Here is a subtle but important point for insurance professionals who have General Contractor clients or Subcontractors.
We know that the days of the handshake contract are mostly over. In today's highly litigious society, businesses are naive if they do not rely on the services of their attorneys in legal matters and utilize written contractual documents on all their projects.
General Contractors (GC's) have an advantage when entering into contracts with the trade Subcontractors they hire (such as electrical firms, plumbers and HVAC subcontractors). The GC is giving out the work and has an opportunity to control the contract language. For subcontractors, it's harder. They may face a "take it or leave it" scenario with the GC on the contract language.
In a construction contract, a "Pay When Paid" clause is intended to control the GCs obligation to pay the sub. The idea is that, despite any stated payment terms to the subcontractor (such as payment every 30 days), the GC is not expected to pay the sub until the project owner pays them. The assumption is that such contract language means:
"When I get paid, YOU get paid!"
Enter the better alternative: "Pay IF Paid." The difference is important.
Pay When Paid establishes that the GC is obligated to pay, and the timing is governed by receipt of funds from the project owner. Pay If Paid means the GC is NOT obligated to pay the sub UNLESS they receive payment from the project owner - a huge difference.
Here is an example of Pay If Paid wording *:
"It is expressly agreed that owner's acceptance of subcontractor's work and payment to the contractor (GC) for the subcontractor's work are conditions precedent to the subcontractor's right to payments by the contractor (GC)."
How you use this information may depend on the nature of your clientele. Since we are a provider of Performance Bonds for both GCs and subcontractors, we see the issue from both sides.
The IBCS Group, Inc. is the Risk / Claims Manager for the Scarborough Bond and Guarantee Program. The surety has a long history supporting subcontractors - an underserved area of the surety industry. It's one more example of how our high level of capacity and expertise can help insurance professionals serving the construction industry.
We are paperless and always available by phone including nights, weekends and holidays. We're serious about surety bonds.
Steve Golia, Exec. V.P.
The IBCS Group, Inc.
856-673-4135
* We are not attorneys and are not offering legal advice. This article intended to inspire further discussion and is for your enjoyment. Seek legal counsel from an attorney in all matters concerning contracts.
Steve Golia is Executive VP of The IBCS Group, Inc. The company issues Bid and Performance / Payment Bonds for construction projects. IBCS is the Authorized Risk / Claims Manager for the Scarborough Bond and Guarantee Program.
The experts at The IBCS Group are always available including nights and weekends - every day, because nobody provides better service. 856-673-4135.
http://www.IBCS.com
You may copy this article in your website if this paragraph is included.
Article Source: http://EzineArticles.com/?expert=Steven_Golia
Article Source: http://EzineArticles.com/6599695
Monday, October 10, 2011
Sunday, October 9, 2011
Getting Your Money's Worth
People who have secured an indemnity long term care insurance policy say they did so because they want to get their money's worth. With this type of policy, the insured will receive the complete amount of his daily benefit regardless of the total amount of his daily expenses on care.
Since the policyholder of an indemnity LTCI policy gets to spend his benefits however and wherever he wishes, his annual premium has a much higher rate than those of individuals who have purchased a reimbursement LTCI policy or policies under the partnership program.
Although more expensive than other types of long term care insurance (LTCI) polices, an indemnity LTCI policy allows the insured to be in full control of every penny of his insurance benefits. He may spend only $50 for daily home care and still receive $250 from his insurer if this is the maximum daily benefit amount which appears on his policy.
Perfect for people who opt for in-home care, an indemnity policy will cover not only a policyholder's expenses on a home health aide and homemaker services; it also pays one's expenses for home modification should he decide to acquire this to ensure that he experiences aging in place comfortably.
It is important to note, however, that an individual with an indemnity LTCI policy shall not enjoy unlimited benefits. In the event that he uses up all of his benefits before reaching the end of his benefit period, his insurer will not cover his expenses for additional care.
Let's say you've managed to clinch an indemnity long term care insurance policy which stipulates a maximum daily benefit of $275 for a good three-year period. Once your health condition qualifies you for long term care sometime in the future, you have to satisfy the elimination period which is indicated on your policy before you can claim your benefits, and thereafter you will receive your daily benefit of $275 until the last day of your benefit period.
Now money in one's hands is hard to keep except if you're disciplined enough and aware of what the money should be for. If not, you can end up spending your insurance benefits on things, activities and people that are not relevant to your healthcare needs, and you run the risk of using up your benefits down to the last dollar before you've even hit the last phase of your benefit period.
That's the only downside to an indemnity policy. On the contrary, you won't have difficulty shouldering your expenses for additional care if you have prepared a fund that is principally intended for your long term care (LTC) needs. Unfortunately, it appears that your resources and anybody else's for that matter will never be enough because the cost of care will continue to rise.
Today's rates of LTC facilities will be obsolete 30 years down the road. Bet none of us will have to pay five-figure rates anymore when that time comes because we'll be required to shell out six to seven figures.
No one can argue on the advantages of an indemnity long term care insurance policy but before you consider this, assess your future healthcare and your finances. Discuss the matter with your family and seek advice from your insurance broker.
Are you a baby boomer planning to purchase long term care insurance? Visit our website to choose from a variety of long term care plans available in your state.
Article Source: http://EzineArticles.com/?expert=Anton_Troch
Article Source: http://EzineArticles.com/6594661
Since the policyholder of an indemnity LTCI policy gets to spend his benefits however and wherever he wishes, his annual premium has a much higher rate than those of individuals who have purchased a reimbursement LTCI policy or policies under the partnership program.
Although more expensive than other types of long term care insurance (LTCI) polices, an indemnity LTCI policy allows the insured to be in full control of every penny of his insurance benefits. He may spend only $50 for daily home care and still receive $250 from his insurer if this is the maximum daily benefit amount which appears on his policy.
Perfect for people who opt for in-home care, an indemnity policy will cover not only a policyholder's expenses on a home health aide and homemaker services; it also pays one's expenses for home modification should he decide to acquire this to ensure that he experiences aging in place comfortably.
It is important to note, however, that an individual with an indemnity LTCI policy shall not enjoy unlimited benefits. In the event that he uses up all of his benefits before reaching the end of his benefit period, his insurer will not cover his expenses for additional care.
Let's say you've managed to clinch an indemnity long term care insurance policy which stipulates a maximum daily benefit of $275 for a good three-year period. Once your health condition qualifies you for long term care sometime in the future, you have to satisfy the elimination period which is indicated on your policy before you can claim your benefits, and thereafter you will receive your daily benefit of $275 until the last day of your benefit period.
Now money in one's hands is hard to keep except if you're disciplined enough and aware of what the money should be for. If not, you can end up spending your insurance benefits on things, activities and people that are not relevant to your healthcare needs, and you run the risk of using up your benefits down to the last dollar before you've even hit the last phase of your benefit period.
That's the only downside to an indemnity policy. On the contrary, you won't have difficulty shouldering your expenses for additional care if you have prepared a fund that is principally intended for your long term care (LTC) needs. Unfortunately, it appears that your resources and anybody else's for that matter will never be enough because the cost of care will continue to rise.
Today's rates of LTC facilities will be obsolete 30 years down the road. Bet none of us will have to pay five-figure rates anymore when that time comes because we'll be required to shell out six to seven figures.
No one can argue on the advantages of an indemnity long term care insurance policy but before you consider this, assess your future healthcare and your finances. Discuss the matter with your family and seek advice from your insurance broker.
Are you a baby boomer planning to purchase long term care insurance? Visit our website to choose from a variety of long term care plans available in your state.
Article Source: http://EzineArticles.com/?expert=Anton_Troch
Article Source: http://EzineArticles.com/6594661
Saturday, October 8, 2011
Unit Linked Insurance Plans
Higher the rate of inflation, lesser is the value of money. This is a thumb rule to be kept in mind while making any long-term investment. Generally, at the time of making the investment, the return promised at maturity, usually 10-20 years, looks attractive. But when the realized amount is received on the maturity date, its value normally gets reduced to peanuts. This is because the rate of return could not match to the rate of rising inflation and other economic variables.
To overcome such glaring gaps, a Unit Linked Insurance Plan (ULIP) is introduced that help investors to get a fair return on their investments. It is a type of an insurance policy where the value of the policy changes with the market trends. It is basically a combination of an insurance policy and a mutual fund aimed at providing both flexibility and stability for the investment. In simple words, it can be said that the returns are market-linked in a ULIP.
In a ULIP, the policy taker receives a certain number of units, according to the amount of investment he wishes to make, at their existing net asset value (NAV). The amount invested in the plan is further re-invested in different portfolios like that of stocks, debentures, futures, etc. Therefore, as the value of the portfolio changes, the NAV varies accordingly. For instance, in a bullish market, the NAV will increase thereby increasing the value of the units and the overall ULIP.
ULIPs are ideal for investors who prefer secured investments but are ready to take a small degree of risk for better returns. Just like in any pure life insurance contract¸ the money is paid to the beneficiary in the event of death of the policyholder. Similarly, in a ULIP, the money is benefits of the plan are extended to the family or other beneficiaries in case of the unfortunate happening.
A wide range of ULIPs, with different features and benefits, are offered by almost all the insurance companies. You can choose a plan depending upon the desired investment amount, tenure, and the expected return. The companies have a team of professionals who can visit you personally and explain the benefits of different policies.
You can also refer to the websites of these companies to get a fair idea about the current policies. Apart from this, you can use an investment calculator, available on most of the investment websites, to calculate the expected return amount.
Check for more on ULIP.
Article Source: http://EzineArticles.com/?expert=Jennie_Kakkad
Article Source: http://EzineArticles.com/6607321
To overcome such glaring gaps, a Unit Linked Insurance Plan (ULIP) is introduced that help investors to get a fair return on their investments. It is a type of an insurance policy where the value of the policy changes with the market trends. It is basically a combination of an insurance policy and a mutual fund aimed at providing both flexibility and stability for the investment. In simple words, it can be said that the returns are market-linked in a ULIP.
In a ULIP, the policy taker receives a certain number of units, according to the amount of investment he wishes to make, at their existing net asset value (NAV). The amount invested in the plan is further re-invested in different portfolios like that of stocks, debentures, futures, etc. Therefore, as the value of the portfolio changes, the NAV varies accordingly. For instance, in a bullish market, the NAV will increase thereby increasing the value of the units and the overall ULIP.
ULIPs are ideal for investors who prefer secured investments but are ready to take a small degree of risk for better returns. Just like in any pure life insurance contract¸ the money is paid to the beneficiary in the event of death of the policyholder. Similarly, in a ULIP, the money is benefits of the plan are extended to the family or other beneficiaries in case of the unfortunate happening.
A wide range of ULIPs, with different features and benefits, are offered by almost all the insurance companies. You can choose a plan depending upon the desired investment amount, tenure, and the expected return. The companies have a team of professionals who can visit you personally and explain the benefits of different policies.
You can also refer to the websites of these companies to get a fair idea about the current policies. Apart from this, you can use an investment calculator, available on most of the investment websites, to calculate the expected return amount.
Check for more on ULIP.
Article Source: http://EzineArticles.com/?expert=Jennie_Kakkad
Article Source: http://EzineArticles.com/6607321
Friday, October 7, 2011
Types of Corporate Insurance
Just like any individual needs to safeguard his interests against any unforeseen circumstances, a company is also an entity seeking both financial and social security for its survival. All over the world, insurance is considered to be an ideal investment option for both people and companies who want to prepare themselves for any untoward circumstances.
Corporate insurance, as the name suggests, is an umbrella term that includes all types of insurance policies taken by various organizations. It is provided by most of the insurance companies. Some of the common policies taken are mentioned here:
Corporate Health Insurance
It aims at providing health coverage to all the employees of an organization. A part of the premium amount is paid by the employer and a part is deducted from the salary of the employee. Contribution to health insurance is a fixed component in the salary structure that is made known to the potential employee at the time of the interview process. The insurance is covered under the social security schemes of the organization.
Fire Insurance
The threat of fire looms every time in an organization as it has huge and complex machines and electrical fittings. Any spark or burst can cause fire that can spread and cause mammoth destruction. Therefore, it is a popular insurance coverage taken and renewed from time-to-time. In the event of loss due to fire, the insurance companies compensate its insured company for the calculated loss thereby saving the latter from a financial setback.
Travel Insurance
It is usually taken by companies where employees have to travel often as a part of their business. For instance, market research firms, media companies, and travel operators. The insurance coverage takes care of the loss arising on account of baggage loss, loss of passport, an employee's medical expenses, and many more. It is a contract of indemnity where the insured company will only be indemnified for the actual loss.
Marine Insurance
There is a great possibility of goods being lost or damaged or the entire ship sinks, etc. during transit of goods from the manufacturers to the buying parties. Such an insurance policy provides innumerable benefits that cover all the financial risks associated with the transfer of goods via the water route. However, the claim amount is received by the insured only after a number of inspections and checks are made by the insurance company to ensure that the loss is genuine and not deliberate.
Check for more on Corporate Insurance.
Article Source: http://EzineArticles.com/?expert=Jennie_Kakkad
Article Source: http://EzineArticles.com/6607334
Corporate insurance, as the name suggests, is an umbrella term that includes all types of insurance policies taken by various organizations. It is provided by most of the insurance companies. Some of the common policies taken are mentioned here:
Corporate Health Insurance
It aims at providing health coverage to all the employees of an organization. A part of the premium amount is paid by the employer and a part is deducted from the salary of the employee. Contribution to health insurance is a fixed component in the salary structure that is made known to the potential employee at the time of the interview process. The insurance is covered under the social security schemes of the organization.
Fire Insurance
The threat of fire looms every time in an organization as it has huge and complex machines and electrical fittings. Any spark or burst can cause fire that can spread and cause mammoth destruction. Therefore, it is a popular insurance coverage taken and renewed from time-to-time. In the event of loss due to fire, the insurance companies compensate its insured company for the calculated loss thereby saving the latter from a financial setback.
Travel Insurance
It is usually taken by companies where employees have to travel often as a part of their business. For instance, market research firms, media companies, and travel operators. The insurance coverage takes care of the loss arising on account of baggage loss, loss of passport, an employee's medical expenses, and many more. It is a contract of indemnity where the insured company will only be indemnified for the actual loss.
Marine Insurance
There is a great possibility of goods being lost or damaged or the entire ship sinks, etc. during transit of goods from the manufacturers to the buying parties. Such an insurance policy provides innumerable benefits that cover all the financial risks associated with the transfer of goods via the water route. However, the claim amount is received by the insured only after a number of inspections and checks are made by the insurance company to ensure that the loss is genuine and not deliberate.
Check for more on Corporate Insurance.
Article Source: http://EzineArticles.com/?expert=Jennie_Kakkad
Article Source: http://EzineArticles.com/6607334
Thursday, October 6, 2011
What Do Insurance Comparison Websites Provide Consumers As Benefits?
Regardless of what kind of insurance a person is looking to purchase, it is always a good idea to do an insurance comparison before making a final decision. One way to do this would be to use a website. This would be the most effective strategy to obtain an excellent policy almost instantly with significantly less hassle and time wasted on the buyer's part.
One of the benefits of using an insurance comparison website is the sheer number of products available for consumers to compare prices. Regardless of whether a consumer is looking to insure a home for the first time, save money on auto insurance or find a better deal on a life insurance policy, comparison websites are able to provide a vast range of products that caters to everyone's personal needs. Some of these websites even offer insurance comparison on more specific coverage such as pet insurance, vacation insurance and travel coverage. This enables consumers to choose the exact type of policy that they require.
It also allow consumers to purchase coverage plans at affordable prices. A price comparison done on these websites can give up to 50 results each time. Each result will come up with the exact amount one would need to pay. This will enable the consumer to choose a plan that is within the price range they want. Also, most of these websites request information that includes the financial status and coverage needs of the consumer. This helps narrow down the options to consumers that are unsure of how much they can spend on insurance plans without going over the limit that they can afford. In addition, certain insurance plans such as auto insurance are offered payment options that are flexible, for example, in three months or six months modules.
Another advantage of using it is the discounts that come with it. Most of the companies that are shown in these websites are usually well known insurance companies. These large companies usually have some form of discounts available to consumers that buy from them. For example, discounts for first time customers, customers with no previous insurance claims and so on. Some of these discounts are only available through what they can offer. An added benefit of insurance comparison websites is the flexibility.
A price comparison can be done at any date, time and setting that is convenient to the consumer. There will be no need to seek out an insurance agent or visit the bank for information. All the consumer needs to do is enter the correct information requested in the website and a price comparison would be done for them with the results coming almost instantly. At certain websites, consumers can also have to option to save their data if they need more time to decide and would like to check back later. This is done securely and confidentially, so there is little risk for the consumer.
Finding a comprehensive insurance policy at a good price should not be a tedious process. By utilizing it, consumers can now secure the right insurance coverage plan for them on any type of insurance and it can all be done within minutes.
Find auto insurance comparisons at the authors website insurance.comparisons.org.
Article Source: http://EzineArticles.com/?expert=Jimmer_Jenkins
Article Source: http://EzineArticles.com/6597925
One of the benefits of using an insurance comparison website is the sheer number of products available for consumers to compare prices. Regardless of whether a consumer is looking to insure a home for the first time, save money on auto insurance or find a better deal on a life insurance policy, comparison websites are able to provide a vast range of products that caters to everyone's personal needs. Some of these websites even offer insurance comparison on more specific coverage such as pet insurance, vacation insurance and travel coverage. This enables consumers to choose the exact type of policy that they require.
It also allow consumers to purchase coverage plans at affordable prices. A price comparison done on these websites can give up to 50 results each time. Each result will come up with the exact amount one would need to pay. This will enable the consumer to choose a plan that is within the price range they want. Also, most of these websites request information that includes the financial status and coverage needs of the consumer. This helps narrow down the options to consumers that are unsure of how much they can spend on insurance plans without going over the limit that they can afford. In addition, certain insurance plans such as auto insurance are offered payment options that are flexible, for example, in three months or six months modules.
Another advantage of using it is the discounts that come with it. Most of the companies that are shown in these websites are usually well known insurance companies. These large companies usually have some form of discounts available to consumers that buy from them. For example, discounts for first time customers, customers with no previous insurance claims and so on. Some of these discounts are only available through what they can offer. An added benefit of insurance comparison websites is the flexibility.
A price comparison can be done at any date, time and setting that is convenient to the consumer. There will be no need to seek out an insurance agent or visit the bank for information. All the consumer needs to do is enter the correct information requested in the website and a price comparison would be done for them with the results coming almost instantly. At certain websites, consumers can also have to option to save their data if they need more time to decide and would like to check back later. This is done securely and confidentially, so there is little risk for the consumer.
Finding a comprehensive insurance policy at a good price should not be a tedious process. By utilizing it, consumers can now secure the right insurance coverage plan for them on any type of insurance and it can all be done within minutes.
Find auto insurance comparisons at the authors website insurance.comparisons.org.
Article Source: http://EzineArticles.com/?expert=Jimmer_Jenkins
Article Source: http://EzineArticles.com/6597925
An Introduction to Child Insurance
With rising cost of living, it has become imperative for parents to plan for the future needs of their child at the earliest. Many parents start with the planning task when the child is in the womb. This helps them take care of any certain or unforeseen financial burden with ease without compromising on the interest of their child.
Child insurance is one such option that helps you in planning and securing your child future at any time. There are a number of insurance companies offering policies to suit your child's growing needs. Child insurance is a great option because taking out a small amount of premium from your monthly or annual income will not affect your other needs, and you won't even come to know how conveniently you collected a pool of money for your child's benefit.
A number of benefits are covered under this type of insurance. For example, education, health, medicine, and marriage are the common ones. However, generally one has to take a separate policy for each benefit. Every policy has different terms and conditions suiting different customer needs.
Some policies provide a guaranteed amount of lump sum money at the end of the policy tenure. They are commonly known as child endowment policies. Similarly, child money back policies work like an income plan where at periodic intervals guaranteed or non-guaranteed amount of money is paid to the insurance holder to help him meet various demands like admission fees, coaching classes, etc. from time-to-time. These days Unit Linked Insurance Plan (ULIP) has become popular. They are high-risk and high-return plans normally taken for a long tenure.
Every policy has a different growth rate that varies directly with the level of market risk involved. Policies with guaranteed returns, for instance, are less growth-oriented than the ones with varying returns like ULIP. Some of the policies also have a security feature according to which an assured sum of money decided in advance is payable in the event of the unfortunate death of the parent. Moreover, all future premiums are waived off.
You can take a policy depending upon your desired policy tenure, amount of premium, and the benefits covered. As there is a cut-throat competition among all the insurance companies, you can get the best deal for your child. The health of a child is covered under medical insurance. You can contact your nearest insurance agent to get more details on child insurance.
Check for more on Child Insurance.
Article Source: http://EzineArticles.com/?expert=Jennie_Kakkad
Article Source: http://EzineArticles.com/6607288
Child insurance is one such option that helps you in planning and securing your child future at any time. There are a number of insurance companies offering policies to suit your child's growing needs. Child insurance is a great option because taking out a small amount of premium from your monthly or annual income will not affect your other needs, and you won't even come to know how conveniently you collected a pool of money for your child's benefit.
A number of benefits are covered under this type of insurance. For example, education, health, medicine, and marriage are the common ones. However, generally one has to take a separate policy for each benefit. Every policy has different terms and conditions suiting different customer needs.
Some policies provide a guaranteed amount of lump sum money at the end of the policy tenure. They are commonly known as child endowment policies. Similarly, child money back policies work like an income plan where at periodic intervals guaranteed or non-guaranteed amount of money is paid to the insurance holder to help him meet various demands like admission fees, coaching classes, etc. from time-to-time. These days Unit Linked Insurance Plan (ULIP) has become popular. They are high-risk and high-return plans normally taken for a long tenure.
Every policy has a different growth rate that varies directly with the level of market risk involved. Policies with guaranteed returns, for instance, are less growth-oriented than the ones with varying returns like ULIP. Some of the policies also have a security feature according to which an assured sum of money decided in advance is payable in the event of the unfortunate death of the parent. Moreover, all future premiums are waived off.
You can take a policy depending upon your desired policy tenure, amount of premium, and the benefits covered. As there is a cut-throat competition among all the insurance companies, you can get the best deal for your child. The health of a child is covered under medical insurance. You can contact your nearest insurance agent to get more details on child insurance.
Check for more on Child Insurance.
Article Source: http://EzineArticles.com/?expert=Jennie_Kakkad
Article Source: http://EzineArticles.com/6607288
Friday, May 22, 2009
ಇನ್ಸೂರೆನ್ಸ್ NFO
insurance is a real thing that saves life everybody have to insured his or her life, property soo that he or she will be able to recover when a loss occur , if you want to know in detila about insurance then this is the best blog you must be evryday,
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