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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Being Frugal Rocks – Saving Dirhams on Auto Insurance in Dubai

Image source: thenational.ae

Image source: thenational.ae

What is my car insurance premium?

Those six words are probably said everyday by someone when they open their auto insurance renewal. It comes as a complete shock if it has increased because they have had no accidents, no traffic tickets or no claims.

Many say, it is, what it is. Well it’s not. There are consumers who are to busy to worry about it. They just let the payments come out of their bank account each month. There are others who do call, and are given that global excuse that the rates have gone up everywhere. Many consumers get angry but do not inquire any further. This is the point that you should start asking questions. Don’t ever feel intimidated or inferior when calling your broker, they will explain the legal jargon to you. It is their job.

Having had hundreds of people call me and ask me that question over the years, I probably have saved people enough money over the years to buy a car, a boat, maybe both. Here is a list of the questions you need to ask your broker.

  • Do I get an age discount?

Many Insurance Companies are starting to offer age discounts at 50yrs. The rate usually starts at 5% and it increases every 5 years. When you turn 55yrs, it should increase to 10% .

  • How is my policy rated?

Insurance premiums are set with many variables. One is the cost of driving to and from work. If you are not driving to work, be sure to ask about that. There are low mileage discounts are available for you.

  • We only have one car, but my son lives at home and has a car

Each Company differs, however they will usually give you a multi-car discount if he is insured with them, plus he will get the same discount plus an additional multi-line discount.

  • We have a home policy with you, do we get a discount for that?

Yes, discounts for insuring your home and auto together is usually about 10%.

  • My husband and I are retired, is there a discount for that?

If you are retired, there is a retiree discount that you should get on top of the age discount.

  • Do I have to pay a service fee to take advantage of the monthly payment plan?

Yes, the service fee is usually around 5% of the total premium. That can be a lot of money if your premium is high. There is usually an alternate pay plan which is set up 40/30/30. You would pay 40% when it is due, 30%,three months later and the remaining 30% three months after that.

  • Is there any coverage we don’t need on the policy?

Yes there is optional coverage, but get your broker/agent to explain all the pros and cons before deleting anything.

  • Do we have an accident protector endorsement on the policy?

Ask to make sure you do have this coverage. If not, ask them to add it to the policy. It may cost $50, but if you have an accident, without it, your rate will drop and you will pay hundreds over the years.

  • We have been with this Company for many years, do we get a loyalty discount?

Yes, there usually are loyalty discounts and new business discounts if you go to another Company.

At insurancemarket.ae we work very hard to get you a better deal!

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Crime Insurance for Small Business

Image source: emirates247.com

Image source: emirates247.com

What is crime Insurance?

Crime insurance is a broad term used to describe a selection of individual coverage relating to the taking of money, securities,and property from a business or organization. It is sometimes divided up between losses that take place inside the business premises and loss that occur outside the premise. Crime Insurance can include employee dishonesty, forgery, theft and robbery burglary or fraud.

Why do I need it? 

Unfortunately, in this day and age, crime continues to rise as more and more businesses use the internet. There are all different types of crime and each has it’s place in a business property policy. Many owners assume that Crime Insurance is including it the Small business package they purchased, however most of the time it is not. It is imperative that you discuss your business insurance with an agent to make sure you are protected. There are a few different types.

Fraud and Embezzlement

Due to economical conditions, fraud is at the top of the list. Sometimes it is not noticed for years. Fraud has always been around, but not to the extent it is now is now. Use of the internet has brought out the worst in people, as it is very hard to track a source down. The sad part is that it could be someone in your office, who you have trusted with confidential information only to find out that funds have gone missing.  They have targeted you and once they know the routines of the office, they will swipe the money from right under your nose.  This could be devastating considering you have private information of your clients, which they probably have taken as well. Check forgery, dummy accounts that have had no red flags of any problems.

Robbery 

Is the unlawful taking of money, by using force or violence or the threat of force or violence. Robbery coverage is only applicable if you are open and present at the time.

Employee Dishonesty Crimes 

When property or money has disappeared due to the criminal act of an employee, a regular crime coverage will not respond to the loss. Most crime policies are set up to protect you from outside crime. You must purchase an Employee Dishonesty policy for any type of internal type of crime.

Best ways to protect yourself against Employee Dishonesty? 

It is absolutely impossible to look over the shoulder of all your employees each day. Here are a few suggestions that may help.

Only give authorization to any banking or accounting personnel who you trust and need the access. A small department looking after all the accounts with high access to a manager, a bit less for an assistant and virtually no access for a data entry clerk. The procedures in place for accounting, payroll, customer payments should be safe if there is a solid procedure in place.

There should only be one person besides you that has check signing authority.

There are specialty software packages available that can be used outside the program all your employees use every day.

Only give the keys to the people who need them.

Security Cameras at all entrances

Always change locks on your business when a key holder leaves the business.

Coverage to a building caused by a Burglary 

If you are renting a building for your business, and there is damage due to a burglary, break-in , it is possible that you will be responsible to pay for any damage caused to the property or building. 

If you are the owner, you may need to have a comprehensive policy to cover the damage. A basic fire policy would not cover damage to the building.

For more information on crime insurance you can meet Alfred at InsuranceMarket.ae

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Golf and Event Insurance in Dubai

Image source: blogs.bettor.com

Image source: blogs.bettor.com

Golf is such a relaxing sport and very popular among the UAE residents. The equipment used for this game can be very expensive. Even the golf balls are quite expensive. Because of the growing interest in golf, there a a few Insurance Companies that are offering an excellent golf insurance policy. Listed below are a few of the features of a Golf Insurance package.

Legal Liability

Most people shooting a golf ball, usually hit it in the general area of the hole, but if the ball does go astray and causes property damage, you will have the insurance to cover any of the damage. This coverage also covers you for any type of injury to another person the limits of this type of insurance vary Company to Company, but you should ask for the highest liability limit that is available.

Personal Accident

This type of policy offers disability or sudden death coverage. The limits and list of the benefit coverage vary by the Insurance Company.

Golfing equipment

Loss or theft of your golf clubs or any other equipment would be covered. It would insure your for accidental loss of or damage to your golf clubs, golf bags and other golfing equipment, including while in transit. This coverage will also cover the breakage of a golf club during play.

Personal effects

The policy covers accidental loss or damage to a few of the personal effects you may take to the Golf club. There are exclusions to the policy such as it will not cover money, credit cards, or documents. Watches and any other type of jewellery are only covered if you were wearing the item or they were locked in your locker at the club. It is much safer just taking what you need to the club.

Hole in one

Yes!!! If you happen to make the shot of your life and score a hole in one on any regulation golf course, we will pay a customary cash amount for the ‘nineteenth hole’ expense. 

Baggage delay

In case your golf bag is delayed or lost by the airline for more than 12 hours, we will pay for the hiring of golf equipment to use for your stay.

Events Insurance

If you have ever organized a special event, you know how much work goes into the planning and the preparation of the event. There are some situations such as weather, that just cant be avoided. Having to postpone or cancel the event can be very costly. If you had hired a celebrity, music band or a D.J. to appear, the cancellation fees would surely be very expensive.

Events usually have smaller contract agreements such as a liquor license, cost of food, servers and the actual location that was hosting the event. Check to see if they have any cancellation waivers built into their coverage.

You do not hear about this type of insurance very often, but it is there for you to purchase. It is definitely a wise choice to purchase this type of Insurance. One of the perks is that they will pay for any profits you would have made if it had not been cancelled.

You can meet Alfred to have your event insured!

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