Posted May 18th, 2013 by Tim Cake
Widespread flooding in New Zealand on the weekend of April 20/21 will be an insurance event, with businesses and insurers still calculating losses.
Insurance losses in the South Island city of Nelson are expected to top the $NZ16 million ($13.1 million) cost of the December 2011 floods in the area, with more businesses affected this time, Insurance Council of New Zealand CEO Tim Grafton told insuranceNEWS.com.au.
Losses are still being calculated from flooding in the Bay of Plenty.
Tags: Businesses, Businesses Count
Posted May 17th, 2013 by Bethany Raven
Like most small businesses, yours is probably covered by a general liability policy. But have you actually read your policy? Plowing through a bunch of legalese isn’t fun, but you do need to know what your policy covers. Take the first step by reading my introduction to the standard liability policy. If your company offers health insurance or other employee benefits you’ll also want to read my article on employee benefits liability insurance. You’ll be glad you have this coverage if your firm is hit with a lawsuit because of an administrative error.
Speaking of liability, you’ve probably read about the explosion that occurred at a fertilizer plant in Texas last month. The plant caught fire and blew up, killing 14 people and injuring over 200.
The explosion decimated the plant, and damaged or destroyed numerous homes and a few commercial buildings.
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Tags: Business
Posted May 16th, 2013 by Lincoln Scurry
HELENA, Mont. — A bill that has been signed into law by Montana Gov. Steve Bullock requires life insurance companies to search for beneficiaries when a policyholder dies, even if no claims have been submitted.
The law was a response to a series of national settlement agreements in which life insurance companies were charged with making little to no effort to find beneficiaries, instead keeping death benefits for years before turning them over to states as unclaimed property.
Senate Bill 34, requested by Insurance Commissioner Monica Lindeen and sponsored by Sen. Mary Caferro, D-Helena, requires life insurance companies to check a Social Security Administration file at least twice a year to find out if any of its policyholders have died. In those cases, the company must determine if any surviving family members are owed money and pay the benefits or turn over the money to the state as unclaimed property.
“Montanans buy life insurance to help their families after they pass away,” Lindeen said in a statement. ” Read full post…
Tags: Companies, Insurance Companies, Life Insurance, Life Insurance Companies
Posted May 15th, 2013 by Bethany Raven
If you form a new limited company, you should be aware of the legal requirements you have to meet as a limited company director, on behalf of the company. Directors’ Duties
The Companies Act 2006 sets out the main duties a limited company director has upon appointment to the post, and when operating the company:
In addition to these general duties, there are also a number of specific financial and legal responsibilities you should be aware of when you form a new company.
Although you will appoint an accountant to take care of much of your company administration, the directors are ultimately responsible should anything go wrong. You should be aware of any statutory or financial deadlines the company has, and ensure that your accountant files information accurately and on time.
Legal Responsibilities
Financial Responsibilities
Download this page in PDF format
Tags: Companies, Legal Requirements
Posted May 14th, 2013 by Lincoln Scurry
WEBWIRE – Monday, May 13, 2013
With the rest of the of the Affordable Care Act (ACA) going into effect on January 1st, 2014, everyone in the United States will be effected in some way. You will see improved care and lower healthcare costs for healthy and unhealthy people. If you were previously denied coverage, you will now be able to obtain a health insurance plan under the new Health Insurance Exchange. You might even receive a subisdy from the government to assist with your health insurance premiums. There are many other changes also going into effect, which are all meant to assist you. Below are some of the featured changes that will go into effect under the Affordable Care Act on January 1st, 2014.
5 Things to Know for Healthy Individuals
- Under the health care law, insurance companies can no longer drop you when you get sick just because you made a mistake on your coverage application.
- Parents have new options to cover their children . I
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Tags: Act, Affordable Care, Affordable Care Act, Care Act
Posted May 11th, 2013 by Emily Llewelyn
For the last three years, the LIFE Foundation and LIMRA have been checking the pulse of the American people and their attitudes on life insurance, disability insurance and retirement. In the just-released 2013 Insurance Barometer Study, there are some surprising findings, like the fact that almost one-fifth of people say they would buy life insurance from at a retail outlet. You can read LIFE CEO Marv Feldman’s views on why this may be an interesting change for the industry. And of course there are some not-so-surprising findings, like the fact that while 85% of people think life insurance is important for most, only 62% have it. You can read more about the study here.
Below are some life insurance facts from the study that are “tweetable,” meaning you can share them simply by clicking on the fact you’d like to tweet and the tweet will be generated for you. And be
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Tags: Insurance, Life Insurance
Posted May 11th, 2013 by Tim Cake
Performance car specialist Greenlight Insurance Services has added motor breakdown assistance to their existing product range, selecting Aria Insurance Services as provider.
Aria now offers 5 levels of breakdown cover for Greenlight clients, ranging from local roadside assistance in the UK to cover whilst driving in Europe.
Greenlight has been carving a niche for itself in the market for insurance for performance, classic and modified cars since 1996. The firmâs staff is made up of insurance professionals who are also car enthusiasts, giving them a better understanding of performance car ownerâs insurance requirements. Their
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Tags: Assistance, European Assistance
Posted May 7th, 2013 by Emily Llewelyn
Consumers escaping subprime label
The number of consumers with credit scores in the subprime category dropped year-over-year, with improvement seen in many metropolitan areas, Equifax revealed in a recent report.
According to Equifax, the total number of consumers with subprime credit scores (credit scores of 619 or less) dropped by approximately 1 million from the third quarter (Q3) of 2011 to Q3 of 2012.
From Q3 2011 to Q3 2012, the total number of subprime consumers dropped 2.1 percent. Subprime consumers now take up 25.2 percent of the overall share, down from 25.9 percent a year earlier.
It is nice to see that over 1 million people across the country have moved out of the below 620 range, Trey , president of the Personal Solutions division at Equifax, said in a statement.
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Tags: Credit Scores, Scores
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