| Liability Insurance (insurance)
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Liability Insurance
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Automobile Insurance - Best Rates
The burgeoning gasoline prices, geographical location, personal profile of an automobile owner are a few factors that contribute to the varying rates of automobile insurance. Each factor has a definite role to play in securing a suitable insurance. It makes an interesting study when you compare the various rates you can arrive at by varying one or more of the above mentioned factors. With so many ... Read insurance article
Long-term Care Insurance and Planning
America is rapidly moving to a two-tiered system of long-term care services. One provides a broad spectrum of services ranging from an optimal amount of high quality home care to elegant and well staffed continuing care retirement communities for those who can pay for it; while the other offers very limited services ranging from a few hours of home care per week to often dreary, poorly staffed, nu... Read insurance article
Liability Insurance
Employment practices liability insurance offers protection to business against claims that their legal rights as employees of the company have been violated. This policy offers the business protection against lawsuits filed by its employees such as sexual harassment, wrongful infliction of emotional distress, failure to employ or promote, breach of employment contract, discrimination of age, sex, race, disability etc., wrongful termination, negligent evaluation, wrongful discipline, deprivation of career opportunity, unfair hiring practice etc.
Policy Overview:
The cost of employment practices liability insurance policy depends on the size and type of your company, number of employees, the risk factors involved, history of the company being sued over employment practices etc. the policy will compensate the company for the costs incurred while defending a law suit in court, its judgement and settlement etc. it usually covers all the legal costs no matter if the company wins or loses the suit. The policy not only covers the employer entity but also its directors, partners, officers etc. Employers should try to obtain the broadest coverage available, making it possible for part-time, temporary, leased, seasonal employees and independent contractors to be covered too. It is common for these policies to offer severability, where an innocent insured will not lose his insurance when another insured acted in such a way as to be excluded from the coverage. The employment practices liability insurance agencies allow the employer to select their own defence counsel. This policy has a draw back as insurance agencies may refuse to pay punitive damage claims! The claim that the employer seeks coverage for must take place with in the period of the policy.
The current trend to sue the employer has resulted in corporate countering them by drafting policies that forbid discrimination and harassment, training personnel to reinforce the policies, making sure that the employees' complaints are heard and that appropriate action is taken. This is a serious matter as employment disputes make up over 30% of all civil litigations! The current federal and state employment laws have favoured employees, making them seek broader than ever rights of recovery. Therefore the employer will benefit if the policy applies on a per claim basis as, if the business faces a class act lawsuit, it will just have to pay one deductible for the entire claim. The business will benefit if it obtains a cap on the total amount of the deductible to be paid under the Employment practices liability insurance policy.
Make sure you investigate the need for the policy thoroughly, choose a good carrier, are able to choose your attorneys in case of a lawsuit, and maintain control over settlements if any. There are firms that offer their services and products to help run a business smoothly making the work of new entrepreneurs easier.
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Reinsurance Policies
When an insurance company insures itself it is called as reinsurance, where by it shares the risk of loss with another company. Insurance companies need reinsurance, when they face the danger of having to pay a multitude of claims at the same time and hence have no option but to face bankruptcy, where as if they have reinsured they are protected to a certain extent. Event like the September 11 attack of the twin towers have caused the closure of several small reinsurance agencies, hence the significance of reinsurance for an insurance company is tremendous.
Types of Reinsurance:
There are two kinds of reinsurances, treaty reinsurance and facultative reinsurance. Treaty Reinsurance: This kind of reinsurance requires that the reinsurer will assume part or all of a ceding company's responsibility for certain sections or classes of business in accordance with the terms of the policy. It is an obligatory contract as the ceding company has to cede the business and the reinsurer is obliged to assume the business as per the treaty. It is the preferred type of reinsurance when groups of homogenous risks are considered.
Facultative Reinsurance: This kind of reinsurance is used while considering a particular underlying risk of an individual contract. It is the reinsurance of all or part of a single policy after the terms and conditions have been negotiated. It reduces the ceding company's exposure to risk from an individual policy. It is non- obligatory.
In another way, reinsurance is classified as proportional and non-proportional reinsurances. Proportional Reinsurances: The two companies share the premium as well as risk. The reinsurer usually pays a ceding commission.
Pro-Rata Reinsurance: It is a classification based on the way the two companies share the risk. The cedent and the reinsurer share a pre decided percentage of the premium and losses. It is used widely as it provides surplus protection. There are two types of pro-rata reinsurance, quota share and surplus share.
Quota Share Pro-Rata Reinsurance: The primary insurer cedes a fixed percentage of premiums and loses for every risk accepted.
Surplus Share Pro-Rata Reinsurance: It is different in that not every risk is ceded but only those that exceed certain predetermined amounts.
Non-Proportional Reinsurance: As the name suggests it is not proportional and the reinsurer only responds if the loss suffered by the insurer exceeds a certain amount.
Excess of Loss: It covers a single risk or a certain type of business. Catastrophe reinsurance is a type of excess of loss reinsurance. It provides the captive with a great deal of flexibility. Stop Loss Reinsurance: It covers the whole account and is also known as excessive loss ratio reinsurance.
These are the various types of reinsurances. There are firms that offer their services as well as their products to help new business start up flourish and succeed.
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