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?