What Does Ocean Marine Insurance Cover?

What Is Ocean Marine Insurance?
It is a type of transit insurance which protects goods and merchandise that are being transported by vessels over foreign or domestic water. It also involves coverages for damages sustained by the vessels during shipments.
Depending upon the insured entity or companies requirements, ocean marine insurance can undergo the form of a number of distinct contracts. The insurance policy promises protection against all sorts of risks.
Coverages by Ocean Marine Insurance
This type of insurance policy provides protection against a wide array of damages that may occur during the course of shipment. These may encompass perils of the nautical journey such as:
1. Collision with icebergs or another vessel
2. High waves
3. Shipwrecking
4. Ship hull failure
It also encompasses damages or harm caused by jettison, pirates, and barratry which is a fraudulent breach by the ship's owner that includes embezzling the cargo, deserting or stealing the ship.
Some of the most popular coverages included in ocean marine insurance policies are:
Cargo Insurance Coverages
This type of insurance compensates the shipper of the merchandise/goods if damages have been sustained. The cargo can be insured in any one of the two following ways that depends on the particular insurance requirements of the shippers:
1. A single shipment only
2. Automatic coverage for each and every shipment
Freight Insurance Coverages
This type of coverage backs up the owner of the ship financially that is carrying the goods in case of any misfortunate event when the cargo and merchandise is either harmed or lost.
Protection & Indemnity Insurance Coverages
This type of insurance is for the protection of the owner of the ship. It protects the vessel's owner against any legal binding or liability which may arise because of physical body injuries or damages to the properties belonging to others.
Hull Insurance Coverages
This type of coverage is somewhat similar to the coverage policies of auto insurance in case of a collision. Anything that has the potential to cause damage to the vessel or the ship is protected through this insurance policy. If you are deciding to purchase this policy, then it is important to note that you may have to pay for certain deductibles in case of the event of covered losses.
The hull insurance coverage also has a unique feature called the collision liability coverage which provides liability coverage to the owner of the ship or the vessel in any event when it causes harm to any other vessel or the cargo being transported by that ship. The only drawback is that this provision does not account for any liability that causes bodily harm to others.

Small Choices, Big Impact

Of late I have been attending a lot of spiritual programs. The core emphasis of these discourses is that this life is temporary and at anytime we may have to leave this abode. So while we are living we must prepare and channelize are actions to deserve a glorious death. Most of these discourses encourage a habit to simplify life and plan ahead. These teachings inculcate in us the habit of being more responsible person. After attending these seminars I feel that life is a celebration and should be lived that way. Pure celebration comes with discipline and sense control. One can celebrate life by eliminating or churning out worries from our lives. Worries can be eliminated by acceptance of the inevitable and counteracting the avoidable stressful situations of life.
Insurance is such a tool devised to thwart the financial impact of any such contingencies or stressful situations in life. People who are winners in life are always understood to be as good planners. They foresee the future and formulate action plans accordingly. Since I am attending these programs I am trying to bring lots of positive changes in my life. I am trying to take as much control of my life as possible. In these discourses I also learnt that our own attitude towards the problem defines the magnitude of that problem.
Now I would like to be less preachy here. Among the many things that I am trying to change in my life in recent times is calculating what all and how much insurance policies I must have to ensure maximum protection of me and family, of course keeping in mind my budget. In my search I found that the top two essential insurance policies that a family holder must have is term insurance and family health insurance.
Here in this article I would emphasis more on term plan as unlike health insurance plans many people have ambiguity about it. A term insurance policy basically aims at replacing the income of the earning person of the family. In the event of death of the breadwinner of the family the impact is double edged. Apart from the fact that the family is emotionally shattered a huge financial burden also befalls their shoulders. In most cases the family members have to lessen their standard of living. The adolescents may have to start work earlier and may have to sacrifice on higher studies. But if the person had taken term insurance plan and he/she dies in that stipulated term the nominees of the policyholder get a pre agreed amount called the sum assured at the time of death. This sum assured is generally twenty times the current annual income of the policy proposer (the bracket may change according to age and health condition). With attractive tax benefits under section 80 C and 10(10)D of the Income Tax Act,1961 these term plans also come with various useful features depending upon insurer companies.
Thus, I would advise you all to compare first before just buying. It is always favorable to get more and more number of quotes from different companies to get the best deal. Don't just go for the companies you hear of from friends or whose advertisement you see most on TV. To get a fair and unbiased comparison you may take help of various specialized insurance comparison portals available online. According to studies, people have saved significantly when they have purchased insurance plans after comparing on these portals or service provider websites.

There are many comparison websites today which gives good and relevant information on various insurance plans from different companies.

The Three Most Common Types of Insurance

There are many insurance plans available to offer coverage for various sorts of damage or accidents. All families should have at least one of these three.
Types of Homeowners Policies
Homeowner's insurance falls under one of six categories. HO-1 and HO-2, as they are more commonly known, cover only the property against specifically listed damage. These policies vary as to what damage is covered, and neither protects belongings located on the property. HO-2 forms offer more coverage than an HO-1.
HO-3 protects against all types of damage, not just specifically listed damage. It also protects a select list of belongings located within the structure from specific damage.
HO-4 and HO-6 cover only belongings. Renters use these policies as the landlord or management company holds coverage on the dwelling. As with HO-1 and HO-2, HO-6 offers greater protection than HO-4 and is more expensive.
HO-5 is similar to HO-3 in that it covers the property as well as personal belongings. The difference is that HO-5 covers all belongings, not just a set few. It is also more costly than some of the others, but it is worth it.
Types of Medical Options
Medical is another common form of insurance, and as with homeowners, there are different kinds for you or your employer to choose.
Health Maintenance Organization, or HMO, is one of the most used types. This plan allows you to choose from a network of providers, and it also includes preventative care. However, you must be referred by your primary care physician in order to see a specialist. There is also a small copay you must pay at each appointment.
The Preferred Provider Organization, or PPO, also has a network of doctors available. Unlike an HMO, you do not have to choose a primary care provider. You can see any physician, or even a specialist, as long as he is in network. Also, you do not have to have a referral to change doctors. As with other plans, each visit requires a copay.
Exclusive Provider Organization, or EPO, works very similar to HMOs and PPOs. These cost less and have a network of providers available. However, unlike a PPO, where an out of network doctor visit is covered up to a point, there is no out of network coverage for these plans.
The Point of Service Plan, or POS, is a hybrid between an HMO and PPO. POS requires a primary care provider assignment, but you can see out-of-network doctors if you are willing to pay a higher copay.
Different Auto Coverage
Auto insurance is also widely used. Depending on your loan terms and state requirements, some options may be unavailable to you.
Liability plans cover damage and medical bills in the event the accident was deemed your fault. It only covers the damage done to the other person's property as well as any of their medical bills. Most states require this as minimal coverage. It is also the most inexpensive option available.
Collision coverage will pay for repairs to your vehicle in the event of an accident. This type of insurance is worth having, in addition to liability coverage, even if you have an older vehicle that has no lien. In the event that your vehicle is totaled, your plan covers the value of your car. This policy is required for those with lienholders.
Comprehensive coverage covers anything unrelated to an accident like if your vehicle is stolen or you hit a deer. For most lienholders, this is a requirement.
Uninsured motorist is something that everyone should consider. While most states require at least liability coverage, some drivers don't keep the plans much past getting their license or tags. This policy protects you in case someone else causes damage and doesn't have a plan in place to pay for repairs.

Why a Bipartisan Approach to Disaster Recovery Does Not Work

Christchurch, New Zealand 2016. I still live in a city where truths so often do not make it through the gridlocked gauntlet of publishing. I live in a city where so much of what should be being discussed is not being discussed. I live in a city where the politicians who are supposed to be speaking for the people seem to have lost their voices. I live in a city where many are still suffering while most sit back and watch. I still feel anger, disappointment and frustration that after five years the government is silent, the media is silent, the regulators are silent and in the main so is the affected population.
I watch and wait as 'Christchurch' has become the on-going saga about an unprecedented catastrophe, with an affected population largely left to wallow in its own misery. After years of being involved in Christchurch what emerges is a story of a very sorry state of affairs, a story of incompetence, dishonesty, professional vested interests, cynical corporate greed and government complicity and self-service.
On top of that we have an insurance industry left to its own devices, an industry in dire need of reform. The industry has done and continues to do all it can to maximise its profits by delaying settlement of claims, causing policyholder abuse in the process. While insurance companies are in the business of making money, they cannot be considered 'just normal businesses'.
They have special fiduciary duties requiring them to protect their customers both in statute and case law.
Paramount amongst those duties are the duties to act fairly and in good faith. The regulators in New Zealand have chosen to be blind to the events taking place here. And simply because the government entered into an agreement as part of its negotiations with insurers it should not be the population of Canterbury that pays the price for its own failures.
There are those who would have us believe that political collaboration is a necessary foundation for dealing with a natural disaster, but the experience over the last five and a half years has shown that a 'bipartisan' approach does not work!
Labour leader, Mr Shearer pledged that Labour would "... do everything in our power to bring the issues to the attention of Parliament. But I do believe we need to look at a way we can have a bipartisan approach on this.
We do need a government/opposition united approach." And "as a result of that, I think we do need to be sitting down with the Government and looking at a bipartisan approach to the rebuild in Christchurch and its recovery." ( See http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10779345 ).
What is a Bipartisan approach? Wikipedia defines it as "a political situation, usually in the context of a two party system, in which opposing political parties find common ground through compromise, in theory." So in the context of the Christchurch earthquakes this would mean that Labour would essentially leave National to its decision making process in relation to matters appertaining to the recent earthquakes and the Christchurch 'recovery'.
On the face of it, it is not hard to understand the appeal of bipartisanship. It sounds very mature and enlightened with a suggestion of the harmonious pursuit of quick and beneficial solutions to a set of difficult circumstances. It seems an obvious choice in the case of external threat, such as war, yet there is little evidence that solutions to big internal problems are to be found through bipartisanship, and there are plenty of examples throughout history that would suggest that they are not. When it comes to 'crisis' events, this is particularly so.
Democracy actually depends on partisanship - strong, critical advocacy that opens public debate- forcing the parties to explain their ideas which in turn clarifies choices for voters. Partisan causes are often bold ideas and though these ideas can be divisive, they can offer citizens a genuinely new path forward.
By contrast, bipartisanship has the ability to 'cloak corruption, obscure chasms between politicians and the people they serve', agree to invest single individuals with absurd powers, or simply indicate that the leadership of both parties has become a closed club, (often with an agenda). In principle and in practice, a serious partisan political structure is fundamental to a healthy democracy and partisan ideas are crucial for liberty. Bipartisanship, by contrast, has enabled some of the most shameful episodes in history such as American slavery, the Iraq war, and others. I note with interest that in the USA there is also a bipartisan approach to 'climate change'.
Yet is it not the case that a good political leader is not the individual who rises above partisan concerns, but the person who is able to clearly articulate and defend the interests of one party? Able to put forward another view point, propose other solutions - widen the choice spectrum for the affected population? People living in a democracy should get the government they choose based on clear choices. Clear choices produce better results. Decisions by the political parties to 'demote' political representatives who raise questions of 'punishment for not towing the bipartisan line' are worrying.
I understand that disaster mitigation, preparedness, response, and recovery are the end products of complex political and administrative interactions, and the results cannot be easily controlled or anticipated. But there have to be alternative solutions and those solutions should be presented by the other political voices. End bipartisan approaches in post-disaster affected cities in order to ensure real democracy in action and perhaps some assistance and answers for those in need. If we do not like bipartisan approaches and can see the danger in their subtle application, those affected must express their concerns.

Read more at The Insurance Aftershock: The Christchurch Fiasco Post Earthquake 2010-2016. http://sarahalicemiles.com/
Most factions within our society are not equipped to negotiate with authorities and large corporations and those of us who are able, are left shocked at the treatment we receive and the underhandedness with which we are treated. This begs the question: what part does central and local government play in the recovery of a city and the welfare of a population? Isn't emergency management a quintessential government role? Even fewer policyholders are aware of the difficulties they encounter in an attempt to assert their rights. Research into the legislative and regulatory framework of the industry quickly reveals that there are few options open to the desperate policyholder.

3 Common Mistakes to Avoid When Buying Auto Insurance for Your Teen

For many parents in Little Falls MN, having a new teen driver in the house can be an exciting, yet stressful event. It’s only natural that you worry about their safety. As the parent of a teen driver, it is your responsibility to teach them how to be responsible and safe drivers. One of the most important things to do to ensure your teen is a responsible driver is to maintain auto insurance on their vehicle. To make sure you get the best coverage for your teen, here are 3 common mistakes to avoid when it comes to insurance for your teen driver.

Carrying a Low Deductible

The deductible is the amount paid before a claim with the insurance company will kick in. In most situations, carrying a higher deductible lowers your premium costs. The rates for teen drivers are generally higher, so having a high deductible also means high savings on the cost of your teen’s auto insurance premium.

Carrying a Policy Separate From Parents

One of the first options you will have when insuring your teen is whether or not to get a policy that is separate from yours. Many parents think that if they purchase a separate policy for their teen, the rates for their vehicles will not go up. While this is partially true, the rate for a teenager’s policy will be significantly higher for several reasons. First, they will have single policy coverage, which means there will not be a discount for multiply cars on the policy and in many situations; you will have to buy a high risk policy. In the long-run, it will cost more to purchase a separate policy than to include your teen on your policy.

Not Taking Advantage of Discounts for Teen Drivers

One of the most costly mistakes to avoid is by not doing your homework. By simply talking with your insurance provider about the discounts your teen may qualify for, you can have a significant amount of savings on the premium. Some of the discounts your teen may qualify for include:

• Good student discount (for getting good grades)
• Driving a vehicle with both driver and passenger air bags
• Automatic seatbelts discount
• Safe driver (no violations for a specific period of time)
• Take a driver’s education class

When it’s time to insure your teen’s vehicle, be sure to take your time and compare your options. Talk with your current insurance provider about optional policies. Along with ensuring your teen is properly insured, it is also important to talk with your teen about the rules of road and being a safe driver.

Residents of Little Falls, MN who want to review or upgrade their current insurance policy should contact Hanneken Insurance Agency Inc.

All about Critical Illness Insurance Plans

Critical illness, the term itself is daunting. But the sad reality of today's world is that more and more people are getting diagnosed with life-threatening diseases and are prey to critically illnesses. A critical illness policy is a benefit policy in such grave times.

Cancer, Coronary Artery Bypass Surgery, First Heart Attack (Myocardial Infarction), Kidney Failure, Major Organ Transplant, Stroke, Aorta Graft Surgery, Primary Pulmonary Arterial Hypertension, Multiple Sclerosis with Persisting Symptoms and Permanent Paralysis of Limbs are few of the critical illnesses.

It is well known that the pre and post hospitalization charges as well as the treatment cost of these critical illnesses are very high.The financial burden is too much and a proper critical illness insurance policy can ease out this burden.

This means that on diagnosis of any of above mentioned diseases (as per your policy document), the policyholder receives a lump sum of the sum insured. This can be used for medical care and any lifestyle changes.

Key Features of Critical Illness Policy:

Bajaj Allianz Critical Illness Insurance Policy has following features:

• 10 major critical illnesses covered
• Policy renewal valid for lifetime
• Provides benefit under section 80D for income tax payment
• Comparatively low premium cost
• Speedy resolution of claims

Benefits of Critical Illness Policy:

Apart from the above mentioned features, there are many benefits of purchasing a Critical Illness Policy.

• The policy holder is provided the claim amount in lump sum, so that there are no financial troubles during the treatment.
• The expenses incurred both in India and abroad are covered.
• Many insurance companies like ours provide a grace period during policy renewal.
• The sum insured can be upgraded during the renewal of critical illness policy.
• Financial aid is provided, thus helping the policy holders and their families in difficult times.

Critical Illness Policy Inclusions:

Every insurance company has its set of diseases that they cover under critical illness insurance policy. Make sure to read the policy document carefully and talk to the authorized executive before going ahead with the investment. Now a days many insurance companies include free health checkups when you purchase critical illness cover, as well.

Critical Illness Policy Exclusions:

1. After purchasing the critical illness cover, if you are diagnosed with any of the critical illnesses covered in your policy plan, the insurance company might not cover you for a period of time, say around a couple of months.
2. People infected with HIV/Aids virus are not covered.
3. Claims for any cosmetic and dental surgery are not covered.
4. Death within 1 month of purchasing the policy is not reimbursed.
5. Casualties and illnesses caused due to terrorist attacks and wars are excluded from this policy.
6. Any critical health related issues during pregnancy and childbirth are not covered.
7. Occupational diseases are also excluded.

LIFE INSURANCE INNOVATION: FOUR POWERFUL EXAMPLES

The digital economy is rapidly changing the way life insurers market and sell their products and services. Already some companies are successfully adapting to the new demands of the marketplace. These are the Digital Transformers. They are moving quickly to find new customers, deliver new products and open new markets.

Accenture’s recent quarterly Digital Life & Health Innovation Tracker identified five key trends shaping the life insurance industry in mature markets:

• Extended ecosystems. Innovative insurers are partnering with players outside the insurance sector and even beyond financial services.

• Culture of sharing. Insurers are generating new business opportunities and enhancing their brands through social aggregation media and initiatives.

• Mobility. Mobile technology allows customers to use products and services when the need arises—anywhere and anytime.

• New market opportunities. Insurers are introducing new elements of competitive differentiation and increasing sales opportunities and new business.

• The customer experience. Improved customer experience enables insurers to increase the perceived value of their products and services by enhancing consumer satisfaction and meeting rising expectations.

The first two trends, extended ecosystems and culture of sharing, emerged in the quarterly survey for the first time. They are becoming increasingly important.

In my previous blog I discussed some of the emerging opportunities highlighted by an Accenture study of the U.S. insurance market. Here are some examples of innovative Digital Transformers in Europe and Asia:

Community Life, a German start-up, launched a digital portal which offers simple, transparent disability and term life products, as well as empowering customers to engage in product development. The Community Life portal acts as an insurance broker, turning the traditional life insurance distribution trope on its head through the use of simple insurance contracts without technical jargon.

Max Life Insurance, one of India’s leading life carriers, has launched a digital campaign called “Second Chance” to create public awareness of the need for protection through life insurance. The campaign uses videos of human-interest stories on social media platforms, such as  YouTube, Facebook and Twitter, and directs viewers to a website to learn more about life insurance.

Genertel Life in Italy has launched I-Life, a life insurance policy which can be easily accessed by users of mobile devices. Prospective customers are provided with a full quote online in around five minutes. The product includes incentives that reward customers who take care of their health. If they take advantage of the free medical checkup, for example, they receive an immediate discount of 10 percent on their policy premium and a further 10 percent if they are found to be in good health.

ERGO Direkt, a subsidiary of ERGO Group and the third-largest direct life insurer in Germany, enables customers to use an electronic signature to buy term life insurance online after entering their data and answering health questions on their smartphone. Customers receive their policies within three business days.

These are only a few examples of what Digital Transformers are doing to engage customers, apply digital tools, and create ecosystems to compete effectively in the new digital world.

If you have any other examples of successful Digital Transformers in the life insurance industry let me know. I’d be keen to share your input.

Meanwhile, take a look at some of these links. I think you’ll find them useful.

Generation D: An emerging and important investor segment.

Stand on the Sidelines or Boost Competitiveness? How to make Bold  Moves on the New Insurance Playing Field.