|
|
Insurance Information |
|
|
 |
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. Useful Resources: Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla, and reciting Vogon poetry.
MORE RESOURCES:
Insurance - Google News |
|
|
|
RELATED ARTICLES
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). The Ups and Downs of Temporary Health Insurance If you're a recent college graduate, or in between jobs, temporary health insurance may be just what you are looking for. As the name suggests, this short term health plan covers from one month up to a full year. Why Should You Purchase Your Auto Insurance Online? If you're interested in slashing your auto insurance bill in half then there's no reason why you shouldn't consider purchasing auto insurance online. Buying your auto insurance online is extremely easy and very convenient. Tips for Buying a New Home My wife and I recently purchased a new home in Tennessee. Here are some helpful hints we picked up along the way:1. Insurance Claim - Medical Insights And Expenses There's nothing that has a greater impact on evaluating a personal injury insurance claim than the damage done to your body, the medical bills that are a direct result of that injury and the "pain and suffering" you were forced to deal with.Besides botching up your body (and sometimes your love life) what else does the injury mean to you? It means a ton of financial expense's, including repairing your car, lost wages, a shock to your life style, a tremendous inconvenience and short or long periods of pain and discomfort - - all of it a direct result of your injuries. Term Life Insurance Help Life insurance can be a very scary thing. If you buy insurance when you're 30, but don't die until you're 90, chances are you're going to come out on the loosing end of insurance. Health Insurance Providers Online - Benefits to Applying Online Health insurance providers are going online to find new customers. As a result, there are more affordable health insurance options for families, the self-employed, and small business owners. Your Cars After-impact Diminished Value The(ACV)Actual Cash Value Policy DOES NOT insure the property itself but the VALUE of the property.Okay let's say the insurance company chooses to "Repair" their insureds damaged property (as is their option within their contract of insurance). Homeowners Insurance at a Glance At first glance, homeowners insurance may seem perplexing and quite overpowering. Understanding your policy is crucial to know what you are actually purchasing, and also an extremely important part of owning a home. Affordable Insurance Quotes To Save You Money! Whether you're looking for insurance quotes for auto, life, travel or health you can find some great rates on the internet. Insurance quotes coverage can provide peace of mind and also financial coverage in the event that something untoward happens. 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 seems that Progressive Insurance and IBM have worked out a scheme to pay drivers to be safer - by monitoring their every move in their own cars, and how fast they make that move, and where they park, and what time they drive. Business Insurance - And What You Need To Know Getting your business up and running is exciting, challenging and hard work. You're finally making money - and you are the driving force that is making your business grow. Do I Need Travel Insurance? In the United States health insurance, unlike many other countries, you can find dozens of Blue Cross Blue Shield plans. Hundreds of regular commercial insurance and so many more health insurance plans like managed-care plans-HMOs, PPOs and PPG's. Need Low-cost Temporary Family Health Insurance? Many families will find themselves without medical coverage at some point in their lives. So, what do you do if you find yourself in this situation? Here are some thing that you should consider when purchasing quality, low-cost temporary family health insurance. What Do You Mean My Auto Insurance Policy Doesnt Cover This!! Auto insurance is an agreement between you and your insurance company where you arrange to pay a premium in an exchange for the peace of mind that your insurance agency will pay for vehicle related financial losses during the duration of the policy. You need auto insurance because you are liable by law to pay for losses you cause to others in the event of an automobile accident. Eleven Money-Saving Auto Insurance Tips for Senior Drivers Following a few simple tips and taking these measures will ensure that you are getting the lowest rates possible on your auto insurance policy.1. Do An Auto Insurance Comparison And Benefit From The Savings It is very important to do an auto insurance comparison when you need insurance for your vehicle. Even if you are happy with the quote you get from your regular auto insurance company, it helps to shop around just to make sure you are getting the lowest possible rate. Do Insurance Premiums Increase Every Year? Many people ask, "If I am supposed to get a renewal discount, why do my premiums seem to increase with each renewal?" The answer is not always so simple. Each year, new vehicles cost more then they did the previous year. Dont Just Accept Your Car Insurance Renewal Quote UK car insurance companies make substantial profits every year because a large number of existing customers just accept the renewal quote from their car insurance provider.Many people assume that because their first years premium was competitive they will continue to get good value for money from the same insurer. Is Life Insurance Comparison Really Necessary? When you want to purchase a life insurance policy, you really do need to do a life insurance comparison. This is to ensure that you get the best possible rates and the best possible life insurance for your needs.
|
| Cheap Insurance | Car Insurance Glossary | Zurich Insurance | Cheap Car Insurance | Car Insurance Quotes | Classic Car Insurance | Articles | Insurance | site map |
| © 2007 www.thecheapinsurance.co.uk - Cheap Car, Auto and Home Insurance |
