61. Top Myths about Public Liability Insurance Busted

Top Myths about Public Liability Insurance Busted

There are various misconceptions about the public liability insurance singapore . Following are some of those myths that have been busted.

Myth 1: Purchasing a cover is compulsory

This is not true at all. The law does not make it mandatory for your business to buy the public liability insurance. But, practically speaking, when you or your personnel have to deal extensively with the public and customers visit your workplace quite regularly, PL insurance is a “must have”. Else, you or your employee could damage a property or cause injury to someone while at the workplace.

Even if you are running a home based business, it may still be possible the public members or customers visit your house for meetings. So, it is recommended to look for an appropriate cover so that if they fall or trip and claim for compensation for their injuries, you are adequately covered.

Myth 2: Your financial loss can be covered by PL insurance

White, it is quite a simple assumption to make. The statement is just partially correct. Ideally, a standard insurance policy does not provide coverage against claims for a financial loss. But it can still cover any financial loss due to injuries or damage.

Myth 3: PL insurance is only required for manual trades, contractors or builders

This myth is a not difficult to explain. But while it is true that PL insurance is more exposed to liability losses and so need thus coverage more, that does not mean that non-manual or professional trades do not suffer from huge financial claims from aggrieved parties though it may not be at a similar frequency. For instance, you have an IT contractor is working in your office, a serving lady may trip over his laptop bag and fracture her arm in the process. She cannot come to work for around 30 days and holds you responsible for this. Tripping and slipping are likely to raise innumerable claims for compensation.

Myth 4: PL insurance policy can be costly

While it is true that there are some claims that can amount to several hundreds of thousands of dollars or even higher for severe injury losses, such incidences are not very common. The fundamental of insurance coverage is that it operates on the law of big numbers. Since a large number of businesses are purchasing this cover, most of the times the policies are reasonably priced so that companies of different sizes and types and individuals from different financial backgrounds can afford them easily.

How To Guarantee The Completion Of Your Construction Project

A contract agreement requires all parties involved to adhere to the particulars of the contract. There is always a chance that one or more of the parties fail to deliver on their side of the agreement. While this is easily remedied in most cases since contracts are legally binding and the aggrieved party can be compensated through court procedures, it is an added burden for owners of building/construction or development projects. If a building contractor fails to deliver, the owner of the project loses money as well as precious time, which will translate to even more monetary losses. How, then, can project owners protect themselves from such a situation and guarantee the completion of their projects? The best way to do that is through a type of bond known as a ‘performance bond’. A performance bond is a financial guarantee provided by an insurance company or a bank for the completion of a project in the event that the contractor fails to deliver on their obligations under the contract agreement.

Performance bond process

Construction projects are awarded by project owners only when a Singapore performance bond is provided by bidding contractors. This gives assurance to the owners that the contractor will be held accountable for their actions. There are three parties involved in a performance bond:

1) Insurer – the insurance company or bank,

2) Principal – beneficiary of the guarantee, the owner of the project,

3) Contractor – the client of the insurance company who pays for the performance bond.

When awarding a contract, project owners usually require contractors to provide a performance bond as an insurance for the completion of the project on-time, within contractual guidelines and within the budget. If a contractor is able to fulfil their contractual obligations, the performance bond will become null and void. However, if a contractor is unable to complete the project or goes beyond the budget or delivers sub-par quality of work, the project owner can make a claim against the performance bond. After a claim is made, the insurer investigates and determines whether the claim is valid or not. Therefore, in order for the bond to be effective, guidelines in the contract as well as the bond need to be very specific so as to not leave room for vague interpretations. If the claim is found valid, the project owner is covered for losses by the insurer as stipulated in the performance bond. The insurer will then get the payment reimbursed to themselves from the contractor.

PII and its use to medical practitioners

Professional indemnity insurance (PII) is a kind of insurance that covers companies and professionals against any claims made by clients that may lead to financial losses. If there is any legal case against any individual, like a doctor providing medical services or any company providing such services, this insurance covers all the cost incurred by the lawsuit. Professional Indemnity Insurance is very common in areas that are commercially busy with many industries.

Professional Indemnity Insurance is also availed by financial advisors like insurance agents and financial planners. Even regulatory bodies like the Financial Industry Regulatory Authority (FINRA) need professional indemnity insurance. Different insurance agencies give different coverage plans and hence the benefit reaped from these insurances differs from one agency to another.

Professional Indemnity Insurance, when it is availed by a company, is usually inclusive of all its workers. But the employees that do not work full time for the company or are on probation are usually not covered by this insurance. Also, any past work is not covered by this insurance. Thus, for any firm providing any professional service, professional indemnity insurance is a necessity.

PII for medical practitioners:

A doctor is a very revered person in society since time immemorial. However, in the recent past, due to some negligence on the part of the doctors, their respect has gone down considerably. The number of legal cases against doctors has been going up at alarming rate. Thus doctors are professionals who face legal and financial risks in the course of carrying out their professional duty. At times, the amount for which they are sued can be exorbitantly high. Also, as doctors are not aligned to any company, they often have to bear the cost completely on their own. Thus doctors need insurance that can cover them legally and financially, in such cases where they are sued for negligence or malpractice. Even nurses need such insurance coverage. Hence professional indemnity insurance is one of the most availed insurances by doctors.

PII for doctors usually consider the extent of the financial loss that is caused to the victim and which has not happened due to intentional negligence. Any unintentional error caused is also covered by this insurance. The cost incurred while fighting the legal case is also covered by the insurance. However, the insurance does not cover any criminal acts.

Top Things You Should Be Aware Of Regarding Boat Insurance

Boating can be quite a thrilling experience for you and your near ones. Therefore, it is hardly surprising that millions of people in the United States and elsewhere are involved in recreational boating. And wherever there are enthusiasts of boating, insurance companies are bound to follow.

There are innumerable casualty and property companies that provide marine insurance . It is natural to feel a bit overwhelmed when you need to procure a proper marine insurance for your boat. A key reason is that even now, insurance coverage for boats are not as popular or known as other policies. Getting coverage for a runabout is similar to purchasing auto insurance. On the other hand, buying insurance for an expensive luxury yacht is similar to getting home insurance for your small home.

But, why do you require boat insurance?

Are you new to the world of boating? Then, it is not surprising if you perceive your homeowner’s coverage to automatically extend to the boat too. But, most of the times, that is not the case.

According to some insurance experts, several homeowners’ insurance policies only offer a minimum coverage for small boats that either has a small engine or no engine at all. On the other hand, if you are purchasing a luxury boat, your homeowner’s insurance may not offer you the required coverage for it.

You need to note that there is no relationship between your home and boat just like your car, which is not covered under the homeowner’s coverage purchased by you. Unlike your car or boat, both of which are mobile, your home is not a mobile property. So, it needs a separate coverage. However, if you have the option of bundling your auto or home insurance with the boat policy, you can save quite a lot of money.

How is auto or home insurance different from marine insurance?

Your boat policy can provide coverage when someone gets injured, similar to home insurance, and can also offer you an option to choose between the cash value or the replacement cost of total loss.

Similar to auto insurance, your boat coverage will ideally constitute of coverage for physical injury if your boat hits others, damage properties on the docks or other boats or there is physical damage caused to your boat.

It is possible to buy a comprehensive policy to protect yourself against flood, fire and vandalism, personal property policy for fishing gear or assistance on the roadside in case you require a tow.

But, contrary to auto and home, your boat coverage may enable you to suspend the policy for particular periods while you are not using your boat.

Quick Breakfast or Snack

Somehow I aggrivated an old neck injury yesterday and was up most of the night because I couldn’t get comfortable.  The lastthing I was in the mood for this morning was unloading the dishwasher and cooking something for breakfast, but I needed something in my stomach so I could take my pain medicine.  A perfect morning for coffee and donuts, right?  We all know that things we eat when we are in pain don’t count!  (If that were true I would be kicking kitchen cabinet every morning right before I grabbed the box of CocoKrispies….)

This is what I had instead:

  • Coffee with cream, cinnamon, 2 drops of vanilla extract and Stevia
  • Cranberry Almond Atkins bar

Rather than stand in the corner of the kitchen and stare at the dirty dishes while I ate, I forced myself to go sit out on the patio and enjoy it.  Robins and Bluejays make much better breakfast companions than dirty dishes!

An Introduction

Hi Low Carbers!  This is the other half of Maggie and Wilson checking in.  My name is Cathy and I am owned by “Wilson”, a 7 year old, superbly spoiled Weimaraner.

I am just now in the process of getting my kitchen, and attitude, geared up to eat a lower carb diet.  I have been reluctant to begin simply because I’m not sure where to start.  My husband and children are not on board with this idea either, which adds an additional layer of resistance.  I am hoping that blogging about it will not only keep me on track but that it will also result in getting some ideas from all of you out there that are also on this path. Strength in numbers, or so they say.

Low carb is a concept I understand and it makes sense, but let’s be honest here. Many of the recipes commercially available in low carb cookbooks are, in a word, gross.  Many times when I’ve tried them I’ve found myself wondering if the person who wrote the recipe actually tasted the end result and lived to tell about it.  I’m tired of wasting food because it is absolutely inedible.

I have some interesting health issues that make this a different kind of challenge for me.  I am allergic to many raw fruits and vegetables and have been for most of my life, which makes finding variety quite the quest.  As an added bonus, I also suffer from IBS and am unable to ingest sugar substitutes that contain sugar alcohol.  Aspartame causes me headaches that last for days.  And last, but certainly not least…  I am lazy and set in my ways.  Don’t get me wrong… I love to cook and, according to my family and friends, and judging by my waistline and my husband’s, I excel at it.  The challenge for me is going to be finding ways to alter my personal recipes to be lower carb without sacrificing too much of the flavor.

Greek and Italian are my two favorite types of food to prepare and eat, so you’ll see recipes with lots of fresh herbs and even more garlic.  So please, join me on this journey and feel free to offer any advice or ideas that you have.

Taco Casserole

I had the recipe for the “crust” written down on a scratch piece of paper.  I think I originally got it from a website a year or two ago, but I don’t know which one!  If anyone recognizes the crust part let me know so I can give credit where credit is due!

Crust:

  • 1 pkg. Cream Cheese, softened
  • 4 eggs
  • 4-6 oz. shredded cheddar cheese
  • Salt, Pepper and Taco seasonings (note: prepackaged taco seasoning usually has unnecessary carbs!)

Blend cream cheese, eggs and spices well.  Spread mix into a greased 9×13 pan and sprinkle cheese over the mix.  Bake at 375 for about 10-15 minutes until it is firm and golden brown.  Allow to sit for 5 minutes before adding topping.

Topping

  • 1 lb. ground beef
  • 4 T. Salsa
  • Salt, Pepper, Chili Powder, Cumin, Oregano and a few dashes of Tabasco
  • 4-6 oz. Shredded cheddar or Pepper Jack Cheese

Brown meat and then add salsa and spices.  Spread over crust and sprinkle with remaining cheese.  Bake for about 10 minutes until cheese is melted.  (I turned broiler on for a minute to speed it up a little!)  Serve over lettuce with additional salsa and/or sour cream.

Note: Additional taco toppings like cilantro or black olives would have been a nice touch. (And would have made a prettier picture!)  I think next time I will use the sauce from Chipotle chiles instead of salsa – few carbs, more flavor.  I think the same crust with Italian seasonings and then using pizza toppings would also be very good.  That’s probably my next experiment.  Husband says to share that it gets a thumbs up from him.

I didn’t keep track of the exact carb count for this, but the only thing that lists carbs is the salsa, which would add up to about 6g for the whole pan, 8g if you figure the cheeses and eggs have a trace of carbs.  If you aren’t eating anything with it figure on 1/4 to 1/3 of the pan for your meal for a total of 2-3g!  Very filling!