Bike Insurance: Is It Really Worth It? And What Do You Do Should the Worst Happen?

You will fall. Hopefully when you do it won’t be too bad. When I think about falling I do worry about getting injured as any time off the bike will affect my season or possibly even cycling career. But what worries me more is the damage that could happen to my bike. My two prized possessions are my road bike and my time trial bike, I’m not going to brag about how much I paid but if you know what you’re talking about they aren’t cheap by most peoples standards. So if I break or damage an essential component, let’s say the frame, what can I do to fix it. Well in some scenarios and to those who have no insurance the answer is nothing. You’ve lost it all unless you can prove someone else is at fault and even then you may have a legal challenge on your hands.

If the worst does happen what’s the best course of action. First you need to assess the situation, do you or anyone need medical attention and are you in any further immediate danger, say from oncoming traffic. If the answer to those is no then you can move onto worrying about your bike. If someone else is at fault you’re going to want to start compiling a list of evidence even if the other party seem co-operative that may change once you part ways. Of course this can be difficult if you’re a little shaken up, hopefully you won’t be alone if you are (or even if you aren’t) you may want to call for police assistance. Whatever happens you will need as many pictures and witness names and contact details as possible. Should a dispute arise you will need this. Hopefully it won’t come to it but better prepared than not.

If you are going to insure your bike you’ve got lots of options. Sadly it seems to come down to the price of the bike, the cheapest quote I got my road bike was well over £300.00. What gripes me the most is that when I went to add my winter bike to the policy they wanted more money, my point was how they can charge more when I’m only riding one at a time. I guess they could be stolen together, but as you’ll find out on your search for a good deal (and with all insurances) it seems to be a massive con. My first bit of advice is compare the comparison sites. They do have differences sometimes, some sites have affiliations with different brokers and you may find a better deal on another site. If you’re a British Cycling member you can get a discount through their provider, but even then it wasn’t the cheapest quote I got.

Possibly my best bit of advice, and I fell into this completely accidentally. Think outside the box. Do you have another insurance policy you can add your bike too. My house insurance actually covered my bikes as an additional to my policy, gutted as I did pay for insurance on one of my bikes once! The cost was much less than getting a policy for my bikes and what’s even better is they cover accidental damage to wheels, and option not always available with bike insurers. When I cracked my carbon wheel in a pothole my house insurance forked out for a replacement. Top stuff from mine, hopefully you’re covered too!

It may be the last thing on your mind but it won’t be should the worse happen. As if being without a bike wouldn’t be bad enough the thought of having to replace it out of your hard earned cash is devastating. A little preparation now could save you a lot in the future. And should be involved in an accident that’s not your fault just remember to remain calm and take account of the situation. The emergency services are there for these exact situations.

Renters’ Insurance Recommendation

When renting an apartment, whether you are a first time renter or an experienced renter, it is important to purchase renters’ insurance! It is one product that I definitely recommend getting when leasing an apartment. Renters’ insurance is generally not required to get when living in an apartment, but it is necessary and extremely smart to get it anyways.

We all think that incidents like theft, fire, flood, etc will never happen to us, but they could. Renters’ insurance is there to protect your belongings that you bring into the apartment. Your landlord will not be responsible for damages to your property. The landlord has their own insurance to protect their buildings and the furniture or whatever they provide in the apartment. They will not protect your belongings, which is important to know and realize.

One of the apartment units that my company managed unfortunately had a fire. The male residents lost pretty much all of their belonging or had some sort of smoke damage to them. The fire was not bad and was controlled quickly; however, that did not prevent damage to their belongings. None of the four residents had renters’ insurance. Therefore, they will have to pay out-of-pocket to get new things that they lost in the fire. It can protect so much and help ensure that if something happens to your belongings that they are insured and you will receive money to replace them. Make sure to take pictures of your belongings that you have brought into the apartment and have any serial numbers for expensive products in a safe place to help with your claims if something were to happen to your apartment.

Renters’ insurance is generally pretty affordable at an estimated cost of about $180 a year (could be more or less depending on the coverage you choose). I think spending that much money is worth it when it could potentially save you thousands of dollars if you had to replace some of your belongings. Everyone hopes that it never comes down to having to use your coverage to replace your belongings from your apartment, but disasters and theft do happen. It is always better to be prepared and have it just in case!

Tips on Drone Insurance

Why UAV Insurance?

Almost everything is insured. Our life, our houses, our vehicles and many more things which we value. The increase in drones, especially among the civilians has given the need to add drones in the list of insured items. If you are conducting business and earning money using drones, it is a wise idea to get your drone(s) insured. Even if you are not earning money and plan to earn in the future, even then it is a good idea to get insured. This will help you prevent paying out of pocket in the event an accident occurs.

Getting drones insured would also be good for your business. Your clients would feel secure and would want to do business with you. This would retain your clients as well as help in bringing new clients.

We all know that the applications of drone use have increased vastly from it’s original military use. Now, people are using drones for commercial use as well as individual purposes. In the near future, you will frequently see drones flying above you. With the increase in the number of drones, accidents are bound to happen. They could crash in a building, in another drone or worse, in a plane. Even now, pilots have reported about 25 near misses with drones. If this is the rate now, imagine what future rates will be?

Moreover, with the stealth nature of drones, many people might get offended when your drone hovers above their house or their office. They could then slap a lawsuit of invasion of privacy. The American Civil Liberties Union has even asked for rules concerning drone use to prevent the society into becoming a ‘surveillance society’. If this is the level of concern now, imagine what it will be in the future.

Types of UAV Insurance:

As of now, if you are not a commercial drone user, homeowner insurance would suffice. The catch is, however, that the drone must be flown over your own property and/or away from the public.

If you are a commercial user of drones, no matter how big your operations are, you will need to get your UAVs insured.

The amount of insurance depends on the use and the country in which it is being insured.

Drone Insurance:

Getting drone insurance is not that easy. You have to prove that you are serious about drone use. You have to prove that you have some sort of expertise in drone flying. This could include copies of operating manuals, records of sale and purchase of drones and drone parts and also proof of training.

Insurance Operations:

The majority of the insurance companies insure drones for the following operations only:

· Agriculture

· Archaeology

· Construction

· Emergency response

· Environment evaluation and monitoring

· Knowledge and information gathering

· Law enforcement

· Movies and documentaries

· Security

· Shipping and maritime

· Sites protection and surveillance

· Traffic patrol and assistance

· Transportation maintenance

Type of accidents covered:

Following are the accidents covered currently with various UAV insurance plans:

· Loss of drone

· Partial or complete damage of drone

· War

· Hijacking

· Terrorism

· Personal injury

· Fire

Cost of Insurance:

Drone insurance is basically split in two parts: liability and hull damage. In the liability type, these are the damages claimed by the third parties whereas hull damage is the damage related to your own drone. Generally, insurance policy for a liability goes up to $ 1 million while for hull damage it can go to $1500 per year. These are general quotes and specific ones may vary from company to company and drone to drone. Some companies provide insurance for liability only while other for hull damage and some for both.

Requirements of Insurance Brokers:

Insurance brokers also have some requirements. Generally, they would need the number of flying hours of the drone. The flying hours should normally be between 50 and 100. The drone owners are also required, in some cases, to hold the FAA 333 exemption. FAA 333 Exemption is a certificate issued by the Secretary of Transportation to operate in the National Airspace System. The insurance brokers also want to know whether the drone is owned or leased. They are curious as to whether the drone is able to automatically store the flight data etc. Lastly, they want to know the areas the drone has been flying and will fly in the future. They also check the website and last but not the least, want to know if any sort of training or certifications have been taken vis-à-vis drones.

Getting Insured:

When getting insured, first decide which company you want to go with. For that, you have to get quotes from several companies. And to get a quote from a company, you need to go to their website and fill out the quote form. The form will ask several questions related to the information about the owner, the type of coverage and the cost of equipment, operational locations and number of hours flown, training levels and number of previous accidents etc. After the form is filled, the particular company replies back with the quote. Once you have several quotes from several companies, you are better able to judge and you can apply to the company of your choice.

Insurance Companies:

Following is the list of some insurance companies who deal with drones. The list does not include all of the companies and might not include the best ones, but they are sufficient:

· Aerial Park

· AIG

· Avion Insurance

· Avalon Risk Management

· Coverdrone

· Driessen Assuadeuren

· Harpenau Insurance Agency

· Sky Smith

· Sutton James Incorporated

· Unmanned Risk Management

So, this was a modest effort to inform you about how to go about getting your drone insured. In recap, those who want to just fly over their homes or clear of public and for recreational purposes do not need to get any type of drone insurance, as homeowner insurance will be sufficient. Those using UAVs for commercial purposes really need to get their drones insured and should consider getting their drones insured right now. Who knows with the passage of times maybe the laws pertaining to drone insurance will get much clearer and conformed across the insurance industry.

Tenants Insurance

Protection of your assets and the risks of third-party liability should be a primary concern to all renters simply because accidents do happen and we seldom have visibility to them until after the fact. An unwatched pot or overflowing bathtub can cause a great deal of damage to your unit and contents. Tenants insurance covers your contents against losses caused by fire, smoke damage, water damage, vandalism, theft, and many additional perils.

What is the specific protection that tenants insurance can provide?

    • Contents – Protection for contents in the policyholder’s unit and other personal belongings worn or used by the resident on- and off-premises. If you were able to turn your unit upside down and shake it, whatever falls would generally be considered “contents” whereas whatever doesn’t is part of the building and is not covered. Contents can include, but are not limited to furniture, clothes, televisions, bedding, and dishes. Some restrictions may of course apply.
    • Personal Liability – If a resident is found to be responsible for causing damage to the building or another person’s property (for example, if a resident accidentally started a fire in their room) or caused bodily injury to another person on the premises, coverage under the policy will respond up to the insured limit to pay legal expenses and compensatory damages subject to the Policy Terms, Conditions, and Exclusions of the policy.
    • Additional Living Expenses – If as a consequence of an insured loss the tenant’s unit is unfit for occupancy or a resident has to move out their unit while repairs are being made, coverage under the policy will pay the increased expenses up to insured limit incurred by the resident to obtain temporary housing subject to the Terms, Conditions, and Exclusions of the policy. If a resident has to move to a hotel for a few days while their unit is being repaired, these additional costs and increased food costs for restaurant meals may be covered under the Policy subject to the Policy Terms, Conditions, and Exclusions of the policy.
  • Other Coverages – Additional coverages may be available for earthquake, jewellery, and fine arts. Please check with your insurance broker as required.

Coverages may be subject to a deductible. Please check with your insurance broker for policy specifics.

Additional Benefits

Some tenants insurance policies offer access to value-added services, direct from the insurer, as an additional benefit of the coverage. Novex Insurance Company, for example, offers Novex Assistance – a program designed to provide tenants with services including:

    • An unlimited legal information telephone help line for advice about property, landlord/tenant relations, employment, contracts, social benefits, licences and permits, inheritances, and family law.
  • Home care services including housekeeping when property is damaged; babysitting for sick children or grandchildren; babysitting in case of hospitalization; homemaking on return from hospitalization; and visiting nurse.

Please note that home care services are subject to certain limits and conditions. Please ask for details.

Tenants Insurance Programs

Tenants insurance programs exist for a number of different types of tenants that may offer tailored coverage and pre-negotiated preferred rates for insurance. These preferred rates may offer cost savings over retail market tenants insurance offerings.

    • Building Tenants Insurance Programs – For the benefit of tenants living in certain buildings.
    • Seniors Tenants Insurance Programs – For the benefit of senior tenants living in certain retirement homes. May specifically include coverages for hearing aids, wheelchairs, or scooters.
  • University/College Tenants Insurance Programs – For the benefit of their students while living in residence at certain colleges or universities.

In most cases, tenants insurance programs may be supplied without cost to the building owner, retirement home owner, or college/university. Improved property and general liability loss experience may result for the building owners due to the insurer’s ability to subrogate. This may in turn lead to lower commercial insurance rates in future.

Conclusion

Protecting your contents and yourself against liability risk is a prudent step to take regardless of whether you own your home or not. Tenants insurance is a risk coverage often overlooked by renters that can, in many cases, provide significant risk protection at reasonable rates. Ask your insurance broker about the benefits of tenants insurance and learn how little it can cost to cover your belongings and third-party liability risk.

Important Facts About Moving Insurance

The most important factor to be considered before planning the movement of your business to a new location is the amount you are ready to shell out in order to safeguard your valuable possessions from theft, loss or even permanent damage. A minor amount of damage to your goods is bound to happen even if you hire a professional expert team to handle your movement or when you plan to do it all by yourself. For all these reasons a moving insurance was devised which will enable you to get all your prized possessions insured against all odds. Enrolling for a moving insurance depends on one choice when one decides to plan the movement. However, when you hire professional experts having insurance becomes mandatory.

Before making a moving insurance it is very important to understand its concepts to utilize its benefits to the most. Some of the basic ideas for protecting your valuable goods are listed below:

Explore your options: While moving the contents of your apartment it is important to make sure that nothing is damaged during the transit. It is important to note that the moving company is supposed to be held liable for any damage caused to the valuables while transiting across the state.

Safeguard the value of your goods: The bill of lading is an estimation done by the moving company which gives you an idea about the moving valuation. This estimation may vary as it depends on the cost you want to invest in order to protect your valuables.

Full replacement value protection: According to this policy, the moving company is bound to pay the entire amount for the full replacement of your goods in case of damage, theft or loss. Although this insurance is the costliest of the lot, however, it provides the ultimate level of protection for your valuables.

Check options of third-party insurance: You can also take insurance from third parties. In such cases, the coverage for your goods is the liability of these third parties and not the moving companies. One can either take the help of the moving company or find the best insurance themselves.

Pack your goods carefully: The insurance does not cover items which are perishable in nature. Also, expensive items costing over 100 pounds like jewelry must be declared well in advance to the moving company in order to avail all the benefits of a moving insurance.

These simple tips would help you safeguard your valuables during a transit. Also be alert never to sign on blank documents in order to avoid any forgery.