Green building

By means of green building, consumers can benefit financially as insurers offer discounts on insurance coverage for green building.  The process of building this way is therefore environmentally responsible.   Eco-friendly construction is putting up structures that are beneficial for the environment. They are resource-efficient.  The construction thereof is energy-efficient.

Buildings often have a negative impact on our environment and our natural resources.  Responsible insurance carriers are happy to reward clients with discounted insurance coverage.  Negative aspects of energy waste include transporting materials hundreds or thousands of miles to building sites. Poorly designed buildings emit hazardous chemicals.  These chemicals are trapped inside the buildings affecting the health of the occupants.

Good building practice includes rammed earth construction.  This  also involves clay-based materials mixed with water.  This is rammed into a solid wall form.  Straw is a great insulator and bales of straw are used as the central structure of the house.  When compressed, straw is fire-resistant.

Other positive features are:

The use of solar panels for water heating; the collection of rainwater for garden use and the re-use of grey water; low energy light bulbs; cellulose insulation; lead-free paint; locally grown and harvested timber from sustainably managed forests.

Green building projects are increasing in popularity.   Between 2008 and 2010, green building projects increased by 50%.  They are projected to top $135 billion by 2015.  Owners of green buildings see higher property values.   Little changes are insulating water pipes. Bigger changes are installing solar panels and alternative water systems.

The return on investing in green building techniques now goes beyond good feelings and lower utility bills.  Green buildings may have more upfront costs than conventional but also have a lower overall risk.   Eco-friendly construction reduces risk and energy efficiency raises a building’s economic value.  Instead of costing building owners more to ensure new and complicated green additions, insurance rates actually decrease for green buildings and improvements.  Green buildings are safer and more resilient than conventional buildings, resulting in lower overall risk to insure.

Instead of costing building owners more to ensure new and complicated green additions, insurance rates actually decrease for green buildings and improvements.  Discounts on green insurance products are justified by safety data linking reduced emissions with accident and damage mitigating behaviour.  Green buildings are safer and more resilient than conventional buildings, resulting in lower overall risk to insure.

Two types of insurance are offered for green building.  The first, offered to conventional building owners, is a green-rebuild policy.   Another policy type, offered to owners of already-green buildings, insures existing green modifications against loss.

After years of inertia, the $16 trillion industry has begun to address climate change with mandatory risk disclosures and more products to help businesses and individuals reduce energy use.  In March, insurance regulators adopted mandatory climate-risk disclosure standards for insurance companies with annual premiums of $500 million or more.  These standards require the firms to report to regulators and investors the types of payout risks they may face due to climate change.

Insurance for green building are rapidly gaining traction in the marketplace.  Fireman’s Fund Insurance Co. offered the first commerrcial green policy.   Now several large companies offer insurance coverage for green building.  By 2009 over 22 companies offered 39 insurance products related to green building.

In the case of a loss, Fireman’s Fund Green Certification covers a rebuild to one level higher than pre-loss certification level and offers broad coverage of alternative green technology including vegetated roofs and underground water recycling systems.

Policyholders with Energy Star buildings are also eligible for a 5% discount.  Fireman’s Fund also covers lost tax incentives and utility discounts and, when losses exceed $10, 000, pays for a commissioning agent to oversee repairs and verify replacements.

Travellers Insurance Company provides an add-on Green Home Upgrade to its current policies and gives a 5% discount for homes already LEED certified.  Small businesses also qualify for additional green enhancements up to 5% of the total los

Although there are benefits to “going green” in the construction, development and operation of buildings, there are also risks unique to green building that will test the boundaries of coverage under typical liability insurance policies.

  Part of the appeal of green building is its self-sustaining nature, and there are few better examples of those types of measures than vegetative roofing and alternative power and water systems.

 

 

 

Other driver

You may be driving below the speed limit. You are obeying the traffic signals. Another driver ploughs into your car. In each instance, it does not necessarily mean that the other driver’s insurance company should pay your medical and car repair bills.

The small details of the accident matter. Rules vary from one state to another.   There must be proof of negligence for the other driver to be liable.

Attorney Benjamin Zimmerman is a partner with Sugarman & Sugarman, a firm of attorneys in Boston. He claims that if negligence cannot be proved, then you cannot win the case and if you cannot win the case, insurance companies know that and therefore will not pay.

An important aspect of a successful claim is to prove the other driver is at fault.

In states with no-fault auto insurance systems, your own insurance generally pays for your medical bills. This is regardless of who was at fault.

In New Jersey it is illegal to operate a motor vehicle without liability insurance coverage. In some jurisdictions. liability coverage is available either as a combined single limit policy, or as a split limit policy. Virginia does not require that the other driver carry car insurance.

There are instances when the other driver’s insurance company may refuse to pay out, even if you think it should pay out.

A sudden incapacitating medical event is a defence.  It is more common than people might think. The other driver may have a heart attack or stroke.  The person may not be liable if he loses control of the vehicle. If this person was aware of his medical condition, he should not have been driving a car.  He is therefore liable.

Another example is that of a pregnant woman who hit a car. The attorney managed to establish that the pregnant woman had enough time to pull to the side of the road safely. This could have happened before she was feeling flushed and fainted. Her insurance company then had to pay his client’s claim.

A collision from a fire truck racing to an emergency: The standard for proving that an emergency vehicle driver was liable is much higher than the standard for other drivers. Local and state jurisdictions have varying rules and timelines for filing claims against them.

 Most emergency vehicles enjoy immunity from liability for negligence.

If the other driver hits you because of an accident with a hit and run driver, you may be able to claim under your own uninsured motorist coverage. A driver is a criminal in all states in the USA if he fails to stop. The police must stop to provide immediate assistance.

However, when a thief takes a car, there is no permission or consent. Therefore, the car owner’s insurance will not pay. If the thief was caught and he had a policy. Hence his insurer would also not pay because insurance does not apply to criminal acts. You could sue the thief, but the chances of recovering any money damages are minimal. The car owner may be found partially liable if he did something negligent, which led to the theft.

There are instances when an accident occurs which is nobody’s fault. A deer may jump out in front of a vehicle causing it to hit someone else. A driver could be partially liable if he was exceeding the speed limit.

Certain states have comparative negligence laws when liability is calculated on a percentage basis. One party may be 30 per cent liable and the other party 70 per cent liable.

Comparative negligence laws dictate how the responsibility for an accident will be shared between the parties directly involved in an accident, where bodily injury or property damage was suffered.

The insurance company will make the injured party an offer based on what it believes to be the amount of negligence of its insured. The insurance company may interview the involved parties, including witnesses, and may also review the accident report in order to determine the amount of the offer.

An insurance company may believe that its insured was not more than 50% or more at fault.  They may not offer to pay any damages for the loss. The other driver may negotiate with the insurance company until a settlement is reached or until the two parties reach an impasse.

If a settlement cannot be reached, the courts make the final determination of comparative negligence.

Wildfires

Fires in California’s wine country started on 8th October 2017. At least eight of the state’s counties experienced the worst wildfires in California’s history.

Forty-three people died.  This included that of a firefighter. This death toll is also the largest loss of life from a single wildfire in California.

The Department of Insurance has stated that losses are expected to be more than $3.3 billion.  14700 families lost their homes.   Furthermore, fires destroyed businesses and vehicles.  Fifteen major insurance companies will cover these financial losses.

Insurance companies will not want to ensure areas previously considered low-risk for fire damage.  The insurance companies update risk models.

Especially noteworthy is that The California Department of Insurance has stated that insurance companies are not allowed by law to increase rates as they wish. Higher rates must be requested from the Department.  The Department presents Data history.   Raising rates or cancelling fire policies of citizens who have damaged or destroyed properties is furthermore against the law.

According to Nicole Ganley from the Property Casualty Insurers Association, insurance companies plan for fires in California. The firms prepare for such occurrences. An amount of $700 billion is available in case of wildfires as well as the backing of re-insurers.

According to Ms Ganley, even with sufficient history, it would take many years for wildfire insurance increases to trickle down to consumers.

History affects insurance hikes.  Does the home have a sprinkler system? Has the homeowner cleared vegetation away from the residence?

Insurance firms in California use a system called Fireline from Verisk Analytics to determine the risk to insured properties. The three factors are: –

* Fuel – nearby grass that can fuel a wildfire;
* Slope – steeper slopes  that can boost the speed of wildfires;
* Access – are firefighters able to reach the property with ease?

Drones

U. S. companies are urging federal aviation regulators to speed up the use of drones in disaster response and relief operations in the United States.

The consulting firm’s 32 Advisors propose the use of drones for various purposes.  These range from response planning and damage assessment to supply delivery.

The view from above is key for humanitarian response, which explains why satellite imaging has played a pivotal role in relief operations for almost two decades now. Satellites do however present a number of limitations. These include cost, data sharing restrictions, cloud cover, and the time needed to acquire images.

In contrast, drones can capture aerial imaging at a far higher resolution. They move quickly and at a much lower cost. Unlike satellites, members of the public can actually own drones. This therefore means that disaster-affected communications can launch their own drones in response to a crisis.

Groups like SkyEye in the Philippines and CartONG in Haiti are actively training local communities to operate their own drones for disaster-preparedness purposes.

Public comment is scheduled for April 24, 2015. The 52 page report is sponsored by companies that are involved in drone technology.  They thus hope to use the devices to cope with hurricanes, earthquakes, wildfires and other disasters. The sponsors include Boeing Co, Lockheed Martin Corp, United Parcel Service inc, IBM Corp, Willis Group Holdings Ltd and Zurich North America.

 The United States officially banned drones for civil and commercial use. This is unless the operation wins FAA approval under a process that many have found to be too slow. The proposed rules finalised late 2016 or early 2017.

More than 1700 migrants are believed to have died attempting to cross the Mediterranean from North Africa to southern Europe this year.  800 deaths occurred in one incident mid-April. The International Organisation for Migration has warned that the death toll could exceed 30,000 by the end of the year. The team conducted test flights at a simulated disaster city at Texas A&M University. Using infrared cameras, the aircraft could spot people trapped in the rubble.  They relayed these images back to humanitarian response teams for more effective delivery of aid.

Drones identify structural damage to buildings.  Insurance companies help victims with insurance claims.  However, the researchers found that for drones to be effective in such missions, they need to get into the air within 24 hours of a disaster.

Small marine machines cleared underwater debris after the Haiti earthquake in order to allow aid shipments to arrive.

Off-shore oil rigs use drones.  Machines can assist with raising the alarm when workers fall overboard.

Insurance Riders

You’ve worked out how much life insurance you need.   A collection of life insurance policy add-ons, called Insurance riders, must be considered. Insurance Riders can give policyholders additional benefits.

Insurance Riders increase peace of mind because if something goes wrong, there is a Plan B.  When you buy life insurance, available Insurance riders vary by insurance company.   Costs also vary and depend on many factors, including your age, health and type of policy.

1.  Waiver of Premium Insurance Rider:

A waiver of premium rider usually associated with life assurance may be inserted into a policy at an extra cost.  The policyholder must have been disabled for a specific period, for example, six months.  Other requirements may be necessary such as the state of health of the policyholder and must be below a certain age.

2.  Disability Income Insurance Rider:

This is one of the most common insurance riders and one that may be particularly important to younger policyholders (typically, those under 40).

 Some insurers make this rider available through age 50.

You collect a regular income from the insurance company if you become totally disabled and can’t work.  The policy specifies the amount of the income.  Furthermore, whether it’s paid for a certain amount of time.  Some disability income riders pay out only if you become disabled from an accident. Others pay on accident and sickness.

3.  Guaranteed Insurability Insurance Rider:

This rider provides specific dates on which additional life insurance policies can be bought.  Usually, the older the insured gets, the fewer dates the policy owner has to purchase more life insurance. (http://www.lifeinsurancewiz.com/LifeInsurance/LearningCenter/guaranteed.htm) This rider lets you purchase additional life insurance at a later date without undergoing a medical exam or providing any evidence

4.  Term Conversion Insurance Rider:

Provides coverage for a certain period of time, such as 10, 15 or 20 years.  Permanent life insurance, such as whole life or universal life, provides coverage for your entire life, so your beneficiary receives a benefit no matter when you die.

This insurance rider lets you convert term life insurance into permanent life insurance without undergoing a medical exam.  It is especially attractive to young people starting careers and families who need life insurance but don’t have enough money yet to secure all the coverage with permanent life insurance, which has higher premiums than term life. There will be a deadline for when you must

There will be a deadline for when you must convert if you want to change the term policy to permanent life insurance without providing health information.  Understand the convertibility features before you buy.

5.  Accelerated Death Benefit Insurance Rider:

Accelerated Death Benefit Rider has become standard in the insurance industry. It is usually included automatically for free or offered at nominal cost.  This insurance rider lets you collect a portion of the policy’s death benefit if you become terminally ill with a short life expectancy, such as one year.  The policy spells out how much of the death benefit is available before death.  Usually, its capped at $250 000 to $500 000.  You can use the proceeds for anything, such as paying medical bills or living expenses.  Even though the insurer offers the rider free, the company may charge a fee if it is exercised.

6.  Critical Illness Insurance Rider:

A rider added to a life insurance policy to protect the insured against financial loss in the event of a terminal illness.

The insurer pays a lump sum if you’re diagnosed with any of the critical illnesses specified in the insurance policy, such as cancer, heart attack, coronary artery bypass, major organ transplant, stroke, kidney failure. (http://www.moneycontrol.com/glossary/insurance/critical-illness-rider_333.html).   Instead of reimbursing you for medical expenses, the way health insurance does, the rider provides money to use for any purpose during the course of the treatment.

Instead of reimbursing you for medical expenses, the way health insurance does, the rider provides money to use for any purpose during the course of the treatment.

7.  Child Protection Insurance Rider:

All emotion must be set aside when considering a child protection rider.  Although the death of a child typically would not result in income loss, as would the death of a spouse, the tragedy still would have financial consequences which could be an additional hardship for a bereaved family.  This term life insurance rider provides coverage for final expenses in case the unthinkable happens.  The coverage generally can be purchased in units.  Basic information about the child’s health is required for underwriting.

 This term life insurance rider provides coverage for final expenses in case the unthinkable happens.  The coverage generally can be purchased in units –  for example $1000.  Underwriting requires basic information about the child’s health.

8.  Accidental Death Benefit Insurance Rider:

If you die from an accident, this rider provides an additional benefit on top of the policy’s regular death benefit. The option is often referred to as double indemnity when the additional payout equals the original death benefit.  Sometimes the rider also includes additional payment for dismemberment.  You would collect money if you lost a limb or your sight.  Life insurers will consider your occupation and hobbies when determining premiums.

9.  Return of Premium Insurance Rider:

If you live to the end of the term, in exchange for paying the premium, in most circumstances you get all your money back. Some companies use a separate rider where others, like ING, write the return of premiums benefit into a basic policy.  You pay a higher premium for the opportunity to get your money back.  The big question to consider.  How does paying the extra cost for the return of premium rider compare to investing that money and buying a basic term policy instead? To find the answer, subtract the annual premium for a basic term policy from the annual cost of a return of premium policy.  The difference is how much you would have to invest each year during the insurance term.  Then calculate what annual rate of return you’d need on that money to beat the amount you’d get back from a return-of-premium policy.

Conclusion:

There is no one-size- fits- all answer to whether any of these Insurance riders are right for you.  You’ll need to weigh policy options to find the best package for your needs. (http://www.foxbusiness.com/personal-finance/2011/05/25/useful-life-insurance-riders/)

In some cases (depending on age, sex, tax bracket and other factors), you’d need to get more than a 7% rate of return on your investment to beat the return of premium policy

Rideshare drivers have insurance options

 Uber Rideshare drivers are covered by Uber insurance. While the app is turned off, you are covered by your personal insurance.  While the app is on, however, and you are waiting for a client, you are covered by neither.

In some cases, personal auto insurance policies are being cancelled. This happens when the insurance companies become aware that the driver works for Uber or Lyft. Therefore they are left with no personal auto coverage.

Consider this:

A person pulls up an app on their phone, types in the position where they are and need to be taken and orders your car. You drive to fetch them.

While you are driving you look at your phone to ensure that you are driving in the right direction. You hit a car whilst your attention is on your phone. It is not a big accident however bad enough that the other driver calls the police. You have to cancel your pick-up.

The police arrive.  You were driving for Uber. The police record your details. You submit your claim.

Your insurance company calls you. You drive in “rideshare”. As a result, your claim is denied. You are responsible for your own car repairs.  Furthermore, you must pay for the damage caused to the other driver’s car. Fortunately, nobody was injured.

The car insurance company then cancels your policy.

You contact Uber to find out if their insurance policy is going to cover the damage. Unfortunately not, says the receiver of your call. They state that as you did not have a passenger in the car, they are not liable for damages.

Lyft, Uber and Sidecar would prefer that you think of them as technology companies. Uber wrote in a legal finding with the CPUC (California Public Utilities Commission):-

Uber operates no vehicles and does not hold itself out or advertise itself as a transportation service provider. In fact and law, Uber does not provide transportation services of any kind and does not own, lease or charter any vehicles for the transportation of passengers. On the contrary, Uber is a technology company that licenses the Uber App to transportation service providers. The transportation service providers pay a fee to Uber to use its software technology; the passenger of the transportation service provider pays the transportation service provider for transportation received.”

Irma

Residents will pay a large proportion of the catastrophe caused by Hurricane Irma. The Consumer Federation of America made this statement.

Insurers have therefore developed higher wind coverage deductibles.  Paperwork obscures payouts.  However, many consumers do not read or do not understand the documentation.

There will be about 300,000 claims for wind damage and 150,000 flood damage claims in the future.  These claims could reach more than $40 billion.

There are “anti-concurrent causation” clauses in policies.  Wind damage is excluded. This is the case if an “uninsured flood” occurs simultaneously.  Wind coverage disappears through a hidden backdoor in a policy.
The National Flood Insurance Program has $1.5 billion to assist in paying claims, as well as $5.8 billion in borrowing authority. $250,000 is offered for structural damage and $100,000 for damaged or lost contents. The residents need to survey damages as soon as possible. The policy of the NFIP is first to come, first served.

Insurance companies will use drones to assess damage as the use of insurance adjusters is very costly. Furthermore, this will speed up the payment to the Irma hurricane victims.

Two percent is the usual deductible of the insured value of a residence. Therefore on a $300,000 home, the deductible would be $6,000.  This amount is payable before an insurance company will pay out any amount to the insured.

Victims of Irma need to know that the comprehensive section of their auto insurance also covers flooding.

President Trump issued the following for Florida i. e. to provide temporary housing and give financial housing for home repairs.  grants to be made available to assist with medical, dental and funeral transportation.  Furthermore, relief to be provided regarding unemployment for up to 26 weeks for state benefits.
Loans at low-interest rates to cover losses not covered by insurance.
Crisis counselling is available.