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Author: Nicole O’Keeffe

Interesting Insurance Facts. Did You Know:

Posted on by Nicole O’Keeffe

The first known insurance policy was written in 1347 in Genoa, Italy. It provided coverage for the risk of ships being lost at sea.

The concept of insurance can be traced back even further, to ancient civilizations such as the Babylonians and Chinese, who had systems in place to distribute and manage risk.

The largest insurance market in the world is Lloyd’s of London, which has been in operation since the 17th century. It is not an insurance company, but rather a marketplace where multiple insurers come together to underwrite risks.

The most expensive insurance policy ever sold was said to be a life insurance policy worth $201 million. It was allegedly purchased by an unnamed billionaire in 2014.

The insurance industry plays a significant role in the global economy. It employs millions of people worldwide and contributes to economic stability by helping individuals and businesses manage risk.

Some unusual insurance policies have been taken out by celebrities and companies to protect their assets. For example, actress Jennifer Lopez reportedly insured her famous curves for $27 million, and a wine collector allegedly insured his nose for $8 million.

Insurance fraud is a significant concern for the industry. It is estimated that insurance fraud costs insurers billions of dollars each year, leading to higher premiums for policyholders.

The insurance industry has embraced technology in recent years, with the rise of Insurtech (insurance technology) companies. These companies use data analytics, artificial intelligence, and digital platforms to streamline processes and offer innovative insurance solutions.

Insurance companies use actuarial science to assess risks and set premiums. Actuaries use mathematical and statistical models to analyse data and predict the likelihood of future events, such as accidents or property damage.

Insurance plays a crucial role in disaster recovery and rebuilding efforts. After natural disasters like hurricanes, floods, or earthquakes, insurance pay-outs help individuals and businesses recover and rebuild their lives.

Protecting Your Home and Business by Reducing the Risk of Accidents

Posted on by Nicole O’Keeffe

Reducing the risk of accidents and losses and ensuring proper protection for your home and business involves a combination of proactive measures and security precautions. Here are some helpful steps you can take to achieve that:

  1. Home Safety Measures:
    • Install smoke detectors and carbon monoxide detectors on each level of your home.
    • Maintain fire extinguishers in easily accessible areas, such as the kitchen and garage.
    • Regularly inspect and maintain electrical wiring, outlets, and appliances to prevent electrical hazards.
    • Keep hallways, staircases, and walkways well-lit and free from clutter to prevent trips and falls.
    • Secure windows and doors with sturdy locks, and consider installing a security system.
    • Keep a list of emergency contacts readily available, including local police, fire department, and poison control.
  2. Business Safety Measures:
    • Conduct regular safety inspections to identify potential hazards and address them promptly.
    • Train employees on safety protocols, including proper handling of equipment, emergency procedures, and fire safety. Comply with all applicable health and safety legislation.
    • Install security cameras, alarm systems, and access controls to deter theft and monitor activities.
    • Secure valuable equipment and merchandise in locked areas, and consider using safes or lockboxes for sensitive items.
    • Regularly backup important data and store it off-site or in the cloud to protect against data loss.
  1. Insurance Coverage:
    • Assess your home and business insurance policies to ensure they adequately cover potential risks and liabilities.
    • Speak with your Insurance Broker to review your policies periodically and make updates as needed, especially after significant changes to your property or operations.
    • Consider additional coverage options, such as flood insurance, earthquake insurance, or business interruption insurance, depending on your specific needs and location.
  2. Risk Assessment and Management:
    • Conduct a thorough risk assessment of your home and business to identify potential hazards and vulnerabilities.
    • Develop and implement risk management strategies to mitigate identified risks, such as installing safety devices, implementing safety procedures, or making structural improvements.
    • Regularly review and update your risk management plan to stay proactive and adapt to changes in your environment.
  3. Emergency Preparedness:
    • Create emergency plans for both your home and business, including evacuation procedures, meeting points, and communication strategies.
    • Educate family members and employees on emergency protocols and ensure everyone knows what to do in case of a fire, natural disaster, or other emergencies.
    • Keep emergency supplies readily available, including first aid kits, flashlights, batteries, non-perishable food, and water.

Remember, it’s essential to consult with professionals, such as your Insurance Broker, or a health and safety expert, or security consultants, to get personalized advice and recommendations based on your specific circumstances.

Reducing Home Insurance Costs Without Compromising Protection

Posted on by Nicole O’Keeffe

Our home is generally our most valuable possession and one that we want to protect with insurance. Moreover, it is generally a condition of the terms and conditions of a mortgage or home loan that the property be properly insured. However, most home owners want to know how they can obtain home insurance at the best value.

Go to an Insurance Broker, Who Will Shop the Market

Your Insurance Broker will obtain quotes from multiple insurance providers to find the most competitive rates. They will save you the bother of contacting multiple insurance companies. They will make sure to compare coverage options as well to ensure you’re getting the protection you need.

Increase Your Deductible or Excess

A deductible or excess is the amount you pay out of pocket before your insurance coverage kicks in. By opting for a higher deductible, you can lower your premium. However, ensure you can comfortably afford the deductible amount in case you need to make a claim.

Bundle Your Policies

Some insurance companies may offer discounts if you buy multiple policies with them, such as home and motor insurance. Inquire with your Insurance Broker about whether this is an option for you, to reduce your overall insurance costs.

Improve Home Security

Installing security systems, burglar alarms, smoke detectors, and deadbolts can make your home safer and potentially lower your insurance premiums. Inform your Insurance Broker about these features to see if you qualify for any discounts.

Maintain a Good Credit Score

Insurance companies often consider credit scores when determining premiums. Maintaining a good credit score demonstrates financial responsibility and can lead to lower insurance costs.

Review Your Coverage Regularly

Ensure your insurance policy accurately reflects the value of your home and contents. Discuss this with your Insurance Broker to ensure that you understand what is included in home and what is included in contents coverage. Periodically reassess your coverage needs to avoid over-insuring or under-insuring your property. Adjusting your coverage appropriately can help reduce costs.

Ask About Discounts

Inquire about available discounts with your Insurance Broker. If you do not ask, you do not get!  The Insurance Broker may know that your insurer may offer specific discounts based on factors such as age, non-smoking household, or membership in certain organizations. Additionally, some insurers provide discounts for installing certain safety features or having a claims-free history

Maintain a Claims-Free History

Avoid filing small claims if possible, as frequent claims can (and probably will) lead to increased premiums. Save your insurance claims for major incidents and handle smaller repairs and expenses on your own.

Consider the Location and Construction of your Home

Certain factors, such as proximity to a fire station, or the use of fire-resistant materials in construction, or proximity to a river known to flood, can influence your insurance costs. If you plan to buy a home, consider these factors in your decision-making process.

Review Your Policy Annually

Review your policy annually with your Insurance Broker to ensure you are not paying for unnecessary coverage, or missing out on potential discounts. Changes in your circumstances or upgrades to your home might qualify you for adjustments to your policy.

Remember, while it is very important to reduce costs, it is equally crucial to maintain adequate coverage for your home. Balancing affordability with the level of protection you need is key when optimizing your home insurance policy.  Speak to your Insurance Broker if you need advice on any element of your home insurance needs.

To Avoid Theft While Travelling On Vacation, Here Are Some Tips You Can Follow:

Posted on by Nicole O’Keeffe

Research Your Destination:

Before you travel, gather information about the safety of the area you plan to visit. Understand the common scams, crime rates, and areas to avoid.

Secure Your Accommodations:

Choose accommodations that have reliable security measures such as good locks, safes, and surveillance systems. Consider staying in reputable hotels or vacation rentals with positive reviews.

Lock Your Belongings:

Always lock your hotel room or rental property when you leave. Use the provided safes to store your valuable items like passports, cash, and electronics. Consider using additional locks or security devices for added protection. Consider keeping your credit card in the safe in your hotel room in case your wallet or handbag were to be snatched.

Keep A Low Profile:

Avoid drawing unnecessary attention to yourself or displaying your wealth. Don’t wear expensive jewellery or carry large amounts of cash. Use a money belt or hidden pouch to keep your money and important documents safe.

Be Cautious In Public Areas:

Stay alert in crowded places, tourist attractions, and public transportation. Keep your bags and personal belongings close to you and never leave them unattended.

Use Secure Transportation:

Opt for reputable transportation services, official taxis, or rideshare services. Be cautious of unmarked or unofficial taxis. If you rent a car, keep it locked and park it in well-lit areas.

Be Careful With Your Electronics:

Avoid flashing your expensive electronics like smartphones, tablets, or cameras in public. Keep them securely stored when not in use.

Beware Of Scams:

Be wary of strangers offering unsolicited help or trying to distract you. Common scams include fake police officers, unwanted assistance with luggage, or distractions while someone steals your belongings.

Use Secure Payment Methods:

Try to use credit cards instead of carrying large amounts of cash. Notify your bank about your travel plans to avoid any issues with your card being blocked.

Stay Connected:

Inform a trusted friend or family member about your travel plans and regularly update them on your whereabouts. Consider using a reliable tracking app on your mobile device.

Secure Your Documents:

Make copies of your important travel documents like passports, visas, and identification cards. Keep the copies separate from the originals, either digitally or in a safe place. This will be helpful in case of theft or loss. Email them to your email account so that you know where they are.

Purchase Travel Insurance:

Invest in travel insurance that covers theft, loss, or damage to your belongings. This can provide some financial protection and assistance in case of an unfortunate event. Ensure that your destination is covered.

Remember, while these precautions can significantly reduce the risk of theft, it’s essential to stay vigilant and use common sense throughout your vacation.

To Help Avoid Burglary While You’re Away On Vacation, Here Are Some Important Steps You Can Take:

Posted on by Nicole O’Keeffe

Secure Your Home:

Make sure all windows, doors, and other entry points are properly locked before leaving. Install deadbolt locks on exterior doors and reinforce sliding doors and windows. Consider installing a security system or surveillance cameras.

Use Timers For Lights And Electronics:

Set timers for lights, radios, or TVs to create the illusion that someone is home. This can deter potential burglars who may be watching for signs of an empty house.

Stop Mail And Newspaper Delivery:

Piled up mail or newspapers can indicate an empty home. Either request a temporary hold on deliveries or ask a trusted neighbour to collect them for you.

Maintain Your Garden Or Yard:

Hire someone or ask a neighbour to mow the lawn, water plants, and maintain the yard while you’re away. An unkempt yard can signal an empty home.

Don’t Announce Your Absence On Social Media:

Avoid posting about your vacation plans or sharing real-time updates while you’re away. Broadcasting your absence on social media can make your home an easy target for burglars.

Inform Trusted Neighbours Or Friends:

Let your neighbours or close friends know about your vacation plans. They can keep an eye on your property, report any suspicious activities, and even park their cars in your driveway to give the impression that someone is home.

Use Light Timers Or Smart Home Technology:

Consider using smart home devices that allow you to control lights, appliances, and even security systems remotely. You can program them to turn on and off at specific times, giving the impression that someone is present.

Secure Valuables:

Store valuable items, such as jewellery, important documents, and electronics, in a safe or lockbox. If a burglary does occur, having these items secured can help minimize losses.

Install Motion Sensor Lights:

Outdoor motion sensor lights can startle potential burglars and draw attention to their presence. Install them near entry points and areas with limited visibility around your home.

Alert The Police And Trusted Contacts:

If you’ll be away for an extended period, notify your local police department and provide them with information about your absence. Additionally, provide trusted contacts with your vacation itinerary and contact information in case of emergencies.

Check your Home Insurance:

Check the terms of your home insurance policy as it may not provide cover if your home is empty for an extended period (e.g. 30 days).

Remember, it’s essential to combine these precautions to create a layered security approach. By making your home appear occupied and implementing measures to deter burglars, you can reduce the likelihood of a break-in while you’re on vacation.

What Are the Benefits of Travel Insurance?

Posted on by Nicole O’Keeffe

Travel insurance offers several benefits that can provide you with financial protection and peace of mind while you’re travelling.  The benefits of taking out travel insurance include the following:

Trip Cancellation/Interruption Coverage

This benefit reimburses you for non-refundable expenses if you have to cancel or cut short your trip, due to a covered reason such as illness, injury, or other unforeseen circumstances.

Emergency Medical Expenses

Travel insurance can cover medical expenses if you require medical treatment or emergency evacuation while travelling. The latter can be expensive and may not be covered by health insurance. It can help cover the costs of hospitalization, doctor’s visits, prescription medications, and other necessary medical services.

Baggage Loss/Delay Coverage

If your luggage is lost, stolen, or delayed during your trip, travel insurance can provide reimbursement for the value of your belongings, allowing you to replace essential items and continue your journey.

Travel Delay Coverage

If your travel plans are delayed due to reasons beyond your control (such as weather, natural disasters, or airline strikes), travel insurance can provide reimbursement for additional expenses incurred, such as accommodation, meals, and transportation.

Emergency Evacuation Coverage

In the event of a medical emergency or a situation where you need to be evacuated from your travel destination, travel insurance can cover the costs associated with emergency transportation, including medical repatriation.

Accidental Death and Dismemberment Coverage

Travel insurance can provide a benefit to your designated beneficiaries in the unfortunate event of your accidental death or dismemberment during your trip.

24/7 Assistance Services

Many travel insurance policies offer round-the-clock assistance services, including emergency travel assistance, concierge services, and access to a helpline for immediate support in case of emergencies or travel-related queries.

As ever with insurance policies, it is important to note that the coverage and specific benefits provided by travel insurance can vary depending on the policy and the insurance provider. It’s recommended to carefully review the policy terms, conditions, and exclusions to understand the extent of coverage before purchasing travel insurance. Speak to your Insurance Broker should you have any queries or questions about travel insurance.

What are the Risks Associated with Under or Over Insuring a Property?

Posted on by Nicole O’Keeffe

Underinsuring or overinsuring a property pose risks and potential consequences for the property owner.

Underinsuring a Property

Insufficient Coverage:

If you underinsure your property, you may not have adequate coverage to rebuild, repair, or replace your property in the event of a covered loss, such as a fire, natural disaster, or theft.

Financial Loss:

Underinsurance can lead to significant financial loss, as you may have to pay out of pocket for repairs or replacements that exceed your coverage limits. This can be especially problematic if you have a mortgage on the property, as the lender may still require you to repay the loan even if the property is damaged or destroyed.

Inadequate Liability Protection:

Homeowners insurance typically includes liability coverage, which protects you against legal claims if someone is injured on your property. Insufficient liability coverage can leave you exposed to financial risks and potential lawsuits.

Overinsuring a Property

Higher Premiums:

Overinsuring a property means purchasing more coverage than is necessary. This can result in higher insurance premiums since you’re paying for a higher level of coverage than you actually need.

Wasted Expenses:

Paying for excessive coverage that goes beyond the value of your property or belongings means you’re spending money on insurance that may never be utilized. This could be considered wasted expenses.

Insurance Fraud Suspicions:

Overinsuring a property by intentionally inflating its value can raise suspicions of insurance fraud, which can have legal consequences and result in denial of claims or other penalties.

It is crucial to obtain an accurate assessment of your property’s value. Consult with an Insurance Broker to make sure that you are not under insuring a valued asset, or overpaying for your property insurance. They will assist you to determine the appropriate coverage amount. Regularly reviewing and updating your insurance policy to reflect any changes in the property’s value or your circumstances is also important to ensure you have adequate coverage without unnecessary costs.

What Does Farm Insurance Typically Cover in Ireland?

Posted on by Nicole O’Keeffe

Farm insurance in Ireland typically covers a range of risks and liabilities associated with agricultural activities. While specific coverage may vary depending on the insurance provider and policy, here are some common aspects that are typically covered by farm insurance in Ireland:

Farm Property Insurance:

This provides coverage for physical assets such as farm buildings, machinery, equipment, and livestock. It protects against risks like fire, storm damage, theft, vandalism, and accidental damage.

Public Liability Insurance:

This coverage protects farmers against claims for accidental injury or property damage caused to third parties (e.g., visitors, customers, or neighbours) while on the farm premises. It typically includes legal expenses in case of lawsuits.

Employers’ Liability Insurance:

If the farm has employees, this insurance is essential. It covers claims made by employees for work-related injuries, illnesses, or accidents.

Livestock Insurance:

This coverage protects against the loss of animals due to accidents, disease, theft, or specified perils. It can also include coverage for veterinary expenses or loss of income resulting from the death or injury of livestock.

Crop Insurance:

Depending on the farm’s focus, crop insurance may be included to protect against damage or loss of crops caused by adverse weather conditions, pests, diseases, or other perils.

Agricultural Vehicle Insurance:

Farm vehicles, such as tractors or trucks, can be covered against theft, damage, or liability while operating on the farm or on public roads.

Business Interruption Insurance:

This coverage helps compensate for lost income and increased expenses if the farm operations are interrupted or halted due to an insured event like a fire or storm.

It’s important to note that this is a general overview, and the specific coverage and policy terms can vary among insurance providers. It is recommended to consult with your Insurance Broker with knowledge of farm insurance to get precise details and tailor the policy to your specific farm and requirements.

What Does Marine Insurance Typically Cover in Ireland?

Posted on by Nicole O’Keeffe

Marine insurance in Ireland typically covers a range of risks associated with maritime activities and transportation. While specific policy terms and coverage may vary among insurance providers, here are some common areas that marine insurance in Ireland typically covers:

Hull and Machinery:

This coverage protects the vessel itself against physical damage or loss caused by perils such as collisions, accidents, or natural disasters.

Protection and Indemnity (P&I):

P&I insurance provides liability coverage for the shipowner and operator. It typically covers third-party liabilities, such as bodily injury or property damage caused by the insured vessel, pollution liabilities, crew liabilities, wreck removal costs, and legal defence expenses.

Cargo Insurance:

This type of insurance covers goods or cargo being transported by sea, providing protection against risks like loss, damage, theft, or non-delivery. It may be taken out by the cargo owner, importer, exporter, or the carrier.

Freight Insurance:

Freight insurance covers the loss of anticipated income or freight charges due to damage or loss of cargo during transit. It protects the interests of the shipper or carrier.

Marine Liability:

Marine liability insurance covers liabilities arising from marine-related activities, such as ship repair, shipbuilding, chartering, stevedoring, or other maritime services.

War Risks:

Given the global nature of maritime trade, marine insurance policies may include coverage for risks associated with war, strikes, civil unrest, piracy, and acts of terrorism.

It’s important to note that the specific coverage and policy terms can vary between insurance providers, and it’s advisable to consult with an Insurance Broker and to review individual policy documents for precise details regarding coverage.

What Does Motor Trade Insurance Cover?

Posted on by Nicole O’Keeffe

Motor trade insurance in Ireland typically provides coverage for businesses involved in the buying, selling, repairing, or servicing of vehicles. The specific coverage will vary depending on the insurance provider and the specific policy terms, but here are some common features and coverage options:

Road Risk Cover:

This is a fundamental aspect of motor trade insurance and provides coverage for vehicles in your possession or control. It usually includes three levels:

Third-Party Only:

Covers damage to third-party vehicles and property.

Third-Party, Fire, and Theft:

Provides additional coverage for fire damage and theft of vehicles.

Comprehensive:

Offers the highest level of coverage, including damage to your own vehicles as well.

Material Damage:

Covers damage to your premises, tools, and equipment caused by perils such as fire, theft, vandalism, or accidental damage. This includes coverage for buildings, stock, and contents.

Employer’s Liability:

If you have employees, this coverage protects you against claims for injuries or illnesses suffered by your employees while working for your business.

Public Liability:

Provides coverage for claims made by third parties for bodily injury or property damage that occurs in connection with your motor trade business premises or activities.

Product Liability:

Covers claims arising from defects in the vehicles or parts you sell or supply.

Business Interruption:

Offers protection for loss of income and additional expenses if your business operations are interrupted due to an insured event, such as fire or flood.

Tools and Equipment Cover:

Protects your tools, equipment, and machinery against loss, theft, or damage.

Stock-in-Trade Cover:

Provides coverage for the vehicles you have in stock for sale.

As ever with insurance, it is important to note that motor trade insurance policies can be tailored to suit the specific needs of your business, so it’s recommended to discuss your requirements with an Insurance Broker who can provide you with detailed information and options based on your circumstances.