|Insurance has become an integral part of human being. It is also a very important part of financial planning. Insurance company offers Insurance policies to secure health, travel, trade, business, vehicle, home etc. The Insurer pays for the financial damages in case of any harm to the Insured person or object. Insurance not only ensures financial stability but also reduces stress during difficult times. Definitely, Insurance survives us from financial hardship in case of any unexpected situations.
|TYPES OF INSURANCE
|Health Insurance is a type of insurance that covers the medical expenses. It pays for medical, surgical, pathological, hospital and prescription drug expenses. Depending on the health insurance plan chosen by the policy holder can get coverage for medical expenses. Health insurance can either reimburse the insured for expenses or pay the care provider directly in a cashless form.
|Life Insurance is a type of Insurance that covers person’s whole life. Insurer pays a sum of money in exchange for a premium, upon the death of an insured person or after a set period. The insured person pays premiums whereas Insurer provides a Life Cover. It secures insured person’s future by paying specific amount in case of an unfortunate situation. Maturity Benefit is provided to the insured person in some policies.
|Property Insurance is a type of Insurance that protects the physical commodities and appliances of home or office. It protects against any loss from theft, fire and any other dangers. It includes homeowners insurance, renters insurance, flood insurance, and earthquake insurance policies. Property Insurance is considered as a roof that proffers a combination of covers through single policy.
Auto Insurance is a type of Insurance that protects your vehicle against an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as per the terms and conditions in your policy. The value, the type and the age of vehicle are also taken into account in claim process. Popularly, Auto Insurance is known as Vehicle Insurance.
|Liability Insurance is a type of Insurance that protects business and individual from risk that they may be held legally or sued for negligence, malpractice or injury. The level of coverage you need depends on the type of business you run. It also covers reputational harm or errors in your advertising. Contractual liabilities and intentional damage are usually not covered as part of this policy.
|Travel Insurance is a type of Insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling. Travel Insurance is usually taken from the day of travel till the time the traveller reaches back. It provides comprehensive coverage against things that are likely to spoil your trip.
|Fire Insurance is a type of Insurance that provides coverage against incidents of fire, lightning, explosions etc. It covers the cost of repairing or replacing damaged property. This coverage also includes personal belongings and any expenses for lodging and meals. Definitely, Fire Insurance provides protection for the people whose life or livelihood is affected due to property damage.
|Marine Insurance is a type of Insurance that covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between two points. Marine Insurance is necessary for all kinds of commercial and transportation purposes. Cargo Insurance is the sub-branch of Marine Insurance. It was the earliest well-developed kind of insurance.
|HISTORY OF INSURANCE
|HOUSTON MARITIME ATTORNEY