Friday, January 30, 2015

Farmers Insurance is Like "Honey" Instead of "Poison"

Farmers Insurance is Like "Honey" Instead of "Poison": Agriculture is one of the businesses that are vulnerable to the negative impacts of climate change and as a risky business protection needs of probability of failure so that stakeholders enjoy the "honey" in the business.

The impact of climate change on food security in a coherent national occur, ranging from a negative effect on the resources (land and water), agricultural infrastructure (irrigation) to the production system through productivity, extensive planting and harvesting. Farmers also have more limited resources to be able to adapt to climate change.

Common agricultural risk struck this business is derived from crop failure occurrence of extreme climate change, pests or lack of use of agricultural technologies.

Analysts agree that one of the alternatives to get protection from the probability of failure is to implement farmers insurance. Although the implementation is quite difficult, does not mean there is no hope. Some countries have implemented and proven successful farmers insurance protection.

In developed countries like the United States, Japan, and several European countries, farmers insurance is growing rapidly and effectively to protect farmers. Therefore, farmers insurance is one of the strategies to adapt to climate change. This condition is different from that prevailing in developing countries.

farmers insurance

The development of farmers insurance is diverse and not show satisfactory results. In Taiwan, a well-developed farmers insurance; in India, Bangladesh, and the Philippines progress has been slow, while in Thailand is less developed, to succeed insurance program they are need Design of Farmers Insurance.
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Tuesday, January 6, 2015

What is a Total Loss in Boat Insurance?

Lots of colleagues and clients are asking what is the total loss in boat insurance? What damage can claim 75 % of total loss ? How claims are paid? Market value or Insured value? Before I continue with this article you may need Average Boat Insurance Rates or How to choosing the right company for your boat insurance rates.

Total Loss 
ITC ( Institute Time Clauses - Hulls ) guarantee losses " Actual " total loss or " Constructive " total loss due to risks guaranteed in clause 6.

Actual Total Loss 
Actual Total Loss can claim if :
  1. the ship has been destroyed or damaged ( destroyed ) ; or 
  2. the insured can not have re- ship ( irretrievably deprived ) ; or 
  3. The ship has been declared "lost " 
For example total loss in boat insurance, the burning boat to be destroyed , crushed , drowned can not be taken again , or declared missing after not found more than 6 months since his last voyage.

Constructive Total Loss
Ships can be claimed " Constructive Total Loss " if :
  1. ( a) the insured can not have re- ship ( deprived ) and the estimated cost to get it back is greater than the value they will ship when it was saved .
  2. ( b ) The vessel is damaged such that the cost of repairs is greater than the price of insurance ( insured value)  
As set forth in section 60 MIA ( 1906) for example, vessel sink ( can be taken ) , aground , sinking , fire, collision , but the cost of repairs and the cost to get it back is greater than the price of insurance ( insured value)

What damage can claim 75 % of Total Loss in Boat Insurance?
Pay attention to clause 19  ~ CONSTRUCTIVE TOTAL LOSS

Total Loss in Boat Insurance19.1 ~ In ascertaining whether the vessel is a constructive total loss, the insured value shall be taken as the repaired value and nothing in respect of the damaged or break-up value of the vessel or wreck shall be taken into account.

19.2 ~ No claim for constructive total loss based upon the cost of recovery and/or repair of the vessel shall be recoverable hereunder unless such cost would exceed the insured value . In making this determination, only the cost relating to a single accident or sequence of damages arising from the same accident shall be taken into account.

So if the cost of repairs not exceed 100 % insured value , then it can not claim Constructive Total Loss. I hope the article What is a Total Loss in Boat Insurance could be useful. If do you need some tips to choosing boat insurance please read my articles ~ The Best Tips For Choosing Boat Insurance.
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