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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. Chalked

    Please read your insurance policy

    As a few of you are aware, I had my garage broken into and about £2500 of tools/stock stolen. having never claimed off ANY insurance in my life (49 year old) . I decided I should claim on my household insurance. My policy says £4000 of cover, so went through the claims process only to be told...
  2. cr0ft

    Van Insurance

    If anyone is looking to insure themselves and an employee (such as an apprentice) on a company van, Aviva came up trumps for me on this one. £420 with legal expenses to insure my VW Crafter for the year fully comp, including the 22 year old apprentice as a named driver. Was £398 myself so I...
  3. G

    Insurance Boiler Cover - Quinta 65? Urgent Help Needed

    I have two Quinta 65 Boilers which have been put in my house which I have built. I tried to get insurance on the boilers but Direct Line refused to insure them as they are commercial boilers in a residential property. I 'm not sure why I have these commercial boilers in my house, but I was...
    • Garda
    • Thread
    • average boiler boilers cover help help needed house insurance needed oil urgent
    • Replies: 22
    • Forum: Plumbing Jobs | The Job-board
  4. R

    Business Insurance

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  5. plumb_know

    Allowing for tax, national insurance etc

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  6. R

    Public liability insurance

    Can someone recommend me a company to get PL with please. Just had a quote of £800 thats public liability(£2 Mil) and employers liabity with 1 employee, no tool cover with that. I'm going into my second year had no claims previously, seems alot to me!
  7. P

    Water leaking from stopcock in house

    Whilst in the kitchen at 20.00 tonight I heard a faint dripping or water, I located it to the mains stopcock which is behind the kitchen units (boxed in with a small hole to turn the tap on and off) I put my hand on the tap and it was soaking, after pulling out the kitchen units and pulling the...
  8. G

    Corgi insurance - unoccupied properties

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  9. I

    Any experiance with claiming on liability insurance?

    Happy New Year all! After returning from holiday I had a call from good customers of mine who have had a leak on an old bath tap connector and has brought part of the ceiling down. I changed from gravity hw to combi boiler about 6 weeks ago and at the time did warn that some times leaks can...
  10. Q

    Submerged Oil boiler - worth repairing?

    As per title, went to customers house had Grant combi in basement and was completely underwater for a day. Boiler only 3 years old. Is it worth attempting repair or should just replace? I imagine it would need burner assembly and both pumps as a minimum. Any thoughts greatly appreciated. Many...
  11. Riley

    Insurance Help

    Chaps wonder if someone can offer a little advice. I fitted a new kitchen tap for an elderly couple two - three weeks ago real pig of a job but got there eventually. All was was fine and I went on my way. Just received a call from customer today saying that tap had come loose on sink, no...
  12. Dan

    Winter tyres on your vans may increase your insurance!

    Anybody rang to check see what they say? Speedmonkey: Will Using Winter Tyres Increase Your Insurance?
  13. N

    Insurance and water leak

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  14. M

    Insurance report. Zzzzzzzz....

    Had to drive to Milton Keynes to look at a knackered boiler. Householder is claiming from insurance, I had to go and assess, take photos, etc. Writing the report is a drag.... Good money, though. Problem is, she is right that the works did kill the boiler, but the boiler was in such a bad...
  15. P

    starting off trading

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  16. jtsplumbing

    Who works for corgi insurance ?

    Hi guys , anyone doing work for these people ? and how are they treating you ? Been doing some jobs for them over the last few weeks & find them a real pain in the Arse ! always complaining about how much the parts cost or the time on site, I spend more time on the phone costing parts than I...
  17. cr0ft

    Employers Liability Insurance

    Hardly an exciting thread for a Friday night but I need to buy this over the weekend. Where to I go to get the best price on it? Cheers in advance for help!
  18. D

    First Oftec inspection

    Hi all I have my first inspection this week I pass my oftec back in early June and since then I haven't done anything with oil. I was wondering what I need to know and do for this. Thanks for any help
  19. R

    co-operative insurance feedback

    their service is absolutely diabolical, this is what happened to me.... the wife does all the banking and money transfers from account to account. the co-op insurance made a claim for direct debit to go out on the 5th of october but the funds for £16 had not been transferred in time. they then...
  20. jtsplumbing

    Corgi insurance

    Hi any one doing work for Corgi Insurance ? and how are you getting on with it ? I get a few odd jobs from them but they are always complaining about the cost of parts, & how long the job takes ! Told them today that if they want to find abetter price then open up their own trade account I...
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