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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.…

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 …

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. …

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 …

Reaching Your Goal of Low Cost Health Insurance

When trying to determine the right low cost Medical Insurance for yourself it may be beneficial for you to compare various Low Cost Health Insurance plans while doing so. There are several questions that the individual will need to ask themselves when searching for a health insurance, such as what are my basic wants and needs.

Knowing that you are getting the best Low Cost Medical Insurance is what comparing Medical Insurance online is all about. You want to know you are getting the best possible care available.

When individuals are looking to start a quest in comparison Low Cost Insurance then they should definitely consider beginning their quest with the Internet. It is no secret that the Internet will offer them the perfect outlet with the information that they will need to find the right answers to complete this task.

Through the use of the Internet, a variety of Medical Insurance Companies can be accessed at one time in which an individual can compare the quotes of Low Cost Health Insurance. This process would have been incredibly long without the use of the Internet, but with the aid of the Internet this entire process has been made much easier with the simple click of your mouse.

Using the Internet does help individuals to save precious time that would be used to do other things including looking for Low Cost Health Insurance. Luckily, several Medial Insurance Companies now have their own websites where individuals have the ability to ask questions relating to health care as well as get health quotes instantly.

Having the ability to talk to someone at one of these Medical Insurance websites twenty-four hours a day can be beneficial to any individual searching for health insurance. However, many individuals fail to see that even though the benefits may be the same from various quotes the prices are often very different.

By comparing Low Cost Health Insurance individuals are sure to get a much better price on their Medical Insurance. By collecting health insurance quotes personally, which means traveling from insurance firm to insurance firm, individuals will consume quite a lot of their valuable time.

The various rates from Medical Insurance Companies can also be given to you by your family and friends who also have Low Cost Health Insurance. Once you have taken the time to compare quotes from various Medical Insurance Companies, then it is time to make your final decision, but a number of things must have considered prior to making this vital decision.

Begin by comparing the various Low Cost Health Insurance quotes that you have collected during your research. You will want a plan that meets your needs and that you can afford. Things that might need to be considered are your habits, age, lifestyle, and your future.

Purchasing Medical Insurance for an entire family can be an expensive expenditure, but you need to be sure that the needs of each family member are met. However, the healthier you and your family are, …

How to Compare Low Cost Homeowner's Insurance in Vermont

Contacting several companies is a must when you are looking for low cost homeowner's insurance in Vermont. Although you may be tempted to take the easy route and call one company and then buy a policy from them, this is not going to result in the lowest price. Insurance companies base their quoted prices on many factors and you'd be surprised by how premium prices can vary broadly from one company to another for the exact same homeowner coverage.

In Vermont homeowners who want to purchase an insurance policy will need to fill out an application form. Before they reach this point though, they are advised to seek out price quotes. To do this, individuals who own a home need to know what level of coverage will be adequate for them. This includes the replacement cost of their home and the things inside the home. This amount will absolutely determine the cost of their annual promotions.

Asking for the same level of coverage with each company you contact for a quote will give you the best idea in terms of cost comparison. Along with this information you should also consider the reputation of each company you contacted. The claim process itself is also important as you do not want to be dealing with a company that has an unsatisfactory history with helping customers who have suffered a loss.

The standard length of a homeowner's insurance policy is one year. This means that at the end of the year, the homeowner will be in a position to renew the policy. Before doing so they should gather new quotes and also ask their existing insurance company about any renew discounts. If they do not offer this, it may be time to change companies. Finding the best price each time your policy expires ensures you'll never pay more than you need to for homeowner's insurance in Vermont. …

Free Online Insurance Quote – Why You Can not Do Well Without This Free Lunch

"There's no free lunch" is a popular saying. And behind it is the suggestion that there are always strings attached to free stuff. This has made a few folks wary of every free resource. Some even believe that if it's free then it can not really be of much value. Nothing could be more untrue …

Insurance quotes sites are set up to help prospect get and compare quotes from different insurance companies. These are very useful resources both to the users and the companies that set them up.

Yes, the people that run those sites do it in their own interest. However, this does not threaten your own interest in any way. Maybe pinpointing the very reason they set up these sites will help you see reason …

If you're old enough to remember life before the internet, you could only get quotes by contacting an agent or broker by phone or any other means. They are still options till today. However, they come with many limitations …

Someone must physically answer your calls for you to get quotes. These persons could have been put to use in other ways. Compare this with a quotes site that runs on auto-pilot 24/7. It frees insurance agents to do other things.

This and other reasons reduce the cost of customer acquisition to insurance companies (This actually helps them compete better).

Fine! Getting a free online insurance quote is good for them. What's in it for me?

You have an easier way of getting and comparing quotes from a wider range of insurance companies in minutes instead of hours or days. And, remember that they more the quotes you get, the more your chances of landing cheaper rates.

Also factor in the convenience of the whole process: You can get as many quotes as you want without leaving the comfort of your home. We can go on and on with the advantages free online insurance quotes.

So make sure you do not fail to use them. If you opt to NOT use them you'll definitely pay a lot more than you should for your insurance policies. …

Coverage of Commercial Auto Insurance

Commercial auto insurance provides security to your owned vehicles or for the vehicles used in business. It can provide insurance coverage bodily injuries and as well as liability coverage. Vehicles which are commonly used for commercial purposes include trucks, car, buses, vans and trailers.

There are different types of commercial auto insurance coverage to choose from and are available depending on your need for coverage.

Business insurance is a security provided for personal travelers and commercial autos which may be involved in any business. Not included in this type of insurance are cargo companies, auto dealers and auto service companies.

The commercial auto insurance can provide primary coverage. This covers legal responsibility and liability, cost of protection and many more. Also, bodily injuries are also covered in commercial auto insurance. Although it gives security and protection from injuries, this is different from the personal auto policy.

Other coverage includes comprehensive and collision coverage which is useful for defined threats should there be a reason liable for any losses. The collision coverage covers repairs, and may restore or compensate the auto.

Under the business coverage, auto dealers are not allowed in its coverage but may be covered under the Garage Coverage. This includes liability and bodily injury coverage and as well as insurance for garage keepers.

By virtue of the Motor Carrier Act, truck owners are sanctioned to confirm and comply with financial requirements because they will be the ones liable for any losses during the duration of the process. Because of this, insurance company provides trucker's coverage to truck business owners.

For more information about this article try to visit Auto Insurance . …

Medical Insurance – Health Insurance Coverage & Plans Explained

If you're trying to decide between health insurance plans, you'll find that there are a few different kinds from which to choose. It's important that you weigh all your options carefully. Your health insurance, even with an employee contribution to the cost, is very likely to be your largest regular monthly expense other than your rent or mortgage. The plan you choose needs to be more than affordable. It will affect your family's choices in doctors and health care as long as you are a member of that health insurance plan.

Health insurance is like any other kind of insurance. You pay a monthly amount, called a premium, to an insurance company in return for 'benefits', to be paid out as needed. Depending on the kind of plan that you choose, those benefits may include regular doctor's office visits, checksups, emergency room services and accommodations, and treatment by specialists. Some health insurance plans also offer benefits that are called 'wellness benefits.' like discounts on health club memberships, stop-smoking classes, and nutritional consultations.

The main types of health insurance plans are:

HMO – Health Maintenance Organizations

HMO benefits are geared towards keeping you healthy. They aim for affordable health care costs by reducing the cost of annual physicals, well-child visits and other routine care by requiring you to pay a 'co-pay' – a small proportion of the actual bill – for every visit to your doctor, and the health insurance company pays the rest. Most require that you choose a primary care physician, who takes the place of an old fashioned General Practitioner – the family doctor who knew your medical history and prescribed visits to specialists if needed. HMOs are generally more affordable than traditional health insurance, but they'll still cost you several hundred dollars a month.

All your medical care under an HMO will be arranged through your primary care physician. If you need to consult with a specialist, you simply call your primary care physician and request a referral.

Preferred Provider Health Insurance Plans

PPH health insurance plans are very similar to HMOs. They also attempt to keep overall medical costs affordable by providing both preventive and catastrophic health care coverage. Unlike most HMO's, though, you can usually choose to visit any physician or other provider registered with the preferred provider network. You'll pay a co-payment, and your health insurance will cover the rest.

Catastrophic Health Insurance Plans

Catastrophic health insurance plans are also sometimes called 'fee for service' plans. They generally will pay out to any provider, but they strictly limit the kind of health care that they'll cover. In most cases, you're only covered for illness or injury. There's no coverage provided for regular checks and other office visits. Catastrophic health insurance plans are often the most affordable option, since they only pay off if you become ill or are injured. …