Total Loss in Boat Insurance?

Lots of colleagues and clients are asking what is the total loss in boat insurance? What damage can claim 75 % of total loss ? How claims are paid? Market value or Insured value? Before I continue with this article you may need Average Boat Insurance Rates or How to choosing the right company for your boat insurance rates.

Total Loss 
ITC ( Institute Time Clauses - Hulls ) guarantee losses " Actual " total loss or " Constructive " total loss due to risks guaranteed in clause 6.

Actual Total Loss 
Actual Total Loss can claim if :

1. the ship has been destroyed or damaged ( destroyed ) ; or 
2. the insured can not have re- ship ( irretrievably deprived ) ; or 
3. The ship has been declared "lost " 

For example total loss in boat insurance, the burning boat to be destroyed , crushed , drowned can not be taken again , or declared missing after not found more than 6 months since his last voyage.

Constructive Total Loss
Ships can be claimed " Constructive Total Loss " if :

1. ( a) the insured can not have re- ship ( deprived ) and the estimated cost to get it back is greater than the value they will ship when it was saved .
2. ( b ) The vessel is damaged such that the cost of repairs is greater than the price of insurance ( insured value)  

As set forth in section 60 MIA ( 1906) for example, vessel sink ( can be taken ) , aground , sinking , fire, collision , but the cost of repairs and the cost to get it back is greater than the price of insurance ( insured value)

What damage can claim 75 % of Total Loss in Boat Insurance?
Pay attention to clause 19  ~ CONSTRUCTIVE TOTAL LOSS

19.1 ~ In ascertaining whether the vessel is a constructive total loss, the insured value shall be taken as the repaired value and nothing in respect of the damaged or break-up value of the vessel or wreck shall be taken into account.

19.2 ~ No claim for constructive total loss based upon the cost of recovery and/or repair of the vessel shall be recoverable hereunder unless such cost would exceed the insured value . In making this determination, only the cost relating to a single accident or sequence of damages arising from the same accident shall be taken into account.

So if the cost of repairs not exceed 100 % insured value , then it can not claim Constructive Total Loss. I hope the article What is a Total Loss in Boat Insurance could be useful.

Travel Insurance

About Travel Insurance

When planning a trip, nobody wants to think about what might go wrong, but the reality is that things can go wrong even with the most meticulously prepared trips. Flights can get cancelled; luggage can get lost; and injuries can occur. Do you have a plan for those less-than-perfect vacation moments?Let’s read more information through the follow content.Let‘s read more information through the follow content.thanks for your patient reading,let us move on.
To make sure your vacation isn’t completely derailed in case something does come up, you may want to consider purchasing a travel insurance policy. It’s a quick and inexpensive way to protect your family and your finances so you can enjoy your travels worry-free.

Package Plans

Package plans are popular among travelers because they bring several types of coverage together into one policy.
Package plans typically include:

• Medical coverage
• Emergency evacuation/repatriation of remains
• Accidental death and dismemberment coverage
• Last-minute trip cancellation (due to illness, inclement weather, etc.)
• Delayed or lost baggage insurance (including reimbursement for the replacement of essentials)
• Flight delay/cancellation insurance (If your travel plans are delayed for several hours, the insurance company will cover hotel accommodations and meals while you wait, and make new travel arrangements on your behalf)
• Trip interruption coverage (If inclement weather, illness, or injury cuts your trip short, you’ll be reimbursed for the unused portion of your trip)
• Replacement of travel documents, belongings and money that is lost or stolen
• Legal assistance
• 24-hour concierge service (to help you find medical care, change travel plans, etc.)

Package plans are typically purchased by:

• Those traveling abroad
• Purchasers of vacation packages (where large, non-refundable pre-payments are required)
• People going on a cruise (due to both the large, non-refundable pre-payments and the distance from medical care)
• Business travelers
• Senior travelers

Travel Medical Plans

Travel medical plans provide emergency assistance, medical coverage and emergency evacuation for those traveling abroad. In fact, these plans can be purchased for years for those who will be travelling abroad for extended periods of time.
Travel medical plans are typically purchased by:

• Students
• Expatriates
• Businessmen
• Individuals who will be traveling outside of their country and the reach of their health insurance

Other Travel Insurance Options to Consider:

Annual – If you travel several times throughout the year, it may be cheaper to purchase annual insurance rather than a separate policy for each trip. This insurance typically includes medical coverage, emergency evacuation, baggage loss, and accidental death and dismemberment coverage. It does not usually include trip cancellation coverage, though it may be possible to add it.
Student – If you are a student with plans to travel abroad, look into student insurance for travelers. Policies can be purchased for both short trips and extended stays (up to four years) and are tailored to meet student visa requirements.
Business – If you take frequent trips for work, consider business travel insurance. It can be purchased for a single trip or on an annual basis. Coverage extends beyond the normal  insurance limits to include reimbursement for canceled conferences and trade shows and reimbursement for lost or stolen laptops, exhibits, cell phones and other work-related items.

Do You Need It?

This type of insurance may seem like an extra until you consider the problems that could arise while you’re traveling. Consider these examples:

Problems that Can Come Up	Why You Need Travel Insurance
Your daughter comes down with the flu the day before you’re scheduled to depart on your family vacation	You need to get back the non-refundable money that you put into your trip
You’re injured while on a safari, and can’t get the care that you need where you’re at	You need help arranging a medical evacuation and help with the related expenses
You hurt your back while out site-seeing in Paris	You need help locating an English-speaking doctor
While in Peru your wallet and passport get stolen	You need emergency money and help replacing your passport and credit cards
A hurricane forces an evacuation of the beach you’re staying at	You need to get back the money for the unused portion of your trip, and you need help making travel arrangements
Your luggage is lost, and your prescription medication is inside it	You need help locating your luggage and help getting your prescription filled quickly
You make it to Hawaii, but your luggage doesn’t	You need help locating your luggage, money for necessities while you wait for it to be found and replacement money, if it can’t be found
You break your leg, and can no longer go on your white water rafting trip	You need to get back the non-refundable money that you put into your trip

Where to Buy Travel Insurance
This insurance can be purchased from a number of sources. These include:

• Your current insurance provider (for auto, life, etc.)
• Online brokers
• Travel agents

For help finding a reputable insurance provider, refer to the U.S. Travel Insurance Association website. They maintain a list of members that are in good standing.

Before You Buy Insurance

Before you invest in a policy, do a full review of your existing insurance coverage. Many homeowner’s policies include property loss protection and liability coverage that travels with you, while many credit card companies offer medical assistance and baggage loss protection to customers who charge their airfare to the card. You may even find that your health insurance provider covers overseas medical emergencies. Explore your existing coverage to see where you stand. Then, buy a policy that meets your travel needs.
Before you sign on the dotted line, be sure the policy meets your needs.
Many policies exclude:

• Pre-existing conditions
• Injuries caused by high-risk activities like skydiving or scuba diving
• Travel to high-risk countries (due to war, acts of terrorism or natural disaster)

What You Can and Should Want for Travel in the New Year

Name some travel metrics that you would like to see improved for this year. Ideas typically fall into categories like this:

• A specific way to measure savings for domestic, international, or overall travel.
• Online or overall travel program adoption.
• A better handle on hotel and car costs and averages.
• Meeting travel cost assessments.
• The results of supplier deals.
• A drill down on many other expenses like ground transportation (taxi, Uber, sedan, meals, etc.).
• Satisfaction with your travel program or its parts.
• The quality of data, for example, how often the right project or department code is provided.
• Compliance in a few key areas.  

Travel Management Companies have a wide range of travel data to share on these topics and can and do share it often. This is travel-rear-view-mirror data that can be used to set up a dashboard. While it may be important to you as the person in charge of travel, how is travel impacting other departments and how will travel be impacted by other departments?  You should think bigger and there is more that you may want to consider for this new year.

How can we bring better results to our organizations by adding a few of these considerations to our dashboards? Examples may include:

• How is your policy on cabin class effecting employee retention? Does HR know?
• How is travel anarchy effecting staffing time and costs in finance to manage expense reports and process credit card statements? How is this impacting them?
• Does the travel program and its policies and procedures fall into alignment with the culture of our organization for managing large line items like Travel & Expense?
• Where is travel going to reduce or increase based on our business plan for 2015?
• Will the sales team travel more or less?
• Are we completing one project and adding some that will effect demand? Are certain projects increasing or decreasing in demand?
• Will our team be traveling to riskier parts of the world, do we think that travel is riskier overall, or will travel to risky parts of the world decrease and what should we do to comply with our duty of care commitments to employees? Does legal think all of our processes and procedures comply with our risk tolerance for doing business?

So what will be important to travel and the company’s business plan for 2015? Which of all of these items belong in your dashboard? Let’s face it, we are all stretched and want to leverage our time by making the minimal investment to get the maximum return. So really assessing what can and should be in your dashboard can help leverage your time and deliver results that you can focus on for the maximum impact. Data is not better by the pound. Its quality over quantity. “Measuring what matters” can bring improved results for the new year!

What will be the most important data for you to measure this year?

What Does “Open Booking” Mean and How Will It Evolve in 2015?

In 2009 corporate booking tools were just starting to gain traction. Get There, Reardon, Cliqbook were the major players. Since then, these tools and concepts have matured and now some 40 plus percent of corporate travel bookings flow through online booking tools.  Concur has matured the technology to integrate expense management with travel management and is now a power player (they were recently purchased by SAP), who not long ago introduced the concept of “open booking”  the ability to manage travel while letting employees book where they prefer, but still capture all travel related expenses on a single platform. From what I see, the early hype around open booking hasn’t been matched by rapid adoption. So where will it go in 2015? Market research firm PhoCusWright predicts that open booking will gain momentum particularly in the Moderately Managed and Lightly Managed segments. I believe that PhoCusWright is spot-on with its prediction but that raises the all-important question: to what extent?

 

As someone who believes down to my very soul that Travel and Expense (T& ) needs to be managed and supervised even more than most top line items, the tools coming into the market can, will, and should help achieve this concept - not replace it. At its most basic level, I believe that organizations will embrace open booking if it can help them effectively manage travel, with greater flexibility and at a lower cost. The value of these tools all starts with good data. For managed travel to work, we must first solve the challenge of full data capture. If employees are occasionally allowed to book through any channel they prefer, there must be a way to bring all of that data together in a consistent, real-time format.

Current popular solutions rely on travelers to forward their confirmation emails via alternate sources to a data aggregator, like True Trip or Trip Link (solutions associated with TripCase and Concur). These emails are then parsed and converted into useful data for reporting and other purposes. I believe that 10% of the lightly to moderately managed market will pay to subscribe to these tools. When they do, and they get everyone to forward emails to it, the evaluation can then begin. The travel manager can determine if they have in fact found a better value (as they often claim), where all travelers are, if they have gone outside of their TMC for a legitimate reason you can approve in your travel policy moving forward, if and when preferred supplier agreement should have been used, etc. Together with their TMC, some of these customers will consider this enhancement and work through these types of evaluations if they choose to manage travel at a higher level.

By nature, organizations considering open booking will tend to have more relaxed cultures. However, that doesn’t mean that they want a T&E free-for-all. Open booking solutions can provide support in this area if these tools are used and under the intent of even more tightly managed travel.

Note: Challenges exist and in a future article we will address how these and new technologies and methodologies are beginning to address these issues. It’s no surprise that this method has gaps that include: road warriors not forwarding their emails to these data aggregators, preferred supplier agreements cannot be used or credited when travelers book outside a managed system, how to support these reservations not made by the TMC - even if the TMC can see them, they don’t own them so making changes, cancelling, and receiving updates to flight changes and other services provided by your TMC have to be a more manual process - and how to measure the impact of time when travelers go outside the system to report on and reimburse these expenses.

Insights into the Job of the Travel Manager

I am often asked by executives what Travel Managers do as they have never seen one. The study, “A Day in The Life: The Role of Travel Managers,” sponsored by Sabre Travel Network, surveyed more than 700 North American and European Travel Managers and looked at the role of the Travel Manager, the value these managers bring to their organizations and a potential evolution in their role in the near future. I felt this data was useful in explain what someone in charge of this sizeable line items does and how some of these objectives could be built into the job description of someone who does this full or part time. This data can also be useful in setting goals for someone in this role.

When asked about their current responsibilities, the study showed Travel Managers are pulled in many different directions.  The vast majority of Travel Managers cited procurement-related activities (e.g., evaluating and negotiating with preferred travel service providers and obtaining and managing contracts with their providers) among their daily tasks. Travel Managers also are frequently responsible for activities related to managing internal and external stakeholder relationships, developing and monitoring programs and policies, as well as other areas such as evaluating technology solutions and applying business analytics. 

 

“As it’s done in so many industries already, technology will transform the role of the Travel Manager over the next few years,” said GBTA Vice President of Research Joseph Bates. “Thanks to the automation of so many processes, Travel Managers will be able to expand their role and further demonstrate their value.” 

 

“New software and services are rapidly changing the way companies manage all procurement categories, and travel is no exception,” said Greg Webb, President of Sabre Travel Network. “Strategically-minded travel managers are achieving superior results by using more sophisticated technology and hiring more tech-savvy team members. We see this shift in the research and among our clients.”   

 

Additional key highlights of the report’s findings:

 

Travel policy compliance represents the biggest challenge for Travel Managers, both in ensuring that the travelers follow company policy as well as obtaining senior leadership buy-in for new policies. Additional common problems include keeping costs down, managing globalization, using data to direct decision-making, and keeping up with technology advancements available for travel.

 

In addition to technology, Travel Managers also expect to see an increased reliance on data and analytics to make decisions, further globalization of travel programs and an increased focus on safety and security in the next three to five years.

 

While the majority of Travel Managers are currently being asked to calculate company savings from having a managed travel program, quantifying it has proven difficult. Quantifying company savings, both financial and non-financial, stands to further showcase the value Travel Managers bring to their organizations.

7 Questions to Ask Before you Loosen the Reigns on Travel

There has been buzz recently in the world of corporate travel management. Studies show that more employees are “going rogue”. And while travel managers know this isn’t a good thing, they often lack the data to make the case for a more managed program. Millennial workers spend more freely and travel spend is a costly line item. Should you let them spend freely or not? Adopting a completely ‘unmanaged’ travel policy can be fiscally irresponsible as major value can be found in managed travel solutions: negotiated rates, duty of care, customer service, policy enforcement delivering better value, and data aggregation speeding reimbursement. Before you consider loosening the reigns, here are seven things to ask:
 

1.      What is your company culture on the subject of the procurement of anything? From travel to computers to office suppliers. Do you let people do whatever they want?

2.      Do your employees already do a good job managing their travel? Most companies I visit who don’t manage travel well don’t know this answer. Comparing your results against national averages or other companies like yours or even comparing the results of those inside and outside your travel procurement system can help determine the opportunity to make a systemic change or not.

3.      Does your travel volume justify preferred supplier agreements that can be leveraged for air, hotel, car and more? You may be leaving substantial dollars on the table by not having such a program.

4.      Have you evaluated the risks of not knowing where all of your people are at all times and not having support systems in place to ensure a level of “duty of care”? You want to keep all of your people safe from medical, security, legal, reputational and travel risk.

5.      Do your employees very clearly understand what the best value means to your company - or just themselves? Clarifying what the best value means makes a big difference. It may also vary per project they are working on. The best nonstop, best price out of their favorite airport, best value on their favorite airline, etc. Defining these expectations with reasonable thresholds in your travel policy makes a big difference.

6.      Does booking outside of a TMC cost your company more time to process expenses, budget, reconcile the credit card, get reimbursed etc.? Consider all of the costs.

7.      What is the cost of change? Business trips change often; personal trips do not. When changes happen, employees may have to spend more time away from their real duties getting routed or changed, change fees and cancellation costs unnecessarily appear in your budget, delays and changes make your people less productive at work as they arrive late for meetings. The right support could improve productivity of those traveling.

 

Many times travelers don’t see the value of your system to manage travel. Defining what it should be and reporting the opportunities and results can justify such a process

Improve These Four Things to Save Big on Travel in 2015

I see a lot of articles, especially around this time of year, about how to save money on travel. They often suggest a certain website, a certain day to book, and other creative approaches. While I don’t dismiss all of these thoughts, these articles are often geared toward individual travelers. In my experience, the best way to get savings results for organizations is by doing some basic blocking and tackling. If you simply focus on these four things and manage them extremely well within your travel program, you will get the best value.
 

1.      Leverage Deals. Most companies can have some sort of preferred supplier program. It may be a car deal, airline rewards program for the company, a contractual discount, or hotel agreements with your most frequented properties. Knowing what you spend, using the data to ensure you have the best deals with the right suppliers (a good account manager from a TMC should help you), and directing your people to those deals in all the right situations will help you win.

2.      Expand considerations. Three things should be of concern: (1) Not every site delivers all potential suppliers and fares; (2) Some are set to be wildly biased to their preferred suppliers; (3) Some sites are wildly biased to the traveler - it knows what the traveler likes and pushes that to him/her in a way that makes it hard for them to consider everything they should. Yikes. Make sure you direct travelers to a unbiased tool or tool that is biased to the company’s preferred suppliers. Not doing so will drive costs up.

3.      Enforce policy. Most organizations direct their travelers to fly coach, except in a few extraordinary circumstances. Do you dictate which coach fare? For example, should the traveler take the full coach ticket to LA for $1,200 or the same basic routing for $285? Policies so often fall short in defining thresholds over which travelers should consider other options. An alternate airport or time, a connection, or the travelers non-preferred airline may need to all be considered. Your culture should respect convenience but within some reasonable limits that are well defined. Call it, name it, police it (see below).

4.      Pre Trip. If and when- and it will happen- someone wants a fare that is outside the value policy the company put in place, have a system to say yes or no with the right data to make the right decision. TMCs have people and automation to make this happen.

 

Do these well and make the most of your travel dollars. Work with your team to make the right decisions to enforce so you have the data and buy-in that makes it work.

 

To learn more about how to get the best value on your Travel and Expense, register today for our March 5 webinar entitled:  A travel insiders guide to getting the best T&E value in 2015.