Stone Manor - Basically, Accident Insurance Falls Into Three Categories: (a) Insurance Of Property Against
Basically, accident insurance falls into three categories: (a) Insurance of property against accidental loss or damage. (b) Insurance of the person against accidental injury or sickness.
(c) Liability insurance. Insurance of Property Against Accidental Loss or Damage Burglary insurance grants cover against robbery and theft from vehicles, private homes and business premises. Premium rates are calculated on the value of the sum insured, the adequacy of the security arrangements and the location of the premises. There may be a special all - risks policy which provides cover against theft or damage of almost any kind within the UK. Often a surveyor will visit the premises to report on security, and will perhaps suggest ways of minimising the risk by carrying out alterations.
Insurance of the Person: Personal accident and sickness insurance provides money for the insured to compensate for injury and resulting loss of earnings.
This insurance is available in two forms - the first, insurance which the company will renew annually after checking relevant information; the second a permanent sickness insurance which the insurer cannot cancel. The premium rate is calculated using information supplied by the client about health, previous illnesses and accidents and details of the proposer's occupation. Occupations are classified depending on their degree of risk and this affects the premium rate.
For example, the premium is higher for a building labourer than for a solicitor. Employers' and Public Liability Insurance: Employers are liable for injuries to employees if an accident was caused by the employer's negligence. Negligence can be by any professional from doctors, dentists and surgeons to solicitors and accountants.
An employee may sue the employer for compensation, and, as a result, may receive heavy damages, which are covered under the insurance policy. In addition, employers are liable for industrial diseases, such as asbestosis, caused by particular working conditions. Employers are required by law to take out liability insurance covering industrial diseases and injuries to employees.
Their premium is based on the hazards of their trade, and the different jobs that workers do. For example, clerical workers will cost less to insure than factory hands who work with potentially dangerous machinery.
Public liability insurance provides general cover for people accidentally injured: for example, a visitor to a factory hurt by moving machinery, or a passer - by injured by building work or by a slate blown off a roof. Obviously, this kind of insurance includes an enormous range of possible accidents. Anyone can take out liability insurance to protect against the consequences of almost any activity. Other Forms of Liability Insurance: Other forms of liability insurance include professional indemnity which protects a professional person, such as a solicitor, against negligence or omission, and product liability which insures the producer of an object against product failure.