Life Insurance Fears Post The London Bombings Tragedy
Following on from the tube train and bus bomb attacks in London there was a move from several UK insurance companies to reassure victims that claims would be processed "quickly and sympathetically". This need for reassurance came in light of concerns that many victims of the blasts would not be covered by their existing health and life insurance cover. This would mean that families of the bombing victims could not only lose a relative, but also suffer financial hardship as life insurance companies refuse to pay out on policies.
Standard Life, Axa-PPP and Norwich Union all announced that policy holders would be covered for events on the 7th July. Standard Life said that the company was not looking to "cause more distress" to victims and their families.
Reuters have been told that other firms such as Churchill, Endsleigh and Direct Line are likely to be sympathetic when dealing with people who have been injured or whose holidays have been disrupted, however these insurers have fallen short of announcing complete cover.
Churchill said that it would, "provide cancellation and personal accident cover if customers are physically injured on the way to their holiday departure?in addition, if any of our customers are away on holiday and hear of injury or death to a close relative, we will facilitate their return home?missed departures due to travel delay in central London will also be treated sympathetically." This is despite Churchill including 'acts of terrorism' exclusions into their policies. This means that policies will generally not pay-out if losses are sustained due to any terrorist activities. This represents one of several general exclusion clauses which are often regularly added to many policies and which prevent payout for particular potentially costly situations for the insurers.
The terrorism exclusion is still regularly included in policies despite the introduction in 1993 of the Terrorism Insurance Program which provides reinsurance cover to the majority of U.K. insurers, is expected to absorb a large proportion of the insurance claims resulting from the 7th July attacks. Under the program, the insurance industry as a whole is liable for 75 million pounds per terrorist "event", with losses above that covered by a mutual reinsurance pool. Should the costs rise above the funds available through the pool, then the UK Treasury will step in to cover the remaining costs.
Another group recently highlighted who may fall foul of this exclusion is the emergency services workers. Unison representatives have warned that this exclusion clause could leave emergency workers and their families high and dry if they are injured or killed. This would prove particularly disastrous for families with personal insurance policies which cover accidents and that also offer mortgage protection, as the potential loss of income due to injury combined with the lack of mortgage cover resulting from the exclusion, could mean those workers' families affected may experience difficulties maintaining their future mortgage payments.
Some fire crews in Somerset have already threatened to go on strike due to claims that they may not be insured if they are injured whilst dealing with a terrorist attack. This action has since been called off, but many emergency workers are still justifiably worried, not only for their own safety, but also their families should anything happen to them whilst responding to a terrible emergency such as has already been seen in London.
Unison pointed out that its own insurance policy which is offered to members provided full cover and called for other insurers to do the same.
Sam Oestreicher of Unison said, "We are asking all insurance companies to look at their policies and if they have such exclusion clauses to drop them".
The Association of British Insurers has also tried to reassure emergency workers and other customers saying, "most types of insurance are readily available without terrorism exclusions? The major personal types of insurance, such as life, household and comprehensive motor insurance provide cover for the effects of a terrorist incident as a standard feature of the policy."
Today the plethora of online comparison sites such as Moneynet or Moneyfacts can search all the insurance policies available and provide guides to help consumers make decisions, however the need for people to check with providers to ensure they are not left unprotected has never been more evident.
The insurance industry itself has admitted that some policies do have exclusion clauses and are also advising policyholders to study the small print or contact their insurance company or broker to determine their cover levels.
Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla, and reciting Vogon poetry.
Car Insurance Monitoring For Discounted Insurance Rates - Privacy Devouring Monster Eating Us One Bi
For a price, would you let car insurer along for the ride? -asks a USA Today technology story by Kevin Maney. It seemsthat Progressive Insurance and IBM have worked out a scheme topay drivers to be safer - by monitoring their every move intheir own cars, and how fast they make that move, and wherethey park, and what time they drive.The program is being tested in Minnesota and in the U.K. in aprivacy busting program that rewards drivers for keeping underthe maximum speed limits and driving during safer times ofday. It's an interesting twist that is compared here to ashopper reward card that monitors what you buy, althou...(related: Insurance)
A Life Insurance Quote Became Reality
Life insurance quoteThank goodness John took his life insurance quote seriously. It didn't prevent our daughters from wishing he were still here but thanks to his foresight they and I still have the things he worked for because he turned that life insurance quote into...(related: Insurance)
Is An Hsa A Type Of Insurance?
A Health Savings Account (HSA) is not a type of health insurance. But that's an easy mistake to make!HSAs are closely associated to health insurance, although they do not provide any insurance benefits themselves.Think of an HSA as a special type of savings account. It's a savings account where:You can put money in and get a tax deduction.You can take money out anytime, as long as the money gets used for medical purposes.That's an HSA in a nutshell. But it's worth talking about a few more specifics.You need to get an HSA from a special HSA custodian. Any business that can create an Individual Retirement Account (IRA) can also create an HSA for you. That includes many banks, insurance agents and financial advisors....(related: Insurance)
Health Insurance Quotes Online - Tips On Finding A Good Provider
Since 2001, major health insurance providers have been allowing consumers to buy policies online. Through the convenience of the internet, consumers are able to compare prices and coverage to find the best insurance policy for them. Before you sign up with a health insurance provider, you should consider price, company history, and coverage to make sure you find a good plan for your situation.Identify Your Coverage NeedsBefore you start gathering quotes for health insurance policies, identify how much coverage you will need. Start by looking over your past medical expenses for the last three years. Do you need a lot of coverage or do you rarely need to see a doctor?Next, consider your future expected medical expenses. Are you looking to cover typical office visits through the year? Or do you want to protect ...(related: Insurance)
Who Else Wants To Understand Travel Insurance Policy Language?
Aren't all travel insurance plans basically the same?No. When you read travel insurance policy language, remember that as with any legal document, the definition of the terms is what governs the working of the policy (including payment of the claim).I create hypothetical travel scenarios for training purposes. This includes contacting our travel insurance suppliers' claims departments to see how they handle a given scenario.A common concern of travelers are Pre-Existing Medica...(related: Insurance)
Insurance: A Necessity For Peace Of Mind
There are many choices for insurance. Insurance is apolicy where you pay in a certain figure, that you do notusually get back, and pays out in the event of a certainsituation. The details vary according to the type ofcoverage.Health insurance was invented to help with your medicalcare. You will typically pay in a certain amount every monthcalled premiums and you may have invest a certain percentageon your presciptions and doctor's visits but the insuranceis created to help you with the costs. It will also helpyou in emergencies such as a broken bone...(related: Insurance)
Outside Pressures On The Typical Insurance Adjuster
Insurance adjusters are not without outside pressures they must deal with every day of their work life. It would be advantageous for all readers to be aware of the most important of these because they could put money in your bank.The first of these is your State Department Of Insurance. Every state has a Department, or Commissioner, or Bureau of Insurance that overseas the...(related: Insurance)
Insurance For All Your Gadgets
Personalisation, Digitalisation, Mobilisation, these 3 words represent your life today. Here in the 21st century our lives have become more and more reliant on mobile items. As we go through our days, keeping a mental log of everything we have and where we have it becomes more and more difficult. It is inevitable that some things get lost. In fact as stated in a recent research "Around 62,000 mobile phones were left in London taxis during the last six months. That's an average three phones per taxi, according to a survey of licensed London cabbies by the Taxi Newspaper and Pointsec Mobile Technologies. Absent minded and drunken tr...(related: Insurance)
Are You Overpaying On Your Home Insurance Policy?
For many consumers the cost of daily living is becoming increasingly higher. High gas prices, rising automobile costs and the cost of buying a new home can be very troublesome. The additional cost of homeowners i...(related: Insurance)
Guide To Car Insurance
Here is a useful guide to car insurance. Buying car or motor insurance is important as it is legally enforced in the UK . You are required by law to have a policy to cover your liability to other road users.Car Insurance protects motorists and drivers against liability in the event of accidents they may cause. It can also provide cover for the motorist's own ve...(related: Insurance)
Insurance For Car Wash Fundraisers
Non-profit groups in this day and age need to watch out for lawsuits, as it is an unfortunate reality. Having a good event insurance policy can protect your non-profits funds from such a lawsuit in the event of a mishap or professional slip and fall con artist. Yes they are out there and they will target your group if they think that they can make some money in a lawsuit. It is sad state of affairs even thinking of this, but you need to protect yourself and your group.INSURANCE REQUIREMENTSUsually a gas station has an umbrella insurance policy to cov...(related: Insurance)
5 Strategies To Reduce Your Car Insurance Premiums
Your latest car insurance bill has arrived and it is not a pretty site. In fact, it is downright ugly! What can you do? Must you remain hostage to the ever spiraling rate increases foisted upon you when your policy renews? In a word, no. Let's examine five strategies you can practice today to help reduce your car insurance premiums immediately.1. Shop For A New Policy. Even with "loyalty discounts" in place, many consumers will find that a competing company will offer significant savings over your current plan. This especially holds true if your state recently opened up the market to invite more competition in.2. Change Your Coverage. If your vehicle is old, you many want to consider dropping collision coverage. Your comprehensive coverage may also be due for reexamination. Fin...(related: Insurance)