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Tag: Money 

5 Fundamental Principles of Insurance

Insurance is a contract, a risk transfer mechanism whereby a company (Underwriter) promised to compensate or indemnify another party (Policyholder) upon the payment of reasonable premium to the insurance company to cover the subject-matter of insurance. If you are well conversant with these principles, you will be in a better position in negotiating you insurance needs.

1. Insurable interest. This is the financial or monetary interest that the owner or possessor of property has in the subject-matter of insurance. The mere fact that it might be detrimental to him should a loss occurred because of his financial stake in that assets gives him the ability to insure the property. Castellin Vs Preston 1886.

2. Umberima fadei. It means utmost good faith, this principle stated that the parties to insurance contract must disclose accurately and fully all the facts material to the risk being proposed. That is to say that the insured must make known to the insurer all facts regarding the risk to be insured (Looker Vs Law Union and Rock 1928). Likewise, the underwriter must highlight and explain the terms, conditions and exceptions of the insurance policy. And the policy must be void of ‘small prints’.

3. Indemnity. It stated that following a loss, the insurer should ensure that they placed the insured in the exact financial position he enjoyed prior to the loss (Leppard Vs Excess 1930).

4. Contribution. In a situation where two or more insurers is covering a particular risk, if a loss occurred, the insurers must contribute towards the settlement of the claim in accordance with their rateable proportion.

5. Subrogation. It has often been said that contribution and subrogation are corollary of indemnity, which means that these two principles operates so that indemnity does not fail. Subrogation operates mainly on motor insurance. When an accident occurred involving two or more vehicles, there must be tortfeasor(s) who is responsible for accident. On this basis, the insurer covering the policyholder who was not at fault can recover their outlay from the underwriter of the policyholder who is responsible for the incidence.…

5 Must-Read Business Books

The self-employment bug is in the air… and it’s highly contagious.

How do we know?

Exhibit 1:

The explosive growth of coworking spaces. These airy, light-filled, lease-free flexible office arrangements are popping up in droves and teeming with entrepreneurs who gather to collaborate and innovate.

Exhibit 2:

A recent Forbes article suggests a record number of Americans scratched the entrepreneurial itch in 2013. Data released by Babson and Baruch Colleges suggests that last year 69{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of new businesses in the U.S. started at home and that 15 to 20{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of our workforce is engaged in running a startup or a more established business.

Exhibit 3:

We can personally attest to a surge in demand from our clients for small business tasks such as website development, logo design, social media scheduling, and PowerPoint creation.

Once we became a trusted resource, clients wanted a one-stop-shop. In addition to handing off those pesky time-consuming tasks that we happen to love (like negotiating with your phone carrier on overage charges, or seeing if “unbundling” your cable is even an option) clients wanted us to sort through their inbox and file them accordingly (how nice would it be to open up Outlook and see a big fat goose egg-zero-emails!).

We were only too happy to oblige. We hustled back to the drawing board, built up the team we needed to sufficiently add to our repertoire, and launched our Premium Service offerings.

Now, we’re proud to be a go-to resource for affordable outsourced business services.

As we send each of you off with a newly launched website or punched up logo, we’re silently applauding you. We’re rooting for you. We want to see you succeed. That’s why we’ve compiled a list of five actionable business books that’ll provide you (or the newly minted entrepreneur that you love) with the advice, insight, and tips they need to persevere.

Afterall, coming up with the idea is the easy part, where entrepreneurs often fall short, is in the execution. You’re the glue that holds it all together. You’re going to need to become a master delegator, persuader, communicator, team builder, and goal setter. Our top 5 picks address each of these issues.

1. The Four Hour Workweek, Timothy Ferriss

Whether you’re in a soul-sucking job, or trapped underneath your own business, Tim Ferriss teaches you how to “escape the 9 to 5, live anywhere, and join the New Rich.” He’ll break you of misconceptions, such as the need to work 40+ hours per week to be successful, and instead advocates newfangled ideas such as a series of “mini retirements.” He’ll show you everything you need to establish a business that runs without you, and get you focused on how to streamline, eliminate distractions, and automate.

2. Think and Grow Rich, Napoleon Hill

One of the best-selling books of all-time and an acknowledged wealth-creating tool, Think and Grow Rich has sold over 70 million copies-and for good reason. Napoleon Hill, a former advisor to President Roosevelt, spent 20 years interviewing …

Offshore Cooking Jobs – Cooking Up a Storm Offshore

Offshore cooking jobs provide some of the best opportunities to break into the offshore drilling industry. Regardless of whether your ambition is to become a Chef, or to look for an opportunity to get on the drilling crew, there are plenty of ways to make a career and move up the ladder once you have your foot in the door, and cooking offshore is a great way to go about it.

Cooks on an oil rig are typically part of the catering department, which includes the Camp Boss and Chef, Bakers, Stewards, Galley Hands, Utility Hands and Housekeepers. On smaller rigs, some of these roles may be combined; for example, the Steward could be the day cook as well as in charge of managing the kitchen and the housekeeping crew. On larger oil rigs, you’ll find multiple positions for many of these jobs.

Most offshore drilling and oil service companies contract out the entire catering department. This means that your best shot at getting hired to work on a oil platform is to hire on directly with the catering companies. Some of the better and well known food service companies that cater offshore include Sodexo, Trinity Catering, Delta Catering, Taylor’s International, and Sonoco, to name a few of the US Based catering companies.

Sodexo is international, and employs people on oil rigs in 80 countries around the world. Worldwide, they employ over 350,000 people. Working for Sodexo provides an incredible opportunity for the ambitious, namely, the opportunity to work all over the world. If you enjoy traveling, then Sodexo is a great company to consider working for.

In Canada, Reliance Offshore is the company to work for, and they have a lot of openings, and will have even more in the future as the offshore fields in the waters off of Newfoundland begin coming online and producing oil. They are unique among offshore catering companies in that they recruit for a variety of offshore positions, not just for the catering department; they also hire deckhands, riggers, welders, motormen, electricians, and crane operators, among others.

All of these companies have online application forms, and all of them have openings. As one example, Delta Catering, a 34 year old offshore catering company, is currently hiring experienced Chefs, Sous Chefs, & Line Cooks, and offers competitive pay, credit union, health and dental insurance, and a 401 k plan. They are also accepting applications for housekeeping staff.

If you don’t have cooking experience, you can still get on as a Galley Hand, and learn the trade on the job. If you are determined and persistent, and apply with all of the above, you are almost certain to find work. If you are able to, you should strongly consider making a trip to Louisiana and applying to the catering companies based in Lafayette in person – call first, but applying in person is really the way to go – you could start work the next day.…

Home Insurance Rates – Things You Should Know Before You Buy A Home

Following are ways to reduce your home insurance rates when you are trying to buy a new home …

1) You'll generally spend less for a newer house than an old one. You can be given between eight to fifteen percent markdown if your home is a new one. The simple reason for this is that a new house usually has electrical, plumbing and heating systems that are in excellent condition. In addition, all about its structure is usually in the best condition. .

2) Your premium will be significantly lower if your house is built with the best material for your area. A brick house will get less expensive rates in the East. This is because brick is far more resistant to damage from wind than frame. In the West, on the other hand, you'll get more affordable premiums if yours is built with frame. This is due to the fact that earthquakes are perils in the West and frame houses are more resistant to earthquakes. Using the more resistant stuff will give you up to a 15{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} rates reduction depending on the insurer.

3) Considering that your major reason for buying home insurance is to guarantee you're properly covered from the risks of a home loss or damage, I'll add this notwithstanding that it's not a benefit of your homeowners policy. People who have homes in flood-release areas pay an additional $ 400 annually for flood insurance. Every mortgagor will require that you buy flood insurance if your house is in a flood-prone locality. You can avoid such unnecessary expense by buying a house in a locality that does not suffer such.

4) Those who buy houses in neighborhoods which have full-time fire service attract lower premium than folks who stay in localities with only a volunteer fire service. Moreover, the darkness of your home to a fire hydrant and a fire station determines your rates. People who live near to firefighters or fire fighting facilities get more affordable premiums all other things being equal.

5) You'll save more if you buy a house as close as you can to a police station. This as well will help in lowering your homeowners insurance premium.

6) Is the neighborhood a trouble zone? Living in those places joins higher rates in home insurance. Two homes a street apart could fall into opposite risk areas on an insurer's map. It will be a smart move to ask an insurance site before you finally settle for a house. It's possible that the home on the next street belongs to a high crime zone (according to an insurance company's map) while yours is in a better crime zone.

Take out some time to visit at least 3 quotes sites that provide quotes on home insurance policies. It should take you not more than 15 minutes. As you visit each quotes site, ensure you give the same information. Doing otherwise will give you misleading quotes. After you've received your home insurance quotes, compare them …

Personal Financial Debt Crisis Solution – The Golden Rule and Guidelines

Letely we have been inundated with news in the media on the financial debt crisis in Europe and also on perhaps the mother of all debt crises in the USA. We do not need an economics guru to tell us why such crises occur as we all know that debt arises when nations need to borrow to spend more than what they can afford.

Zeroing in on a personal level, each of us will also suffer a similar financial debt crisis if we need to borrow to spend on things we can not afford. So, how do we solve our personal debt crisis? The golden rule is never to get into debt. Easy is not it? If I do not have a debt, I do not have a debt crisis and can dispense with thoughts of having plans for debt consolidation, debt management, debt relief or similar solutions to debt problems. More importantly, if I am in debt, I will be a servant to the lender and that is not a good position to be in. "Easier said than done" will be the obvious retort from many. Neverheless, if wisdom, knowledge and discipline are with us, then our spending needs and cash management will be well-guided and will not land us in debt.

Living within our means is a key principle and is even advocated in mainstream religious teachings. The Christian Bible discourages Christians to be in debt and if in debt, to get out of it as quickly as possible. However, how many of us can keep a golden rule and not break it? Life is not so simple and most of us will incur a measure of debt at some points in time. Whilst the use of debt may be unavoidable, especially when there are so many financial institutions tempting us with "easy" money via credit cards and personal loans, we need to carefully evaluate the purpose of such a use.

So, under what circumstances would it be alright for one to engage in the use of debt? There really are no right answers applicable to each and every individual and every particular situation. Perhaps the following could serve as useful guidelines in the use of debt:
a) Do not buy something because it is on sale without that item is really needed.
b) Acquiring an asset, purchase one that is really needed (like a dwelling place), capable of appreciation in value, and can also easily consumed when needed to do so.
c) If there is really a "sure winner" investment, then ensure that the item can be disposed of at a value greater than its purchase price when required to do so.
d) A caveat to the above will be to ensure that there is always sufficient cash to pay the installments or repayments without damage to cash required for daily essentials.

In summary, this short article is not intended to prescribe solutions to manage and get out of debt but to encourage us to refrain from …

How To Get Cheaper Home Contents And Building Insurance

There are many ways in which you can make huge savings when it comes to taking out home contents and building insurance and here are just a few off them.

The first step you should take when it comes to taking out a policy is to shop online for it. The internet is a great resource for not only making huge savings but also is a great way to find information related to policies. Shopping online gives you the ability of making comparisons from company to company and the prices can be very different. You should aim to look out at least four different insurers and look into what is and is not covered by the policy. Or use an independent and specialist broker who can do all this for you!

Another way you are able to make huge savings on your policy is to offer to pay a larger sum of money for the excess. The excess is what you will pay when you make a claim before the insurance will pick up the bill and the premium is usually lower because the insurer sees it that you are not likely to make a claim for smaller things if you have a large excess amount to pay.

The security features in you home and around it can make a big difference to the amount you have to pay. Installing features such as alarms, window and door locks and outside lighting can reduce the amount it costs when it comes to insuring your home.

Do not be complacent when it comes to your insurance, never stick with the same provider year after year. The chances are that you can get a much better offer and a cheaper one, simply by switching providers.

If you have items that are valuable then having a safety box in which to keep them can help to lower the cost of your insurance. While it will cost you to rent a safety box it can work out cheaper than paying out a large premium on your insurance.

Make sure that you have not over quoted on your home contents insurance, take a pen and paper and go around your home working out exactly how much your possessions are worth. If you take out too much insurance then of course your premium will be higher, so make sure you only take out the amount of cover that you need.

These are just some of the ways in which you can help to reduce the amount you are quoted for your premiums when it comes to insuring yourself and your home. However, when taking out insurance always remember to read the small print in your policy as this is where the exclusions are hidden. Always make sure you know exactly what is covered and is not covered in your policy. …

How to Make Serious Money With Forex Trading

Are you trying to make some serious cash on the Forex market? That's great, there are many people who are trying to do so but usually never get to the knowledge platform in order to do so. When trying to earn some serious cash there are a few specific things that you should definitely think about doing in order to achieve an incredible sum of money!

First off, you need to learn how the best make their cash. They usually become highly successful because of something known as leverage trading. This is big risk, big reward, but it makes the market that much more rewarding and interesting. People do consider it gambling with money you can not have, but if your are taking the correct steps – setting your "stop-loss" to something that can be afford, there's no reason why you will not be earning tons of cash!

Leverage trading is simple and commonly done in the Foreign Exchange market. It's simply when you are trading more than you have. For example, the broker you are trading with has seen a series of successful trades and decides to give you more leverage, they trust you more and also excel when you are earning more money.

So let's say that you put in $ 1000, but can trade $ 100,000 worth of cash. This means that you have 1: 100 leverage, and this alone can earn you money. You can also put in stop-loss settings so that you do not lose too much money just in case something goes wrong with your calculations.

Now input this with something known as an automatic Forex trading system. You should be seeing incredible sums of money, especially if you are using a legitimate programs that can help use technical analysis to spot the mathematical trends in the Forex market. It's no wonder why people are loving the Forex market, it's earning them more money than they could ever dream of, you'll actually be making money in your sleep, and when that happens you have achieved an incredible amount of success! …

Home Insurance – An Essential for Anyone Who Owns Their Own Home

With 95{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of American homeowners having home insurance (according to the National Association of Insurance Commissioners), it's clear that most of us know how important this type of insurance is. It really is impossible to maximize the importance of insuring your home and its contents – home insurance should be considered an essential for anyone who owns their own home.

Just as important is understanding the terms of your home insurance policy. If the worst happens, and your home is damaged or destroyed, it would be a complete disaster to find out that your policy does not cover everything you thought it did. As with any other insurance policy, if you're in doubt about anything, do not be afraid to ask as many questions as you need to so that you can fully understand exactly what your policy covers.

Standard Home Insurance Policies

Standard policies cover things like damage due to tornadoes, hurricanes, and other destructive weather, fire and smoke damage, vandalism, and theft. Earthquake and flood damage is not covered. A typical home insurance policy may cover the following:

  • Your home, yard (including landscaping and plants), and outbuildings on the property such as a garage, garden shed or pool house.
  • The contents of your home and outbuildings. This includes holdings borrowed from others, and those relating to non-paying guests.
  • Vacant land that you own.
  • Cemetery plots.
  • Legal responsibility for unauthorized use of your credit card or checks.
  • Liability for people injured on your property, including legal and medical expenses.
  • Costs incurred by your relocation from the home (including rent for temporary housing).

Standard policies may not cover the full value of items such as furs and jewelry, guns, electronic equipment, or antiques. If you own these types of items, check your policy thoroughly – you may need to increase your insurance premium to ensure you are covered for their full value. Even if you do not, it pays to go through your policy annually; to make sure it accurately reflects the value of your home and possessions.

Extra Coverage Policies

Standard home insurance policies do not cover flood and earthquake damage. Instead, these must be paid for separately. These two problems tend to be concentrated in discrete regions of the country; therefore they are not usually part of a typical home insurance policy. If you do happen to live in an area where floods or earthquakes are a possibility, then extra insurance to cover these is essential. The downside, of course, is that this coverage tends to be very expensive – those people who actually need this coverage will pay much more for it than people who do not need it.

Guaranteed Replacement Cost Policies

Guaranteed replacement cost coverage gives you just what the name suggests – if your home or possessions are destroyed, you are guaranteed the cost of replacing them, even if you're underinsured.

In terms of the home itself, this is an advantage because you are covered for the full replacement cost, even if you do …

How to Increase Your Chance of Business Loan Approval

Lending companies are willing to extend loans to businesses but they need a guarantee that the loan will be promptly repaid. Established businesses that are doing very well in the market have a great chance of approval. On the contrary, if you own a new business or a start-up business, applying for a loan the first time can prove to be a challenging task.

After the challenge, it does not mean you should not try to apply for a business loan at all. In this article, let us discuss the strategies you can do to increase your chance of getting an approval.

Know the Prerequisites of the Business Loan

Generally, lenders will require the submission of your financial records for the past two years or if you're a new business, since the time you started. You must also prepare proofs that you are running a legitimate company such as permits and licenses.

For new and start-up businesses, a sound business plan will be expected. Your business plan must present a clear explanation of the type of business you are running and must include monthly cash flow projections since you started your operations.

For established businesses, make sure that balance sheets are accurate as any discrepancy in the details may cause an alarm. Business lines of credit you have previously agreed will also be evaluated. Yes, your business credit history will be closely reviewed.

But what if you have yet to build up your corporate credit history? In this case, your personal credit history as the owner of the business will be taken into consideration. How you manage your personal accounts such as loans, mortgage, and credit card debts will show a potential lender your ability to manage a business loan.

This is why it is recommended that you obtain a copy of your personal credit report prior to submitting your loan application. In this way, you can still correct errors or inaccuracies that may be included in your report which could have been pulling down your score.

Needless to say, the same advice is also applicable even to owners of established businesses. Check both your corporate credit and personal credit history to make sure that both your personal and business credit profiles are in good standing.

Preparation Is Vital

Indeed, preparation is very important when applying for a business loan. Financial experts recommend making investments in assets that generate income such as inventory or equipment. You should also avoid major changes in the structure of your business a few months before submitting your loan application. Remember that you need to show a potential lender that your company is in a stable state.

Aside from bigger banks, it is also worth the effort to check out what business loan programs that are available from your local bank. Smaller banks may be more inclined to finance a new business, especially if the owner has been a long time customer with an existing personal account with the company.

Do not submit different applications …

Payment Plan Options for Home Treadmills

If you are looking for a treadmill but you think you can’t afford it, consider the many payment plan options that are available to you. Treadmills are available to suit every price range these days, with some models selling for between $500 and $1000. But if you are looking for a top of the line treadmill, you shouldn’t have to look far to find a payment plan to suit your needs.

Bad credit? That probably won’t be a problem, because some retailers will charge your credit card instead of running a check on your credit. You can set up a handful of equal payments, charged automatically to your card each month, and you don’t have to worry about sending in a check or making sure you make the payment on time. It is all automatic, and you can spend less time worrying about paying bills and more time enjoying your new treadmill.

Do you have your heart set on a more expensive model? It should not be difficult for you to find financing on any model you may choose, and the monthly payments on your own treadmill are likely to be lower than the fees you currently pay to join and use your gym.

Once you factor in the gas you spend driving to the gym and the time it takes out of your day, buying a treadmill of your own on a payment plan option will probably wind up SAVING you money. And, so long as you are going to the gym, you are not investing in anything. A treadmill is an investment because the equipment eventually pays for itself. Research will guide you to the best payment plan option for the treadmill that you want.…