|Individual Health Insurance
Individual health insurance coverage is generally more expensive than group health insurance. Like any company, which purchases in bulk to save money, a group that purchases health insurance together will also save money. The most common type of group insurance is that which is offered by your employer. Typically the employer will pay some part of the cost of that insurance. But, that employer provided insurance might not meet all the needs of the employee. This is where individual health insurance is most commonly needed. By purchasing supplemental health insurance, employee is better able to weather the extreme costs of health care. If you are self-employed, you should see if your profession has an association, which offers a group insurance policy. Failing that, you can reduce your health insurance costs by raising the deductible. For more information about individual health coverage, contact an insurance expert. This information is general in nature and should not substitute for the advice of and expert in the field.
Contact us at Assurance Insurance Agency or give us a call today at 1-800-897-1395.
Professional & Office
Oilfield Service Work and Oil & Gas Mfg
According to an article from Insurance.com, buying a home is one of the largest single investments that most people ever make. When a large investment is made like this, protecting it comes into play with homeowners insurance.
Home insurance is required by most mortgage leaders, and most standard homes insurance policies provide coverage for damage caused by:
- Fire and Lighting
- Ice and Snow
- Frozen Pipes
Home Insurance covers property damage that is also caused by people living in the household. This includes basic insurance and if the home is impossible to live in due to a fire or any other major damage.
When buying a home through a mortgage loan, every lender will require one to purchase minimum home insurance coverage. The amount can be calculated by how much money it would require to rebuild your house entirely as a base starting point.
Buying homeowners insurance can become quite costly sometimes, especially when you have many items under additional coverage. In order to keep reasonable rates one might want to consider raising their deductibles first, which is the money one pays out of their own pocket for the damage before the insurance policy kicks in. A standard deductible within standard policies is $250, but raising it to $500-$1000, rates will go down by 15%.
Protecting one’s home is a smart, safe way to reduce the risk of using one’s homeowners insurance. Installing security features such as alarms or videos can help protect one’s assets and the insurance company is likely to give one a good discounted rate.
Contact Assurance Insurance Today
And Get Covered!
Life insurance is a treaty created between two parties in which the insured individual agrees to pay the insurer a particular amount of fee on a regular basis.
- Life insurance is a treaty created between two parties in which the insured individual agrees to pay the insurer a particular amount of fee on a regular basis. In exchange, the insurer is expected to hand over a particular sum of money to the recipients specified by these insured individuals upon the event of his death. Life insurance sprung from the desire of the insured individual to obtain peace of mind for the love ones they will leave behind as they depart from this world.
- The amount, coverage and date of maturity of life insurance contracts may vary, depending on the contents of the agreement signed by both the insurer and the insured individual. The policyholder must understand that the policies are only applicable to specified insured events such as deaths resulting from serious illnesses. Often, certain exclusions are stated in the contract such as deaths occurring from suicide, war and casualties that result from civil riot.
- There are various types of life insurance. Term life insurance is the simplest form as it yields money directly to the beneficiary upon the insured person’s death, this helps cover the burial expenses and the replacement of the deceased’s salary. The other types of life insurance are more extensive and more expensive. These include whole life insurance, universal life insurance and universal variable life insurance. The latter provides the policyholder with maximum control of cash value account policy features, affording one with premium flexibility and the ability to borrow from the policy even while they are still alive.
Contact Assurance Insurance Today
And Get Covered!
Assurance Insurance Agency, LLC was recently named in Forbes Magazine as one of the 10 most dependable insurance agents in Texas. We are also the endorsed agency in Texas for the Food Trades Council of America. We specialize in business insurance and we have special programs for:
- Contractors – generals, artisans and sub contractors, and oil field service companies.
- Auto Garages and auto service businesses
- Manufacturers and machine shops including oil field products
- Food Processing, Preparation and Manufacturing
- Hospitality including restaurants, caterers, and hotels
Contact us today to see how we can save you money
BP oil spill drove up premiums for insuring deepwater operations by 25-30% and deepwater drilling by 100% or more, according to underwriters
Oil companies face a sharp rise in the cost of insuring deepwater oil rigs at the start of next year in the wake of the Deepwater Horizon explosion in the Gulf of Mexico, which triggered the biggest oil spill in American history. Following the disaster – one of the largest losses ever to hit the energy market – which eventually cost BP boss Tony Hayward his job, global energy premium rates have gone up by between 10% and 30%, according to one of the largest insurers of energy risks, Lancashire.
However, the full impact will not be felt until 1 January onwards when the bulk of reinsurance is bought, insurers warn. The disaster has also fuelled demand for insurance, as regulators are moving to a tougher stance on how much cover is needed by oil and gas companies. BP was self-insured.
“The question that board members of oil and gas companies are asking management is, ‘If this were to happen, have they got enough insurance?’” Alex Maloney, chief underwriting officer at Lancashire, said. “We see some clients come to us to purchase double the amount of insurance as previously. A smaller oil and gas company [than BP] probably would have gone under.”
About 80% of the energy book was already written by 20 April when the explosion happened, explained Richard Hooks, an energy underwriter at Kiln, one of the biggest Lloyd’s of London insurers. Most of the insurance business is done before the US wind storm season starts in June.
“The full impact of the rate hikes will probably not be felt until 2011 because most energy insurance is placed in the first six months of the year,” Hooks said. “You write business in the knowledge that this can happen, but suggested amendments in US legislation look set to change the insurance environment, and increase demand for coverage markedly.”
The key proposals are for mandatory insurance and the amendment of the limiting of liability of operators for offshore pollution under the US Oil Pollution Act (OPA) of 1990. The changes are expected to come into force next year.
Under the OPA, those responsible for a spill have to pay cleanup costs, but payouts for private economic and environmental claims are limited to $75m (£48m). Exceptions include gross negligence, wilful misconduct and the violation of safety rules. BP voluntarily waived this limit.
Energy underwriting rates were down 10-15% before the disaster but, in recognition of the increased risks, the oil spill drove up premiums for insuring deepwater operations by 25-30% and deepwater drilling by 100% or more, Hooks said.
Michael Huttner, insurance analyst at JP Morgan, noted that the message from insurers gathered at the Monte Carlo reinsurance conference last week was that overall premiums were declining, with the notable exception of offshore energy rates.
The oil spill has also had a knock-on effect on marine liability rates because of potential pollution.
Offshore drilling company Transocean, which owned the rig leased by BP, insured its oil platform at Lloyd’s of London. Lloyd’s has estimated net losses from the explosion at up to $600m. It has asked a judge to limit its exposure as an insurance carrier for Transocean, on the basis that BP was grossly negligent.
Stephen French, managing partner at Legalbill, a legal consulting firm based in the US, said: “It makes perfect sense for Lloyd’s to minimise its liability by trying to assign blame on to BP so it can limit or avoid paying off Transocean’s insurance claims.
“If Lloyd’s fails to limit its exposure, it will take a hit in the short term. But in the long run, Lloyd’s and its underwriters will raise insurance rates, and future insured energy companies will bear the cost of past misfortune.”
This Article was posted here