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Guide to Business Insurance

13 August 2015 By Digital Curator Leave a Comment

Image via Flickr user Murat Erturk

As a business owner it is sometimes difficult to know what insurance you need and how much of it to buy, so we’ve put together a guide to help you.

To start searching for business insurance cover, hit the ‘get quotes now’ button.

Get a new business insurance quote

The type of insurance policy you buy may differ depending on the size and type of business you are running, your insurance budget and whether any of your customers have requirements about what insurance cover you should have.

Public liability insurance

Public liability Insurance protects you against claims for compensation from people outside your business who have suffered an injury or whose property has been damaged because of your business.

It can also cover more serious claims resulting from construction accidents which cause serious damage to a building or injuries to a member of the public.

If you come into contact with members of the public – including your customers – either at their premises or yours you should think about getting a public liability insurance quote.

Employers’ liability insurance

If you have employees, even part-time or on a short-term basis, you must buy employers’ liability insurance – if you don’t you are breaking the law.

If you are an employer make sure that you stay within the law and buy employers’ liability cover.

Property insurance

Most businesses would find it difficult to work without the tools of their trade or with no access to their place of work – whether you’re a consultancy business and rely on your IT equipment or a plumber who couldn’t work without their tools.

Could you afford to replace all of your business equipment or stock in the event of it being destroyed, lost or stolen?

When buying this cover, it is important to ensure that the sum insured on your contents list is equal to or greater than the value of your equipment; not just the items you think are important (so don’t forget about the boring stuff like office chairs and filing cabinets).

This also applies to your own or hired-in plant if you work in the construction industry – could you afford to replace it if you didn’t have business insurance? If you do buy cover make sure you insure the plant to its full value.

If you own the building you work from you should make sure that it is properly protected.

Another cover to consider is business interruption insurance. This will make up for the money you lose if you can’t work because your property has been destroyed, stolen or damaged.

Professional indemnity

Professionals are effectively selling their knowledge and expertise to their customers – you may be doing this in a number of different ways including providing advisory and consultancy services and producing designs.

If your client loses money because of a mistake you’ve made or because your work is late or not up to scratch, you may be faced with a claim for compensation.

Professional indemnity insurance can protect your business by paying for this compensation and legal costs.

What else do I need to know about business insurance?

You may feel confident that you know what insurance to buy but not how much.

For public liability and professional indemnity you will need to choose a limit of cover which is right for your business.

Employer’s liability insurance is required by law if you have employees and you must purchase a minimum of £5 million in cover – although many policies will automatically cover you for £10 million.

When buying property insurance the most important thing is to make sure you are not under-insured. Be sure to calculate the total value of all the entirety of your property – you can’t pick and choose what you want to be covered.

To compare business insurance cover, please click on the “get quotes now” button.

See Full Story on moneysupermarket.com

Small Business Owner Should Have These 13 Types of Insurance

11 August 2015 By Digital Curator Leave a Comment

Image via Flickr user The Elite Ayrshire Business Circle

1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance.

2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.

3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance.

4. Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment.

5. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident.

6. Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services.

7. Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company.

8. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information.

9. Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home.

10. Renter’s Insurance: Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those whose who rent their home. The coverage is protects against damage to the physical property, contents of the property, and personal injury within the home.

11. Life Insurance: Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death.

12. Personal Automobile Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.).

13. Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play.

See Full Story on forbes.com

Why is car insurance needed?

7 August 2015 By Digital Curator Leave a Comment

Image via Flickr user Finance Blue

Having car insurance is a legal requirement and with the right level of cover, provides financial protection in the event of your vehicle being damaged. It will also provide cover for injuries to other drivers, passengers or pedestrians, and their property.

Accidents happen, so it’s reassuring to know that you’re covered financially if you’re involved in one.

The good news is that premiums are falling, reflecting the commitment of insurers to pass on the savings from reforms in the civil litigation system in 2013. For example, by legislating to protect insurers from fraudulent whiplash claims and claimant lawyers’ excessive costs, insurers are now able to be more competitive with their prices.

Figures from the Association of British Insurers show that the average premium fell by 3% to £358 in the first quarter of 2014.

Why is car insurance necessary?

Having car insurance is essential because it covers your expenses in the event of vehicle damage or injuries to other drivers, passengers or pedestrians.

All motorists must be insured against their liability to other people, as stipulated in the Road Traffic Act 1988.

Insurance can also provide financial support if your car is stolen, vandalised or destroyed by fire.

The only instance in which you don’t need it is if your vehicle has been declared off the road through a Statutory Off Road Notification (SORN) from the DVLA.

What if I’m not insured?

Driving without car insurance is illegal. If you don’t have it, you could be fined or disqualified from driving.

The maximum fine is £5,000, plus you’ll receive at least six penalty points on your licence.

The Government is currently reviewing penalties for uninsured drivers who kill or are involved in accidents.

The police also have the power to seize and destroy any vehicle being driven without cover.

See Full Story on rac.co.uk

How optional are healthcare benefits to employees

4 August 2015 By Digital Curator Leave a Comment

Image via Flickr user Cabinet Office

Health care benefits are optional for most smaller employers, but of critical importance to most employees. Employers of all sizes should be aware of the pros and cons of offering health benefits to their employees.

Benefits are a critical piece of an employee compensation package, and health care benefits are the crown jewel. Health care benefits, along with time-off benefits, are the most popular of benefits to employees. Every employer must at least consider whether to offer these types of benefits and in some cases employers must offer health care in order to remain competitive with other businesses for the most talented employees and avoid penalties imposed by health care reform. Another reason why many employers choose to offer health care benefits is so that they themselves can take advantage of less expensive health insurance than they could get on their own as well as tax breaks for the contributions made by the business.

Unless you are an employer in Hawaii, you are not required by state law to offer your employees health insurance benefits. Hawaii is the first state to require employers to provide health insurance to employees. The law, the Prepaid Health Care Act, was passed in 1974 and requires employers to provide health insurance to all full-time employees, either through an indemnity plan or an HMO. (The requirement that Massachusetts employers with more than ten employees make a fair share contribution for full-time employees’ health insurance coverage costs or pay a fair share contribution per employee is no longer in effect as of July 1, 2013, due to to the implementation of federal health care reform.)

The Patient Protection and Affordable Care Act and related legislation requires employers with 50 or more full-time employees (or a combination of full-time and part-time employees that is equivalent to 50 full-time employees) to offer adequate health coverage or be subject to assessment if their employees receive premium tax credits to buy their own insurance. This mandate is in effect beginning in 2015. Conversely, beginning in 2010, small businesses with fewer than 25 employees may be eligible for a tax credit for purchasing health insurance for their employees.

If you do make the decision to offer health insurance benefits, be aware that you call into play a whole series of laws that will tell you what coverage you have to offer and how you have to offer it. Therefore, the first decision to make is whether to offer health insurance at all.

See Full Story on bizfilings.com

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

Growth in Asia will boost London-Singapore ties

3 June 2015 By Digital Curator Leave a Comment

Image via Flickr user Davide D’Amico

The rising demand for financial services in Asia offers many opportunities for London and Singapore to strengthen their connections for sustainable insurance growth, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) told the Insurance Institute of London in a speech at Lloyd’s yesterday (Tuesday May 12).

Menon said that in addition to strengthening and updating its regulation and supervision of the insurance industry, MAS has been promoting Singapore’s development as an Asian insurance hub.

He stressed that the demand for insurance services is growing rapidly in Emerging Asia with some estimates suggesting Asia will account for 40 percent of the global insurance market by 2020.

He identified three structural factors driving demand for insurance in Emerging Asia: Asia is getting richer, the population is getting older and the region more aware of catastrophic risk.

“Over the last 30 years, Asia has borne the brunt of natural catastrophe losses, accounting for almost half of the world’s estimated economic losses from natural disasters. Yet less than 5 percent of the losses were insured, compared to 40 percent in advanced economies,” he said.

This large protection gap in Emerging Asia presents the global insurance industry, confronting mature markets and excess capacity, with a significant opportunity to deploy capital for better returns, he said.

He argued that international financial centres in Asia, like Hong Kong and Singapore, as well as domestic financial centres in China and Korea are well-placed to meet this growing demand for insurance in Asia.

“But international financial centres outside Asia – such as London – with the enormous breadth of their markets, depth of financial expertise, and connectivity with other financial centres – also stand to gain from Asia’s rise,” Menon said.

He added: “London is the undisputed global insurance market for specialty commercial risks – insuring highly exotic and bespoke risks from Formula 1 drivers to Cristiano Ronaldo’s legs.

“London controls more than £60 billion in premiums, which makes the London market twice the size of Bermuda, three times that of Switzerland, and more than 10 times bigger than Singapore.

by Ravi Menon

See Full Story on intelligentinsurer.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance