Blog - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Higher Compensation for Workplace Injuries

3 August 2015 By Alex Tan Leave a Comment

Recently, the government has announced some changes to the Work Injury Compensation Act, or known as WICA. According to a Straits Times article dated 30 July 2015, there will be changes to the compensation limits The existing limits were set in 2012 based on the 2010 median wage of resident employees. From 1 January 2016, the increase in limits, estimated to be about 20%, can be seen as followed:

Changes are made to adjust to inflation, as well as the increase in median nominal wages of employees. Furthermore, medical treatment that helps the injured workers return to work earlier such as physiotherapy, occupational and speech therapy, and worksite assessment expenses etc will also be claimable starting from next year.

For clients seeking to insured their employees on WICA, please do not hesitate to contact me or drop me an email.

See more information on stratimes.com and mom.gov.sg

Fire accidents happening in Singapore

30 July 2015 By Alex Tan Leave a Comment

Image via Flickr user SJFD_CPR

Fire safety is an important aspect of home and workplace safety. A lot of us, especially new home owners, are unaware on the importance of insuring our homes with sufficient fire insurance coverage. Most will probably try to pay as low premium as possible, thinking that such fire cases are unlikely to happen.

A fire can break out anywhere and at any time because of unexpected causes such as a power overload, a short circuit, a kitchen accident or a lightning strike. According to Singapore Civil Defence Force (SCDF), there is a total of 4,724 fires broke out in Singapore last year, 2014. Of this number, 2,888 (61.1%) fires involved residential premises, and 565 cases (12.0%) took place in commercial premises. The remaining 1,271 (26.9%) were non-building places which involved vegetation and vehicles on road. In this year 2015, there are 10 cases of fires outbreak over the past few months, 5 of which involved residential premises.

You can play your part by not discarding items at common area such as corridors, lift lobbies and void decks. Smokers should also take more precaution by making sure cigarette butts are completely extinguished before disposing into rubbish chutes or bins.

Here are more fire safety tips (source from SCDF) for residential premises which we could take precautions:

FIRE SAFETY TIPS – RESIDENTIAL PREMISES

Ø Discarded Items

1. Do not leave unwanted furniture and items at common areas such as corridors, lift lobbies, void decks and staircases.

2. Arrange with your Town Council or Management Office if you require assistance for the disposal of unwanted bulky items such as cupboards, sofas, etc.

3. If you notice discarded items at the common areas, please alert your local Town Council or Management Office.

Ø Rubbish Chutes/Bins

1. Completely extinguish lighted materials e.g. cigarettes and sparklers before disposal into rubbish chutes/bins.

2. Douse charcoal embers with water before disposal into rubbish chutes/bins.

3. Avoid throwing flammable substances like paint, oil or kerosene into rubbish

Ø Cooking

1. Never leave cooking unattended as it can result in fires; turn off the gas supply and cooking appliances whenever they are not in use.

2. Petrol or kerosene should not be used to start a BBQ fire – they can flare up unexpectedly; use fire-starters instead.

3. Charcoal should be doused with water when cooking is done.

4. Keep cooking appliances including the stove-top, cooker hoods and ovens clean and free of greases.

5. Keep flammable liquids (e.g. cooking oil and wine) and combustible materials away from heat sources such as the stove.

6. Keep LPG cylinders in a well-ventilated area.

Ø Electrical Appliances

1. Never overload electrical outlets with electrical appliances.

2. Always switch off appliances when they are not in use.

3. Check the condition of wires regularly. Frayed wires or cracked cords should be replaced or repaired by licensed electricians.

4. Do not run wires under carpets or mats and keep them away from hot surfaces.

5. Use electrical plugs which carry the SAFETY Mark

Ø Housekeeping

1. Keep matches, lighters and candles out of children’s reach.

2. Store flammable substances in a safe place.

3. Do not place window curtains or any combustible materials near praying altars, stoves or lighted materials.

4. After parties or gatherings, check for smouldering cigarette butts around and under the sofa, chair cushions and carpets.

5. Lit candles should also be kept away from paper, curtains and furnishings. They should be placed in stable holders on heat-resistant surface. It is also not advisable to leave candles burning in a room unattended.

Ø Decorations and Lightings

1. Check the decorative lighting fixtures before use. Blown bulbs and frayed wires should be replaced using the service of licensed electricians for repairs, if necessary.

2. Do not leave decorative lighting fixtures switched-on when leaving home or when going to bed. Indoor lighting fixtures should not be used in outdoor area to avoid electric shocks and short circuits.

3. Use decorative lighting fixtures which carry the SAFETY Mark. Similar to electrical appliances such as fans, decorative lighting fixture is also a Controlled Good under the Consumer Protection (Safety Requirements) Registration Scheme, which is administered by SPRING Singapore.

4. Decorations made of light tissue paper or cardboard burn easily. Do not attach them to lights or other heat source, and always keep them away from candles.

Ø Handling Sparklers

1. Sparklers should be kept in a closed box and away from flames.

2. When being used, it should be lit at arm’s length and only one at a time. Children playing with sparklers must be supervised by parents/adults.

3. Lighted sparklers should never be thrown at combustible materials.

4. When a sparkler goes out, do not immediately touch the hot end for it could still burn; put the hot end in a bucket of water to fully cool it down before disposing it safely.

5. Follow the safety instructions as stated by the manufacturer. These instructions are typically found on the box housing the sparkler.

See more information on scdf.gov.sg

How to Properly Insure Your Business and Employees

30 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Pasu Au Yeung

The process of selecting insurance for your business may be tedious, but if calamity strikes you’ll be happy that you’re properly insured.

Earthquakes, fires, mold, asbestos, employee hacker—there’s any number of calamities that can shutter the doors of your business. When disasters happen—man-made or natural—you want to be able to rebuild when the time comes. But that can’t happen without preparation.

The main challenge is determining the best coverage. Are you carrying the right kind of insurance to protect you, your company, your employees, and your customers? How much is too much? Are you underinsured? Insurance preparations need to be made in the early stages of crafting your business plan. Generally coverage is based on your risk exposure and the type of business you own. Larger businesses generally have a risk manager to assess possible complications and look at all of the variables. As a small business owner, that role will likely have to be filled by you. To help, you can download III’s Business Inventory Software, to help you catalog your property.

How to Properly Insure Your Business and Employees: Choosing Coverage

As impossible as it may seem, insurance coverage is available for almost every possible risk your business may face. And naturally, the cost and amount of coverage of policies vary among insurers. Many insurers offer insurance packages (specific to certain industries) that combine several coverage options sold as a single policy at a price that is usually lower than if the same insurance was purchased separately.

Below are the types of insurance most business owner’s should consider:

• Property insurance protects a person or physical property against its loss or the loss of its income-producing abilities.

• Casualty insurance protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others.

• Workers’ compensation insurance pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury.

• General liability insurance covers legal matters due to accident, injuries, and claims of negligence.

• Commercial property insurance covers everything related to the loss and damage of company property due to events such as wind and hail storms, fire, smoke, civil disobedience, and vandalism.

• Product liability insurance protects against financial loss as a result of a defect product that causes injury or bodily harm.

• Also known as errors and omissions insurance, professional liability insuranceprotects your business against malpractice, errors, and negligence in service provided to your customers.

• Despite urban legend, homeowners’ insurance policies do not generally cover home-based business losses.

• Business auto insurance provides coverage for autos owned by a business. It pays any costs to third parties resulting from property damage or bodily injury for which the business is legally liable, up to the policy limits.

Other policies to consider include:

• Key employee insurance life or disability income insurance compensates a business when certain key employees become disabled or die.

• Criminal liability insurance covers damages intentionally done by employees. Even when you’ve done your due diligence by conducting extensive background checks of each employee, criminal acts are completely unpredictable.

• Directors and officers liability insurance protects directors and officers of corporations or not-for-profit organizations if there is a lawsuit claiming they managed the business or organization without proper regard for the rights of others.

• Umbrella policies are designed to provide protection beyond the general liability and auto liability policies, or other policies, when the policy limits have been reached.

• Had a computer virus that wiped out your data? Do you have a disgruntled employee that is posting negative stories on social media sites? Denial of service, spamming, hacking, and pinging are just a few of the cyber assaults that can damage a business, according to III.

• As the name indicates, terrorism insurance provides coverage to individuals and businesses for potential losses due to acts of terrorism.

How to Properly Insure Your Business and Employees: Special Cases

Some business owners will find that they need specialty insurance because of the nature of their service. It’s always safe to check and see if your business requires coverage above and beyond what is usually necessary.

• Bailee insurance pertains to the loss of garments or linen as a result of fire, water damage, loss or theft. There is also coverage for loss or damage to customers’ property accepted for laundering, dry cleaning, pressing, dyeing, alteration, repairing or other similar work.

• Contamination/Pollutant cleanup and removal insurance. This provides coverage for cleanup and removal of pollutants often used in the cleaning process.

• Contents coverage. With most policies, property insurance for business contents covers furniture, fixtures, inventory, office equipment and other supplies stored at your facility or off-premises. You may insure those items for Replacement Cost or for Actual Cash Value, which pays only for the depreciated value of the property. Replacement Cost policies have higher premiums; however, they can help your business recover from a loss faster, since you can replace all of the lost or damaged property with new items.

• Spoilage covers the value of property spoiled as a result of a breakdown of your temperature control system due to conditions beyond your control.

• Mechanical breakdown covers mechanical or electrical breakdown to your boilers, pressure vessels, refrigeration systems, piping and mechanical and electrical machines or apparatus that generate, transmit or simply use mechanical or electrical power.

• Outdoor signs covers an outdoor sign not attached to the building.

• Burglary and robbery covers the risk of theft by outsiders.

• Employee dishonesty covers some risks of theft by your own employees.

How to Properly Insure Your Business and Employees: Hiring Help

If you’re overwhelmed by the process, don’t worry. You don’t have to suffer through mounds of paperwork yourself. You can navigate the process with the help of an insurance broker, or independent agent, who is a licensed individual representing a small business owner and works on commission or a for a service fee.

Contact business trade associations to see if they sponsor an insurance program designed specifically for your business. Tap your personal and professional network for recommendations and referrals. Y

Here are some other factors to consider:

•    Is the insurer a specialist in this area of insurance coverage?
•    Will you be able to speak with a “live” person?
•    Will you have an agent assigned to you that you’ll be working with all the time?
•    What is the claim paying process?
•    Does the insurer give discounts on premiums for multiple policies?
•    What is the carrier’s financial strength, assets, paying ability?

Young advises small business owners to “make sure they’re providing the same information to all parties to get the most accurate analysis.” She says a small biz owner should get a minimum of two quotes, but she generally gets five or more.

Determining the proper insurance for your business is one of the most critical decisions you will make. It’s important to consult an expert in this matter but also you’ll have to do your own homework. Knowing the above types of insurance is a good start.

by Faith Thomas

See Full Story on inc.com

WORK INJURY COMPENSATION ACT

28 July 2015 By Digital Curator 4 Comments

Image via Flickr user OakleyOriginals

The Work Injury Compensation Act (‘WICA’) came into force on 1 April 2008 replacing the Workmen’s Compensation Act. WICA applies to all workplace injuries that happen on and after 1 April 2008; for accidents that occurred before 1 April 2008, the Workmen’s Compensation Act will continue to apply.

What is the Purpose of WICA?

WICA aims to provide a quick and simplified process for obtaining compensation for workplace injuries that is an alternative to claiming for damages under the common law.

Who Can Claim Compensation under WICA?

Employees who sustain injuries or who contract occupational diseases arising out of their work, or the estates of employees who die in a work-related accident, are entitled to claim work injury compensation. WICA covers all employees engaged under a contract of service or apprenticeship, regardless of their salary.

What is Covered under WICA?

An injured employee can make a claim under WICA for personal injury by accident arising out of and in the course of his employment – i.e. arising during working hours or while on official duties; including accidents that happen while travelling to and from his place of work in company provided transport (not by public transport); and injuries sustained abroad while on overseas assignments.

What are the Compensation Benefits under WICA?

Subject to the maximum amounts prescribed by WICA, an injured employee or, as the case may be; the estate of an employee who dies in a work-related accident is entitled to claim –

medical expenses, including medical consultation, hospitalisation, treatment and surgery, artificial limbs and surgical appliances;
compensation for Permanent Incapacity or Death; and /or
wages while on medical leave,

where applicable

What are the Limits/Maximum amount that can be Claimed under WICA?

For medical expenses, these must be incurred within one year from the date of the accident, or up to a cap of $25,000, whichever is reached earlier.
For Permanent Incapacity, the maximum is $180,000 x [% loss of earning capacity] + a further 25% if you suffer permanent total incapacity (i.e. You suffered 100% loss of earning capacity).
For death, the compensation amount payable to your dependents is subject to a maximum of $140,000.
For medical leave wages, full pay up to 14 days outpatient medical leave, and full pay up to 60 days hospitalization. Once this limit is reached, two-thirds of salary is payable up to a maximum period of one year following the date of the accident.

Is Insurance for WICA Coverage Compulsory for Employers?

Yes for manual workers regardless of their salary and non-manual workers with monthly earnings of $1,600 or less per month who are already covered prior to 1 April 2008. For employees newly covered under WICA (i.e. non-manual employees earning above $1,600 per month), insurance coverage is not compulsory but it is recommended by the MOM that Employers also buy insurance against claims under WICA for all employees.

What is the Time Limit for Filing a Claim under WICA?

The time limit for filing a claim with the Ministry of Manpower (‘MOM’) is one year from the date of the accident. After this 1 year period, no claims under WICA will be entertained.

What are the Accident Reporting Requirements under WICA?

Within 10 days of the accident, the employer is required to file an accident report with the Commissioner of Workplace Safety if the accident has resulted in the employee being unfit for work for 3 consecutive days or is admitted in hospital for 24 hours or more. Failure to report such accidents is an offence that carries a fine of up to $5,000 for first time offenders and up to $10,000 and or a jail term for subsequent offences.

What are the Procedures for Disputing the Compensation in the Notice of Assessment?

The objecting party must file a notice of objection within 14 days of service of the Notice of Assessment.

During this time (but not later than 28 days after service of the Notice of Assessment), the injured employee can elect any of the following courses of action:

Withdraw his objection and accept the assessed amount as compensation; or
Proceed with the dispute resolution process provided under WICA; or
Withdraw his claim under WICA and commence a lawsuit against his employer under common law.

What Happens if Parties do not Agree on the Compensation in the Notice of Assessment?

The MOM will conduct a pre-hearing conference to see if the parties are ready to agree on the compensation amount. If no compromise is reached at this stage, MOM will refer the case to the labour court for Hearing. If the compensation in dispute relates to a permanent incapacity, MOM will refer the employee to the Work Injury Compensation Medical Board for a final medical assessment.

What are the Penalties if the Employer Defaults in Payment of Compensation under WICA?

Failure to pay the compensation (as assessed) is an offence carrying a fine of up to $10,000 and or a jail term of up to 12 months. In addition, the employer may be required to pay interest on the compensation amount for each day the payment is late.

What is the Function of the Work Injury Compensation Medical Board?

The Work Injury Compensation Medical Board’s (previously known as Workmen’s Compensation Medical Board) primary function is to assess cases where objections are raised (by the insurer, employer or employee) to the initial assessment of the employee’s medical condition. The medical assessment is conducted by a panel of two specialists appointed by the Board.

See Full Story on lawsociety.org.sg

Room for growth in insurance

23 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Pictures of Money

FOR now, the Philippines has the smallest insurance market among member-countries of the Asean 5, despite having the second largest population.

This was observed in a recent study of the United States Agency for International Development (USAID), which valued the Philippines’ life insurance market at $16.6 billion in assets and $3.8 billion in premium earnings.

For Sun Life Financial Philippines Chief Marketing Officer Mylene D. Lopa, the figures reflect the economic conditions of the Philippines compared to that of the four other countries studied: Indonesia, Malaysia, Singapore, and Thailand.

“The economy plays a part. As the disposable income of the population increases, that’s the only time people can afford insurance,” Lopa said in an interview last Saturday, at the sidelines of Sun Life’s Wealth and Health Forum at the Radisson Blu Hotel.

“Unfortunately, insurance, although it is a need, is not perceived that way,” Lopa said.

Less than three percent of over 100 million Filipinos have personal insurance. This only grows to 18 percent if the coverage of insurance is extended to those provided by the employers to their employees, Lopa said.

She added that culture may also be a factor in explaining why the country’s insurance market remains small.

“Maybe we’re not very long-term thinkers. There might be some cultures that are long-term planners,” Lopa said.

by Jeandie O. Galolo

See Full Story on sunstar.com.ph

Personal accident insurance and its utilities

21 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Eric Schmuttenmaer

By definition, accidents are unpredictable and can cause serious damage. Accidents can be caused due to many reasons. Apart from road mishaps, accidents can also be caused by electrical equipment, heavy object and fire or even by seemingly harmless objects like staircase, table or chair. Everyone — from small children to youngsters to middle-aged couples and retired elderly parents — is vulnerable to accidents and despite all possible precautions, they do occur.

While a majority of the accidents that occur are not major, some do have serious implication on an individual’s physical as well as financial health. Such mishaps take only seconds to turn life upside down.

Accidents can even drain an individual’s lifetime savings, leaving families in a difficult situation without resources or help. Hence, securing the family’s future is of utmost priority. A good way to protect yourself and your family is a personal accident insurance (PAI).

Personal accident insurance is a low-premium personal accident policy. They are also offered as add-ons with life and motor insurance policies. You also get a PAI with some credit cards. However, these PAIs come with a long list of terms and conditions that limit its scope and utility. But PAIs offered by non-life insurance companies provide better coverage at a reasonable cost.

A life insurance policy pays a lump-sum amount in the event of death of the policyholder while a health insurance policy offers to pay the hospitalisation cost in case the policyholder needs to be hospitalised for some medical reason. PAI comes handy if an accident results in the policyholder’s disability, temporary or permanent, thereby impacting the individual’s earning capacity.

While a PAI is quite similar to health insurance in terms of paybacks, it costs much less due to its focused coverage. A PAI is inexpensive, so one can afford it without any major drain on his pocket. The cost of a standard PAI with a cover of Rs 15 lakh is approximately Rs 3,000 per year. The premium does not depend on age. Hence, it is the same for a 25-year-old and a 50-year-old individual. The premium on personal accident insurance policy depends on one’s working conditions and nature of job. And yes, a personal accident insurance plan can also be extended to include the entire family under a single policy. It ensures the financial stability of an individual and his/her family in the event of an accident.

by Mukesh Kumar

See Full Story on mydigitalfc.com

BUSTED: Fraud police uncovers the most blatant insurance scams

16 July 2015 By Digital Curator Leave a Comment

Image via Flickr user 401(K) 2012

THE lengths insurance cheats go to in an effort to con money out of firms and raise the cost of premiums for the rest of us have been revealed by the City of London’s special fraud department.

From non-existent injuries to fake thefts, fraudsters use a variety of far-fetched stories to get underserved payouts, but firms have warned that they are cracking down on false claims.

Insurers uncovered an average 350 frauds worth £3.6million every day in 2014, according to the Association of British Insurers (ABI).

The trade body said that motor fraud was the most common scam, with detected cases up 12 per cent on 2013 and valued at £835 million.

However, the number of liability insurance frauds detected jumped by a huge 75 per cent with a value of £330 million.

James Dalton, ABI’s director of general insurance policy, said: “The vast majority of customers are honest, and should not have to pay for the fraudulent minority.

“Insurance cheats are now more likely to get caught than ever before, whether they are making a dishonest claim or lying when applying for cover to get a cheaper premium, and face long-lasting and serious consequences.

“As well as the possibility of serving a custodial sentence, they will find it difficult to obtain vital financial services such as mortgages and loans, future job prospects are likely to be adversely impacted and family relationships suffer.

Here are the most blatant scams that have been uncovered…

by Lana Clements

See Full Story on express.co.uk

Car Disasters: Cracked Windshield

14 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Infrogmation of New Orleans

Measure the crack or chip. If the crack is less than 12 inches long, or if the chip smaller than a quarter, the damage can typically be repaired without having to replace your windshield.
If you’re going to drive your car before you repair the windshield, make sure the crack or chip doesn’t interfere with your view.
Protect against dirt. Dirt that gets into a crack or chip can make it more difficult to repair. Placing a small piece of clear tape over the point of impact can help, but make sure that the tape doesn’t block your vision when you’re driving.
Stay away from the sun. Park inside a garage or in a shady area. Letting heat build up in your car can weaken the windshield even further and cause the crack to grow.
Contact an auto-glass provider for windshield repair or replacement. Look for a glass installer that is AGRSS-registered and has National Glass Association-trained technicians. Many glass installers offer mobile service and will come to you.

Don’t’s …

Don’t ignore the problem. Small cracks and rock-chip “bull’s-eyes” can spread if not repaired. Large cracks can affect your visibility and may even result in a traffic violation.
Don’t drive the car if a crack is longer than 12 inches or if a chip is larger than a quarter. The integrity of your windshield has likely been compromised.
Don’t blast your air conditioning or use your defroster on high. Extremes in temperature are never a good thing for a cracked or damaged windshield. If you must defrost your windows, warm the car up gradually by using the heater.
Don’t jolt your car or windows. Try to avoid slamming doors with the windows all the way up. Creating extra pressure inside the vehicle in this way can cause the crack to spread.
Don’t wash your vehicle. Water in the damaged area can cause your windshield to crack further.
Don’t repair cracks longer than 12 inches or chips larger than a quarter. Have your entire windshield replaced.
Don’t go to a general mechanic for windshield repair or replacement. Use an auto-glass-repair specialist.

by Shamit Choksey

See Full Story on cars.com

All you need to know about hiring a helper in Singapore

9 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Hans Splinter

One advantage that living in Singapore offers is affordable domestic help. Some expats – especially singles or couples without children – find that maid service once or twice per week is enough. But for others, especially those with families, a full-time maid to help with cooking, cleaning, shopping, ironing and childcare can be a blessing. Most helpers in Singapore are from the Philippines or Indonesia and are diligent, conscientious women who are working to support their families back home.

The Cost

Part-time maids are available for between $10 and $20 an hour, and can be hired independently or through a company. Full-time, live-in maids can be hired for as little as $450 per month, although expats often pay them $650 or more, depending on their level of experience. Employers must also pay a monthly levy (currently $265) to the Singaporean government, plus a security bond of $5,000. Employers are responsible for providing accommodation, insurance, food and medical care for their maids, in addition to hiring costs, airfares for bi-annual home leave, transfer costs, and an annual bonus.

Responsibility

First-time employers must complete an Employers’ Orientation Programme, which involves attending in person ($20), or taking a three-hour online course ($30). Visit www.mom.gov.sg for more details.

Holidays

Most expats give them every Sunday and public holidays off, plus a two-week holiday every two years to their home country. To counter the instance of maids working without rest, the Ministry of Manpower has mandated that from 1 January 2013, all employers give helpers one day off per week (or be compensated if they choose to, or are required to work).

Hiring

Fees vary, but from around $400, a maid agency will find you a maid, and will usually give you the chance to interview several. Alternatively, you can source a maid yourself (log on to the Ministry of Manpower website), but the process can be confusing. Some expats who are leaving Singapore help their maid to find work by advertising on notice boards or by word of mouth.

See Full Story on expatliving.sg

What You Need to Know About Personal Accident Insurance

7 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Jaume Escofet

Thom Yorke was right when he sang the verse “we are accidents waiting to happen.” Well… at least in my case because I can’t walk to the restroom without stubbing my toe every time. But accidents can and do happen. It doesn’t matter whether you’re operating heavy machinery, hiking in Tibet, riding the bus, or even taking a shower. And if you’re uninsured against injury or death from accidents, it could prove disastrous for your finances.

What Is Personal Accident (PA) Insurance?

PA Insurance provides you and your family with financial support in the event you suffer an injury, disability, or die from an accident. Although it sounds similar to a life insurance policy, PA Insurance differs from life insurance in two ways:

PA Insurance is meant to cover death directly resulting from accidents, not death from natural causes, while life insurance covers both.
Unlike other life insurance policies that provide savings/investment benefits in addition to any death benefits, PA Insurance offers no such benefits.

Some industries such as transportation, manufacturing, and construction have a greater chance of on-the-job accidents and deaths – that’s something to think about if you operate heavy machinery or drive daily. And if you don’t qualify for Workmen’s Compensation or are uninsured, a Personal Accident (PA) Insurance policy can protect you for $200 – $300 a year.

What Constitutes an “Accident?”

While the opinion over what “is” is may differ with some people, insurers all pretty much agree on what an “accident” is.

Understanding what the definition of “is” is doesn’t just apply to former US presidents and their ah, indiscretions. It also applies to PA Insurance in determining what constitutes an “accident.” Unfortunately, some policies are written in a confusing manner that makes Shakespeare easy to read by comparison.

Fortunately, insurers follow the same general principles when it comes to defining “accident” – it’s an unforeseeable event that causes injury at the moment of its occurrence. But if the “accident” was caused by a cumulative effect, it’s not considered an accident.

For example, if you routinely skip work to play golf (government job right?) and that “nagging” pain in your elbow and Achilles heel turns into a debilitating injury, it’s not considered “accidental” by insurers, but cumulative.

by Jeff Cuellar

See Full Story on blog.moneysmart.sg

Insurance Agency Singapore | Commercial Insurance and Personal Insurance