Marine and Group Health Insurance Basics for Beginners

Marine insurance reimburses financial losses due to damage to a ship and any accompanying properties, including the cargo, from port of departure to port of destination. Available specialty marine insurance policies include those for marine cargo insurance, marine business insurance, and personal watercraft insurance.

One type of marine insurance is individual watercraft insurance which is aimed to target insurance of non-commercial usage watercraft. Individual watercraft insurance is similar to that of automobiles. Similar to automobile insurance, individual watercraft insurance policies might not only cover property losses but also offer individual protection and watercraft liability coverage.

The liability coverage may cover bodily injury to watercraft occupants, along with others who are involved in any accident. Further medical coverage is generally available in a separate policy rider. Uninsured boater coverage is available as well to cover any damage incurred from hit-and-run vessels, or from vessels which lack insurance coverage.

There is also the option of towing and salvage insurance. It can help with smaller incidents such as an engine failure, mechanical breakdowns, or even having fuel delivered to a stranded ship. Towing and salvage insurance can also help to offset the high costs associated with a vessel that has sustained much damage.

Agreed Value or Actual Cash Value forms are what are generally offered for hull coverage on a standard vessel. Because for insurance, it depends on the cash value policies to determine whether when the vessel ages if it will depreciate in value. Some insurance companies continue to pay the full amount without the depending on the depreciation value.

Group Health Insurance Is Vital For Employers and Employees

In the times of ever-growing health care and soaring health insurance costs, group health insurance India is proving to be an effective tool to get relief from high medical costs while also getting a quality medical care. As the term suggests, group health insurance is usually purchased by employers to cover all employees under the common umbrella of group health insurance plan. In this type of insurance plan, all employees are insured under a single health insurance plan. This is beneficial for employers because it helps to save a lot of money if they have to buy an individual health insurance for his employees separately.

Surveys have consistently shown that a large number of employees value the benefits of health insurance plan above all others. This is true because medical treatments have become very expensive for an ordinary man to afford and there are certain illnesses that do punch a hole in the pocket of an individual suffering from it. There are times when people do not have enough money to pay medical bills and have to borrow money to complete their treatment. A person’s lifetime savings could be spent in few minutes because he has to pay a fat medical bill for the treatment he received.

Studies have also shown that more than 60 percent of employees in the United States of America receive health insurance benefits through group health insurance coverage their employers ( or their spouse’s employer) bought for them. Obviously, from employer’s point of view, this is the least expensive alternative for securing health insurance for their employees. Laws are strict these days when it comes to insuring employees. In fact, in some states it is mandatory for employers to insure even one or two employees they’ve hired. If they fail to do so, they stand to face a strict legal action for violating the norms laid down by local and state level bodies.

Whether you’re a business owner or employee, group health insurance India is vital for both to stay on the safer side. For employer, it means that his business is in compliance with insurance norms laid down by local authorities, while for employees it means that are relieved from the stress of paying fat medical bills out of their own pocket whenever they get injured or ill. The good news for employees is that they can also add a number of dependants to their insurance plan at extra premium payment. This special feature covers their family members and they also stand to receive benefits that are provided under group health insurance plan.

Coming to conclusion, if you’re an employer and looking to purchase group health insurance plan, you should contact a reliable and credible insurance agency that can help you get the well-suited plan to your needs and budget. Since an insurance agency is placed with multiple insurance carriers, they can come up with multiple insurance quotes and you can choose the best health insurance plan that suits your needs and budget.