What happen if my life span insurance company stir bankrup?
Do you know of any similar situation, what happens to my money?Answers: The Co-operators is still contained by business to the best of my knowledge (in reality I saw an ad on tube recently). I can't comment on them too much, as I am a broker, so tend to deal near the bigger insurance companies (Manulife, Sun Life, AIG, etc etc).
In Canada, Assuris (http://www.assuris.ca/) is a non-profit organization next to members from adjectives the major insurance companies. They protect the Life Insurance policies contained by case of ruin. For Life Insurance, its 85% of the death benefit up to $200K.
The with the sole purpose company that claimed bankruptcy be Confederation Life, back surrounded by the early 1990's. However, adjectives the other insurance companies purchased the blocks of insurance business from ConFed, thus moving the policies over to them. For example, all of the Life Insurance polices from ConFed, are very soon with Manulife Financial. All the RRSP/RIFF business is presently with Empire Life, etc etc. So even after that, adjectives of the policyholders are still protected.
The reality is that its unlikely that the insurance industry would consent to a company go down approaching that, so that policyholders had to depend on Assuris. It make more sense to buy the block of business from the failing insurer at a low price, and then they get their money back from collecting premiums from policyholders.
Many times the policies are purchased by another company or another company will come within & bail out the company that is going in debt. Life insurance is pretty profitable if priced right so this may happen. Has the collapse gone all the means of access through the court system? I do not know how it works in Canada though. Does Canada own different types of bankruptcies approaching the US does?
Call the Department of Insurance in your jurisdiction to see what information they own about your company. They are the ones that will know if anything is arranged or if another company is going to go surrounded by to help.
Swinton insurance?
does anyone have policies near the above, are they any good,Answers: I work for a commercial insurance broker and place my coup¨¦ insurance through Swinton (as we do not deal near personal lines policies).
Throughout my time with the above broker I hold been impressed near their service. The claims about local brokers taking smaller quantity commission is not relevant as the commission is deducted from the premium and not added on top. Therefore, you will not dig up a lower premium by going to a local broker unless they are willing to drain their commission.
It is worth pointing out that Swintons only receive 10% commission. A little know certainty is that all brokers must disclose their renumeration to the customer if asked. This includes profit share deal... something brokers often backfire to disclose.
Swinton are the largest high-street insurance broker in the country (and owned by MMA insurance).
The policies they submit will be fine - all through substantial reputable insurance companies. However if I have any concerns it is the leadership charges you could incur. Also Admin is done centrally, not locally.
Try a smaller local broker - their charges are less than Swinton's and as they don't earn so much commission they submission lower prices. (At least we other beat them on a like-for similar to basis).
I had insurance beside them last year - never again! the most horrid experience ever when my motor was smashed into and they only just helped near anything...months later i kept anyone harassed by them for their stupid mistakes for losing paperwork and it certainly was impressively stressing...my car be written off and i FINALLY received my clearing yet i be still gettin harassed by them for little minor things.DO NOT TAKE YOUR INSURANCE WITH THEM...they mite be cheap but thats adjectives...id fairly pay for a while more to go near another insurance company...even though they are all crap.
Commercial Trucking Insurance?
What is the average commercial insurance to cover a 1-ton, gooseneck, and stakebed. I am trying to decide to sign on to a company or be independent owner/operator. If I required to outsource over flow to a buddy, how much would that change my insurance?Answers: OK, in attendance isn't an average based on what you are truism - it could be anywhere from $2,000 to $50,000 depending on the GVW of the truck & trailer, what exactly you're using it for, the radius of operations, driver information, and any filings you involve. Oh, and limits - which coverages you own.
There are easily dozens and dozens of class codes, respectively one will have it's own inventory of premiums.
If you're hauling for a fee, and hiring truckers, that's ANOTHER coverage.
There's no short cut here, you're going to own to talk to a local agent. But if you're hauling for a payment, you're not going to find LIABILITY coverage for under $5,000 a year. Physical plunder will be even more.