Things You Should Remember Before Choosing a Marine Insurance and Group Health Insurance

Marine insurance is an extremely necessary service for those companies which are engaged in the shipping and other insurance business. This insurance will cover any loss or damage to any ship or cargo through which goods are transported from one place to another.

We never know when and how a mishap will occur or anything problems occur suddenly in the Sea and the goods transported via ship along with ship will face damage well before reaching the final destination. Again the ships through which various articles are transported can also face disastrous due to natural calamity and huge damage can be caused to these ships.

Hence, to protect these ships we always need to opt for effective policies.

Marine Insurance

Know the History of Maritime Insurance

In this recent age we all are familiar with various types of policies. But the journey of all these insurances started holding the hand of maritime security measure. In England this policy plan was first introduced at the end of the seventeenth century. The first market of this, measure was known as Lloyd’s Coffee House.

Types of Marine Insurances

In this age of advanced technology, with the development in the field of business areas, businesses are crossing the boundaries and we can notice the simultaneous enhancement of risks. Hence it is always necessary to opt for proper insurance which can protect our cargo ship, Cruise or boat from any unnecessary damage.

1: Policy relates to the voyage: this covers the risks of cargo from the departing port to destination port. For protecting the cargo we need this one.

2: Time policy: This safety measure is purchased for a particular time period. Any type of peril appears during this time will be covered under the policy. Here ships are insured for a fixed period, irrespective of no of times the ships carried cargoes.

3: value policy: It is based on the value written on the policy. This is extremely beneficial to avoid any confusion while playing compensation. In case of any disaster occurs the compensation to be paid as per the value mentioned on the face of the policy.

4: mixed policy: this particular case is a mixture of time as well as voyage. This is helpful to those ships which normally operate within a fixed route.

5: Floating or open policy: It is beneficial for those who normally involve in voyaging ships to a particular geographical area. In this situation there is no need to buy policy each time. The insured is needed to submit a declaration and the total value of that will be reduced.

6: block policy: in many cases it has been observed that such a policy is offered which can cover both risks at land as well as at sea. This is a single one which is offered from point of dispatch to the point of destination.

7: Wager policy: this type of safeguard can be held by that person who does not have any insurable interest on that particular.

8: composite policy: When more than one underwriter is engaged with any policy that is known as composite policy. Here the obligation is fixed for every underwriter.

9: Fleet or single vessel policy: this type of policy can be taken for only a particular ship or for the complete fleet. If this policy is taken from the single ship then it is called the single vessel policy. Otherwise, this policy is known as fleet policy.

From the above details it can be said that before we opt for the best Marine Insurance policy for protecting the cargo ship, we should only rely on professional brokers.

The Pros and Cons of Group Health Insurance

Group Health Insurance Pros

Group health premiums are subsidized by the employer: Generally, an employer must contribute at least 50% of the “employee only” premium. As such, if you are the employee, you can likely get a richer health plan for fewer premiums than you would pay in the individual health marketplace. However, the cost to add your dependents to the employer’s plan may be cost prohibitive. In this case, and assuming that your dependents can qualify, then you may want to put them on an individual health plan.

Group health premiums for large families are the same as for small families: whereas in the individual market, you pay a separate premium for every family member. So, if you have a large family, you may be able to get a better deal by adding them to your employer’s plan. As with any insurance change though, don’t make any changes without consulting with an experienced insurance advisor in your state.

Group health insurance in most states is guaranteed issue: meaning that you can’t be turned down because of pre-existing health conditions. This is a real blessing if you or a family member has a medical condition that prevents you from qualifying for a individual plan. But, this is a double-edged sword. While being guaranteed issue is a huge benefit for those with pre-existing medical conditions, it does come at a price. This one feature alone accounts for most of the disparity between group and individual insurance premiums. Yes, that is right – in most states, individual health premiums are almost always less expensive than group health premiums.

Most group plans cover maternity: So, if you are planning on having more children, you should definitely consider hopping on to a group plan. While you can add a “maternity rider” to individual plans, these riders tend to be expensive, restrictive, and otherwise provide less value than the coverage you can get in a group health plan. That being said, if you are considering having more children, we recommend that you contact a health insurance advisor in your state for advice about what is best for your family. The right answer is different for each unique family.

Group Health Insurance Cons

Group health insurance can be more expensive than individual health insurance: ln fact, if you don’t factor in the employer’s contribution towards premiums, then individual plans are almost always more affordable than group plans. However, as we discussed earlier, not every one can qualify for an individual plan.

What happens if your employment is terminated (by you or your employer)?: Yes, you will likely have some benefit continuation rights (through COBRA or state continuation programs), but these benefits can be very expensive and the term limited. So, eventually, you either have to secure another job with benefits, an individual health plan (assuming you are insurable), or possibly join a government health insurance program for the uninsured (if you are not insurable).

As you can see, there is no clear cut answer as to which type of insurance is the best. The answer depends on a number of factors and is different for every unique situation. The best advice I can give you as you consider your Group health insurance options — get good advice from an experienced health insurance advisor.