The most common reason for buying boat insurance is to replace the income lost when you die. For example, say that you work, and that your income is used to support yourself and your family. When you die, and your paychecks stop, the boat insurance proceeds can be used to continue to support the family members you've left behind. Boat insurance provides liquidity to your estate. When you die, you may leave some liquid assets (such as cash, CDs, and savings bonds), and some illiquid assets (such as real estate, an automobile, and stocks). Your liquid assets may not be enough to pay all the debts that you leave behind, plus all the expenses that arise because of your death (such as funeral expenses and estate taxes). Your illiquid assets may have to be sold in order to meet these obligations when they come due. This may cause a financial loss if the assets must be sold cheaply in order to get the money on time. Boat insurance can avert this situation, because the proceeds are available almost immediately upon your death.
Many people feel that insurance is an unwanted but necessary evil. A cost that must be minimized, without realizing the implications that being under insured can have for your businesses ability to stay in business. The example listed below is not to scare or shock, but to show that what you think won't happen, does happen.
Case Study: A manufacturing company based in Manchester contacted XYZ Insurance, they accessed their needs and quoted them for their insurance. They chose to take on most of the recommendations we gave, but didn't take up the Business Interruption Insurance. Everything went well until the factory burnt down!As the company had taken out fire insurance the costs of re-equipping the factory and replacing stock within it were covered, although the client had failed to take out Business Interruption Insurance, the policies recommended by XYZ Insurance included a small amount of cover integrated within the general cover. However, without full Business Interruption insurance the company faced a struggle to keep working. Now a hard trading year later the company is in it's new factory, they have reinsured through XYZ Insurance, this time with full business interruption insurance. Now a hard trading year later the company is in it's new factory, they have reinsured through XYZ Insurance, this time with full business interruption insurance. If you need any advice about these or any other types of insurance, please don't hesitate to call us or email us. We are here for you.
Insurance Policy has lots of functions. An agent can lay that all out for you. Insurance agents know which kinds of boat insurance are right for a young family just starting out, which work as a savings vehicle, which could be useful in retirement planning or estate planning. In other words, an agent can save you lots of time you'd spend researching the issue on your own. He can serve as your guide now, and help you map your insurance needs in years to come as your situation changes. He can help you find a policy you can afford, and he can prevent you from making mistakes that could be very painful for your beneficiaries after your death, such as not having the right kind or amount of insurance. Remember, a good agent not only sells insurance; he helps guide his clients through the sometimes complex maze of choices associated. And once he makes the sale, he will continue to service the client, including performing periodic "insurance checkups" to make sure the policy he sold you a few years ago still meets your needs.
Owning a car involves several risks. When a car accident occurs, people may be injured and vehicles (or other property) may be damaged. Damage can also occur through theft, vandalism, or natural disasters. Auto insurance can protect you against these risks. Insurance companies provide auto insurance through personal auto policies (PAPs). A PAP is a contract between you and your insurer, specifying each party's rights and obligations. Essentially, your insurer promises to provide specific coverage for you in return for your payment of a premium. All 50 states have different requirements when it comes to auto insurance. In some states, motorists can't register a car without showing proof that they have liability insurance, while other states use an "honor system" that doesn't ask for proof of insurance until drivers have accidents or tickets on their records.
The largest single investment most consumers make is in their home. Homeowners insurance is a package policy consisting of different types of coverage for the house, its contents, additional living expenses, personal liability claims against the policyholder and other members of the household, and medical payments to others. The policyholder pays a single premium amount for the combination of these coverage's. The coverage's cannot be purchased separately under the homeowners insurance policy. Typical homeowners coverage insures your dwelling, other structures and contents and may cover against other losses. Your policy also covers loss of use, including increases in living expenses due to a fire or other insured loss. Liability coverage protects you for injuries or damages to others caused by you, a member of your family or pet. Medical payments insurance covers medical expenses to non-family members injured at your home.
Fire or lightning
Windstorm or hail
Breakage of glass
Riot or civil commotion
Vandalism and malicious mischief
When you shop for insurance, you need to remember two things: First, shop for insurance as you shop for anything else; compare prices, features and reputation. Second, remember don't ask for "the best coverage". Someone may give what they think you need, rather than what you actually need. Plan ahead. Don't make such an important decision on the spot. Remember, this is your home, not the insurance agent's, or the lender's. You should take the lead in deciding what sort of insurance and how much of it you need.
The following information will help you understand the table of liability limits.
First number: Bodily injury liability maximum for one person injured in an accident.
Second number: Bodily injury liability maximum for all injuries in one accident.
Third number: Property damage liability maximum for one accident.
So, looking at the table, you find that in Alabama the minimum liability limits are $20,000 for injury liability for one person in an accident, $40,000 for all injuries in an accident, and $10,000 for property damage in an accident.