very little experience of dealing with insurance claims, and equally little knowledge of exactly how much you are entitled to. Insurance companies exploit this advantage to ensure that, when a claim is made, they pay the bare minimum.

What the claimant needs is someone with the same level of experience working on their behalf. This is exactly what an insurance loss assessor does.

The job of an insurance loss adjuster

When a customer makes an insurance claim, the insurance company assigns an insurance loss adjuster to investigate the claim and give their confidential opinion of how much compensation the company should offer the claimant. They will survey any damage being claimed for, interview the claimants, and gather any necessary evidence to support the case. They will also work to ensure that the claim being made is not fraudulent.

An insurance loss adjuster works for the insurance company, and it is in their best interests to ensure the minimum possible payout is made. The claimant often has no one of equivalent skill and experience working on their behalf.

What an insurance loss assessor does

This is where an insurance loss assessor can help. When making an insurance claim, the claimant can employ an insurance loss assessor to investigate the claim on their behalf. Insurance loss assessors conduct the same type of research as loss adjusters, but with the claimant's interests in mind rather than the insurance company's. Employing the services of an insurance loss assessor takes the unfair advantage away from the insurance companies and ensures the claimant receives the maximum entitlement.

Unless you work in the insurance business, it's likely you hadn't heard of an insurance loss assessor before reading this article. For some reason, very few people seem to be aware this service exists. But now you do, you'll know who to contact if the worst happens and you need to make an insurance claim.




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Finding That Cheap Loan Protection Insurance

Loan protection insurance is taken out to insure against the possibility that sometime in the future you might come out of work due to suffering from an accident, sickness or through unemployment. If this is the case and you have large loan repayments to make each month you could seriously be left struggling to find the money.

Providing you have read the terms and conditions of the policy, the cover would give you a tax free income after being out of work for a period of time. This period differs from provider to provider but can be between the 30th and 90th day. Cover would then last between 12 and 24 months which is usually more than enough time for you to get back on your feet and back to work.

All cheap loan protection insurance policies will have exclusions within them which means you might not be eligible to make a claim. There are some which are common to all policies and others are defined by the provider. Common exclusions include being in part time employment, suffering an ongoing illness, being of retirement age or if you are self-employed.

It is essential that you do check the terms and conditions because this is where you not only find the exclusions which can help you to determine if the cover is suitable but also the terms and conditions of the cover. Mis-selling of loan protection was highlighted in 2005 when the Citizens Advice made a super complaint to the Office of Fair Trading (OFT). Following this the Financial Services Authority began an investigation which is still ongoing along with the OFT referring the sector to the Competition Commission.




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Monday, December 10, 2007

How E & O Coverage Works

E & O has various levels of coverage ranging typically from $500,000 to $2,000,000+ depending on your business model. Similarly, the retention and cost of E & O coverage varies. E & O providers take into consideration a multitude of factors including, but not limited to, the level of risk your business will assume, number of employees with professional designations and assets under management in discretionary and non-discretionary accounts.

E & O is an important safeguard for your business. While there are other forms of insurance that also should be considered dependent upon your business model, E & O insurance has a place in every securities business.




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Saturday, December 1, 2007

Protecting Yourself - Errors and Omissions Insurance

Errors and Omissions Insurance ("E & O") is one of the most important policies that financial institutions and advisers should obtain. E & O protects the business organization, its officers, directors, and employees in the event a client asserts a claim as a result of any mistake or failure to act on the part of the firm or adviser. Errors insurance covers various faults, including but not limited to inaccuracies, miscalculations, oversights, trade errors and legal fees. Omissions coverage pertains to any non-fraudulent failure to act by the firm or individual.

Contrarily, general liability insurance is not the same as E & O. General liability insurance does not cover lawsuits resulting from investment mistakes or failures to act. E & O coverage also should not be confused with Directors and Officers Insurance ("D & O"). D & O only covers the firm directors and officers from potential lawsuits brought forth by stockholders, employees, clients and other parties for which the directors and officers are responsible.

Examples of How E&O May Provide Protection:

• Unauthorized Trades
• Misappropriation
• Trade Errors
• Breach of Fiduciary Duty
• Breach of Contract
• Failure to Supervise
• Misuse of Authority
• Material Inaccuracies
• Inadequate Research
• Solicitation Discrepancies

It is important to note that E & O insurance will cover all of the above mentioned examples so long as the error or omission does not involve a fraudulent violation of industry rules and regulations.




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Insurance : A Little Known Service Making A Huge Difference