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How Does Home Insurance Protect You?

How Does A Home Insurance Policy Protect You And Your Family Against Losses

Property investment is the best way to invest your money and see it grow. However such investments have their own risks. It is possible for a theft to occur or for it to be damaged due to natural calamities. What would you do under such circumstances? The expenses arising from losses can be heavy and very difficult to deal. Such situations underlie the importance of having home insurance.

How Does Home Insurance Protect You?

Home Insurance policy protects you against losses arising from property. It pays compensation for such losses thus enabling you to bring the home back to normal living condition. Loss of personal belongings or damage to the home can result in heavy expenses but compensation from the policy helps you buy back items or get repair work done so that the home becomes livable again. There are many situations in which the policy will come to your aid such as:

  • It pays out in the event of damage to structure due to man-made or natural disasters
  • It compensates for loss of personal belongings due to theft
  • In case a workman gets injured while construction work is happening in the house it will help meet the liability expense
  • If your personal belongings are in transit and they get damaged it pays for the losses incurred
  • If any member of the family gets involved in a personal accident it pays for the loss

This is the basic cover that you get from the policy. There are many add-ons that you can avail which gives greater protection. You can opt cover for jewelry, home appliances and terrorism. These add-ons will increase the premium cost but give vital protection against risks that can cause severe damage to property or result in heavy loss of personal items.

Today, many people see home investment as a good way to grow their money. Value of the property will rise in years to come. Many people own two or more homes, but along with ownership come the risk of damage to property or loss of its contents. The only way to face such losses is with Homeowners Insurance. It will compensate for the losses incurred enabling you to cope with the situation. In the event of a claim, submit the claims form along with relevant documents that show evidence of damage to property or loss of contents. The company will send compensation in a short while so that you can meet expenses.

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Insurance for Crowdfunding

Crowdfunding (see our prior posts here & here) is continuing to gain momentum, and professional liability insurance is available for companies involved.  Companies facilitating crowdfunding, such as platforms, broker/dealers and consultants, along with crowdfunded companies, need E&O, D&O, EPL, Cyber Risk and other insurance coverages.

The SEC has been slow to implement the full intent of the JOBS Act of 2012, but interest is high.  A recent article, Players Await SEC Rules, summarizes the interest:

Until the SEC issues final Title III regulations, the full promise of the JOBS Act and crowdfunding for small businesses and investors remains unfulfilled. Insurers, most states, investors, operators of crowdfunding portals, lawmakers and small businesses are all waiting on the final regulations.

However, this is significant activity now.  For example, Merriman Capital has developed and implemented the Digital Capital Network for providers, accredited investors and private companies.  And there are other platforms and services currently serving the accredited investor segment, most ready to shift to the non- accredited segment as soon as the SEC gives the green light.

Insurance is available now.  Key coverages required include Directors & Officers (D&O), Errors & Omissions (E&O) and Cyber Risk (Data Breach, Network Security) insurance.  Specialty underwriters are currently writing these lines for crowdfunding facilitators and for crowdfunded companies.  A market summary was provided to the SEC (see here), but some of these conclusions are out of date – we are placing coverage for companies involved in crowdfunding now.

Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber).  We excel at hard to place accounts, including special situations such as crowdfunding exposures.

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Modern Insurance

Modern insurance

Insurance became far more sophisticated in Enlightenment era Europe, and specialized varieties developed.

Lloyd’s Coffee House was the first marine insurance company.
Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance “from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren’s inclusion of a site for ‘the Insurance Office’ in his new plan for London in 1667″.[4] A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the “Insurance Office for Houses”, at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office.[5]

At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London’s growing importance as a centre for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd’s of London and several related shipping and insurance businesses.[6]

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Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

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