Specialised Insurance in Dubai

As with auto, home, boat and life insurance, there are other types of property insurance that are created for a specialty Company like a jewellery, various bond and even special event insurance. A few details on a few of them.

Image source: telegraph.co.uk

Image source: telegraph.co.uk

Jewelllers Block in Dubai

This is a specialty package policy designed for a jewelry store, to meet the requirements of working in their individual business.

Jewelry Block Insurance provides coverage for loss or damage to the insureds property such as, gold and silver pieces, watches, rings, precious stones or currency and ornaments. The clients’ property (excluding currency notes) can also be insured while in transit by mail or courier service.

The coverage for this type of insurance would include, fire, lightning, storms, floods, bursting of water pipes, malicious damage, burglary or theft. This package also includes robbery or attempted robbery. The policy would also cover the contents of the store such as furniture, display cabinets, all fixtures, and computer equipment.

Banker’s Blanket Bond in Dubai

Banks and other financial institutions are exposed to the risks of loss of or damage to their property. They insure office contents, data, computer systems, and loss of money. It also covers monetary items from their own premises or in transit. The coverage extends to counterfeit money, bad or forged checks, losses due to fraudulent act of employees.

Image source: gulfbusiness.com

Image source: gulfbusiness.com

The Bankers Blanket Insurance policy was written especially for bankers and is worded to provide be most effective insurance protection. There are additional riders that can be added to this type of policy.

Bonds in Dubai

A bond is a guarantee that you will complete and provide your obligations to another party. These bonds are legally binding and are used by varies types of business for contractors.  Bonds can be in the form of bank guarantee or an insurance policy. Generally bonds are sought by governing authorities, principals or customers from contractors or vendors or on certain projects to ensure performance of the assigned obligation. There are many legal bonds, each designed for varies types of business. These are a few more popular

1. Surety Bond

2. Bid bonds

3. Performance bonds

4. Payment bonds

It is critical to evaluate the type of bond required, obligations under the bid and the bid value itself to determine the exposure.

Image source: arabnews.com

Image source: arabnews.com

 

Surety Bond in Dubai

A  Surety Bond is a legally binding contract between two parties. The bond guarantees a payment of the purchased amount.

Bid Bond in Dubai

A guarantee from a bank or any financial institution that guarantees that upon acceptance of the bid, the insured will proceed with the contract and purchase a performance bond.

Performance Bond in Dubai

The performance bond guarantees that if the contractor fails to complete the full performance as read in the contract.  This would allow the customer to recover the total amount of the bond.

Payment Bonds in Dubai

A deposit of usually 20 per cent of the bid is submitted by the bidder. A payment bond guarantees that at the completion of the contract, all monies owing to suppliers, employees and vendors, will be paid on time and in full.

Visit the business insurance page on InsuranceMarket and get in touch with us to have a tailor made solution for your specific requirement.

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Swimming Pools and Home Insurance in the UAE

Image source: dubaigolf.com

Image source: dubaigolf.com

Swimming in the pool, starting up the barbecue, cool refreshing drinks, great friends, kids, and at night maybe the hot tub. Back yard affairs are just a wonderful time to be had.

You want to keep the ambiance of your back yard your with friends happy and safe, here are a few reminders:

  • When you buy your home or put in or put up a pool, you should advise your Insurance Company for liability reasons.
  • Ask for the highest liability you can get on your home insurance policy.
  • Keep anything a child could climb up away from your fence.
  • A fence of at least 4 ft. It should be put up around the pool with a locked gate. If you have a huge yard with a fence, it doesn’t hurt to put an additional fence around the pool itself. You don’t have access to your neighbors yard or anything a child could climb up over.
  • There should always be an adult present when there are children in your yard or around the pool.
  • Preferably, if one of the neighbors children are over in the pool, you should make it a rule that one of their parents be there to watch them. It is hard to watch 5 or 6 kids in the water. You do not want that responsibility.
  • Children should always have water wings or small life jacket while near in the pool.
  • Advise your insurance company if you have a hot tub in your yard. The safety rules for tubs are the same as the pools, however they have the lids which, if a child falls in, you might not even realize they are in there.They need to be locked.

INSURANCE – WATER FEATURES

Water features are especially a delight to those little tykes, it is to easy for a child to fall in. For the most part, they are not deep, but they are a hazard to a small child. It may be an idea to advise your Insurance Company about having one in the yard.

Many people wont tell the insurance company they have a pool or hot tub because it is just going to cost them more money and they can’t afford it. If you can’t afford it, refusing to disclose a pool or pond could void out your insurance. If you think of the millions you could have to pay on your own if sued, an extra AED 100 or so doesn’t sound to bad.

Each year there are countless children who drown tragedy in the family pool. It happens in seconds. Have your family take CPR classes to make your environment stays safe. Take any CPR course and they will tell you to keep directions handy near a pool, just in case something happens and you need to know.

You can talk to Alfred at InsuranceMarket and your personal shopper will have your swimming pool or water feature added to your home insurance policy.

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CRITICAL ILLNESS INSURANCE

Image source: irishtimes.com

Image source: irishtimes.com

Critical illness Insurance is the best type of Insurance out there that you can purchase in case you are diagnosed with an illness that may be terminal, life long disability, stroke or heart attack.

This Insurance gives you the money pretty much as soon as the diagnosis is made. Of course, there is a waiting period of approximately 120 days, but that may differ depending on the type of coverage and the Company providing the insurance. This is great news that a life insurance company will help you through the worst time of your life. This money is given to you in a lump sum, or on a monthly payment plan. The funds are given and can be used for whatever you need or want at this time of your life. There are 30 covered illnesses that are included in the critical illness insurance plan.

Listed below are a few covered under a Critical illness Plan

Heart Attack

Coronary Bypass

Paralysis

Pulmonary Hypertension

Bacterial Meningitis

Stroke

Kidney issues

Lung Disease

Major Burns

Major organ transplant

Cancer

Blindness

Muscular Dystrophy

Major Organ Failure

Alzheimer’s Disease

This type of insurance gives those people the funds to get the excellent care they deserve. Sometimes, it just comes down to a second opinion by a licensed doctor in another Country that can assist you. Critical illness insurance gives you the money do what you have to do if someone is very ill.

Benefits

    • Cash to cover medical bills
    • Replacement for lost income
    • Medicine
    • Worldwide coverage
    • 24/7 support

Eligibility differs from one insurer to another, along with slightly different benefits. One great benefit is being able to convert the coverage after you are 60 years of age to a long term care insurance policy. This would offer you a weekly benefit. The benefit is calculated by the total maximum amount of the policy.

The long term care insurance policy weekly benefit amount is calculated by dividing the critical illness insurance amount being converted by 200. If your limit is $200,000, the total amount is divided by 200, giving you a weekly benefit of $1,000 per week.

If you receive work benefits, check and see how this type of insurance can also help quickly. Employers are starting to allow their employees to choose their own benefits, as many cannot wait for 120 days to get help with their income.

If you are interested in learning more about this type of insurance, visit the life insurance page of insurancemarket.ae and we would be happy to sit down with you and explain all the details of the insurance. 

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Home Inspections for Insurance in Dubai

Image source: telegraph.co.uk

Image source: telegraph.co.uk

If you are going to buy an older type home, the cost of purchasing the house would depend heavily on the value of the building. Inspections are the best way to find any problems that you may not see when touring the house. It is wise to have this done when you are buying a used home. The age and condition of the house, will allow the insurance company to put a price on the value.

These are a few problems that you may not see walking through the house, but there could be other problems, like the wiring that is not up to code. The insurance company could decline to give you home insurance because of the results of the inspection.

A few major considerations the Insurance Company would look for when they receive an inspection report.

  • Wiring – The wiring in the house must meet company standards. An example would be if you have aluminum wiring or the house is running on a 60 amp service. It is usually frowned upon because of the amount of electrical use in a house. Forty or fifty years ago, there would be no problem because the electronics had not been even made at that point.  If you take a look at what you use the electricity for, the electronics, like televisions, PVR, games like WII, stove, oven, vacuum, washer driver. It is a fire hazard these days to have a 60 amp. You should have a 100 amp or 250 amp system to avoid it overloading and catching fire.
  • Roof – If the peeling of tiles on the roof could create water damage or actually start the rotting of wood. An insurance company can request that you have it repaired within a period of time after you purchase it.
  • Water – Drainage from the gutters on roof. Continued water coming down at the side of the house, can cause foundation problems. Water damage can occur anywhere in the house. It can come from roof, windows, cracks in the foundation.
  • Floors – any type of sloping that could be a sign the or floors rotting under covered floor.
  • Structural Damage – Insurance underwriters would request a more detailed description of the situation before agreeing to insure the property.
  • Security – The house should be doubled locked, one with a turn key and one that has a dead bolt and proper locks on the windows if they be opened.
  • Stairs – Some insurers require a hand rail if the stairs are more than 3 steps. This doesn’t sound important, but If a visitor to your house trips and falls, you could have lawsuit.

If this is a newer house, you probably would not have many of the above problems. If it is an older home, the insurance company will request an inspection. If it shows any of the above issues, you can be denied home insurance, and/or they can request you have everything repaired. If you don’t have the repairs done, you will probably have to go to a High Risk Company where the premiums are very high.

Meet our expert personal shoppers at InsuranceMarket for a quick quote on your home insurance.

Pleasure Craft Insurance

Image source: charterworld.com

Image source: charterworld.com

Pleasure craft insurance in Dubai covers loss or damage to your boat caused by an unpreventable accident or unknown incident. It is a good idea to do a little shopping around as coverage is different at each insurance company. There are Companies that may not insure the type of boat you own.

These are questions you should be prepared to answer and the documentation you will need to get pleasure craft insurance.

  • There is usually are rules on the maximum speed of your boat that the insurance company will insure. If the boat has a motor over the described limit, they will want additional information to have it approved. This is the time where having your home, auto or liability policy with them, helps in getting an approval.  You should definitely go through your broker as they will know how to set up an arrangement with the underwriter. Some insurers may customize a boat package for your rather then lose you to another company.
  • The underwriter at the insurance company will need all the pertinent information such as the age, speed, length of the boat, and horsepower of the engine. Some insurers will require a survey if the craft is older than 7 years. If it is a specialty boat, they will want an appraisal. Ask your broker which marine appraiser is accepted by the Company.
  • If you are insuring a sail boat, they will definitely want to know the experience of the operator and/or crew. If it is a larger type of boat. The insurance companies usually want 5 years experience.
  • Claims/loss experience is another critical factor. They prefer clients with at leased 3 years who have been claims free for three  years or more.
  • Your pleasure craft insurance covers for the loss of life or personal injury or damage to third party property caused by the use of your boat. The policy also covers liability for any injuries and coverage for an unfortunate death or injury of a passenger.
  • You can sometimes offer extras to insure personal possessions   which are on board such as life jackets, life rafts.
  • It is imperative that nobody without experience, operates your boat at any time. The Company could decline a claim if he/she was driving.

Many Insurance Companies are now asking for drivers licenses to check your driving record before insuring your boat. In most countries you have to write an actual boat test before you can operate any type of craft other than a canoe. There are strict laws on what you must have in the boat before leaving shore. If you don’t have them and you are stopped by the marine police, you will be fined. If you are speeding, you will be charged just like you are when you are driving your car. It will show up on your drivers license, which could cause a problem with your auto policy.

Visit http://insurancemarket.ae/yacht.html for a custom-made boat insurance solution.

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Employee Benefit Insurance Packages

Image source: emirates247.com

Image source: emirates247.com

Some are very lucky to have an employer who offers health insurance coverage within their employee benefit packages. Most are comprehensive plans and offer an array of coverage. What are some of the employee benefits and what do they cover?

  • Employee Benefits are given to a person when they first start working at a Company, They can sometimes take the place if you’re having a higher income. If you have no medical insurance, these benefits are well worth taking a lower salary.
  • The Insurance plans include life insurance, prescription and eyeglass coverage. You can pick out a plan that will pay for all your medical expenses, including hospital stays, ambulance costs, surgery cost or an eye examination. On basic coverage you usually get LTD which means Long Term Disability.
  • Insurers will sometimes include a Dental plan or give you an option to add it too your policy.
  • Critical Care – This coverage is priceless. If you fall ill with a life threatening illness, as an example, cancer, this coverage will give you money immediately to use for whatever you want or need to spend it on. It could be paying for the cost of a relative to fly to your home, all expenses needed for medical care, accessories, transportation and many more.
  • Some insurers offer different types of Pension plans. They are usually the type that whatever you contribute, the employer will match your contribution to the plan. Most pensions can be continued on if your leave that employer so you can continue to pay into it.
  • Income protection is a definite asset to any benefit package. The amount varies depending on your salary.

Employee benefits insurance packages for good for the employee and employer.  When a Company offers an attractive benefit package, it could be the deal breaker when an offer is made to the potential employee. Medical and Dental care, along with prescriptions, or hospital stays is definitely worth taking a lower salary.  

There are also additional benefits that are different from other employees. Hours and time off is a great incentive for all employees. A Company offering to pay for maternity leave, holidays, flexible hours and Company events keep the employees happy especially when they can include their family during a Company picnic or celebration.

Having a presence on the Internet is imperative for all Insurance Companies. They must have all the newest technology and should be available 24/7. Some are setting up “chat lines”. It doesn’t matter if it is auto insurance, home insurance or business insurance or medical, there has to be someone available to assist their customers if an emergency should occur over night.

The brokers could also provide assistance by listing their partner Companies emergency number on their website, or put them on their voicemail.

At insurancemarket.ae we can design the right employee benefits solution for your organisation.

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Life Insurance in the UAE

Image source: news.com.au

Image source: news.com.au

Life Insurance is always hard to talk about. To some it is like tempting fate. It is a must have type of Insurance to be able to take care of your family should something happen to you.

There are many questions that need to be asked in order to find the best life insurance to meet your needs. There are many different types of Life Insurance to meet your individual level of protection and financial security. These are the questions you should be asking about before looking at the different types available.

What limit do I need to purchase for my family to be set for life?

Is your spouse working? If not, you will have to provide for her and your children for the rest of their lives.

Will there be enough to pay off the mortgage and loans?

Would there be enough money in the bank for all the monthly bills?

The kids will need a college fund. Would that be available to them?

Will there be money in the medical bills?

Types of Life Insurance 

There are many different types of Life Insurance. We can examine a few to give you an idea on what you can purchase.

Term Life Insurance

Term Life Insurance will give you the best coverage available at the most affordable rates. You would be able to purchase this with a high limit such as $1,000,000 which may or may not be enough. There is always a lower or higher limit available. Term life insurance is simple to buy and easy to afford. Term Life Insurance makes it one of the better choices for young families to get the financial security they need. There are usually a couple of plans that insure protection for your family. If you pass away within the covered period, your family will receive the amount of the policy, normally tax free depending on where you live. This is an excellent selection as it can be used for whatever is need by your family.

Permanent Life Insurance

The different between a Permanent Life Insurance policy and a Term Insurance policy, is that a Term has a expiry date. The Permanent Life Insurance does not. It provides the insurance coverage for your life. An advantage of the permanent life insurance is that the monthly rates are guaranteed not to change as long as the policy is in effect.

Universal Life Insurance 

Universal life insurance offers a more customized type of policy which allows you to include a portfolio of investment options. It offers a large range of benefits such as choice of death benefits and flexible ways you can get the maximum protection you have accumulated over the years.

If you invest in the markets, and have a solid financial foundation to work from, this would be the type of insurance that will focus on your accumulation of wealth.

Personal Accident Insurance 

Personal Accident Insurance can be added to your life insurance policy which will assist your family with any immediate needs such as funeral or even just day to day expenses. There are varied limits on this policy. You can call us for additional information on purchasing this policy.

Come visit insurancemarket.ae and your personal shopper will happily structure a tailor-made life insurance plan for you.

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