Facts & Articles On The Different Types Of Insurance

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:
Public services union - Unison
Insurance comparisons – Moneynet

Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla, and reciting Vogon poetry.

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Term Life Insurance To 100
Term Life Insurance Coverage for Life

Insurance.com Announces Half a Million Auto Insurance Policy Sales
Insurance.com, the nation's largest online auto insurance agency, announced the sale of half a million auto insurance policies since their launch in 2001.

Check Mortgage Insurance Protection Cover Out Online
Checking out mortgage insurance protection cover is imperative before you rush into taking it out There are many factors you have to be aware of if you are to ensure suitability for your circumstances

Finding The Best Car Insurance Quotes
Owning a valid motor insurance policy is a legal requirement of driving a car on the road and there is very little that you will be able to do to avoid this fact If you do this and get caught driving without any insurance then you will find yourself in serious problems, which will result in either a large fine or perhaps a jail sentence, so is not getting yourself covered worth it

Live on the Edge with Medical Savings Insurance
Enhancements in medical technology are inversely proportional to the costs of medical care. Hence, insurance companies deem it better to come up with a feasible insurance policy that will alleviate people from this dilemma. However, even comprehensive medical insurance policies are steep nowadays. That's why medical savings insurance is a far better option.

Cheap Car Insurance Companies Online
Most people are probably aware that the best place to find cheap car insurance companies is online. However, if you want to find the very best prices online you still need to know the proper way to answer the forms that you need to fill out, and hopefully this article will give you some ideas on the best way to answer a few of the most important questions.

A Quick Introduction To UK Mortgage Insurance
Home, as they say, is where the heart is. There is no better feeling than moving into your first home, decorating it how you want and having the freedom to do as you please. However, that all has to be done on a budget, and one that does not extend to having UK mortgage insurance as well! The expense is usually just enough to tip a new household?s financial balance over the edge, if the household in question is of course on a budget to begin with!

Bread, Milk & Car Insurance
With increased competition between supermarkets to gain market share and improve profitability, the range of products on offer is getting ever diverse. Now, the big three chains, Tesco, Sainsbury's and Asda have caught on to the fact that their brand name can sell just about anything, including of all things, car insurance.

What To Look For In A Connecticut Home Owner Insurance Quote
America?s northeastern areas, such as Connecticut, have been known to take some hard hits as far as storms go, so when you begin your search for a Connecticut home owner insurance quote, you must make sure your home owner insurance policy covers specific factors that could arise due to storm damage. After you dig through the damage to find your Connecticut home owner insurance policy is no time to find out what your policy does, and does not, cover.

Buying Motorcycle Insurance From a Specialist
Although motorbike insurance is sometimes considered to be less competitive than car insurance Nevertheless, you will find that insurance premiums will vary from one company to the next

Compare Home Owner Insurance ? It's Not So Hard!
Home owner insurance, like health insurance, is not a requirement; however, it is definitely something worth investing in. You never know when your home and your family are going to be hit with a disaster, and paying for the damages completely out of your own pocket is sometimes not financially feasible.

Tips For Purchasing UK Van Insurance
Whenever you are shopping for insurance, there is no doubt that you are going to want to find an insurance price that is going to be able to easily fit into your budget However, at the same time, you are also going to need to make sure that the coverage you purchase will suit your needs

Cheap Car Insurance for Lady Drivers - Make Your Search Easy!
Did you know that the car insurance premiums you are paying right now may have something to do with your gender? If you didn't then it is time you became aware of how being either male or female can affect your insurance rates. When it comes to these rates it has been found that women get quoted lower rates than men do as women are seen as safe and reliable drivers. Statistically it is seen that women purchase safer vehicles and have fewer insurance claims filed for.

Life Insurance. Do You Need Life Insurance?
Life insurance, also known as term assurance, is a popular form of insurance that people get so in the event of their death, their family and dependants will be able to cope financially. However, not everyone has a family and children, so do they need it? Read on to find out more.