Insurers of UK are facing insurance claims worth millions of pounds from householders affected by this week’s storms as the damage is heavy. The storm that started a few days back had damaged many homes and cars in West Country and Wales. So, the affected people are making claims on their motor and home insurance policies which normally cover storm damages. Last Year, when Hurricane Kyrill hit the UK, the claims made by the affected householders were around 350 million pounds. So, it is estimated that this year’s storm insurance claims can cost the insurance companies millions of pounds.

The wind damage which is habitually referred as storm-surge damage is covered under a householder’s insurance policy and the flood damage is generally covered by the government issued insurance. Weather forecasters have already warned insurance companies about the storm and hence many insurers have prepared themselves to face the situation. It is said that some insurers have started communicating with their policy holders living in the worst affected areas and providing them assistance with their claim.

But, the question is whether the claims made by every householder will be granted as the amount of damage caused by the storms are not clearly estimated so far. Also, the insurance companies never mention wind damage in their offers and hence they may not pay to those who claim for wind damages. However, many insurance companies are hiring additional work force to handle the large number of incoming calls they are receiving day to day. Norwich Union Legal & General stated that they have also employed extra people at call centres to tackle the huge volume of incoming calls. The company also said that they are getting more calls from policyholders of West Country as the area is severely affected.

Some other insurance companies like Direct Line are also offering aid to their customers through their representatives. The emergency home response team has started offering help to clients whose property were affected by the storm. The company is also offering advice on how to get claims processed quickly. Halifax Home Insurance claims that they had received more calls from the south-east part of the country and they have prepared themselves fully for the storm claims. Many people are calling insurance agents to buy cover for their home and cars as they have witnessed the damages done by the storm.

Last year Gloucestershire and Yorkshire had seen a 300 percent rise in applications from householders after the worst floods that damaged several properties. It is said that a particular affected area received more than 1700 percent applications for home and car insurance as only one fourth of the total population of UK have home and car insurance cover. The bad weather is a natural phenomenon that affects almost every part of the world at some time or the other. But, the insurance companies state that the bad weather is a more powerful tool of advertising than the pricey advertisement campaigns as more and more people are taking insurance covers to protect them from damages caused by natural disasters.

Owing to the unexpected increase in the rate of the health insurance plans, nearly 40% of the US population is yet without a health insurance plan. Most of them realize the essence of health insurance but are unable to afford it. Nearly 50% of the Americans who have a health insurance plan are unable to pay their premiums on a regular basis. However, if you can shop for the health insurance in a planned manner, it might lessen your cost to some extent and help you to make a proper deal.

The most common mistake that people tend to make is in managing the individual health care and the group health insurance.

Group health plan and the individual plan:

All of you might have group health coverage at your work place. However, to search out for an individual plan for you dependent is a matter of high priority in this regard. With the rise in the health insurance premium amount, most of you tend to pay more on the employee coverage rather than the dependent coverage. And you land up in avoiding coverage for your dependents. In that case, you fail to realize that the dependent coverage is more of a concern for you, than the employment coverage.

Therefore, to manage your health insurance in the best way, you should always check out for an individual coverage that suits your spouse and children as well as your “pocket” in the best possible way.

Sometimes the group health plans, are more expensive that the individual plans.

A group health plan that has an average age of 35 would not be in the best of interests for your dependents. Moreover, the individual policy would be better since the group plan fixes an average premium counting upon the healthy & non-healthy, smokers & non-smokers. If your dependents are neither non-healthy and a smoker, you may suffer a loss. Again, if you have a single child, then its wiser for you to choose an individual policy for him, since it is the same premium that you would pay for 5 children on an average through the group plan, as you would be paying for one child.

In a group health plan, all the employees pay an average premium and are given a standard coverage. In due course, they do not guarantee an individual coverage. If you face unique complications, the insurance company may

Increase your premium amount

Ask you to opt for a rider at a special rate

Turn down to offer you a group health insurance policy.

Again,

Most of you are ignorant about the basic health policies and tend to rely on the words of the agent. The agent on his part might skip the coverage that earns him low commission but suits you in the best possible way. This way, if you are ignorant, you might land up in paying more than what is actually required. Being completely ignorant, sometimes you may accept any health insurance at random that is of little use for you. For that, first you need to know the in and out of the basic health insurance coverage.

How can you obtain the most suitable rate?

After you have selected the best plan that suits you, collect as much as information as possible on it, compare the market rate, access the coverage it offers. Sometimes similar coverage varies by $100 from one company to the other.

As the insurance market continues to grow year on year, we are seeing a number of specialist niche players where once there was domination by the majors.  This push by the niche insurers has led to extreme competition in the areas of price and service.  It seems like the mobile catering business has never been so well accommodated for!

As anybody who has ever been involved in the mobile catering industry will know, it is imperative that you are covered for all eventualities.  Loss of earnings, accidents, breakdown and any possible events which will stop you from bringing in business and earning a living.  What is commonly known as catering trailer insurance is becoming ever more vital, and while some of the options are not always required by law, who would chance their whole business for the sake of a few pounds a month?

We are seeing mobile catering appearing at a whole host of events including, football matches, concerts, the circus, amusements and a vast array of private and public events.  Unfortunately, with such increases in the market exposure comes an increase in the requirement for insurance, to cover both the proprietor and the customer.  We have also seen the introduction of a great deal of new laws from both the UK authorities and the EU authorities in what many are seeing as an attempt to stamp out the mobile catering business.

So is the industry fighting back?

Too right! While the old days and the old image of the mobile catering industry are still held drearily by many of the pubic, those days have long gone.  The industry is more professional, more streamlined and a lot more efficient than in the olden days.

We have also seen a vast improvement in the equipment and vehicles which are currently in use, although this has been at a cost, a cost which has to some extent been passed on to the customer in the form of additional services and an extra cost for these improvements.  It seems that many customers are only too willing to see the back of the old style food, and welcome in the new, even if it does cost a little extra!

Why do the insurers see such potential in the market?

Insurance companies very rarely invest into markets where they do not see potential for substantial growth, where they have not seen substantial regulatory changes and where their risks have been capped to some extent.  The regulations of today ensure that much of the chance of mishap from the food has all but disappeared, safety standards on the equipment have improved massively and while there are risks associated with any business, mobile catering has seen much development.

Is the insurance market deep enough to provide a quality service?

The niche players who have entered the market have also prompted something of a shakeup at the majors, who are not having it all of their own way any more.   Competition is good for the consumer but competition amongst the insurers is great for the mobile catering companies!