Questions to ask your Broker when shopping for car and home insurance in Dubai?

Image source: dubaimetro.eu

Image source: dubaimetro.eu

Auto Insurance Dubai:

  • Why have my rates gone up when my vehicle is older than last year?

The premiums are not only based on the vehicle itself, they are based on driving experience, driving record and previous accidents.

  • What can I do to bring the cost down?

Ask your broker about any discounts you are qualified for this year or  if you can change any type of coverage like a deductible.

  • Am I qualified for any additional discounts this year?

If you have you home insured with your auto, you can get a multiline discount and possibly more.

  • Why are the rates so high for my son?

Most statistics show that young drivers, are involved in more accidents than those with more experience.

  • My car is only worth AED 10,000, why is my comprehensive insurance AED 1000? That is a 10% rate.

Comprehensive insurance in Dubai is subject to minimum premiums which must be charged regardless of car value. This is usually around the AED 1000 mark.

  • What are these new medical benefits? Are they mandatory? If you only had one question you could ask your broker, this would be it.

Accident Benefits are a very complex and you will find there are    different layers consisting of injuries, medical care, long term health issued. You should call and make an appointment with us for a breakdown of what coverage you have.

  • Can I increase the limits and the deductibles on my policy?

Yes to both, sometimes any additional premium is wiped out by the credit you will get increasing your deductible.

  • Does the alarm system on my vehicle lower my rates?

Yes, but in two different ways, first, the alarm system put in the vehicles by the manufacturers; have already been taken into consideration when originally assigned a vehicle code. Secondly, alarm systems you put in the vehicle will probably give you a discount. It is wise to check with your broker to find out the make of the system, as some do not qualify.

Home Insurance Dubai:

Image source: emirates247.com

Image source: emirates247.com

  • Does my coverage allow me “new for old” personal belongings

Yes within reason. It is best to video your inside belongings and keep receipts for high value items.

  • Do I have the highest Liability Coverage in case someone sues me?

This is very important. If you feel you need more coverage, and you are already at maximum limit, inquire about an “Umbrella or an Excess Liability” policy.

  • What if I have to leave my home because of a fire. Would my temporary living costs be covered

Most homeowner polices do have that type of coverage built in to the policy. That coverage is worth the premium in itself.

  • Are there any discounts on the home policy?

Yes, if you insure your home and auto with the same Company. Each company has its own.

  • I have expensive jewelry. Is there a limit on the policy.

There are limits with different insurers, your broker will be able to give you the advise you need to insure jewelry properly.

  • Do I have the best rates or is there another company that has lower rates that I can move to?

We provide the best coverage and rates of any insurance company in the area.

  • If I have an alarm, do I get a discount.

Yes most insurers will offer an alarm discount with receipt of an Alarm company certificate.

  • If I am traveling, should I have someone checking my home?

Yes, you should not leave your house unattended for more that 4 days. Other than the obviously reasons, the concern is the water pipes are not leaking.

Liability Insurance Dubai

  • My dog bit the guy next door, he said he may sue us. Do we have coverage for that?

This is the type of situation that you need the personal liability insurance.

  • I knocked over a glass of red wine on my neighbors carpet – can i pay for the cleaning under my policy

This would fall under your homeowners personal liability for property damage.

  • I drove my car into my neighbors garage, he is not happy.

Yes there is coverage; it would be paid through your auto policy.

  • The tree in my back yard fell on the same neighbors pool, and now he is really unhappy.

Yes, you can inform him that your insurance will take care of the damage.

You can visit insurancemarket.ae to learn about the best deals on your car or home insurance in Dubai.

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Yacht Insurance liability in Dubai and across the UAE

Image source: charteryachtdubai.com

Image source: charteryachtdubai.com

There are many yacht insurance clubs around the UAE, some of them offer special coverage for the elite. They are of course, written by particular Insurance Companies and are privy to a group rating. This allows them to keep the insurance costs quite low, plus increase and secure an attractive package for the member. A group yacht insurance policy does offer basically the same coverage as the non group policies. It is, however, wise to investigate and compare an alternate insurer to confirm you are getting the coverage you need. One very important liability coverage to look for is the type of protection it gives your crew members, should anything happen.

The base of the policy is the liability and the hull of the vessel. Other than the obvious coverage for the type, length, and value of the yacht, the prices are determined by the jurisdiction in which the vessel is registered and moored.

It is not just the coverage provided on the policy that is important, it is also the way they handle their claims service. You wouldn’t want to have hit something out there in the ocean, and have to wait 3 days for an adjuster to approve a tow for you. Claims Adjusters should be at arms length when needed and respond quickly. This would be the type of claim that you ask questions after the fact. A good Yacht Insurance Company should have excellent claims service. If it costs a little more, it would probably be to your advantage.

There should be a few liability situations that stand out such as:

1. Coverage extends to cover people who you have allowed to use the   yacht for short periods of time.

2. Offer complete coverage if you charter out the yacht to the public

3. The crew members working the charter would all still be eligible for all coverage that the actual policy provides to them; and

4. The people that charter your boat, must have proof of their own liability insurance in case of any type of damage or personal injuries they cause another person or damage they cause to the boat.

Contractual liabilities

You are covered for any contractual indemnities which you are required to accept under a club, marina, or supplier’s standard terms and conditions. Most rights of subrogation are waived. If you are to enter into an agreement, you must offer the agreement to your Company to review and approve.

Crew compensation

Type of coverage for crew compensation for accident, personal injury, illness or death. Ensure that any legal representation cost and expenses are covered.

Water sports

Personal Injury Claims arising from the use of water sports equipment, belonging to you and stored by your yacht.

Racing cover

A Company will usually cover sailing yachts participating in casual racing events or those organised by yacht clubs. There are restrictions on the type of racing that occurs, which should be read carefully before participating. If your yacht’s principal purpose is competitive racing, you will need to inform the Company.

Come visit insurancemarket.ae for a custom made yacht insurance or pleasure craft insurance solution.

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Workmen’s Compensation Insurance in Dubai and across the UAE

Image source: gulfnews.com

Image source: gulfnews.com

Every business must purchase Worker’s Compensation Insurance or else they risk being exposed to compensation that must be paid as per the UAE labour law if an accidental death or permanent injury occurs due to work related causes. This Insurance confirms that their employer commits their obligations to workers who are injured or become ill to a workplace hazard. It does not matter what the size of your business is, having to take care of your employees on your own, is a very challenging financial situation.

Workers who have been injured or become ill on the job, would probably take legal action against their employers, resulting in a system that would simultaneously made it difficult for workers to obtain compensation for such injuries. This could be potentially devastating to the employer who would be responsible for financial penalties within the regulated law.

Worker’s Compensation laws provide a fairly comprehensive benefits plan to workers who suffer workplace injury or illness. Benefits include lost wages, rehabilitation, medical expenses, and death benefits. If the employer fails to carry workers’ compensation insurance to meet the minimum standard laid out by the insurance regulators, they would have to pay all the costs themselves as well as pay penalties levied by their regulator.  

Worker’s Compensation is a worldwide insurance program that is regulated and governed by each individual country.

The main benefits of this coverage:

    • Occupational Death

Should a worker die as a result of a work-related injury, the member of his family shall be entitled to cash amount of his basic wage up to 24 months.

    • Loss of Wages

If a worker is unable to work due to injuries, there is coverage for a cash allowance equal to his normal salary for up to six months.

    • Permanent Disability

When a worker is permanently disabled, the cash amount is the same as the death benefit. It is given for period of 24 months.

    • Medical Expenses

When you are unable to work due to a work related accident, the employer shall pay for the cost of treatment in a government or private approved medical center. This includes all medical services such as rehabilitation equipment and medicines.

There are additional benefits available that are included in the categories above. If have questions about Workman’s Compensation, check online for the labour laws in your area.

Worker’s compensation does more than just hand out funds to workers that have been injured or have died at the workplace. They continually check complaints of the safety work sites; they will drop in unannounced to different work sites, and offer seminars on safety. Each employer will need to be aware of all the safety regulations and make sure their Company is run abiding by the rules.  There strict laws and huge penalties it your business is not working according to Labour laws. 

To enquire for workmen’s’ compensation insurance, you can meet Alfred or visit the business insurance section of InsuranceMarket.

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Warning: Insurance Adjusters can Spot Fradulent Claims in Dubai and across the UAE

Image source: srilankanforum.org

Image source: srilankanforum.org

Did you know there is a National Insurance Crime Bureau? This is an association that breaks down and analyzes the type of claims submitted by many clients on factors like type, location, age group, value of items stolen, time of year and the statistics go on.

There are seminars that Insurance Claims Adjusters must attend to keep up with all the new scenarios, which are starting to show up more often different areas as well as the new indicators that seem to be popping up in other areas.

Private Investigators

There really are private investigators that stake out a customers house or work to confirm the injuries he received in a previous accident are true. They will do back ground checks, interview family, neighbors.  It is just not cut and dry like the years gone by, where you would have a check with no questions asked.

Personal Injury Lawyers

This is the type of scam that really does not start out as a serious injury claim however, bad advice from others, could have the client contacting a lawyer. As soon as this happens, it can be turned into a huge personal accident claim, with the lawyers getting most of the money. The good news is that claims adjusters are always on the look for repetition of certain lawyer firms. Insurance Adjusters are becoming accustom to these well know injury firms.

Suspicious Billing

Not only are there devious lawyers out there trying to fraud the insurance companies, there are doctors doing the same thing. Both classes of these professionals are costing the Insurance Companies and the consumers thousands of dollars. You can also add in repair shops, tow trucks and fraudulent estimates. Unfortunately, when you add in the clients submitting their own fraudulent claims, you can get an idea where all the cash is going.

Just a note to say that there are great lawyers and doctors out there that do assist the client and the insurance companies reporting people who have come to them with obviously fraudulent reasons.

Special Investigation Units

There are special units hired by Insurance Companies that are or were high level detectives. The specialise in fire, vandalism, theft and overseas fraud. Most of these people have been working in this field for many years and can spot a fraudulent claim right from the beginning.

Social Media

Who would have thought that Youtube, facebook or twitter would make such a difference in the outcome of a claim. It is not only accessed for “social” reasons anymore, it is used by employers, police, and claims adjusters. What is put on facebook, stays on facebook and can show and outline a person’s daily life.

Cross checking vehicles, clients, addresses, type of claims, weeds out a lot of scammers. These are a few of the types of fraud that is making our premiums increase each year.

Meet Alfred to benefit from lower car insurance and home insurance rates in Dubai thanks to our no-fraud-tolerance policy! We work with our insurance companies to eliminate any kind of fraud in our book which helps us negotiate better terms for our customers.

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Travel Insurance when traveling from Dubai – Travel Money Safe

Image source: tripadvisor.nl

Image source: tripadvisor.nl

Traveling to different parts of the world can be exciting, but knowing how to use your money safely and keep track of all the different types of currency can be challenging.

The technology these days has created numerous ways to access your money quickly and easy. A bank machine seems to be everywhere you go. Some are bank owned; some are just “ATM” machines that you can find in a regular store.

There is no need to buy traveler checks these days. You only need carry a credit card or debit card. These type of cards offer a limit of insurance should the card be stolen or fraudulently used. The debit cards are issued these days with a Visa or Master card logo on them. They look just like a credit card but it takes money from your account just like a regular debit card.

It would be a good idea to talk to your bank prior to leaving the Country. They will have the information you need about your access to ATM’s and the banking services in the area. They will also be able to explain any charges that you will be responsible for with them such as, the exchange rate on currency or interest and administrative fees. Some well known banks do offer special insurance plans you can purchase before you leave.

In most cases you should carry some cash on you for small costs like meals, taxis or admission fees. If you are going to carry cash, buy it in small amounts so if you don’t use it, you don’t have to worry about changing it back to your home currency.

Credit cards and debit cards are the choice for people traveling. It is always carried on your person so there is no worry of someone breaking into your room and helping themselves to your money.

You should always prepare for your vacation. You want the funds to enjoy yourself.

Here are a few tips to make your trip a happy one

  • Speak to your bank about a traveler’s credit card. They are prepaid and come in different currencies.
  • Keep any type of card or cash that you must leave in your room, in a safety deposit box with all other valuables. Remember that you may have a limit or condition written into your home insurance about valuables having to be stored in a safety deposit box when not in use. It could void your insurance, so it is a good idea to check the regulations.
  • Only take what you need for identification with you. Leave everything else at home. An example is your Social Insurance Card. If you have your passport, you will not need it.
  • Take copies of the identification you are taking with you and leave them at home in case of theft.
  • Update all your important medical documents at home.
  • Advise your bank and credit card Company of your destination. You don’t want them declining your card for identity issues.

Many vacation destinations are inclusive so you do not need a lot of money while taking one of the vacation packs. Talk to your travel adviser about the amount of money you should take with you.  Money is usually only needed for additional shopping or for anything out of the resort.

Come and visit the travel insurance page on insurancemarket.ae for a quick and easy arrangement of your travel insurance in Dubai.

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Reading Your Insurance Policy in Dubai

Image source: bustler.net

Image source: bustler.net

Why should you read your Insurance policy renewal when it comes in the mail?

You originally talked to your broker when you purchased the policy and you are sure you covered everything at that point. It was enough to satisfy your needs, so you signed the application, it was approved and you went on your way.

Auto insurance in Dubai can change the limits of coverage, offer additional coverage, decrease coverage or can put a cap on different areas. It is done in writing, but you have to read your policy, or you would never know. It is your broker’s job to confirm these types of changes to you as these changes must be communicated to you.

A perfect example of this happened years ago when only the owner of the policy needed to be shown as the driver of the vehicle. Ten, twenty years later, Insurance Companies started basing their rates partly on the drivers experience with continual proof of insurance with no lapse of coverage. This was a huge problem. Originally, their spouse’s name and driver’s license numbers were never needed or even asked for when the policy was issued.

Now there are discounts and lower rates offered to a policy holder where all drivers have proof of a clean record and show at least 6 years of continual licensing and proof of insurance. Now we have an operator who may have been driving on their spouse’s policy for years, but there is no proof of them driving or having been insured because it was never required.

By law, any change to a legal contract must be given in writing to the other party involved. Notice of such change should be given in a timely matter, in insurance it is usually 30 days. There is also a term “grandfathered” which means that if your contract was put in force prior to a specific date, your terms would remain the same as the day you originally signed the contract. While some do offer that type of benefit, some will just give you a year to conform to the new rules.

Another example of changing a contract, happened years ago was allowing all drivers, new or present, insurance with no surcharge for any type of traffic infraction. It was a marketing nightmare when all the drivers with 6 or 7 tickets, flocked to the Company and were not penalized for their driving habits. They did increase the Company policy count, but it also increased their annual loss ratio.

Recently the Insurance Companies have come out with “Accident Protection”. This is an endorsement which waives any additional premium, should you have an at fault accident.

What many people do not realize, it is only good with the Company it is issued. If you do a comparison quote with other companies on renewal, a different company will offer a rate to you, but it is going to charge for the accident. Bottom line, you will have to stay at that particular insurance company until the accident is off your record.

This is little different than the insurance companies changing the original contract. This sort of change is usually done on renewal.  Auto Insurance premiums are regulated with the rules they must abide by each year.  If and when there are changes, they are obligated to advise their clients of any change. This is the importance of reading your policy every year for any changes made or offered to you.

Come and visit insurancemarket.ae where your dedicated personal shopper will help you read and understand your insurance policy.

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Insurance for the Rich and Famous in Dubai – the Private Client Group

Image source: http://blog.ivanj.com/

Image source: blog.ivanj.com/

 

High Valued Homes are the cream of the crop. They are constructed of only the best materials available. Many are customized by the buyer to their specifications. They have hired only the best architects available and do have the final approval before the house is built.

The inside of these homes could have 10,000 square feet of living space. The home would offer the best materials available such as marble, granite, high end flooring and 7 or 8 bedrooms with a washroom in each room. There would probably be an outdoor recreation area with pool, spa and no doubt, much more.  The house for many would be a dream house. For some, it is just their way of life.

When you own a property like this, it is imperative that you have the correct type of coverage. The majority of Insurance Companies have great coverage available, but for some it just isn’t enough. There are however, Insurance Companies that specifically deal with this level of Insurance. They offer comprehensive all risk coverage at very high levels starting at $1,000,000 and up. When money is of no concern, the clients expect the best insurance coverage available to cover their families, their possessions, as well as every day issues that come up. This is the type of insurance that may be requested.

  • Extremely high valued possessions.
  • First class all the way while flying. Some own their own jet.
  • First class type of Yacht. Including all staff needed
  • Exclusive and Immediate Contact with a select person from the Company at any time
  • Extensive Liability Insurance
  • Worldwide Coverage
  • Family protection such as Identity Theft, Kidnapping, ransom
  • Would expect a restaurant to be clear and booked for their party all night.

This is the type of insurance that would be selected for the rich and famous who have sort of an entourage or circle of associates who are there 24 hrs a day. They don’t have the time to call here or there about a claim, the insurance adjusters are specifically trained to handle these types of clients. They know that the client is looking for an adjuster who is there to hand them a check for their immediate needs.

High end insurance companies offer a more comprehensive type policy with more coverage than the standard policy. There is also a new type of home insurance that is made for the mid-market. This class of people would also have very high end possessions, but may not need the full coverage offered on the other policy. This is not to say people that would not qualify for the mid-mart are less than fortunate, it is just a minimum level of Insurance, that would have to be purchased which would cost more and really it is not required for many people.

As mentioned before, about home insurance, it is a good thing to videotape your possessions in the home. Collections quickly add up in value. You might need a more comprehensive policy to fully cover your contents in the house. What every you have, makes you the king or queen of your home. Just look around once in awhile and keep track of collections etc.

At insurancemarket.ae we have a unique proposition for high net worth individuals by the name of Private Client Group, underwritten by a multinational team of first class underwriters. All of the assets can be consolidated under a single umbrella – from the Rolls Royce to the Bombarder Aircraft through to the mansion in Emirates Hills and the megayacht at Dubai Marina!

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