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insurance

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Policyholder and insured are often used as but are not necessarily synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment). The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.

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  1. R

    Home insurance

    Friends My home insurance is due end of month Someone told me I should put a % of the cost against my self employed expenses. Any views?
  2. S

    insurance trace and access

    Hi guys. Ive been getting a few calls for trace and access of leaks where a customer has a leak and the insurance company has asked them to pay a plumber to trace and access the leak. I have been doing these at my usual rate £35. How much do you guys change / think the insurance company will...
  3. townfanjon

    No insurance

    Following on from a similar ish thread by villa Tom. I got a letter a few weeks back from my van insurers wanting to know why I hadnt renewed my policy on April 6th, der............ I didnt renew it because I didnt realise it was chuffin due. Cue heart attack. Nearly 3 weeks without insurance...
  4. F

    Household Insurance

    Hi All, There are comments around on various sites about some insurers not covering properties that contain plastic plumbing. I’ve never seen such a condition. Is this just urban myth or is there any truth to it? After all many people don’t know what’s under their floor anyway!
  5. W

    Liability Insurance

    Guys, New to the forum so hello! Finally going it alone, any one got some good tips on the best / cheapest providers for insurance to cover gas, plumbing HETAS work? regards, Wadders
  6. M

    Extending washing machine and dishwasher hose - insurance problem?

    Do you extend washing machine & dishwasher hoses? I have done so in the past using proper connectors and jubilee clips and never had a problem (although I can see that the reduced bore through the connector could potentially cause problems with fluff and lint from washing machines). Went to...
  7. P

    Possible insurance claim....is this my fault?

    18 months ago I did some tiling work to a shower enclosure which has now developed a leak from the built in shower that I didn't fit or touch. The leak is in the stud wall and can only be seen dripping when taps are used/toilets flushed which I can only assume is due to the pressure drop and a...
  8. S

    Drain downs for insurance and house selling

    Happy new year guys, Just a quick one any plumbers or gas fitters do drain downs I have done a few but one estate company is asking me to put do not use/ drain down tape and stickers on. Anyone used them and where is the best place to get them
  9. S

    Help water leaking from my bath into flat below!

    Thank-you all in advance. As the title says in need of advice as not sure whether to call plumber out on new years eve! I have a leak which i'm 99% sure is coming from my bathtub/pipes into my downstairs neighbours flat. I bought the flat leasehold and have been here for 5 weeks but only had...
  10. V

    Gap Insurance

    My insurance company keeps reminding me that I must take Gap Insurance or loose out if my van is replaced or stolen as only its current value will be paid. They say if I take out Gap Insurance, then in the event of any problems, the van will be replaced with a brand new one. I have my...
  11. P

    insurance work

    who does insurance work (call out/breakdowns)? I do some for corgi and another home emergency insurer and looking to get more work of this kind. Any one do this kind of work?
  12. R

    insurance guru?

    been to a grade 2 listed flat today subbing for national firm, tennant reported blocked sink serving dishwasher and washing macine on a 40mm 7m internal run=all blocked, been like it 3 weeks!. filled the sink with inch or two of water and tried plunging it. unbeknown to me it started coming out...
  13. M

    Working for insurance trace and acccess

    Hey, has anyone worked on trace and access for insurance firms? May have an opportunity/job offer the work in this. I currently work on new build installs.
  14. M

    'Initial check' for boiler insurance

    I am looking into getting my boiler insured, as winter is approaching and it's an old unit (late 80's). They said after I sign up they will come and do an initial check of the boiler, I understand why, but wanted to know what they will check, as I'm afraid they will try to fob me off and condemn...
  15. M

    Insurance making a claim against me

    Hi guys, Sorry for the long post, appreciate any advice. I've had a letter from customers contents insurance about making a claim against my public liability. To set the scene I fitted a new boiler and unvented cylinder about 4 years ago, boiler in old A/C, cylinder above in loft (how they...
  16. D

    Insurance cover

    Basically I'm 21, buying my first house & I'm at the stage where I need to apply for my insurance policy's, I know this is really off topic but I was wondering seeing as the majority here are plumbers like myself, what insurances do you have when it comes to your mortgage/house. I'm very...
  17. R

    Insurance

    Hi Friends Does anyone have insurance if you can't work via illness/injury etc.? Any good? How much? What companies etc.? Cheers Rct
  18. W

    Cheapest insurance.

    What's the best way to go about insuring a 23 year old driver, van or car insurance-wise. Which company seems best? Is their anything I can mention when talking to an insurance company which will bring the price down, as I've been told naming myself as other driver brings down the cost. Any help...
  19. RoryD

    Insurance for non payment

    I haven't had a problem as yet, but there are stories of customers taking liberties with Installers etc who just won't pay. Is there some sort of comprehensive insurance that would deal with such circumstances fees etc?? Does anyone have such insurance?
  20. J

    Advice on best insurance for gas safe registered company??

    Hi, just looking for some advice on where's the best place to get reasonably priced insurance? Basically i worked for a plumbing company for 6years completing all my qualifications and I'm gas safe registered, they made me redundant about 6months ago so i decided to go on my own and have built...
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