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Archive for August, 2012

A Guide to Park Home Insurance

Thursday, August 30th, 2012

A park home can be a trailer, or a manufactured home that is on a permanent foundation in an RV park, or trailer park. These are similar to what you would recognize as a trailer home, but they don’t have wheels or a tow tongue on the front end. A manufactured home is a home that is put together at a warehouse facility, transported on site, placed on a foundation, then permanently sealed. They are available from single-wide models, to as large as triple wide, and can be just as nice as a home that is created from scratch.

Park home insurance is similar to homeowner’s insurance, with a few differences. Regular home insurance usually is for homes that are built with foundations integrated into the home, or basements. You will have a hard time getting this insurance for park home models, because they are not on what would be considered a permanent foundation. However you can get the same coverage with park home insurance that you would with a regular home insurance policy, and they can also cover the separation of the home from the foundation, or if it comes apart at the seams.

Just like regular insurance for a home, you need to shop around for the best rates on park home insurance. You also need to have extra coverage for areas that are prone to flooding, hurricanes, and tornadoes, as well as any other adverse weather conditions. You should also make sure your policy covers any outbuildings, storage units, whether attached or not, as well as you skirting, balconies, and any fences and gates that is included with your park home model.

Just like insurance for a regular home, you need as much coverage as possible, for any kind of electrical fire, as well as the furniture and other valuable items in your home. There are several well know insurance agencies available that cover park homes, manufactured homes and bungalows, whether you are a first time homeowner, or someone who is retired and living the good life. The fastest way to get a quote is of course using websites online, and you can get several different quotes right away, with just a few general questions. Be wary though, because you will probably be inundated with emails, and phone calls from many different companies, even after you have chosen a company for your home’s policy.

You can find the right park home insurance, with a little patience. You should write down the type of coverage you need, what you are willing to pay for it, and what kind of deductibles you are willing to have. Having a higher deductible will give you a better rate, but if you live in an area where there are weather problems, you may want to go with a lower deductible, just in case. Another thing to consider is paying for the policy all at once, you may be able to get a better premium, and if you can’t pay all at once, then consider having insurance payments taken directly from your bank account. You may also get a discount, and you will not have to worry about missing a payment.

Parkwise is a trading name of Caravanwise Limited a specialist insurance intermediary founded in 1998. Until 2011 they only did insurance for touring caravans, static caravans and motorhomes but decided to transfer their motorhome business to concentrate on property insurance rather than motor. They set about searching for other markets where their expertise would allow them to offer clients an excellent service. Residential Park Home insurance is the first of these.

The Role of Shipping Insurance for Cargo

Monday, August 6th, 2012

As with health, automobile, and life having good insurance coverage is important. The uncertainty involved with international shipping also requires that competent insurance coverage be contracted. Once “insurable interest” has been proven, meaning there is no question as to who the goods belong to and that financial loss will occur in a case where the goods were damaged or lost during transport, then the insurance policy is binding and valid.

The responsibility of the international shipping company in regards to the cargo they are transporting varies according to international conventions. The true value of the goods is not always covered by the policy. The actual value that is protected will end up varying from country to country. So it is prudent to thoroughly check what the laws are in the countries you are moving from and to.

Contracts of Sale and Insurance

The most common risks that occur in international shipping are damage, delays (which include customs and quarantines), and complete loss of the cargo. How these risks are settled between the buyer and the seller of the insurance policy should be explicitly detailed within the contract using what is called Incoterms. Incoterms are a internationally recognized set of trading terms which define exactly when costs and risks change from buyer to seller and vis-a-versa. In fact, the Incoterms detailed in the contract will have a direct impact on the cost of the policy since the more risks that are assigned to you, the more insurance coverage you will need to recoup your losses in case of an event.

For example in Ex-Works, or EXW contracts, the seller of the merchandise is recognized as having delivered the goods once they are made available for pick up at his factory. The responsibility for insuring the merchandise falls on the buyer from that point on. With Delivered-Duty-Paid, or DDP contracts, the exposure to risk remains on the seller until the merchandise has arrived at the location designated by the buyer free from all import duties and regulations. Therefore, the seller will need to contract an insurance policy until that point.

Although, there is no obligation to buy an insurance policy when executing a EXW and DDP contract. Only the Incoterms CIF, Cost Insurance Freight, and CIP, Cost Insurance Paid, require an insurance contract, and in both cases the obligation falls on the seller.