Posted: Tue Jun 17, 2008 5:02 pm Post subject: Types of insurances
I read some post here and I have seen so many types of insurances that I have not heard of like pet insurance, entertainment insurance, birthday insurance... Aside from the common Life insurance, auto insurance, renters insurance, health insurance, home insurance... What are other forms of insurance that you are selling?
Thanks in advance for the information. _________________ A life worth living...
We recently picked up Wedding/Event protection Insurance. There is virtually insurance for everything. If there isn't insurance there are surety bonds for large contractor agreements. What kind of insurance would you like to create? _________________ "The world of achievement has always belonged to the optimist." ---- J. Harold Wilkins.
If there are insurance for everthing then who can sell these kinds of insurances? Is there an examination required in order to sell Wedding/Event protection insurance for example?
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What kind of insurance would you like to create?
Hmm.. Good question.. I will try to think of it. _________________ A life worth living...
Hi tom, can you kindly explain to me what exactly is surity bond? and how it may replace the need of an insurance policy? _________________ Register Now to have your Insurance queries solved.
Posted: Thu Jul 03, 2008 11:42 am Post subject: insurance
Yep...I would like to know that, too. Surety Bond?..........I never heard of it. I'll tell ya.I've called a number of insurance companies to get quotes for Life Insurance. Just a 'plain and simple' one is all i want. Some insurance companies wanna try to get you to 'upgrade' on what you're asking for. Some just don't wanna listen to what you want and DON'T want.
I tried to search about surety bonds because I have not heard about it also. Here is what it says.
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A surety bond is a contract among at least three parties:
* The principal - the primary party who will be performing a contractual obligation
* The obligee - the party who is the recipient of the obligation, and
* The surety - who ensures that the principal's obligations will be performed.
Through this agreement, the surety agrees to uphold - for the benefit of the obligee - the contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement. Contract bonds guarantee a specific contract. Examples include performance, bid, supply, maintenance and subdivision bonds. Commercial bonds guarantee per the terms of the bond form. Examples include license & permit, union bonds, etc.
I can sell wedding insurance with my property and casualty insurance license (in Ontario). I deal with a carrier who also provides Party Alcohol Liability Insurance.
As for pet insurance- yes there are coverage for Pets. I don't view it as the most important coverage. (My spouse disagrees with me though). I just think we could afford most medical emergencies our pets could have. I know someone with a cat that was treated for cancer and the cost was in the low 1000's. I had a dog hit by a car years ago and the cost was also low 1000's. So I guess it can be beneficial - just not as critical as protecting your income or your home.
So yes, there are lots of types of insurance! _________________ I am an insurance broker from Ontario licensed for all types of insurance.
I am not Slappy so I hope you don't mind an answer from me. I have the "policy wordings" in front of me for a wedding policy. It has 5 sections that I will paraphrase to make it an easy to read summary:
1. Wedding Cancellation
Upon cancellation of the wedding due to an insured peril. The insurer will reimburse all deposits and charges paid or contracted to be paid which are non refundable. This payment is up to the amount on the insurance declaration.
The main coverages include:
- death, injury, illness, jury duty, unemployment of the bride or groom or immediate family
- unforeseen occupational posting overseas by Bride or Groom
- The premises for the wedding or reception is unable to hold the wedding due to damages by any cause or the facility being closed by local authority
- loss or damage to bridal attire within 5 days of wedding
- non appearance of wedding transport
Section 2 - Wedding Photographs
If the photographer fails to show up or there is a loss or damage to the negatives there is coverage for the extra expense to retake the wedding photographs
Section 3 - Bridal Attire
Loss or damage to the Bridal attire (including bridesmaids and the groomsmen) is covered up until completion of the actual wedding
Section 4 - Wedding Presents
Coverage is provided for physical loss or damage to wedding presents received by the Bride and Groom. Coverage is for 72 hours before and 72 hours after the wedding
Section 5 Honeymoon Cancellation Insurance
The wording is actually a bit vague - I'd recommend a trip cancellation and emergency medical plan over this.
Other comments
I have not put information about named perils and exclusions. The named perils are similar to a home insurance policy and the exclusions are fairly common sense.
All in all the coverage is pretty good if you consider how expensive weddings are these days (I went to one in March that must have been $50,000).
Hope that helps! _________________ I am an insurance broker from Ontario licensed for all types of insurance.
A Surety Bond is an agreement subject to the Bond Form. The Bond is usually required for monetary compensation for failure to perform specified acts referenced in the Bond Form.
A Surety Bond is a generic name for all bonds. Bonds are usually required by the state or Federal Government; these bonds are called License and Permit Bonds.
There are three parts of a Surety Bond, the first is the Obligee. They are the entity requiring the Bond.
Second is the principal. The Principal is the person whom will perform the contractual obligations set forth in the Bond Form.
The third part is the Surety Company. They are the entity who will be insuring the principal of the obligations referenced in the Bond Form.
