Happy Valentines Day

Monday, February 14, 2011

Happy Valentines Day



Adamjee Insurance Company: Intro and Review

Thursday, February 3, 2011

Adamjee Insurance Company Limited, the largest General Insurance Company of Pakistan, was founded in 1960 by Mr. A. W. Adamjee. Adamjee received its certificate of commencement on 30th November 1960.

MCB Bank, another subsidiary of Nishat Group acquired the management rights of the company in 2004. The Board of Directors of the company includes highly qualified professionals who are extremely competent in their respective fields. The strategic decision making is now under the vigilance of a young and dynamic team of professionals.

Our core aim is to provide highly differentiated & innovative set of services to our customers, duly mounting up profits for our stakeholders.  The current annual results of 2010 are evidence of our dedication & harmony towards work.

We are offering Corporate & Retail Insurance Solutions which are comprehensive, economical and customized for our valued clients. On the retail side of the business Adamjee has launched its travel product, Faaslay Asaan as well as launched Crop Loan Insurance & Livestock Insurance. Adamjee Life was launched in 2009 in collaboration with Hollard International.

The company continually endeavors to provide its clientele with sophisticated analysis; quality advice, innovative solutions, and the capacity to transfer risks to internationally renowned ‘A’ rated Re-insurers. The above services are optimally being provided by technically equipped professionals through team work, integrity, sharing of knowledge, and above all putting the client’s interests first. Our competitive advantage will continue to be built around quality professionalism and expertise and not necessarily size.

Japan Credit Rating Agency Ltd.- (JCR) and Vital Information Services Pakistan (VIS) had assigned AIC “AA” for the year 2010. AIC is the only insurance company which was given the rating ‘A’ (Excellent) by A.M. Best for two consecutive years.

The Management Association of Pakistan (MAP) has awarded Adamjee the Corporate Excellence Award twice in the years 1997 and 1998. This award is in the financial sector and includes banks, insurance, leasing, modaraba companies and other financial institutions.

AIC holds a distinctive record of holding ‘Best Company Award’ from Karachi Stock Exchange among all sectors for 17 consecutive years. It has also secured Best Export Performance Trophy from FPCCI 19 times.

Adamjee is the first general insurance company in Pakistan to achieve ISO 9002 certification from the world’s oldest and most reputed certifying company – Lloyd’s Register of quality assurance.

Adamjee has also the singular distinction of being declared ‘The 2nd Best Insurance Company in Asia’, by Euro-money in the year 2001.  

Munich Re, the world’s largest re-insurer has recognized Adamjee as the “Best managed insurance company between Vienna and Taipei”.

The company insures all industrial and commercial risks including telecommunication sector, foreign and local banks, and textile mills. Majority of foreign concerns insure their construction, erection and infrastructure development work with this company because Adamjee’s security has passed the stringent standards of IFC, World Bank and other leading agencies in the world.

Insurance Claims Procedure

some important points, which would help you in the claims procedure:
  • The loss or damage should be reported to the insurer immediately.
  • On receipt of claim intimation, the insurer will forward a claim form.
  • Submit the completed claim form along with an estimate of the loss to the insurer. It is preferable to submit an itemized estimate with separate values.
  • The insurer will arrange for inspection of the damaged items to assess the loss. In case of major losses, a specialist-licensed surveyor is deputed.
  • The insured has to provide the required documents to substantiate the extent of loss.
  • In case the cause of loss is not established, it is for the insured to prove that the loss or damage has occurred due to an insured peril.
  • On agreement of claim amount between the insured and the insurer, the claim is settled.
Claims under Fire
  • Firstly the insured should take all possible steps to minimize the loss.
  • The fire brigade may be intimated immediately.
  • Lodge a police complaint in case of a fire arising out of - rioting mob, striking workers, malicious damage by third parties or terrorist damage.
  • Inform insurer as early as possible , in no case later than 24 hours
  • To co-operate with the surveyor appointed by the insurer by relevant information.
  • If the policy is on 'reinstatement basis', the claim is settled only after completion of repairs/replacement of the damaged items and submission of bills for claim payment.
Burglary Claims / Money Insurance
  • Immediately report to the police and obtain a non-traceable certificate that the items are not found.
  • Notify insurer as early as possible.
  • The insurers will insist upon a letter of undertaking on a stamp paper of appropriate value - letter of Subrogation, for refunding the claim amount when the stolen property is recovered.
  • Obtain a final report from Police
  • Insured has to provide the surveyor complete book of accounts and bills substantiating the loss on the day of incidence.
Machinery Breakdown
  • Immediate notification to the insurer
  • Notice of claim and estimated cost of repairs should be filed with the insurers to arrange for inspection.
  • In case of partial losses, no depreciation is charged but when the items are not insured for its present day replacement value, the items are treated as underinsured and the claim amount is proportionately reduced. Depreciation is only applied for Total Loss claims.
  • If an appliance is partially damaged, it should be repaired (on approval from insurance company) before it is put to use, as otherwise further loss is not covered.
Electronic Equipments
  • Immediate notification to the insurer.
  • Notice of claim and estimated cost of repairs should be filed with the insurers to arrange for inspection. 

    In case of partial losses, no depreciation is charged but when the items are not insured for its present day replacement value, the items are treated as underinsured and the claim amount is proportionately reduced. Depreciation is only applied for Total Loss claims.
  • If an appliance is partially damaged, it should be repaired (on approval from insurance company) before it is put to use, as otherwise further loss is not covered.
Travel Sure:
  • The claim procedure varies from country to country and therefore the insured should get in touch with the overseas claim settling agents of the insurers immediately.
  • The Insured should carry the policy document with him, which may be produced as evidence if necessary. The policy document also contains the full information as to how to get in touch with the claim settling agents for assistance.
Motor vehicle claims
  • Notice of an accident involving third parties should be reported to the insurers.
  • The insured may be interested to pay compensation without going into whether he is liable to pay or not. It is therefore an express condition of the policy that no claim should be admitted or a compromise arrived at, without the approval of the insurers.

Claims under Comprehensive policies

Steps to be taken in case of an accident:

  • Notice of accident should be filed with the insurers.
  • If damage is a major one, the accident may be reported before the vehicle is removed from the spot so that the insurers can arrange for spot inspection of damage.
  • The vehicle may then be moved to a workshop, preferably to authorized workshop, for estimation of repair charges.
  • On receipt of completed claim form and estimate of repairs the insurers will arrange detailed inspection of damage and cost of repairs will be ascertained.
  • The insurers will ensure that a person duly licensed drove the vehicle at the time of accident and that the vehicle is the one insured in their books. To that end, they will verify the Registration Certificate and the Driving license of the driver who drove at the time of the accident.
  • Upon completion of the above procedure, the repairers will be authorized to carry out repairs. The insurer may undertake to settle the repair bills directly with the garage or reimburse the insured.
  • Insurers would like to collect the damaged parts for which replacements have been allowed, as salvage. To ensure that replacements with new parts, have in fact, been effected.
  • In case of theft of the car or its accessories, it has to be reported to the police and final report should be submitted.

Understanding Your Marine Cargo Insurance Plan

Wednesday, February 2, 2011

Have you ever wondered what happens if your goods in transit through cargo holds of large ships which carry containers, get damaged while handling? Well, you do not pay a cent for recovering the cost of the damaged goods because your marine cargo insurance does it for you.

Marine cargo insurance is an important concept to understand especially if you frequently transit your goods through carrier vessels. Such insurance is usually provided by all those companies that transport large quantities of cargo. Since there are always chances that the goods being carried could get damaged because of the weather conditions or poor handling by the people involved in the transit, it is always better to opt for insurance.

Due to the increased volumes of the goods that are always kept in transit throughout the world, marine cargo insurance has become a highly specialized as well as a regulated industry. You may not get a government approved insurance plan for your boat, but be certain that you will get the most excellent options for your marine cargo insurance.

There are basically three kinds of marine cargo insurance plans. The first and the most common of all insurance is the open cover insurance. This insurance is drawn to cover a number of consignments that are being shipped. This kind of policy can be for a specified amount and lapses when the amount of insurance covered is claimed, or can provide an open cover for a specific period of time. People who have large volumes of goods in transit usually prefer this kind of insurance plan.

The second type of marine cargo insurance is the specific voyage policy. This is not a usual norm in this insurance sector. However, this policy is usually used when you want to make a one time or a specific insurance policy for a particular consignment.

The third kind of insurance is the contingency insurance which is taken on consignments only as a contingency plan in an event that the buyer has not already taken an insurance policy on the consignment and may later refuse to claim any damaged goods. In such a case, the exporter may turn to the court of law or use the contingent insurance to cover any losses.

There are many freight forwarders and specialized marine cargo insurance companies that offer such insurance plans. Some banks may also offer such insurances to those who want to protect their consignments.

Primerica Life Insurance

Primerica Life Insurance Company is one of the largest providers of term life insurance in the United States, but to get the truth about Primerica, look no further than one of its customers.

Primerica Life Insurance Company: Financial Strength

There are two ways to discover the financial stability of your life insurance company: (1) die; (2) research the company's financial strength. I prefer the latter (if you prefer the former, you may not want to mention it when applying for coverage).

A.M. Best, a full service credit-rating organization, has given Primerica a superior (A+) financial rating. According to Reuters, A.M. Best bases its rating on Primerica's "leading position in the U.S. term life insurance marketplace, strong risk-adjusted capitalization and favorable liquidity profile,"* which in English means if you die, they have the money to pay.

Primerica Life Insurance Company is a subsidiary of Citigroup. Because of Primerica's profitability and Citi's need to raise capital, there is a likelihood Primerica could be sold in the near future; this, however, is no reason for policy holders--present and future--to be concerned.

Primerica Life Insurance Company Products

Life insurance policies don't exactly qualify as fun reading. Most people when they buy life insurance have no idea what they're getting. There's a reason for this. Most life insurance companies don't want you to know what you're getting. Primerica, on the other hand, keeps it simple.

Primerica sells only term life insurance. If you're looking for cash value insurance, go elsewhere (but read this first). Policies range from 10-year term to 35-year term. All Primerica policies are level premium/level term, which means the monthly premium stays the same throughout the term of the policy. Primerica policies automatically come with a terminal illness clause, which allows the policy holder to receive a portion of the death benefit in case of a terminal illness. Most policies can be renewed without a medical examination when the term expires (premiums will increase based on age at renewal).

Here's the truth about Primerica: because it only sells one type of insurance, consumers need not fear the unethical practices of insurance companies of the past. These unethical practices include the implosion of cash value life insurance policies and the bait and switch approach--the agent sells you a crappy term policy, increasing term, for example, and after you complain he persuades you to buy cash value life insurance.

An important part of any purchase, be it life insurance or toe nail clippers, is cost. A criticism of the company in the past has been its high premiums. Within the past several years, Primerica premiums have been reduced considerably and are now extremely competitive.

The Truth about Primerica: The Agents

One of the more interesting (for those who find life insurance interesting) aspects of Primerica Life Insurance Company is its agents. The company aggressively recruits, not Wall Street techno-wizards or Insurance gurus, but part-time, average, middle-class Americans. Primerica's hiring practices have been criticized by some (its competitors) because of its high agent turnover. Hiring part-timers and average Joes (and Janes), however, is in line with the company's philosophy of keeping things simple for the consumer.

If you wish to purchase life insuance through Primerica, it must be done through an agent, contact information can be found at the company's website. In addition to answering questions about life insurance, your agent can provide you with a free financial needs analysis to help you get out of debt, pay off your mortgage faster, and save for retirement--many agents are licensed to sell mutual funds and can help you start a Roth IRA, a 403 (b), a 529 College Savings Plan or a self-employed retirement plan.