'A Day In The Life Of A UK Insurance Broker'

'A Day In The Life Of A UK Insurance Broker' Harold Bodego is a rather experienced health insurance, home insurance and auto insurance broker. On Monday morning, he knew it would be just another day of shuttling back and forth between the big insurance companies and his clients, if not physically than mentally and electronically. Harold looked forward to this because it gives him a great sense of satisfaction to get a good deal for middle and lower middle class families. He searches through a stack of policies for the policy that will be most suitable and beneficial for his client. And he also aims to get his clients a reliable policy with the lowest premium payments, so they do not need break the bank each month to make payments. 'Home And Auto Insurance UK' And a number of people who opt for home and auto insurance live in dangerous neighborhoods where gang warfare is becoming increasingly prevalent and the crime rate is high. But in such areas there are acts of arson, car thefts, burglaries, etc. Of course, people who live in safer areas opt for home and auto insurance too because none of these people will be able to bear the financial loss if their home is destroyed by a natural disaster or fire. of cause, it would be a significant financial blow for them if their car were stolen or damaged as well.

And Harold came from a middle class family too. He learnt about the benefits of insurance at an early age. When he was 11 years old, he lost his father in a car accident. The father was the sole earner of the family, and with 5 more children to support the only thing his mother could fall back on was Mr. Bodega’s life insurance policy. The money that the family got from the insurance company helped to pull them through the hard times and all the children were able to complete their education.

But Harold relates this personal incident several times because he wants middle class families to have a social safety net to rely on in case one of the income earners passes away. With the rising rates of obesity and heart disease, such tragedies are unfortunately becoming more likely. And as Harold gets into the elevator, he adjusts his tie and golden tie pin. Although Harold is a Bermuda shorts and flip flops kind of man, when he comes to work he dresses meticulously because he knows that the great impact his attire has on his clients. So, his well tailored and sober clothing gives an impression of organization, seriousness, hard work and reliability. Once Harold enters his office, he is sucked into a whirlpool of activity. The phones are ringing all around him and his young trainees run back and forth, receiving calls, scribbling down notes and contact information, skimming through folders, struggling through files and spilling coffee on the fairly new dark olive green carpet.

'Types of Risk' & Risk Retention

Types of Risk Litigation - customers suing the company for some act of negligence which caused harm to the customer or the company can be sued for fraud. Destruction of the premises and the death of employees - loss due to fire, natural disaster, the loss of equipment or money due to thefts.

Intangible risks - such as relationship risk (e.g. you risk losing employees or clients because you have failed to collaborate effectively with them), process-engagement risk (occurs when operations being carried out at your company are not effective) and knowledge risk (caused by lack of knowledge or actions being taken based on incorrect and faulty information). Of cause, once you have identified the risks, you will have to do source and problem analysis to figure out who or what is the source of risk. Sources can include employees being injured on the premises, employees suing you for unfair treatment or employees going on strike to demand higher pays or people who have shares in a company backing out at a crucial time. But problem analysis involves identifying problems such as the risk of litigation and deciding how you should prepare yourself to deal with and avoid such problems. Once you have analyzed the sources and problems, you need to work on reducing the degree of risk. Next, you have to decide whether you want to opt for risk retention or risk transfer (i.e. do you want to manage any losses that occur or do you want to transfer your losses to another party such as insurance company). Risk Retention

Risk retention is a form of self insurance which you should only opt for when the probability of a risk materializing is very low and the premiums for protection are too high. For example, if there has never been a terrorist attack in your area, it makes no sense to buy expensive terrorism insurance. When the probability of a risk occurring is high, you should opt for risk transfer (i.e. insurance) to protect yourself. Risk Management in the UK

Risk management services include risk identification and assessment, claims and loss cost management, safety engineering and program administration. Risk management solutions include professional liability, directors' and officers' liability, workers' compensation, general liability and property. Some risk management and insurance brokerage companies such as Aon Corporation provide affinity products for life, disability income, personal lines for associations, individuals and businesses as well as affinity products for professional liability. Getting Help

But risk management and insurance brokerage companies do all the work for you. They identify risks, advise you on how to reduce risks and suggest which insurance policies would really suit your needs and protect you from loss. They shop around and find the most suitable insurance policy with the lowest premium rate. In addition, they negotiate with the various insurance companies and ensure that you get the best deals and discounts. Global risk management and insurance brokerages have a global distribution network which many

they use to place your insurance risk with the best possible insurance provider.

Many of these risk management and insurance brokerage firms also advise companies on issues such as employee compensation, benefits, management consulting, communications and human resource outsourcing. If the only company provides underwriting services, they can offer you credit life insurance, extended warranty products, select property and casualty insurance products and supplemental life, accident and health insurance.

Does my car insurance cover a rental car

Does my car insurance cover a rental car- How Computer Technology Affects Your Car Insurance

Since the inception of car insurance, things have changed quite a bit. The services and packages were a lot more personalized.

The insurance house would build a relationship with their client and would base the premium on their specialized needs. As is still the case, males under the age of 25 would get a higher premium than anyone else. Females were awarded the lowest premiums, if their driving records were good.

But now that computers have come into play in the modern world, things are changing in the insurance business. Nowadays, it does not matter what you say to your insurance broker, or how wonderful your relationship is with him, as your premium will be determined by the insurance company’s computer system and what information they can find out about you on it. In this day and age, using computers and the internet, insurance companies can find out whether or not you have a bad driving history, what your credit report is like and also if you have any traffic offences or a criminal record. These factors, in addition to your age and address, will affect your insurance premium.

The key here is to ensure that you have a clean record for them to check up on. If you obtain any driving tickets, make sure they are always paid up to date. If you have a motor vehicle accident, take an advanced driving course, which will also go on your record, to prove that you are improving your skills. Keeping your credit score clean is important too, not only for your car insurance purposes, but for the health of your finances too.

It is not common for insurers to claim “act of God” in situations where there is someone driving the vehicle. These cases can be contested in court and you are very likely to win. However, you will first have to go through the ordeal of filing your case and a significant amount of your awarded damages may end up going to legal fees.

Car insurance comparison

Why Use Car Insurance Comparison

Since car insurance is something that everyone needs, it makes sense to get the best value for the best price. There is no reason to overpay when you don't have to. The ability to compare the rates of different car insurance companies allows consumers to evaluate different coverages to find the one that best meets their needs. Without Car Insurance Comparison, shopping for insurance is much less efficient. Don't make a snap decision when it comes to purchasing car insurance. Researching the range of coverages available is the best way to get the best deal.

How Car Insurance Comparison Sites Help

Car insurance comparison sites are helpful in many ways. They allow consumers to view insurance quotes from not only the larger car insurance providers, but offer information from smaller insurance companies and brokers aswell. This gives potential policy holders the widest possible selection of coverage and rates to choose from. There is no longer a need to call or visit insurance offices in person to receive information – this is all online and can be accessed in just moments.

Auto insurance claims

"Sixty-three cents of every claim dollar goes to [pay for] physical damage on your car," says John Eager, senior director of claims services for the National Association of Independent Insurers, based in Des Plaines, Ill. Although a personal injury claim may require a different level of proof and persistence than a vehicle damage claim and insurance regulations vary from state to state, the basic steps to take information needed to file a claim are fairly similar. For the most part, the claims process for vehicle damage is simple: You make a claim, the adjuster comes out to estimate the cost to repair the damage, the insurance company sends you a check for that amount and you use it to pay for the repairs.

Step 1 (at the accident scene): Call 911 if someone has a life-threatening injury. If there's no emergency, don't tie up 911, but get any needed medical attention and call the police directly. Remember, you need that police report. Step 2: Exchange license plate numbers, contact information and auto insurance information with the other parties involved. Most states require drivers to have an insurance identification card in the vehicle and it will provide most of the pertinent information, Eager says. Fill in any gaps, though. Make sure to get phone numbers. Step 3: Look for witnesses who will be willing to tell what they saw and get their contact information as well. If you are unable to gather information at the scene, the police report can be a back-up source of information on the other parties involved and witnesses. If the accident happens in a parking lot, an officer may plead no jurisdiction. Insist on an incident report, Howard says. Failing that, in a mall or other facility that has a security force, you may ask security to file a report. In a lot without any security, you may want to ask a shop owner. "You want to get something in writing," Howard says, because "insurance companies are obliged to believe the story given to them by their own policyholder" unless there's proof to the contrary. Step 4: Contact your insurance company as soon as possible. With a cell phone, you may call your company right from the scene. Many have 24-hour claim-filing service by phone. Your insurance ID card should provide the number. Whoever takes your claim will walk you through the process. Although the other party may be at fault, both Eager and Howard agree that generally you should file the claim with your own insurance carrier. Each carrier is obliged to protect the interests of its own insured, making your claim a secondary concern for the other party's carrier. Chances are you'll get the service you need more readily from your own carrier. "You have rights with your own carrier that you don't have with the other party's insurance," Howard says. This includes the right to a process for resolving disputes over what expenses should be covered by the insurance. With no-fault insurance, you have no choice initially but to file with your own carrier. No-fault insurance has thresholds below which your own carrier pays all expenses, except the deductible. Above those thresholds, you may seek restitution from the other party. These thresholds vary by state. Assuming the other party is at fault and you do not have collision coverage on your vehicle, you will have no choice but to file a claim against the other party's carrier. On the other hand, if the other party does not have insurance, you will have to negotiate with the other party directly or go to court. Step 5 (if the other party is at fault): You should advise the other party's insurance company that you're pursuing a claim through your carrier and will seek reimbursement for costs your carrier will not pay, including your collision insurance deductible, time off work, auto rental differential and the amount of your diminished resale value, Howard says. If you have the patience to take an unconventional route that will be challenged by your carrier, Howard believes that if the other party is at fault, you should file claims with both carriers. "You cannot collect twice for the same thing," he says. However under "multiple source recovery," he adds, "you can collect from two sources and put the checks in a kitty and decide how much was paid for what." This means meticulously itemizing every expense involved, and which carrier's check paid for which expense. At the end of the process, you would submit the itemized list to your carrier and, if there's anything left in the kitty, you would write a check for the overage to your own carrier. Step 6 (this may happen earlier or later in the process, depending on the other insurance carrier): You'll get a phone call from the other company asking for your version of events that led to the accident. You need to prepare for this, Eager says. "Especially with an injury claim, you'd want to check with your insurance carrier to see what statements you need to make to the other insurance carrier." It's a good idea to write down exactly what you will tell the other carrier beforehand so that in the worst-case scenario -- a lawsuit -- your statement will remain consistent. Don't trust your memory. The other carrier will be taping your statement and will have your exact words at their disposal. Step 7: The adjuster comes out to take a look at the damage to your vehicle and comes up with an estimate of what it will take to restore it (or replace it, if it's totaled). Then, the insurance company will cut a check in the amount of the repair, minus any collision deductible amount. If an insurance company has a direct repair program, the adjuster might not even have to come out, Eager says. Under such a program, your insurance carrier will refer you to a shop with which they have an agreement. So, depending on the insurance company, the damage claim estimate may be done by the shop itself, the shop won't have to wait to start repairs and the check can be transmitted right to the shop, Eager says. The shop may also make arrangements for a rental vehicle if you need one. If the adjuster says the car is totaled (in other words, beyond repair), the adjuster will estimate your compensation on the actual cash value (or depreciated value) of the vehicle before the accident, essentially enabling you to buy a similar used car. However, if you've bought coverage for replacement cost value, the estimate will cover the cost of buying a similar new vehicle. Step 8 (When disputes arise): If you think your carrier's damage settlement offer is too low, you may ask your carrier for a form of arbitration to resolve the dispute. This process may take two to six weeks, but generally speaking, you will not have to wait for payment. In most cases, the insurance company will pay you the amount it offered immediately, and you'll get the rest when and if the dispute is resolved in your favor. On the other hand, if you disagree with an offer from the other party's carrier, you may or may not be offered such dispute resolution. If not and the amount in dispute is significant, it may be worthwhile to take legal action. Easy Ways To Save Money On Your Car Insurance Policy With the rising cost of living, it is easy to become overwhelmed with your bills every month! In this article we will discuss some simple methods to lower your auto insurance policy. Firstly, you can request a higher excess. The excess is the amount of money you have to pay back to your insurance company before they will pay out the amount of value on your car. The excess is usually a percentage of the payout amount that the company needs to pay to repair the vehicle, and the higher you make that percentage to be, the lower your monthly premium. This can leave you in a catch 22 financial situation when the time comes to pay that excess, but if you take into account all the money you saved on premiums, then it sort of balances it out.

The next thing you need to do is to ensure that you have bought the cheapest motor vehicle possible. While this may seem like an obvious thing to say, its not, because it is surprising the amount of people who are driving motor cars that they cannot actually afford. The truth is, the cheaper your motor vehicle is, the lower your auto insurance premium will be. Remember that the repairs to a lower cost vehicle will be more affordable. In addition to that, a less flashy car will attract less attention from thieves! You can also combine your insurance policies under one company in order to lower your premium. A lot of insurance companies will offer you a discounted premium if you insure your household contents, car and life under them. Look into deals offered and whether or not you will be saving money by combining your policies. The last easy thing you can do to save on your insurance policy is to ask questions. This can seem so simple, but many people fail to do it. Asking the right questions and enquiring about discounts can go a long way in securing you a lower policy. A lot of people have grey areas in their insurance policies and are not aware of why this is! Clearing up confusion can also help you ensure you are not paying for cover that you do not need, and will also ensure that you understand exactly why you are paying what you are paying.

Save on insurance

Insurance policies are one of the few things we buy in the hope of never having to use - but they're costing more than ever.The average car insurance policy rose by 15% to £971 last year while home insurance cover costs went up 6% to more than £200, according to the AA's premium index.

In public, the insurers blame the usual issues - mainly the cost of personal injury claims. But in private, they admit many Britons are paying too much by over-insuring and adding extras to policies that they don't need. Here - in many cases on condition of anonymity - they reveal how Britons can cut the cost of insurance.

Save-on Insurance Services provides rates from multiple California Insurance companies for each of the following insurance coverages. Each quote will provide you with the information you need to make an informed decision.

Insurance information

Having Your Car Assessed For Insurance Purposes
Upon signing up for an auto insurance policy, you will be asked a plethora of questions. They will firstly want to know when you got your driver's license, how many accidents you have had and who else will be driving your motor vehicle. Regardless of what you tell the company, most of their information comes from their computer system, where all your driving history and license information has been loaded into a general database for these sorts of purposes.

The insurance company will also be able to determine whether or not you have a criminal record and a good credit report. In addition to all the information they can find on you as a driver, they will also have pre-specified information on the type of car you are insuring. The insurance company will ask you what make and model of car you are driving, and if your car has a good security system such as an alarm or immobilizer.

No matter what you have told your car insurance company about your motor vehicle, they already have prerequisites about it on their system. For example, they will know whether or not the car you are driving is a popular target for theft, or whether it is notorious for being in collisions. The safety standards of your car will also be on their system too. The insurance assessment of your motor vehicle is imperative! Your cover will not be complete until you have had your car assessed. When you take your car to be assessed by your insurance company, they can verify that you are actually driving the make and model which you said you were. Furthermore, they will be able to tell whether there are any dents and scratches on your car already, so that you do not claim from them for damages that were not caused by a future collision or theft attempt.


Also, if you have had your car's CD player insured, they will want to check whether or not you have the right radio for the value you have stipulated. Your existing alarm and security system will also be taken into consideration. Having your car assessed is not something that you can put off, because it is the sealing deal and ensuring your car is completely covered.

Another area to ask about when making the call is if your valuables are insured. On a standard homeowners insurance policy, coverage limits for jewelry, furs, watches, and related items is only $1,000 combined. You can learn more about making sure your valuables are insured here:
Are You A Home Owner with Insurance that Limits Coverages on Valuables?