Rants and Raves of a Bum: Insurance

For most of us, Filipinos, especially those who already have a family of their own. There are a lot of things that everybody wants to own in life. The most important one is to own a home. Whether it is a house and lot or a condominium unit, it is an ultimate goal for every one of us to be able to invest in a property.

However, do keep in mind that the possibility of unfortunate events happening, such as natural calamities and fire, is very real and always at a time when they are least expected.

One of my greatest fears is a house fire. The scary part about it is that it's a fear that many people have to face head-on.

I don't know about you, but I'm attached to certain possessions. Aside from the important documents, I have collections like ref magnets, key chains and old memorabilia that would absolutely just break my heart to lose.

We all know that in a house fire, nothing is safe. The first thing to worry about is your family. Getting everyone out of the house safely is our top priority, and it's very lucky if we can get out of it alive.

However, losing a home and all the possessions inside it is a huge tragedy. The financial strain and sentimental loss are immense, and those going through this grueling process needs all the help they can possibly get. But how to help someone after a house fire may not be exactly as you'd expect.

Here are some ways that we can help someone who is recovering from a house fire.

1. Contact family members and loved ones to inform them of the accident. Provide them with what they need like food, clothes and temporary shelter if possible.

2. Attend to frightened pets and ensure their safety and comfort.

3. Get permission from Fire Department officials before you re-enter the fire-damaged structure to check out for some things that you can still recover.

4. Help them in reaching out their insurance company so that they file your claim right away.

Getting a fire report is a priority as it contains the specifics of the incident. This is important for insurance purposes. For me, getting a fire insurance in the Philippines is vital in protecting our properties. Insured properties may include buildings, machinery and equipment, stocks in trade, goods in process, household fixtures, furniture, appliances, and other fixed properties.

5. Start the process of replacing important documents lost in the fire (licenses, passports, birth certificates, etc.)

Fires can be traumatic for the entire family and the neighborhood affected. Take care of everyone’s emotional needs and schedule counseling, if necessary.

Have you or a loved one ever been through a house fire? Please SHARE so that everyone gets the help that they need.

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One of the things most customers require clarity on is what insurances are available when they hire a house removal service in the UK and the US.

You should consider these following points when you are purchasing a service for your house move.

Before you actually make the move

Take an inventory of all your items you will be moving along with their conditions and market value, this is to ensure that if disputes arise you can use your inventory list to back up your claim.

Insurance

There are some fundamental insurances which the company you hire should have, to give you the peace of mind that your items are covered from any damages, it is always recommended to find a company that has these coverages before you hire them.

- Public Liability insurance: An insurance which covers the business from claims against activities made in the public that caused personal injuries, death, loss or damage properties in the UK

- Goods in transit insurance: An insurance which covers the goods against loss, theft or damages whilst it is being transported from one location to another in the UK.

- Release value coverage (or basic carrier liability): A fixed value insurance that covers your goods at 60 cents per pound for the move in the US, this is a basic coverage and it is advised that you find a company that also offers Full value protection.

- Full value protection: An insurance that covers the goods at market value against theft, loss or damages in the US.

- Separate liability insurance: This is a catch all term for optional insurance that the movers can offer you, treat this as an additional insurance for your goods to make you whole in case anything happens with the items being moved, always read the terms of the policy. This type of insurance is most common in the US.

Damage and claims

Your items were damage during a move, now what?

1. Ensure that you review any terms and conditions again over the situation, there is usually a time limit to any claims.

2. Speak with the mover and communicate your issue in writing, an email should suffice.

3. Attach any evidence to support your claim such as photographic evidence.

4. Your mover should respond within 30 days on your claim.

5. If a settlement cannot be agreed you can opt to reach out to an Ombudsman service if it was promised as part of the move.

What is an Ombudsman?

An Ombudsman is a service which can resolve disputed complaints, this service is usually used if not settlement can be reached over issues during a move, some mover companies may have a third party to provide such service.

In some rare cases, the insurers may step in with a loss auditor who will assess the damages to help settle the claim against the insurance as well. If you are reading this article because you have a dispute, I wish you the best of luck in resolving that dispute with your movers.

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If you are running your business, you will know that cutting costs and increasing your profits is a task you have to tackle every day. You might be trying to compare the offers of different suppliers every day, but there are regular expenses you should focus on, too. If you would like to increase your profits and operate your business in a more effective way, make sure that you take a closer look at the below areas.

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Insurance

No business can live without an insurance. You will need to ensure the continuity of your venture, so you need buildings and contents insurance, liability cover, as well as a comprehensive auto insurance. If you would like to get a better deal, you might want to check out cheapautoinsurance.co to find the deal that you can afford, are comfortable with, and can give you more value for your money.

Call Handling and Administration

If you feel overwhelmed by client calls and queries, you might want to make a change. Hiring a virtual assistant or outsourcing your call handling might be a good idea. If you have an online chat on your website, you might even employ someone to monitor it for you so you can focus on the things that will take your business to the next level and brainstorm new ideas.

Tax Planning

You can save a lot of money if you get a tax planning expert who can take care of all your accounts and come up with a plan to improve your business profits and your balance sheet. They will know the best ways of making the most out of your allowances and tax credits, investments, and scheduling the payments for the dates that are convenient for your business. Never pay too much, and find a way to have more money in the bank after paying your financial commitments.

Online Marketing

You can also save a lot of money on marketing your business online. Automate the processes, and invest in new technology that will get you a better return on investment, if you run a local business, such as adding proximity marketing to your sales funnels. Study social media campaigns and build promotions around your market, instead of using standard solutions that are not tailored to your business needs.

Paperwork

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In today’s age, we don’t need to spend too much on sales and promotional materials. If you run an online business, make sure that you reduce your costs and your carbon footprint as well by adopting cloud technology. Send and share your documents and promotional materials online, make sure that you are able to get people to sign contracts online, and collaborate using advanced tools. Use video conferencing and remote meetings, instead of having to print out various leaflets and prospectus.

If you would like to improve the profitability of your business and get it to grow, implement these changes to reduce your regular expenses and have the investments ready to scaling your venture.

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The death of a loved one is always a devastating event to deal with. When it's someone who contributed to your family financially, you also have the added complication of money to deal with. You could be left struggling to deal with debt or a budget that's suddenly much smaller than it once was. If you're trying to juggle financial issues after the passing of a loved one, it makes everything feel a lot harder. But you need to work out what your next steps are going to be if you want to start putting together your financial future

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Check Life Insurance and Pension Policies
One of the first things that you might want to check is whether you will receive any kind of benefits, compensation or support. Did your loved one have a life insurance policy that you can make a claim on? Perhaps you are entitled to social security benefits or a pension. If you're owed money like this, you don't want to ignore it or forget about it. Sometimes, the process to get what you're owed can take a while, so it's worth taking action as soon as you can. Find out what you could be entitled to and how you can get it.

Consider Pursuing Damages
In cases of wrongful death, you could be entitled to compensation from the person or organization that caused it. This could include workplace accidents, medical negligence, and several other situations. If you think your loved one's death could have been preventable and was due to someone else's negligence, you should speak to a wrongful death lawyer. They can give you advice on whether you might have a case and help you get started with building one. You could be entitled to damages that cover things like lost wages and medical expenses, and even mental anguish.

Deal with Any Debts
Some debts won't be yours to deal with when a loved one passes away. However, there are others that you might be left paying off. Debts might be paid from a person's estate when they die, or jointly held debts could be left to the surviving person to take care of. It's important to turn your attention to any debts that you might have to pay so that you don't end up overwhelmed by them. You need to make paying them a priority and get in touch with any lenders to let them know the situation if necessary.

Create a New Budget
If your loved one's death has meant a significant change in your household income, you need to think about how to adjust your budget. You have less money coming in each month, so you should have less going out. First, take a look at your essential expenses, including housing, utilities, and food. It's important to prioritize these things and perhaps think about how to reduce them if necessary. You might need to consider how to boost your income if you can't cut your expenses.

The financial impact of losing a loved one can be significant. Make sure you have the support and advice that you need.

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Terrorism Insurance is something common to most of the countries these days. For the general public, it is something that happens to other people and other places even here in the Philippines. Now, there is a growing sense of consciousness among the people that terrorism is not a short phase or trend. Terrorism is something we all should be aware of and must prepare ourselves to counterterrorism contingency plans. The business community also realizes that threat that's why they must do more to protect their establishments, offices, institutions and their employees from any act of terrorism.

Terrorism, insurance, and your block

You probably hear a lot about terrorism insurance and may be confused over whether or not it is mandatory. At the end of the day, the answer is almost a yes, but you should be open to considering it.

Take a look at the definition of terrorism and it may sound as if this is something that can never apply to your home. It can be enticing for a management company director, when considering the continuation of their buildings insurance, to decline terrorism cover.

It may seem to be one of those extra costs that you could do without. After all, how could your block be at grave risk of being singled out for a terrorist attack? It’s not that simple, though.

Here are a few things to think about:

• The lease may make it a requirement. Older, pre-1990s leases may not mention it specifically, but if there is generally a requirement for full or comprehensive property insurance they could expect it to be covered. The obligation to have comprehensive cover could, by definition, mean protection from the risks of an explosion caused by terrorists. This is a matter that has been tested in law in what is known as the Q-Dime case.

• The building may not be a target but residents could be endangered and at risk; even worse they could be the terrorists themselves. Bomb factories in blocks of flats are not unknown.

• Individual leaseholders’ mortgages, as lenders may insist on it.

So if we have to have it, why is this cover not included as standard?

England and Wales have a long history of terrorism. The UK recorded the biggest economic loss from terrorism among all the countries in the EU between 2004 and 2016, according to new data, with attacks costing the country an estimated £38.3bn in GDP growth during that period.

Losses can be massive and special preparations have been made for commercial property to ensure that high-value claims can be met. This is relevant to blocks of flats because, while a general household policy normally includes this cover automatically, a block of flats is treated as a commercial insurance risk meaning terrorism cover is excluded and must be added as additional cover.

Older people among us will remember what seemed to be the relentless IRA campaign in the 1970s. Indeed, it was the IRA bombing of the Baltic Exchange in 1992 that precipitated changes in the insurance market, which was facing a massive deficit and needed to ensure that it could meet its obligations.

What is Pool Re?

The answer that insurers and the Lloyd’s Syndicates found was to set up the Pool Reinsurance Company Limited, also known as Pool Re, to share the risks. Membership of the scheme gives them the support to help cover losses resulting from acts of terrorism, regardless of the scale of the claims. Without such a set-up, many buildings would be unable to get insurance against losses caused by a terrorist attack. Ultimately, if they were unable to meet their obligations due to large losses which exhausted their reserves, they would draw funds from the UK Government.

At Deacon we offer a choice of competitive policies; one of which offers broader cover to include attacks on individuals in the block if, say, you have prominent figures living in the block for example.

We will discuss your individual needs and recommend an appropriate cover for you. There is no extra administration for you as the insurers require only the Statement of Facts for the Blocks of Flats policy, which we already hold for existing customers.

Even though you may have read that insurers often pay smaller claims themselves due to the way payments to the reinsurer are structured, and think any claim you make is unlikely to reach the threshold at which Pool Re pays out, you could still need specialist cover in place. Otherwise, damage resulting from explosions caused by terrorism may not be covered at all.

History of terrorism

The term terrorist is believed to have originated during the Reign of Terror (September 5, 1793 – July 28, 1794) in France. It was a period of eleven months during the French Revolution when the ruling Jacobins employed violence, including mass executions by guillotine, in order to intimidate the regime's enemies and compel obedience to the state. Some people argue that as it was action by the state, not against it, this was not terrorism – albeit undoubtedly utterly terrifying for anyone living in France at the time.

Other people cite the Gunpowder Plot of 1605 as the first attempt at a terrorist attack. The conspirators intended to kill King James I and the members of both houses of Parliament, and then restore the Catholic faith to England.

Or maybe the roots of terrorism date back to the 1st century and the Sicarii Zealots, Jews who opposed the Roman occupation of Judea; the 11th century and the Al-Hashshashin, the Islamic sect from whose name the word assassin comes; or the 19th century and the Irish Fenian Brotherhood and Russian Narodnaya Volya?

Certainly, the 19^th Century conspirators would have benefitted from the development of powerful, stable, and affordable explosives, including dynamite in 1837, and levels of globalization that helped radical ideas to spread quickly and grow in influence.

Who protects us?

Police

Counter-Terrorism Policing is now an alliance of UK police forces working closely with security and intelligence agencies to prevent, deter and investigate terrorist activity. It is accountable to the National Police Chiefs’ Council (NPCC) Counter Terrorism Coordination Committee (CTCC) and works tirelessly to protect the public and our national security.

The first police unit to combat terrorism was established in 1883 by the Metropolitan Police, initially as a small section of the Criminal Investigation Department. It was originally known as the Special Irish Branch, unit's name was changed to Special Branch as its remit steadily widened over the years. In the early years of the 21^st century, it merged with Scotland Yard, where heading up the counter-terrorism branch is considered to be the toughest job in British policing.

Secret services

At the end of the Second World War, there were a total of 17 MI (Military Intelligence) sections in the War Office. Today, just three organizations make up the British secret services.

MI5 is responsible for countering covertly organized threats to the UK, and its principal activity is the fight against terrorism, both international and homegrown. It began life as the Secret Service Bureau in 1909 to counter Imperial Germany’s espionage operations in the build-up to the First World War. Between the two world wars, the service was increasingly concerned with espionage threats from the far right (fascism) and the far left (communism). During World War II, MI5 had success uncovering enemy agents and feeding misinformation to the enemy, notably helping the allied landing in Normandy in 1944. Since the fall of the Iron Curtain, MI5 has been predominantly concerned with Northern Ireland and international terrorism.

MI6, officially known as the Secret Intelligence Service, operates worldwide to collect secret foreign intelligence in support of the British Government's policies and objectives. It commonly deals with challenges such as regional instability, terrorism, the proliferation of weapons of mass destruction and illegal narcotics. The head of MI6 is known ‘C’ after its first chief, Sir Mansfield Cummings. Due to the sensitive nature its work, MI6 has traditionally been shrouded in secrecy, and little was known about the service, other than the fictional exploits of 007. It is widely accepted that a man like James Bond would not be hired by MI6 these days.

GCHQ, the Government Communications Headquarters’, eavesdrops on communications throughout the world, and it is possibly the most secretive of all the intelligence agencies. Its headquarters are in Cheltenham, Gloucestershire; although it was famously based at Bletchley Park during the Second World War.

Cracking the Enigma code in 1940 possibly prevented the collapse of British resistance due to starvation, as German U-Boats were decimating Atlantic convoys. Another major wartime achievement was the design, installation, and operation of the world’s first electronic computer, COLOSSUS.

How and Where to Buy Terrorism Insurance?

You can buy a terrorism insurance policy from most insurance companies. They are able to sell you coverage for terrorism insurance if you feel you need it or are required to purchase it for yourself, your work or for your company.

Insurance companies can offer terrorism insurance either as a stand-alone policy or part of a coverage plan. You can check out an insurance company like Deacon Insurance to learn more about the options available for a terrorism insurance coverage. If you want to familiarize yourself more with terrorism insurance and its cover, feel free to research and discuss with your insurance agent.

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There are a lot of things that everybody wants to own in life. The most important one is to own a property. It can be your home or a commercial property such as offices, restaurants and even small kiosks. With that property you own, it is important to be insured. Whether you are an owner or a tenant, property insurance is one of the things you should not neglect. It is the most essential way to secure and manage the risk of your property.

Various risks may occur in your life even though you take reasonable precautions to minimize the losses. Most of the risks may be beyond your control. Fortunately, insurance companies in the Philippines are prepared to offer protection for the risks of your property. They have statistics of the risk occurrence. Thus, they are able to calculate their likelihood of occurrence in a given insurance period. Like here in the Philippines, we are highly exposed to natural hazards such as fire, flood, storms, and earthquakes. Those unforeseen natural or man-made disasters may, unfortunately, remove your hard earned property. It can damage to an extent that you left with nothing or nowhere to start. However, property insurance in the Philippines covers the risks of all property damages.

Most people think that property insurance is something you need to think about when you get rich or when you get old. But that is a wrong idea. Whether you have little or more property, you should make sure it is protected. For an instance, when a thief is stealing, he or she doesn’t care for the quality of property you own but only cares about the money he or she can earn from it. We are fortunate that property insurance also provides protection against theft.

Getting a property insurance is very important and helpful. We should get it for our homes and businesses that we own. It is the first step to take towards successful planning. It has many benefits and acquiring one is easy. Research about your local insurance to know more and talk to an insurance agent for guidance to getting your own property insurance.

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We’ve probably all covered ourselves by getting health insurance, and although if you’re injured or ill that’s exactly what it’s there for, it can be frustrating having to use it especially if our insurance doesn’t completely cover the treatment we need. Luckily, there are a few exceptions where we don’t have to use just our personal health insurance if something happens to us, there is extra help available. Consider taking out extra insurance so that you’re not stuck using your expensive personal medical cover.

Travel

Purchasing travel insurance on top of your regular health insurance is a wise idea. Many people just ‘risk it’ and then end up having to remortgage their homes if something bad happens to them while they are abroad.

Travel insurance is fairly inexpensive, even when you’re covering yourself for medical reasons too, so it’s always a good idea to spend a little to save a lot. Medical treatment in foreign countries can be expensive so don’t take the risk, cover yourself.

Sometimes, if your injury or illness is only minor your health insurance might not even be touched so it would be a winning situation all around.

Work

If you’re injured at work, you don’t necessarily have to use your own health insurance (unless you want to.) Many bosses might try and encourage you to do this to save them money, but you are entitled to their workers' injury compensation, especially if it’s not your fault.

Times, where it's not your fault, would be if, for example, you used some machinery that was faulty, or you weren’t trained properly and you ended up injuring yourself using it. You also would have the rights to make this claim against your employers without being discriminated against. If your injury or illness disabled you, you’d also be eligible to claim for further compensation, regardless of whether you’re returning to work or not.

If however, your claim against your employers is dismissed, and you feel that the decision is wrong, you can hire a work injury attorney who will reopen the case and represent you.

Of course, if all else fails or you’re unable to afford an attorney, you would have to rely on your regular medical insurance but it is always worth trying to get the workers' injury compensation first, not just to save you money but to get what you deserve too.

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Vehicle Accidents

If you’re in a vehicle accident that wasn’t your fault, it’s up to the driver that caused the accident to pay out of their insurance. The same rule applies if you’re just the passenger in the car, the ‘at fault’ driver would be liable to pay for your medical costs.

One thing that is worth checking, is if your car insurance covers exactly this when you’re taking out your policy. If it’s something you’re particularly worried about, then make sure the policy you’re about to buy covers you if something happens. Remember though, if you’re at fault then it’s going to be a hefty fine. Also, if you’re under the influence of alcohol (even if the accident isn’t your fault) your policy may no longer cover you.

However, if the accident was due to weather conditions or something where it wasn’t necessarily your fault, but there’s no other driver to blame then it’s likely you will have to claim from your own insurance policy, so make sure it covers you in case of any accidents.

Remember, the fault of the accident can be shared between each driver involved, so if you’re unsure who caused the accident it’s best to trade insurance details and go from there, otherwise you could be pinned for the blame just as much as the other person.

Outside Of The Home

Sometimes accidents can happen outside of your home that isn't your fault too. This is usually when a sidewalk is unsafe, or a dangerous open pothole hasn’t been signed correctly and you end up getting hurt.

The first step to take here is to go to your local council and report the injury and inform them that you would like to make a claim. They will then either take you through the necessary steps to achieving your claim or point you in the right direction to where you will have to make your claim.

Situations like this often end in court, so be ready to represent yourself, or if you’d prefer to get a friend or family member to do it for you. There is, of course, the option of an attorney but the compensation you receive after other fees may only just cover the attorney cost.

Also, remember that you will have to inform your health insurance of the issue, especially if you need immediate medical assistance. This could make your premium rise. It’s also important to remember that if you are making a claim against your local council, that they always have a way of getting out of paying compensation, so make sure you’re 100% sure that they were in the wrong.

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Be Careful

Of course, that’s much easier said than done. If you are worried about your insurance premium rising, then avoiding anything that’s potentially dangerous is probably a good idea. Ensuring that jobs around your home are done professionally will ensure that nothing will unexpectedly break and hurt you. The same goes for repairs on your car, make sure it’s done by a registered mechanic to ensure that it’s safe for you to drive.

If you’re not keen on dipping into your medical health insurance, then staying away from danger as much as possible is the best route to go down. Remember, accidents can happen anywhere and everywhere so you’re never completely safe. Spend a little to save a lot (and potentially your life) rather than risking it.

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One of today’s most in-demand celebrities, Matteo Guidicelli, is featured in the latest television commercial of Sun Life Asset Management Company, Inc. (SLAMCI) And get this: there’s not just one, but two Matteos going up against each other.

The TVC shows two Matteos with strikingly opposite tactics: one tries to impress by bragging his material possessions, including a new phone and a credit card, while the other woos her by promising a brighter future together with the help of the Sun Life Prosperity Card.

The Sun Life Prosperity Card is an investment card worth P5,000 which may be invested in any of the peso-denominated mutual funds managed by SLAMCI under its Sun Life Prosperity Funds. The first of its kind in the market, it has revolutionized mutual funds investing in the country.

“We wanted SLAMCI’s new TVC to encourage the audience to begin their investing journey with the Sun Life Prosperity Card because it’s an easy and convenient way to start building one’s brighter future,” explained SLAMCI president Valerie Pama. “By investing in mutual funds, one can make his money work harder for him, as against simply leaving all of it in the bank.”

To illustrate this point, Pama shared that a 91-day time deposit in a bank 10 years ago would have given 28% return; but for the same period, the Sun Life Prosperity Bond Fund grew by 66%, while the money invested in the Sun Life Prosperity Balanced Fund would have earned 155%. Meanwhile, an investment in the Sun Life Prosperity Philippine Equity Fund gained 221%.

“This is exactly why we want Filipinos, especially the youth, to start investing some of their money in mutual funds,” Pama said. “Instead of using up all of one’s money on trendy items that will soon be replaced by a new fad, why not invest it for the long term and watch it grow? The two Matteos in our TVC certainly highlighted that message in fun yet clear manner.”

For his part, Matteo said he had fun portraying two different personas. “It’s the first time I did such a project, and I definitely enjoyed playing both roles,” he said. “But what’s important is that we were able to bring home the message. It’s fun to have nice material things and be on YOLO mode, but what will happen to you if all your money runs out and you have nothing saved for the long-term?”

And if there’s one thing that Matteo knows, it’s that some things are definitely worth the wait. “Whether I’m doing sports or working on a showbiz project, I know that I need to be patient before I could see the results. Training for a competition takes time, and so does shooting a movie or recording an album. It’s the same thing when you invest your money – you have to grow it long-term before you can enjoy the benefits,” he explained. “You may have to wait a bit, but it’s always, always worth it!”

Catch SLAMCI’s latest TVC featuring Matteo Guidicelli on cable TV. To learn more about the Sun Life Prosperity Card and how you can start investing for a brighter future, visit sunlifeprosperity.com.ph.