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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. H

    Lpg/boats public liability insurance

    Hi, Has anyone got boats on their Public liability insurance? I have been trying to get a few quotes today online and for some reason working on boats on canals seems to be a problem for the online forms. Any suggestions, I will be ringing a few up on Mon to see what they say, there must be...
  2. R

    landlord insurance claim

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  3. T

    2 fitters looking for sub-contracts work van, tools, insurance acs qualified

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  4. S

    liability insurance

    just called to renew my Liability and they quoted me as Ltd. for £5,000.000 = £433 I told the lady same details but solo trader and I want lowest one which is up to £1,000.000=£295.000 I told her this does not sound right , and I am after recommendation for a company to provide me with...
  5. N

    Anyone been on the receiving end of a false insurance claim?

    Although this is not directly to do with gas, I put this in here as its a non public area. I have been working on a job, 2 simple cottage renovations, 1 for a lad and 1 for his mum. Halfway through the job things started to get very suspect, they had paid a little bit of money but didnt like...
  6. G

    What do you lot reckon????

    Hello all Customer has noticed a small hair line crack which is dripping coming from a tank connector which i installed 9 months ago to feed a shower pump in airing cupboard. It has been leaking for a couple of weeks as there is a slight damp patch on ceiling. They called a emergency plumbing...
  7. C

    Insurance for oil central heating

    Who is the best company to use for insuring oil central heating?
  8. P

    tool insurance

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  9. K

    Van and car insurance

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  10. S

    Insurance payout for stolen materials and tools

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  11. T

    Taking on an apprentice?

    So today I had a local lad ask me if I was interested in taking on an apprentice. He's in his 1st year, doing 2 days a week at college but without any practical on site experience. According to him I can receive a government cash back of xxxx amount..... He's also given me the number for the...
  12. R

    land rover insurance

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  13. JCplumb

    Nice easy insurance job for me today...

    Gave a quote about 4 months ago to fix a leak under a bath that had brought a ceiling down. When I got there I looked under bath (Panel already removed) to find half the floorboards missing which was causing the bath to move and breaking the seal around the bath. There was also a wet pipe that...
  14. M

    tool insurance

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  15. D

    tool insurance

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  16. B

    OFTEC warranty insurance

    As most of you will know, the Man requires new OFTEC folk to warranty their work for 7 years. I understood it would apply to new registrants but a firm called OFTEC insurance have been hounding me to take out an insurance policy now otherwise I can't submit works notifications. When I really...
  17. A

    Public Liability Insurance

    If starting out and doing small jobs in my spare time would £1million be sufficient? Not sure if I will become GSR just yet, might stick to plumbing before I pay out for anything else.
  18. J

    Confused with insurance

    Hello everyone i would like to ask if anyone know if you can get combined liability and indemnity insurance ? A lot of the major companies dont provide indemnity why is this ? I have been advised to get this to cover my backside Do you all have indemnity insurance or just liability ? regards
  19. P

    CET Safehouse?

    Hi Has anyone had any experience of a company named CET Safehouse? They provide emergency insurance work for contractors for their clients who have taken out insurance. I have had exhaustive info from them but no mention of pay rates. I don't know if they charge contractors to be on their network.
  20. leelister6

    Tradesman Saver - Anyone used em?

    Just got my P/L insurance renewal through and as always, it's gone up even though not had a claim. Trawling through the tinterweb for a better quote, found this company Tradesman Saver Insurance. Got a quote for £2million P/L, free legal cover, £1500 tool cover for £95! Yes, £95 for year. Seems...
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