Insurance Archives - Foreign policy

Relocating for Work in China? Expat’s First Steps

Published on October 15, 2020October 14, 2020

China has been attracting people from all over the world, so it’s not surprising some consider moving there. The country is famous for transforming itself from a developing area with millions of poor citizens into a powerful and technologized machine that now produces over half of the overall world’s goods.

So, what do you need when relocating to China for work? What is the cost of living there for a year? Are there any guidelines you should follow during the transition? If you’re an expat and planning to move overseas for a new position, this article will provide you with essential info you should know.

Most westerners moving to China have claimed that getting a job is easier than they expected. The most straightforward job for expats is within the English teaching sector because organizations and educational facilities are always searching for native speakers. You don’t even need to speak Chinese to apply for an English teacher position. But if you’re applying for a manager or engineer position, you need to speak some Chinese to communicate with your co-workers easily.

Without much ado, here are the steps you should follow when you plan a relocation to China.

Visa regulation when moving to China

You need a visa when you plan to move to China for work. Chinese authorities have adopted a new law according to which your visa history impacts the counselor’s decision to issue or renew your visa. You can apply for one of four types of visas when you plan to immigrate to China.

– Chinese working visa. To obtain it, your employer must provide you with a work permit. When you arrive in China, you need to register with the police station in your area and get a residence permit.

– Business visa. Apply for this visa if you are traveling overseas to engage in commercial activities or start a business.

– Chinese study visa. You can choose from two types of visas X1 and X2. Both are created solely for students, so you cannot apply for one and gave up school when you arrive. The X2 visa provides a single-entry to the country, and you can use it for less than 6 months. The X1 allows you to enter the country multiple times and stay longer (during your bachelor’s or master’s program with a local university).

– Chinese tourist visa. To get a tourist visa, you need to prove your hotel reservation and vacation plan and documents to prove you have enough funds in your bank account to visit the country.

Visa regulations are frustrating, and the process can be lengthy (it can take up to 2 months), so it’s best to hire a consultant to guide you through the process.

Find accommodation

As everywhere around the world, the rental and housing prices fluctuate throughout China. If you’re relocating alone, a one-bedroom apartment is more than enough, and it can cost around $300 monthly. But if you’re moving to China with your family, expect to pay somewhere between $800 and $1000 per month for a three-bedroom apartment. The average price per square meter to buy property in China is $7000 (in city centers).

Most rentals provide TV and Internet access, but to ensure you browse the Internet securely and the Government doesn’t surveil your activities, get a VPN. Visit this page to check the top of the best VPN services in China. As an expat you may want to use websites like Facebook, Instagram, or Netflix, but China restricts its residents’ access to specific websites, so you need a VPN to remove geographical restrictions on content.

The cost of living in china isn’t high, and the average salary for an expat is from $1700-2500. Relocating to China for work can be an opportunity to save money. Most foreigners prefer living in big cities like Tianjin, Shanghai, Guangzhou, or Shenzhen.

Apply for a job

As you already know, China is the world leader in manufacturing, having the highest number of factories worldwide. As an expat, you can easily find a decent job in any industry, from agriculture to healthcare, IT, mining, and textile. Even if most Chinese are qualified in their profession, the country is actively attracting foreigners looking for a well-paid job in sales, finance, marketing, or teaching. As stated before, most expats occupy English teaching positions in China, and if this is the career path you want to follow, you need a TEOFL certificate in advance to meet educational institutions’ criteria.

If you’re an entrepreneur who wants to start a business in China, you’d be happy to find that the country is rich in talented professionals.

Even though the country provides expats with many job opportunities, knowing how to find the right position for you is essential. To get a job in the principal cities, you need at least two years of experience after obtaining your university degree or PhD. If you lack experience, relocate to a smaller city where the job requirements are less strict. You can also apply for an internship with an international company to gain experience.

Healthcare

China’s national healthcare system operates under the state social insurance plan, but it’s not free. This means you can obtain basic insurance coverage without too much hassle if you’re willing to pay. In general, health insurance covers most medical issues and procedures, but it’s recommended always to ask the medical expert you visit if you must reimburse the procedures.

Suppose you’re suffering from a chronic condition. In that case, you may not find the Chinese healthcare system suitable to treat your medical problem because the public system isn’t as developed as the ones from European countries, the USA, or Canada. Chinese people still appreciate the benefits of traditional rituals and healing practices. So, if you use a specific treatment scheme to alleviate your symptoms, check ahead if you can stick to it once relocating to China because the local doctors may not be able to prescribe you the same drugs because they lack from their healthcare system.

Check with your employer if they offer any type of health insurance, and what conditions it covers because you may need to purchase an additional policy.

How Does the Stock Market Affect Mortgage Rates?

Published on October 14, 2020

Business

If you are about to buy a house, the chances are that you are also about to submit a mortgage loan application. It means that you are exploring different options, i.e., loans and interest rates. After all, these are fixed, meaning that you have to carefully think about how much money you can afford a month.

At the same time, mortgage rates are affected by multiple factors, and it probably is a good idea to investigate these. This way, you will be able to understand what could potentially happen, what changes might occur, and how they could affect your monthly payment.

Well, in this article, we will introduce you to the correlation between the stock market and mortgage interest rates. What is the connection between these two, and what type of effect can they have on each other?

They impersonate the economy

Before we discuss the connection between the stock market and mortgage rates, let’s talk about this. You will probably say that it is completely natural that both of these mimic the economy, but what does this exactly mean?

Well, basically, when the economy is steady, both of these increase. However, when things go wrong, these tend to follow, as it is to be expected, i.e., they fall. But why does this happen? Well, when investors get worried about the health of finances and the economy, they tend to move their money and invest in bonds, since they can rest assured they will get their funds back. As you might know, there is no such thing when it comes to the stock market.

What is the influence of the bond market?

Even though the stock market and interest rates aren’t closely connected, the same cannot be said for the mortgage rates and bonds. We have already explained that the investors tend to move their money to the bond market, and when this happens, as you can assume, the price of the bonds increases and the yield decreases. This is the main rule of the law of demand.

This bond yield is the standard for most of these rates, some of which are credit card, mortgage, auto loan rates, and so on. So, put simply, when there are many mortgage bonds on the market, the demand is lower, which also means that interest rates are lower. Nevertheless, if the number of bonds was to stay the same, and the demand was to increase, the interest rates would also rise.

Federal Reserve also plays a role

The most important task of the US Federal Reserve is to keep an eye on the inflation, that is, to ensure that it is stable. If inflation were to rise significantly, without control, it would decrease the value of the American dollar internationally. So, to prevent this from happening, they monitor the mortgage bond market and are always prepared to intervene if they noticed any signs of trouble.

What do they do? Basically, they lower the mortgage rates. They do this by buying a lot of bonds to decrease interest rates. On the other hand, if they find it necessary, they sell these bonds, and therefore, raise the Fed Funds rate, i.e., the rate at which they lend the money to the banks.

Applying for a mortgage

Now that we have explained the main factors that affect the interest rates, let us give you some practical tips on how to find the best loan for you. Obviously, first things first, you have to do thorough research, so our initial advice is to visit the pureloan website to explore some of your options.

The next thing you have to do is set a budget. If you want to get approved on your first try, you have to be realistic, and therefore, apply for a reasonable amount of money. The lenders determine this amount by looking at your debt-to-income ratio. Basically, they calculate what percentage of your monthly income you spend on paying off debts. There are a few rules here, so you should definitely contact the lender you have chosen to help you with this calculation. What’s more, if you are not sure about the funds you could get, you should ask them to do this calculation, to figure out what your budget should be.

If you are told that you cannot apply for a big loan, or at least the one you need to purchase the house you want, there are two main things you can do to boost your debt-to-income ratio. Naturally, your first option is to increase your monthly income. You can start looking for a better-paid job, work on getting a promotion, or think about different ways to earn some money on the side. On the contrary, this isn’t an option for many people, so most of them opt for reducing their debt by paying off different loans they already have before applying for the mortgage.

Furthermore, don’t forget about the credit score. The better your credit score is, the better interest rates you will get. Yes, this can save you thousands of dollars, so you should do your best to improve it. Basically, you can start by paying off the debts, paying all your bills on time, and also avoid opening new accounts, but instead, managing the ones you already have.

In addition, there is another thing you can do to lower your monthly payment, and it has nothing to do with the interest rate. When you get approved and receive the loan, you will also have to pay for the private mortgage insurance. Nevertheless, you can eliminate this expense by having a down payment of at least 20%. If you don’t have any other debts and expenses, you should try to save as much money as you can for this payment. Just try to calculate how much you will be saving in the future, and you will understand that denying yourself some small pleasures now can be quite beneficial in the time to come.

Tips for Navigating the Splitting of Assets in Divorce

Published on October 7, 2020October 8, 2020

Relationship

Marriages rarely end on a positive note. The act of uncoupling can be incredibly challenging and complex, with subtle nuances depending on your lifestyle. Factors like how much money someone makes, which shouldn’t be a consideration for marriage, is often a major plot point in the divorce story.

When the other shoe drops, there will be a lot of things to figure out. Here are some tips and considerations for navigating the splitting of assets in a divorce.

Joint Bank Accounts and Shared Liabilities

The first thing many couples will struggle over following the breakdown of their relationship is shared accounts. Couples with joint bank accounts will often fight over the money within. In many cases, one person will remove the funds from the account. This action can cause many problems down the road, especially if the other party can prove that the money was wrongfully taken or if children were left impacted by being “cut off.”

The best thing to do when joint bank accounts are a factor is to change the withdrawal policy immediately— ideally, while the relationship is stable and divorce is a farfetched notion. Changing the withdrawal procedures puts the onus on the bank to ensure both parties have agreed to the removal of funds. It’s a headache of paperwork, but it protects both parties.

While they’re the opposite of an asset, shared liabilities have to be considered as well. If you and your spouse share a home, the mortgage is a shared liability. Debts that are incurred throughout your marriage will be viewed as shared in the eyes of the law. It’s integral to keep records of your accounts at the point of separation to prove if any expenses were incurred after breaking up.

Division of Property

Dividing up property is more complicated than looking at liquid assets. There are a lot of factors that play into who gets what. For example, if you own a home together, but only one spouse is on the mortgage, the other spouse still has a right to the property. As seen on clw.com.au, the division of property is rarely a 50/50 situation.

In addition to real estate, vehicles may also fall under the umbrella of property as well as any valuables in the home. The division could be impacted by how valuable the individual asset is and how it was acquired. Couples could be directed to sell their home and split the assets or have one person buy out the other.

During a divorce, it’s often the division of property and splitting of more considerable assets that cause the most strife.

Business Considerations

If one partner owns a business or the couple owns a business together, things get even more complicated. It’s always worth putting a prenup in place when entering a de facto relationship or marriage with a business partner. Additionally, there should be a legal document outlining how a business will be divided in the event of a divorce when either party starts a business.

Considering Financial Resources

Financial resources are categorized separately from assets but often fall under the umbrella of dividing property and assets in a divorce. The difference is that an asset is a tangible thing, like a shared account or a house. A financial resource is something with value for the future, like a super or a retirement fund.

Financial resources can be challenging to divide, as they’re meant to be handled in the future. Moving money around within retirement accounts often comes with a steep financial penalty. Additionally, your spouse may have rights to your super or retirement fund, depending on the nature of your relationship, as this money was meant to build a life together. In the eyes of the law, a stay-at-home parent has equal rights to retirement funds as the person working.

Changing Documentation

When a marriage starts to dissolve, each party should take some time to change their important documents to reflect the end of the relationship. The top priorities should be life insurance policies, legal wills, and power of attorney. Changing this documentation ensures your ex doesn’t have access to funds in the event of your death.

It’s also worth going through personal accounts to change passwords, as well as pins and online banking permissions. While this process isn’t something that’s covered in the division of assets, it ensures your personal assets are protected.

When to Hire a Lawyer

It’s not always necessary to work with a lawyer when dividing assets. If you and your spouse come to an agreement, you can sign documentation outlining the terms of your arrangement. This documentation comes in the form of a Binding Financial Agreement (BFA) or consent order.

However, even if both parties agree on everything, it’s still worth seeking legal counsel. As mentioned before, an even division of assets is rarely possible or best for both parties.

Moving forward without legal counsel means that there will be no verification of assets. In other words, your spouse could easily hide things from you, thus limiting your settlement. If there’s a power imbalance in the relationship, one party could be bullied into accepting less than they are owed.

Working with a lawyer also ensures that the documentation is done correctly for the bank and other third-party institutions. Furthermore, they can verify that the right language is in place to protect both spouses from having the other come back for more in the future.

Tips for Divorcing Amicably

The best way to get through a divorce is to remove emotions from the equation. The feelings of anger, sadness, and resentment will ultimately delay the process and cost both parties more than is necessary.

Consider creating separate and shared lists of all your assets and debts, being honest and upfront from the get-go. When it comes to property division, don’t be petty— let your spouse take things that have sentimental value.

Retain lawyers to review anything you agree upon before signing. By being logical and understanding the road ahead, you can divide your assets quickly and fairly during a divorce.

Impact of COVID-19 on Personal Injury Cases in 2020

Published on September 2, 2020

Life

When the first news appeared at the end of December last year about a new, mysterious virus from China, few people paid attention to it. Even in China, they did not consider it a serious threat. By the end of January, Wuhan was in complete isolation, but this was still considered a local concern of China, where epidemics occur more frequently than elsewhere in the world. How we were all wrong. By mid-March, the whole world had stopped.

Perhaps for the first time in human history, the entire planet was quarantined. The number of people infected with the coronavirus was so large that hospitals had no room for patients with other problems. The whole world economy has stopped. It was important to maintain a constant supply of food and medicine and it was mostly successful. But all other businesses have been partially or completely shut down, leading to a global financial crisis.

There is no sector that has not been affected by coronavirus-related events. Person injury cases are no different. First of all, it slowed them down a lot because hospitals and courts handled only emergencies. But people are still getting hurt and now that life is slowly returning to normal, everyone is wondering how to proceed with person injury cases. We will do our best to give you the answers in this article.

Delay of medical examinations

We all know that in order to receive compensation for a personal injury, it is required to have all the necessary documents from the doctor. Only in this way will you be able to prove the degree of injury and how much it has affected your life and work. Without it, you will not receive any compensation or it will be a very small amount of money. But as we have already said in the introduction, during the coronavirus pandemic, many hospitals that were otherwise available to us became COVID-only. This created huge crowds at other hospitals that received patients who were not contagious. If your injuries were not life-threatening, you may have decided to go home and to see a doctor later.

This is a big mistake because it is necessary for him to examine you soon after the injuries occur in order to get maximum compensation. Also, many do not want to go to the hospital at all, for fear of becoming infected with the coronavirus. This is of course your right, but your personal injury claim will then not be successful. Our advice is to go to the doctor, and follow all the advice of the World Health Organization, such as wearing a mask and maintaining social distance.

Insurance companies are trying to reach a settlement as soon as possible

The financial crisis is also hitting insurance companies hard. Imagine how much money they had to pay to insured companies that suffered damage during a pandemic. Also, tourism has almost completely stopped, so the billions of people who pay for travel insurance every year have not done so now. And of course their shares on the stock market have lost significantly in value.

All this has brought insurance companies to the brink of bankruptcy. For this reason, they want to come to an agreement with you as soon as possible, in order to save money. They hope that you will jump to the first offer and that it will pay you significantly less than it is realistic. They also want to shorten the process as much as possible and not go to court at any cost. Don’t be naive and don’t fall for such attempts.

You need a lawyer more than ever

If you want your personal injury claim to be successful, you need a lawyer. And that’s always the case, but now during a pandemic it’s more important than ever. For the very reasons we mentioned earlier, which are the attempts of insurance companies to reach a settlement as soon as possible, you need an experienced lawyer in this field, in order for the whole process to end in your favor. Due to the situation, your face-to-face meetings may be difficult, but this will not be a problem due to the possibility of video call and email for sending complete documentation.

Visit cunninghamandmears.com to see which personal injury services are offered by lawyers specializing in this area of law. The lawyer has a lot of experience and will make sure to get the best amount possible for the settlement. And also the insurance company will know that since you have a lawyer, you are ready to go to court, which will deter them from trying to offer you an unrealistically low amount of money.

Mentally prepare for a long process

It is a long process anyway, and now it will be even longer. The courts operate at reduced capacity and generally handle urgent matters, such as bail orders and the like. So if you get to court, expect a lot of shifting and postponing the hearing and everything else. Now the hearings have started via video conference, so the situation is improving. Still, know that there is a long and exhausting process ahead of you even without litigation. It is up to you to gather all the documentation, hire a lawyer and wait.

Employment problems

Due to the situation with COVID-19, there is a recession all over the world. For this reason, millions of people lose their jobs, and it is almost impossible to find a new job during this period. This will serve the opposing side to offer you less money, as it will challenge the claim that you could not work as a result of the injury. They will state that this is not the main reason, but problems with the labor market and that they would certainly not be able to find a job. However, insist that you have lost significant money due to inability to work as a result of the injury.

Conclusion:

The most important thing is to stay calm and follow the whole procedure. It is clear to you that we are currently living in something called the “new normality” and that is why everything is different than we are used to. But if you persevere, you will succeed.

4 Questions You Should Ask Your Car Shipping Company

Published on September 2, 2020

Cars

Many people call upon the expertise of professional car shipping companies to aid them in transporting their vehicles. The reason for obtaining these services varies based on the owner of the car. Some cars are classics and shouldn’t be driven long distances to help maintain their quality, and others may be going overseas. No matter what reason you have to use auto movers, the crucial thing is making sure they are the right shipping company for you.

You will find that many different guides exist on the internet that gives you advice on different car shipping scenarios. These can be helpful, but they don’t always tell you what you should be asking before you choose the car shipping company, according to a1autotransport.com.

Not all car shipping companies are created equally. Some companies are created as a front to take your money, leaving you and your car high and dry, and trying to figure out your options. By asking loaded questions, you can explore the legitimacy of a car shipping company.

So, what exactly should you ask car shipping companies?

What types of services does your company offer?

Knowledge is power when you are looking for a car shipping company to handle the transport of your vehicle. Having a basic understanding of the industry before you begin making phone calls can help you weed out the companies that will be of no use to you.

To get the full potential out of this question, you shouldn’t begin your conversation with the company by telling them what you need. Instead, start by asking them what they offer. If you need additional services like moving household belongings, you might want to make sure they are a full-service company. Any company can tell you that they provide the service you need, even if they don’t. Some shipping companies will tell you whatever you want to hear so that they can get their hands on your money. That is the purpose of these four questions, to save you from those companies that are not legitimate.

Within the vague service area question, you will have the chance to counter-question their answers. Here are some of the additional questions that you might want to ask that tie into the original question about their services.

What cities do your services ship to?

You don’t want the company to tell you they service your point of origin or destination for your car if they don’t handle those areas. Besides the outrageous pricing you might be looking at, the potential for an accident increases because they are not familiar with the area. If you require international shipping, this question will answer if they provide international shipping or not.

What methods are available for shipping my car?

Many different methods are available when shipping a car. A lot will depend on the destination of the vehicle on how the proposed company plans to get it there. For domestic shipments within the United States, using an open-air trailer or enclosed trailer is the most popular method of shipment. Internationally roll-on/roll-off (RoRo) and container shipping are the most common methods. If you have your heart set on enclosed transport for a classic car and the company doesn’t offer that type of transport, you may need to keep looking.

What types of licensing and insurance do you have for your transport fleet?

The Federal Motor Carrier Safety Administration (FMCSA) has requirements for commercial carriers who transport items on the roadways. Among these requirements is the minimum insurance coverage that the company can carry. These carriers are also required to register with the FMCSA and the United States Department of Transportation (USDOT). Once they register and are compliant, they will receive a DOT number and a Motor Carrier number.

You will want to ask about the following insurance coverages:

Auto Liability

o Bodily Injury Liability

o Property Damage Liability

Physical Damage Insurance

o Collision

o Comprehensive

Cargo Insurance

Most companies that transport vehicles are required to carry a policy with a minimum of $1 million coverage.

Make sure you have written down the DOT number and the MC number. You can use these to research the compliance of the car shipping company and learn more about them, including their safety records and inspections.

How do you provide quotes to your potential customers?

If a company makes it to the quoting part of the questions, the chances are high that you believe they are a potential candidate to ship your car. At this point in the interrogation, you will want to find out as much as you can about how they price their shipments. Most professional car transport companies offer free quotes, and you should be wary of the ones who do not.

The company should ask you questions to help determine the approximate price of the shipping for your car. These questions will include:

– the make, model, and year of your car
– if the vehicle runs
– point of origin and the destination for the vehicle
– the method in which you prefer to have it transported
– when you need it to be transported

All of these questions help determine the weight and mileage, as well as any special circumstances regarding the transport. The weight and mileage play a significant role in the pricing for your vehicle’s shipment.

Once you are quoted a price, ask that it be sent to you in writing. Most are being done via email, so you should have the quote in your inbox relatively quickly. Opt for the company that provides you with transparent pricing. This company will be the one who breaks down the specialized fees right on the quote, think of it as full disclosure. Take notice if they require a deposit. Some shipping companies do but watch out for the extremely high deposit requests.

Are there any special requirements involved in shipping my vehicle?

Here is the million-dollar question, because the answer should be “yes” when you are talking to a car shipping company. There are special requirements to take into consideration regarding domestic and international shipping.

You have to be able to prove that you are the legal owner of the car, and you can ship it. Domestically you simply need to prove that you are the sole owner. However, Internationally, you would have to have any co-owner or lien holder’s permission to take the vehicle out of the country. You must be able to present documentation to the car shipping company because they will need to be able to provide this information should authorities request it.

You will have to prepare your car for shipment. For both types of shipment, it is similar, with the exception of some countries requiring steam cleaning before entry through their borders. Your car shipping company should provide you with the list of items you need to accomplish before the reserved pickup date.

Use Questions To Get The Best Shipping Rates

It was said before, but why not repeat it, knowledge is power when you are working with a car shipping company. For those companies that are not big-franchise-owned, you can usually talk down the pricing, if you are feeling confident. Regardless, you will have an easier time handling the situation if you have a general understanding of what you need to accomplish. You can also rest assured that if you come across knowledgeable, the person on the phone probably won’t try to upsell you for something you don’t need. Whatever you decide, know that with these tools, you can navigate the car shipping industry and team up with the perfect company for you.

When Is Insuring the Right Choice?

Published on August 24, 2020

Business

Insurance is one of the most important things in the modern world. Whatever you buy or sell, or whatever kind of service you get or provide, some kind of insurance is probably going to be involved. Therefore, it should always be on your mind especially when it concerns your wellbeing, or the health and the needs of the employees you work with. WIth that in mind, in this article we will explore the simple question of when insurance is needed and when is it the right choice.

First of all, ask yourself this simple question: Am I buying too much insurance and do I really need that much?

You will find that it is more challenging to answer that question than you might think. In addition, the trouble to answer it mostly stems from the idea that insuring is generally thought of as a good thing and that everyone should have it for everything.

While there is nothing wrong with insurance, it makes sense to avoid it a lot of the time. But how do you know when it is the right choice to skip on the insurance? That is what you are going to learn in this article. Keep reading to find out when it makes sense to insure, and when it does not.

Do You Need to Buy Insurance?

Before you ask yourself if you need insurance, another question arises. Try asking yourself this instead and go from there:

Do I have to buy insurance at all?

As you might have guessed, in most cases the answer to this is yes. You must buy some degree of employer’s liability insurance if you are an employer for instance, that much is certain. Still, there are a few exceptions to this.

You can safely exclude those situations from your calculations. If you risk a fine of £2,500 every day you are not adequately insured, there is no real way to make it a better choice not to buy insurance.

So as you can see, this is a big part of your work done. Now, you only have to focus on the situations where you have a choice of either insuring or not.

When Should I Buy Non-Compulsory Insurance?

Right, not that we have the field narrowed down a bit, the question is a little easier to answer. But the answer is still less intuitive than you may have thought. A big problem that organisations run into is failing to account for their risk financing time frame. What is this, I hear you ask? Your risk financing time frame is the period over which you can spread the impact of a loss. Here is an example to better explain this.

If you suffer a loss of £100,000 today, how much time will you have to make up for it? If you are insured, it does not really make much of a difference because you can, in theory, recoup the loss immediately. However, you will affect the volatility of your premiums.

If you are not insured, you will have to absorb the loss and have to make up for it until sooner rather than later, you suffer another loss. So, as you can see, you are paying for it either way, whether it is in the form of premiums or from your own self-insurance plan.

For some organisations, this time frame is effectively indefinite and those involved may take full advantage of this. Local authorities, for instance, have constitutional permanence and there is very little risk of one collapsing. Therefore, a local authority has a very long risk financing time frame in case something ends up happening.

On the other hand, a smaller company that has shareholders to answer to, might not have such a long time frame and has to adjust accordingly. Therefore, according to insuranceinspectservices.co.uk it would be the right choice to insure the things the company can never afford to lose.

When Shouldn’t I Buy Insurance?

Rather than focus on the results of an event, think about the consequences over a long term period. If you purchase business interruption insurance with an annual premium of £1 million, you might need to lose upwards of eight days of business to justify it.

What are the odds of that happening? They are certainly not zero, but they are still quite low. Would it then not be better not to insure and potentially lose two or three business days with potential savings of £500,000 in premiums?

You see, with a risk financing time frame that is long enough, no loss is too large unless it wipes you out right on the spot. Being aware of your risk financing time frame is the key to knowing when it is the right choice to buy insurance.

Think in terms of what the probabilities are that you will need a certain level of coverage you are going to pay for. Do not focus on the outcome of single events but think about the bigger picture.

Insure What You Cannot Afford to Lose

Insuring is the right choice when you need to protect yourself from catastrophic events or when your risk financing time frame is too short to absorb a loss. If something happens and the main thing that you need for your business to run fails, there are going to be shattering consequences you may never require from.

This is why insuring your most treasured things is crucial in any kind of business, however unlikely they may be to break down or become damaged. It is also always the right choice to purchase compulsory insurance. In all other cases where you can easily survive without something, you do not need to insure it. You can have the luxury of thinking in the terms of probabilities, and not events when determining if you really need insurance.

Our InsuranceInspect Services consultancy product can help you to design policies attractive to insurers, reducing your premiums Substantially, Safely and Strategically. Therefore, give them a look if this sounds like something you may need in your life.

The 9 Step Process Of A Personal Injury Auto Accident Case

Published on June 20, 2020September 11, 2020

Cars

Auto accidents happen within the blink of an eye, and the result leaves you with injuries that could be potentially life-threatening.

When in these situations, the best thing to do would be to file for a personal injury. Filing this is only possible if you’ve ended up injured during the whole ordeal. If not, then you have no case to begin with.

However, if you’ve sustained any type of injury, then this is the 9 step process of a personal injury auto accident case.

We will be explaining the entire process from start to finish, so don’t go anywhere. Without further ado, let’s start.

1. The Investigation

Forget about your car; your number one priority is to check the severity of the injuries after a car accident.

If the injuries are too severe, then you might have to seek medical treatment ASAP. If not, then the investigation part begins. This is the first step of your personal injury process, and it involves taking photos of your injuries and the scene.

What you should also do is also talk to witnesses and write down what they have to say. Witnesses are vital for your chances of success, and there will almost certainly be one or two.

2. Get Treatment

Getting treatment for your injuries is quite possible the best proof you can have. Since you’ll have to visit a hospital or medical facility for the treatment, the doctors and nurses there will record and document all of your injuries.

This is rock-solid evidence that you’ve actually sustained body damages and it also determines the severity of those damages.

3. File a Claim With the Insurance Company

If you have the necessary coverage, then you’ll need to notify your insurance company of the accident.

This is your best bet to have your car as soon as possible and get you back driving. Insurance companies cover for damages regardless if the accident is or isn’t your fault.

Be wary of money offerings from the other person’s insurance company, as these are generally much lower than the actual cost for repairs. If their insurance company doesn’t offer a sufficient sum of money to cover for repairs and potential damages, then you might want to consider hiring an attorney. A good option is torklaw.com, a personal injury and accident law firm dedicated to obtaining outstanding results for those who have been injured due to someone else’s negligence

This attorney is a personal injury attorney that specializes in exactly these cases.

4. Talking With Your Attorney

In most cases, this is the fourth step of the process of filing a personal injury claim. This step is the reason why this type of process exists.

Insurance companies would rather lowball their way out of a case rather than pay up what they owe. So, people get angry and they end up in court.

When talking to a professional that praises personal injury law the first thing you’ll discuss in your first meeting is to ask for their experience. Only a person that has tons of cases behind their back can help you win your case.

Before talking to an attorney, you should educate yourself on the topic of personal injury. A great resource for that can be found if you click here.

Other things to discuss with your attorney are fees, strategy, and what to look for in terms of reimbursement.

5. The Medical Investigation

Now that you’ve hired an attorney, it’s time to start the medical investigation.

This part will be solely conducted by your attorneys as it will be a part of their job. This is something that every personal injury attorney does and they do it very professionally.

Some of the things involved in this step include following up with medical professionals that have treated you, obtaining your medical record, and the medical bills connected to this case.

Once they’ve acquired all of that information, the attorneys will wait for your injuries to heal before sending all information to the insurance company.

This is sort of like a declaration for court, as it is the first and formal conversation between both parties.

However, there is the likely chance that your injuries are more severe than originally thought. When this happens, the attorneys will visit the medical experts one more time and make a report of the injuries. They will then send this report along with the rest of the information.

6. Demanding a Settlement

This part starts when your doctor gives the all-clear for you to continue with the filing process.

In some cases, you’ll demand a settlement from the opposite party, but, this won’t actually happen as it will be the insurance company that makes the initial offer. However, most reject it since it is either too low or too unreasonable to accept, so you’ll end up going back and forth a couple of dozen times.

7. They Settle or You Go To Court

During the negotiation, at some point, the insurance company will send a “final offer”. This offer means you either accept it or you file a lawsuit.

Contrary to popular beliefs, not many people wish to file lawsuits, so they end up taking the offer.

However, that’s not always the case and if you still feel you’re being undervalued then it’s maybe time to file one.

8. Discovery

This is the part of the process where your attorneys and the attorneys of the insurance company research the other party.. This means that the insurance company will start digging into your past in a bid to try and stop you from winning the case.

But this also equips your attorneys with the much-needed firepower to go out and do what they do best.

After the discovery period ends, the mediation starts.

9. Mediation

This part always happens before you go to court and it involves hiring a third-party mediator to try and talk things out between both parties to avoid going to court.

This person will try to push for a settlement to be agreed between both parties but, unless a change of heart, this won’t happen.

And if the mediator fails to reach an agreement between both parties, you’ll end up going to court.

6 Main Advantages of Getting a Car History Report

Published on June 18, 2020

Cars

Obtaining a car history report is a crucial document you need when purchasing a new vehicle. You cannot skip this step because it will provide you with numerous details that will help you decide whether buying the car is the right choice or not. You will be familiar with the entire history of the vehicle, and therefore, you will be able to predict if any issue could arise in the future.

You are certainly familiar with some information that you will learn from this document, but in this article, we are going to discuss them in great length. If you are about to buy your first car then you should definitely keep reading this text because you will find out what things you have to consider.

Have there been any damages?

Upon hearing the word ‘damage’ your mind probably goes to collisions. Yes, you are right, but also, you have to be aware of the fact that many types of damages can occur even if the vehicle hasn’t been in an accident. Think about fire, flood, and even hail. Okay, when it comes to the last one, impairments can usually be fixed easily.

However, you should avoid purchasing a car if it has been involved in a fire or a flood. Why? Well, these can cause some harm that doesn’t necessarily need to be visible immediately, meaning the chances of experiencing some problems in the future are quite significant. If you end up purchasing this type of vehicle, you shouldn’t be surprised by the frequent repairs that you will have to pay for.

Has it been in an accident?

This is something that you will learn easily since the history report providers collect data from all sorts of sources, from repairs shops to DMVs and insurance companies. Just because a car participated in a collision it doesn’t mean that you should start looking for another one immediately.

Our advice is to hire an independent, third-party mechanic and have them inspect every inch of the vehicle. Not only will they be able to notice if some damages haven’t been listed on the report, but they will also be able to verify that all the parts that have been installed are new. Unfortunately, some repair shows install used airbags which can pose a danger to you if you ever get into an accident yourself.

Besides, you should also request to see all the information about the shop that initially did the repairs. If you do not want to take the car to another mechanic, you have to ensure that the original repair shop is reputable, but we believe that you shouldn’t skip this inspection, just to be on the safe side.

How many people have owned it?

The general rule is that the vehicles that have had only one owner are in better condition. Car history report providers use public records to create a list of all the previous owners and gather information on whether the vehicle has been in the possession of a company or rental service. This is another thing that your mechanic should know before doing their job.

One more thing, if there has been only one previous owner and you are buying the vehicle directly from them, you should learn if they took out a loan and if it has been paid off. Naturally, if the vehicle hasn’t been paid off completely, this is something that needs to be done before the title can be shifted to your name.

What is the mileage?

Without a doubt, this is something that most people are curious about and sometimes it is a thing that can make or break a deal. Usually, the first thing that potential buyers check is the odometer. Nevertheless, you should keep in mind that those numbers don’t necessarily have to be accurate.

What are we talking about? As you probably know, the odometer can be restarted, and this was a pretty common scam in the past. However, doing this nowadays is fairly difficult due to top-notch dashboards and history reports.

If you notice that the numbers on the odometer are much lower than those in the report, it should definitely be a red flag, and hence, you should start looking for the new vehicle to purchase. Naturally, unless the owner has a solid, bulletproof explanation, but still, you should be careful.

Has it been serviced regularly?

Obviously, you cannot expect to find information on every oil change, but those about periodic maintenance check and major repairs should be available. This information will enable you to understand if the previous owner was responsible i.e. if the car has been serviced regularly. In addition, you will also learn if some major parts were replaced multiple times which would mean that something is not functioning properly.

If you notice that some of these appointments were skipped and the owner cannot provide you with any additional information, you should inform your mechanic so that they would know how thorough the pre-purchase inspection should be.

What about registration?

As you know, each state requires owners to register their vehicle, and in most of them, a periodic inspection has to be completed, otherwise, individuals are not able to register the car. If this has been done in multiple states, then you need to go over all the details thoroughly. Also, if you notice any gaps, make sure to inquire about them because it can mean that the car was stolen, abandoned, or even went through reconstruction after a collision.

How to get a car history report?

Now that we have told you about the reasons you should get this document let us inform you how to obtain it. There are multiple providers, so you should do online research to find a reputable one. Some of them even provide you with the opportunity to make this request via their official website and receive the report on your email.

Another thing, before you choose a certain provider make sure to investigate what kind of information they can obtain, and you can also inquire about the sources. We have already mentioned some basic data that you should get, but you should check quickrevs.com.au to learn what other details can be at your disposal. Finally, upon opting for a certain provider, you should read the customer reviews on their website just to see what their previous clients have to say about their service.

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