The Development of Industrial Insurance

In the life insurance industry it became less and less true that only the lower income groups were industrial policyholders. Industrial insurance, far from providing only burial funds, became more generally part of a larger family program. In the late 1940's, a white male industrial policyholder who died in his late 30's, left his family on the average close to $615 from his industrial insurance alone.

Moreover, the average payment rises to about $1,000 when the benefits payable from other Metropolitan life insurance rates were included. While the average amounts paid on the lives of white women were less-and properly so- the benefits were considerable, reaching a total of $585 for all Metropolitan policies when death occurred between the ages of 35 to 39. In addition to the funds that were provided in case of death, industrial insurance provided valuable benefits to living policyholders through endowments and through the availability of cash surrender values.

After some 60 years of development, industrial insurance became deeply rooted as an American institution. It grew because it served the needs of the people at that time and it served them well. There is no doubt that, in the beginning, industrial insurance was a crude instrument; but as time went on it was forged and refined in the crucible of experience.

The New York Insurance Department stated in the 1940's, in reference to Industrial: "Certain it is that at no other time in its history has the business been on a sounder or more equitable basis." It became an essential means by which the majority of the American people protected their families. During the pioneer days much of the ground was uncharted and the founders of the business had to proceed cautiously, lest some false move bring the entire enterprise to economic disaster.

But as experience accumulated and the business developed, more and more substantial benefits accrued to policyholders. Industrial insurance became an important financial mechanism which helped to stabilize the finances of wage earners families during critical periods. It is an institution which proved to continue to serve the American people all the way up into the future of insurance, with policies ranging from basic life insurance to no medical online life insurance quotes.

In the years to follow it continued to be the form of life insurance for people who could pay only weekly or monthly premiums, who could afford to pay only small amounts, and who needed an agent to service their insurance. Industrial insurance, as so many of our other established institutions, has not always been beyond criticism; but in its effort to serve the people it went through many changes which resulted in improvement of its service.

From an enterprise originally operated for profit it has become very largely a mutual institution conducted for the benefit of the policyholders. In the Metropolitan this development went even further. There, the concept of life insurance as an instrument for social good expanded to include extensive activities in the fields of welfare and public health. Symbolic and expressive of this attitude was the company's extensive welfare program, the largest ever launched by a private agency, developed primarily for industrial policyholders. The viewpoint of social responsibility permeated the entire organization.

Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in finance, business, and life insurance rates. For no medical online life insurance quotes, please visit http://www.equote.com/.

Commercial Insurance For Country Clubs Considered

Running a Golf Course and Country Club is no easy matter. Customer service is an understatement and the clientele are more than just customers, as many have resources and wealth far beyond the average citizen and they bring with them demands for excellence. It is for all of these reasons that insurance considerations for these country club golf courses are no simple situation.

When a manager or CEO of such a facility they must consider things that other commercial insurance clientele do not have to worry about. Things such as: is the insurance carrier able to handle extraordinary losses, and how financially strong is it? What is company's rating and how does the insurance carrier's claim services work?

Most large insurance companies that handle country clubs, sports facilities and large recreation companies have special underwriters and departments that handle this specific niche. There are about 12 commercial insurance carriers in the United States that have special departments only for this category.

A country club must protect its members, guests, assets and reputation. Often they use insurance as a financial vehicle to do just that. The golf club must insure the professional liability of its servers, golf and tennis pros, trainers and spa employees. They also should have medical insurance for sport's injuries. There ought to be insurance for the property of members and guests as well.

It's not easy to protect the reputation of such an establishment and many insurance carriers insure for crisis management, food poisoning, sexual harassment and predators. And although rare, just one such issue can trash a company's reputation. Golf Facilities should also insure the course itself, employees, wine collections and buildings.

Also of consideration would be "hole in one" coverage for major fundraising events or golf course policy. Large tournament cancellations due to weather or other disruptions are indeed a smart move to cover too, including promotional and marketing re-imbursement to start a new. Please consider all this when shopping for insurance for your country club.

Lance Winslow - Lance Winslow's Bio. If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/.

Benefits of Claim Management For Business Interruption Claims

What are business interruption claims?

In case your business has suffered a calamity like a flood, fire or any other insured disaster, the insurance claimed on such properties is known as business interruption claim. However, if your business is faced with such a situation, there are two major points that you need to be concerned about:

1. Optimising your insurance claim.
2. Making your business work efficiently again at the earliest opportunity possible.

In order to be able to do this effectively you are most likely to need the help of an expert and significant co-operation from your insurer. This is exactly where insurance claim management companies come in to the picture. When a calamity happens, it is an accident and it is quite obvious that you were not ready for it. Under such a situation, consulting a reputed insurance claim management company is the best thing to do. These companies have a great deal of experience in helping their customers with insurance claims related to business interruptions and provide you with complete claim management services.

Such insurance claim management companies completely understand the problem you are faced with and take full initiative to help you counter your problems offering you valuable support, professional advice and aid at the time of crisis.

There are several benefits of availing the services of an insurance claim management company when your business has just suffered a big disaster.

These benefits include the following:

* Such companies employ their skilled professionals to deal with the entire situation. These professional evaluate the situation and handle them accordingly.
* They manage flood and fire restoration specialist and take care of emergency repairs.
* They arrange for crisis funds along with provisional accommodation, vehicles and equipments.
* They determine the necessary and immediate building work that needs to be done urgently and ensure that they are carried out properly.
* Thorough evaluation of the contents claim.
* Bargaining the kind of settlement you are looking for, be it diminution, cash or reinstatement.

The aim of such companies is to take all the possible responsibilities relating to insurance claims, so that you have enough time to think about the other aspects of your business that you need to work on, in order to get it working at the earliest. There are several options available to you in the way of insurance claim management companies. Choosing the right one can prove to be quite a task. In case your business undergoes a disaster, then you are less likely to have enough time to research on the companies as to which one to opt for. Therefore, it is always advisable to do your necessary research before hand and keep it as a backup plan, which you can consider using at the time of a crisis.

So, to conclude, if you have a business running and have not yet thought about an insurance claim management company; I, along with many others, would suggest that you do it right away as you never know what the future may have in store for you.

Derek Rogers is a freelance writer who represents a number of UK businesses. For Business Interruption Claims, he recommends Morgan Clark.

Errors and Omissions Insurance - A Vital Component in Protecting Against the Unexpected

Many business owners have taken proper steps to insure against property loss and injury claims, the more traditional forms of commercial insurance coverage. However, they may have overlooked protecting themselves against claims of professional negligence.

Errors and Omissions (E&O) insurance, also known as Professional Liability insurance, protects organizations or individuals against claims of financial loss due to negligence in the delivery of professional services. Professional liability related to errors or omissions, whether actual or merely perceived are not covered by General Liability insurance. (General Liability essentially covers claims of bodily injury or property damage.)

As the business climate grows more complex, so do the insurance needs of business owners, regardless of whether they employ hundreds of consultants or operate as a sole proprietorship out of their home. Errors and omissions insurance coverage is critical and it protects businesses in two vital areas: legal defense fees and settlement expenses.

Most E&O policies will cover defense costs, which, even if the allegations are found invalid, can cost tens of thousands of dollars. For many small businesses and individuals, high legal defense costs could lead to serious financial strain or even bankruptcy.

Who's at risk?

Professionals who most commonly need E&O insurance include doctors, lawyers, engineers and consultants. However, there are a handful of businesses in which E&O coverage is often overlooked, these include advertising agencies, Web hosting companies, service providers, Web and graphic designers, and other Internet-based service companies. Nearly every organization that provides a professional service to a client for a fee has E&O exposure, and because professional requirements are typically undefined in legal terms, Professional Liability insurance shields businesses from the unforeseen.

In some cases, subcontractors may be required by the client to provide proof of General and Professional Liability insurance. Any business that provides specialized service or performs work on a project that is critically important to the client's business, will want to insure themselves against E&O claims. This risk opens the contracted business to potential litigation. If a client perceives a task was not carried out as promised, they can file claims on several issues, including:

* Software or system failures that cause a client to lose profits
* Failure to perform duties
* Loss of client data
* Copyright infringement on Web site and software development
* Failure to meet pre-determined benchmarks on specific projects

While quality control can reduce the risk of errors and omissions, no company has complete immunity to it. Even with the best and brightest employees serving on the frontline, mistakes will happen and if the client feels the service was not completed as promised, if it costs the client money, or damages their reputation, then the company could be at risk of E&O litigation.

Ensuring the policy meets the company's needs

Costs for errors and omissions insurance coverage vary significantly. Many factors are taken into account such as, the type of business, the type of services provided, the location, claim history, and size of the business. The competition among insurance providers, however, works to the business owner's advantage, and the process for receiving an E&O insurance quote, cost comparison and detailed policy information should be fairly simple.

While the process will vary, some insurance company underwriters will ask for copies of contracts and descriptions of quality control procedures, while other underwriters may simply request an application be completed. When searching for an E&O insurance quote or reviewing a policy there are several key features to be mindful of:

* Coverage should include legal defense costs.

* Both W2 employees and 1099 subcontractors should be covered - the company should be protected against claims from work performed by 1099 subcontractors on the company's behalf. In many cases, however, 1099 personnel are not covered and would need their own errors and omissions insurance coverage.

* Optional coverage for allegations of copyright and intellectual property infringement - this protects the company from claims alleging copyright infraction. Intellectual property infringement coverage is particularly important for software, systems or processes, as they are the most widely known "intellectual properties."

* Personal injury coverage such as claims of libel, slander and invasion of privacy

* Worldwide coverage - this covers incidents regardless of where they originate.

Defending a claim

In the event a claim is filed, E&O insurance will adequately prepare the company to defend its case. It will pay for a strong legal defense and potentially save a small business or individual from severe debt. Unfortunately, laws and legal precedents that govern the technology industry are still under development, which often puts IT professionals in unknown legal territory.

However, while mistakes are bound to happen, there are a few steps businesses can take to mitigate claims:

* Have a written contract detailing what service will be provided, what is not included and the fees for delivering that service

* Communicate throughout the entire job; give the client realistic expectations upfront and provide regular status updates

* Implement quality control procedures, and regularly conduct audits to ensure the procedures are being adequately executed

Once the contract is written, be sure it contains very specific information, including:

* Limits of liability - the dollar amount per occurrence of liability

* A section detailing the services the company will be providing

A written contract is one way businesses and individuals can protect themselves, however E&O insurance will provide an extra layer of protection against the unknown and unexpected. Defending a claim is costly and time consuming. Regardless of whether a suit is deemed unreasonable, attorney fees will still need to be paid. In some instances, costs for defending a case can exceed the cost of a resulting settlement. E&O insurance covers attorney fees, any settlement costs that may result, and allows the business owner to continue operating without fear of potentially having to face bankruptcy or a mountain of debt.

James Cochran is the founder of Techinsurance. Since 1997, Techihsurance.com has been providing high quality professional liability insurance at a reasonable price to IT firms across the nation. They quickly became a leader in providing business liability insurance, and have since maintained their position as one of the top IT business insurance providers.

Liability Insurance Could Save Your Business From Financial Disaster

Company liability insurance safeguards businesses from various allegations of negligence, but it may also protect them from having to absorb the fees associated with defending a frivolous lawsuit.

While attention to quality control and seamless risk management procedures can reduce the risk of lawsuits, no organization can completely eliminate the possibility that a claim will arise. Litigations, even the most ludicrous pursuits, can lead a company down a path of financial disaster.

Businesses can prevent this financial pitfall by arming themselves with company liability insurance. In fact, operating a business without coverage, particularly in the information technology industry, can create a highly volatile situation for the organization. Still many businesses and individuals go without liability insurance to cut down on operating costs, but it only takes one claim to wipe out what took years to build. Without liability insurance, the business can take a major hit from the litigation process and the owner's personal assets can become vulnerable.

In 2007 alone, according to the Bureau of Labor Statistics, there were more than 335,000 cases of employees injured on the job due to contact with objects and equipment. Employer's Liability insurance protects companies from an employee's claim that their illness or injury was caused by the company's alleged negligence or failure to provide a safe workplace. This coverage will not only pay for damages resulting from a lawsuit, but also for the defense costs including, attorney fees, research fees, court reporting fees and witness fees, to name a few. In some instances, legal defense costs can substantially surpass the actual damages.

General Liability insurance is typically the first line of defense against common claims. It protects businesses against claims of bodily or other physical injury as well as property damage. A General Liability insurance policy will most likely include:

* Personal and Advertising Injury - protects against offenses committed by the company or employee such as libel, slander, disparagement or copyright infringement in advertisements.

* Defense Costs - covers legal defense costs for liability claims regardless of who is at fault.

* Medical Expenses - covers medical expenses if someone is injured due to an accident on the business's property.

* Premises and Operations Liability - covers the business on claims of bodily injury and property damage inflicted by others on the business's property or as a result of the business's operations.

Premiums on General Liability insurance are typically low, and usually are not enough to dissuade a business from purchasing it. The cost, however, of operating without liability insurance can prove to be much more extreme. Legal fees alone, regardless of whether the claim is deemed valid or not, can damage a company financially. Company liability insurance can preserve a business's assets and allow them to continue operations even during a lawsuit.

James Cochran is the founder of Techinsurance, which has been providing high quality business liability insurance at a reasonable price to IT firms across the nation since 1997. They quickly became a leader in the online insurance industry, and have since maintained their position as one of the top IT insurance providers

Marine Insurance - Charterer's Liability Insurance News

International trade in some specialised and bulk commodities is often conducted using chartered (hired) vessels which allows for greater flexibility and control of the trade chain to both seller and buyer.

Most vessels will be chartered by one of three principle methods:

* "Voyage" - hire of the vessel for a particular voyage.
* "Time" - hire of a vessel for a specified period
* "Bareboat" or "Demise" hire - taking over and running the vessel as if owned.

This bulletin introduces some of the insurance issues relating to Voyage and Time Charters Liability and also highlights the principal difference to Bareboat Charters.

Voyage and Time Charters

Chartering a vessel for a voyage, series of voyages or a specified period of time is a common practice in some of the specialised (e.g. Project Cargo) and bulk cargo trades (e.g. Grain, Fertiliser and Minerals). Vessel chartering allows flexibility in the type and size of vessel to be used, timing and availability, and the variety of ports which may be accessed.

The exposure of a charterer will usually be that of liability under the contractual relationship with the shipowner. This contractual liability is established by the mutual agreement of the parties under a document called a Charter-party (A charter-party is a contract by which all or part of a ship is let for a specified voyage or a specified time). The Charter-party will set out the responsibilities of charterer and vessel owner and will often take the form of a standard document established for a specific trade by a Trade Association. Examples of these are:

HeavyCon - a voyage contract for heavy lift cargo.

GenTime - a time contract for general cargo.

Typical risks faced by a charterer will include:

Damage to the vessel caused by cargo handling (stevedores), unsafe berths/ports and bad bunkers (fuel).

Loss or damage to third party cargo or property

Oil pollution

Third party bodily injury

The charter-party document and any additional clauses (riders) or amendments are critical components in the risk assessment process for all Charterers Liability Risks.

Bareboat Charters

This type of charter can differ from Voyage/Time charters because the charterer usually takes over the complete control of the vessel as opposed to hiring the vessel with the owners crew.

A Bareboat charter can entail significant changes to the operations of the vessel including altering the flag and classification, and embarking the charterers crew to man the vessel. With this added responsibility will come the need to insure the vessel as if it was owned by the charterer - policies covering physical damage and operating liability (P&I

Professional Indemnity Insurance is Needed For All Consultants

The number of people starting businesses in the UK has been growing for the past few years. An increasing trend is to start a consultancy business offering expertise to those who need it.

Offering advice as a consultant comes with risks. If a client makes a financial loss because of the advice you have given they may make a claim against you for the loss they have suffered.

If the loss is significant you could face having to make a large payout. The safest option is to make sure you have Professional Indemnity Insurance. This will insure you for the cost of the claim due to your client's financial loss.

Professional Indemnity Insurance can offer peace of mind for both you and the client. The client will be happier that if any of your advice causes them a loss they can make a claim and it will be paid by your insurance company. Obviously you have the knowledge that if for any unforeseen circumstance your advice is wrong, your insurance will be able to pay the claim made against you.

Professional Indemnity Insurance is usually offered as part of a business insurance policy. The cover will form the core of your insurance cover and you will usually be able to add extra cover if you think that you need it. For example you may need business equipment insurance or business buildings insurance.

When you buy your Professional Indemnity Insurance it is a good idea to shop around for the best deal. Comparing quotes is a great way to find the best price for your insurance. By doing this you are able to look at what different competitors offer side by side and choose the price and the type of cover that is right for your business.

A great way to get the best cover for yourself is to do your own research. If you get to know what is available from different providers in the market you are able to know if you are getting a good deal or not.

Decision Finance allows you to compare quotes for you Professional Indemnity Insurance and buy your insurance online quickly. You receive your policy documents online within seconds of buying your policy.