Builders and contractors working on construction sites follow safety norms and standards to avoid workplace accidents, injuries, and damages. Yet accidents may occur in spite of all precautions. Builders Liability Insurance provides coverage to builders and contractors as well as from third party claims resulting due to various types of risks in the form of accidents, thefts, damages, and injuries. Builders Liability Insurance covers a spectrum of construction related insurance packages like Public Liability Insurance, Employers Liability Insurance, Contractors All Risk Insurance etc.
Builders Liability Insurance Covers:
The builder liability insurance is beneficial for various trades across construction industry.
Public Liability Insurance
Public liability insurance provides protection from any third party claims made against the businesses. It covers claims when employees, sub-contractors, directors, owners are held accountable for any injury or damage caused to the third party or their properties. Public liability insurance also covers legal costs that have to be incurred for defending the claims. It also covers claims made for defective products. The amount of premium will vary based on different factors like type of business, previous claims, projected turnover, and number of employees. This type of Insurance is useful for tradesman, builders, and contractors.
Employers Liability Insurance
Employers liability insurance provides coverage to employers when any of the employee or workers suffers physical injury or death while on work and it is proved that the injury or death occurred due to employer's negligence. It covers the employers against all the claims made by injured employee or relatives of deceased employee for compensation. Employers liability insurance also covers the associated legal costs. This insurance is suitable for companies having employees or workers. The employers liability insurance is issued along with public liability insurance.
Contractors All Risks Insurance
Contractors all risks insurance covers loss or damage to contract works, own plant, hired-in plant, and employee's tools. The contract works section of this insurance is the main part which provides coverage for only the property on which the work is going on. This insurance will cover loss or damage to contract works or materials when any of the work going on is damaged. It will also cover loss or damage caused to the plant of owner including his machinery, tools, and equipments. Contractors all risk insurance also provides cover for theft, loss, or damage to machinery, equipments, tools which are hired in plants from outside like hire yards. Some insurers also extend this insurance to cover loss or damage to owner or employee's hand held or power tools. This insurance is useful for contractors, builders, and other trades in the construction industry.
Personal Insurance
Personal Insurance or Personal Accident Insurance is suitable for owners, Directors, sole Traders who in case get injured in an accident and can not work for a certain period of time. In such case they also can not sue their own company. It provides for a 24 hour cover which is not limited to work related accidents. This insurance provides an income during the entire course of period for which insured is unable to work. Personal accident insurance provides three distinct benefits in the form of monthly tax free income, hospital cash, and lump sum (capital benefits). A monthly tax free income means the insured gets a tax free benefit after one month and continues to receive it for entire recovery period. While, hospital cash means the insured gets some amount as expenses towards his stay in hospital. A lump sum means the insured gets certain amount depending on nature of injury. The personal accident insurance relieves the insured from financial worries when he has to rest and recover. This insurance is popular in construction industry.
Machinery Insurance
Machinery Insurance provides protection against any type of loss or damage to most of machineries and equipments used in the construction industry like cranes, earth moving equipments etc. This insurance is especially useful for construction industry where a lot of machinery is used and is exposed to rough field conditions on routine basis.
As there are chances of accidents, thefts, injuries, and damages during construction work, the Builders Liability Insurance provides a much needed protection from claims which can be detrimental to construction businesses. It is also useful to cover third party claims for damages caused to other's property.
Showing posts with label Car Insurance. Show all posts
Showing posts with label Car Insurance. Show all posts
Will Insurance Companies Estimate Infobank falling
Wednesday, March 31, 2010
Infobank Research Bureau estimates that the plan the Department of Finance (MOF) to create architecture Insurance Indonesia will cause `autumn 'for insurance companies, which would be the reduction in strong companies that have capital and the demise of insurance capital is less.
"Costs of capital are becoming increasingly important because it relates to the business of insurance companies that are absorbing the risk. The role of capital will be clearer when the Indonesian Insurance Architecture becomes a reality," said Director of Research Bureau InfoBank, Eko B. Supriyanto, in the event announcement "Insurance 134 Rating InfoBank version 2005", in Jakarta, Monday (20 / 6).
Previously, insurance companies also fell after the Treasury Department as an insurance regulator stressed the importance of capital for insurance companies or so-called "risk-based capital" (RBC) or capital adequacy ratio.
Regulations are strictly enforced beginning in December 2004 has caused as many as 14 insurance companies permit has been revoked by the Ministry of Finance.
Described According to the Bureau of Research, until the end of 2004 insurance companies are not able to meet the 120% RBC is twofold. But that does not remove the balance sheet or financial statements of the publication there are nine life insurance companies and six general insurance companies.
"While that is still sanctioned restrictions on business activities or PKU there are four insurance companies," said Eko B. Supriyanto.
Apart from this, according to Eko, the insurance industry growth seen in Indonesia, where growth in gross premiums reached 33.08% of life insurance and general insurance premiums experienced perumbuhan 12.95% compared with the previous year.
"This means the insurance business continues to grow is actually still in the midst of starting the process of consolidation," said Eko.
Eko is also considered that the insurance companies getting better at choosing a strategy for its investment portfolio, where the portfolio is no longer dominated by deposits.
"The portion of these deposits is now 25.45%, followed by investments in stocks and bonds, 24.66% and marketable securities amounting to 20.46%. Meanwhile, mutual funds and direct investments respectively 10.14% and 10.74%," Eko said.
Described from a study of Bureau of Research, Insurance Rating Methodological approaches to financial statements 10 criteria: RBC, liquidity ratio, the ratio of technical reserves with current assets, the ratio of premiums to the premium reserve retention, changes in gross premium income, premium retention ratio itself with its own capital, investment ratio of technical reserves plus debt claims, the ratio of net claims expenses to net premiums, the ratio of revenue expenses with revenue, and the ratio of average income with their own capital.
"Costs of capital are becoming increasingly important because it relates to the business of insurance companies that are absorbing the risk. The role of capital will be clearer when the Indonesian Insurance Architecture becomes a reality," said Director of Research Bureau InfoBank, Eko B. Supriyanto, in the event announcement "Insurance 134 Rating InfoBank version 2005", in Jakarta, Monday (20 / 6).
Previously, insurance companies also fell after the Treasury Department as an insurance regulator stressed the importance of capital for insurance companies or so-called "risk-based capital" (RBC) or capital adequacy ratio.
Regulations are strictly enforced beginning in December 2004 has caused as many as 14 insurance companies permit has been revoked by the Ministry of Finance.
Described According to the Bureau of Research, until the end of 2004 insurance companies are not able to meet the 120% RBC is twofold. But that does not remove the balance sheet or financial statements of the publication there are nine life insurance companies and six general insurance companies.
"While that is still sanctioned restrictions on business activities or PKU there are four insurance companies," said Eko B. Supriyanto.
Apart from this, according to Eko, the insurance industry growth seen in Indonesia, where growth in gross premiums reached 33.08% of life insurance and general insurance premiums experienced perumbuhan 12.95% compared with the previous year.
"This means the insurance business continues to grow is actually still in the midst of starting the process of consolidation," said Eko.
Eko is also considered that the insurance companies getting better at choosing a strategy for its investment portfolio, where the portfolio is no longer dominated by deposits.
"The portion of these deposits is now 25.45%, followed by investments in stocks and bonds, 24.66% and marketable securities amounting to 20.46%. Meanwhile, mutual funds and direct investments respectively 10.14% and 10.74%," Eko said.
Described from a study of Bureau of Research, Insurance Rating Methodological approaches to financial statements 10 criteria: RBC, liquidity ratio, the ratio of technical reserves with current assets, the ratio of premiums to the premium reserve retention, changes in gross premium income, premium retention ratio itself with its own capital, investment ratio of technical reserves plus debt claims, the ratio of net claims expenses to net premiums, the ratio of revenue expenses with revenue, and the ratio of average income with their own capital.
Tips Choosing the Right Life Insurance
Friday, March 19, 2010
Tips and accurate Choosing Life Insurance - Life insurance becomes a critical requirement related to financial planning. In recent years, unit-linked products, including life insurance category grew and gave a lot of offers. Should carefully before investing who have had this protection.
Choose products that provide space for customers to adapt to the needs and abilities. There is desirable products, because only by setting aside 10 thousand dollars per day, you can pay a premium for the protection and long-term investment. But not just cheap, you need to also examine the extent of adjustments that you can do.
For example, changing the investment benefits, in this case raises, reduce, or even eliminate the benefits of protection, according to the amount of premium. Is then the premium will also increase or follow the previous premium, if the customer then make adjustments as needed such benefits because of work.
Syafriadi Hutagalung, manager of an insurance agent life insurance said, should be representative of insurance products and adapt to the needs of customers. "Customers should be involved in managing finances. Old model, the financial institutions to act unilaterally in the ownership of the product is no longer relevant to see the present conditions, "explained the man who is often addressed to the Compass Adhie Female.
To ensure the product is safe, thorough financial institutions are also the product issuer. This can be seen from the professionalism of insurance agents. Ask whether the agent has a certification from the Indonesian Life Insurance Association (AAJI) for example. Could also recognize the company's performance by measuring against the insurance industry recognition. Award of a number of economic media company's performance, even the recognition of the world need to be taken into account.
Meanwhile, financial planners, Aidil Akbar Madjid said should select a pure life insurance. That means there are no payments from insurance companies for customers is still alive for the protection of certain diseases, which can be claimed by the publisher of unit-linked products. "Life insurance is a pure means of payment if the customer dies," said Akbar.
Akbar admitted many facilities provided by the investors if they have a link unit. But the benefits can be obtained relatively small. Admittedly, the products in this advanced category can be very good for investment protection. But not necessarily compatible with each person.
Akbar advised people with incomes 2-3 million per month should choose other investment products. Investment products such as gold or precious metal deposits more appropriate. However, this option remains be returned to your needs, short, medium, long, and the risks.
We recommend that you select insurance products in more detail before discussing the advantages and disadvantages. Professional insurance agent should provide a space for discussion and not just "sell" products.
Source: kompas.com
Choose products that provide space for customers to adapt to the needs and abilities. There is desirable products, because only by setting aside 10 thousand dollars per day, you can pay a premium for the protection and long-term investment. But not just cheap, you need to also examine the extent of adjustments that you can do.
For example, changing the investment benefits, in this case raises, reduce, or even eliminate the benefits of protection, according to the amount of premium. Is then the premium will also increase or follow the previous premium, if the customer then make adjustments as needed such benefits because of work.
Syafriadi Hutagalung, manager of an insurance agent life insurance said, should be representative of insurance products and adapt to the needs of customers. "Customers should be involved in managing finances. Old model, the financial institutions to act unilaterally in the ownership of the product is no longer relevant to see the present conditions, "explained the man who is often addressed to the Compass Adhie Female.
To ensure the product is safe, thorough financial institutions are also the product issuer. This can be seen from the professionalism of insurance agents. Ask whether the agent has a certification from the Indonesian Life Insurance Association (AAJI) for example. Could also recognize the company's performance by measuring against the insurance industry recognition. Award of a number of economic media company's performance, even the recognition of the world need to be taken into account.
Meanwhile, financial planners, Aidil Akbar Madjid said should select a pure life insurance. That means there are no payments from insurance companies for customers is still alive for the protection of certain diseases, which can be claimed by the publisher of unit-linked products. "Life insurance is a pure means of payment if the customer dies," said Akbar.
Akbar admitted many facilities provided by the investors if they have a link unit. But the benefits can be obtained relatively small. Admittedly, the products in this advanced category can be very good for investment protection. But not necessarily compatible with each person.
Akbar advised people with incomes 2-3 million per month should choose other investment products. Investment products such as gold or precious metal deposits more appropriate. However, this option remains be returned to your needs, short, medium, long, and the risks.
We recommend that you select insurance products in more detail before discussing the advantages and disadvantages. Professional insurance agent should provide a space for discussion and not just "sell" products.
Source: kompas.com
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