A hospital stay can be expensive, and can happen at any time. Even with medical coverage, out-of-pocket expenses such as deductible costs, rehabilitation, and transportation can add up quickly. Prepare for the unexpected with a Hospital Indemnity Insurance policy. It provides a fixed benefit amount to help cover expenses, and you can decide how to use the money. A hospital stay can happen at any time. One day, Jim was doing some yard work and felt chest pains. Jim’s wife, Susan, took no chances and called 911. It turns out that Jim was experiencing a mild heart attack. He was admitted into the hospital and stayed for 2 nights. Jim’s Hospital Indemnity Insurance policy covered...
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What Is Hospital Indemnity Insurance? Over 36 million people in the U.S. are admitted to a hospital every year, many of whom may not be prepared for the cost. Even with proper health insurance, out-of-pocket costs can lead to financial strain—the average cost of a three-day hospital stay is $30,000. And sadly, bankruptcy due to medical bills is somewhat common. Since even the best health insurance plans have limits, supplemental insurance called hospital indemnity insurance exists to help offset hospital expenses and cover other costs like groceries, childcare and more while you recover. Here’s what you should know. What Is Hospital Indemnity Insurance? Hospital indemnity insurance is an...
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What is Warranty and Indemnity Insurance? Warranty and indemnity insurance is a specialist insurance product covering breaches of representations and warranties, and claims under indemnification provisions (including the tax indemnity/covenant), contained in sale and purchase agreements. The insurance covers loss or liability arising from unknown or undisclosed matters and indemnities. The insurer effectively “steps into the shoes” of the party giving the contractual promises. Each warranty and indemnity insurance policy is tailored to meet the specific needs of a transaction. Warranty and indemnity insurance is intended to work in parallel with the negotiations and is designed to support (...
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What is Professional Indemnity Insurance Breach of duty – A typical Professional Indemnity Insurance (PI) policy will provide indemnity to the insured against: ‘loss arising from any claim or claims for breach of duty which may be made and reported to the insurers during the policy period by reason of any neglect, error or omissions committed in the conduct of the insured’s professional business…’. Some policies are more tightly worded. Civil liability – Some Professional Indemnity Insurance policies go further than the standard cover and provide indemnity to the insured “for any civil liability whatsoever…” This covers such areas as breach of contract, libel and slander. (Some...
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What is Hospital Indemnity Insurance and Do I Need It? Many people get health insurance through their employers; in fact, a study in 2019 indicated almost half (49 percent) of Americans depend on their place of employment for health insurance. Whether your health insurance is through your (or your spouse’s) work or you purchase it privately, this coverage provides important financial protection in case you have a serious accident or sickness. People who don’t have health insurance are vulnerable to falling deeply in to debt or even bankruptcy due to the high cost of health care. People often underestimate how much medical care can cost. For example, the national average for a hospital stay...
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For contractors, insurance is very important. Many argue that a Professional Indemnity insurance policy is an essential contractor purchase and it's unwise to operate without it, but why is this the case and is Professional Indemnity insurance really needed? We speak to Pete Willcocks, ex-Qdos insurance industry veteran and MD of Larsen Howie, about why Professional Indemnity insurance is such an essential cover for the self-employed. What is Professional Indemnity insurance, exactly? “Contractor Professional Indemnity insurance will cover the cost of legal fees where it is alleged that a client has suffered a financial loss as a result of a contractor's error, omission or negligence,”...
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Protection and indemnity (P&I) liability insurance is specifically designed to address the unique needs of the marine industry. It covers practically all maritime liability risks associated with the ownership and operation of a vessel, including third-party risks for damage caused to cargo during transit, risks of environmental damage such as oil spills and pollution, war, and political risks. There’s no standard underwriting form when it comes to P&I insurance. Rather, underwriters will tailor bespoke P&I coverage for each insured, based on the nature and character of the risk, and the amount of insurance desired. P&I insurance is often provided by a P&I club,...
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Protection and indemnity (P&I) liability insurance is specifically designed to address the unique needs of the marine industry. It covers practically all maritime liability risks associated with the ownership and operation of a vessel, including third-party risks for damage caused to cargo during transit, risks of environmental damage such as oil spills and pollution, war, and political risks. There’s no standard underwriting form when it comes to P&I insurance. Rather, underwriters will tailor bespoke P&I coverage for each insured, based on the nature and character of the risk, and the amount of insurance desired. P&I insurance is often provided by a P&I club,...
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Put yourself in this situation: you’re watching your child dribble down the court at her school’s playoff basketball game and she’s accidently pushed and breaks her arm. You take her to the hospital where she needs to stay overnight for surgery. From a cost perspective, it’s no big deal, right? Your medical insurance will cover it. That’s not always the case. The average out-of-pocket spending per hospital stay has grown by nearly 40%, according to new research from the University of Michigan. For most families, paying over a grand for one night in the hospital is unthinkable. So how can you protect you and your family from these unforeseen costs? Hospital indemnity insurance may be your...
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The concept of “indemnity” is a basic fundamental of insurance…and there are certain types of insurance policies that may be referred to as “indemnity insurance” policies. Indemnity Insurance for “Others” Without going into mind numbing insurance speak, indemnity simply refers to the idea that you purchase insurance in order to protect yourself and reimburse someone who you may have “injured” financially or physically in order to make them “whole” again. Indemnity Insurance for Yourself You can also purchase an “indemnity policy” designed to protect yourself financially. This class of insurance is referred to as professional liability insurance. Examples of professional liability...
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