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Wednesday, July 22, 2009

MARINE SURVEYS

MARINE SURVEYS You've heard the old adage, "an ounce of prevention is worth a pound of cure?" In many cases, the initial expense of a marine survey could prevent a substantial loss. Marine insurance is one good form of protection for boat owners against accidental loss. Unfortunately, statistics show that most yacht losses are due to defects, and problems which can be discovered and prevented by a quality Marine Survey. Safe, and sound boats are good insurance risks that help both boat owners and insurers--ultimately reducing premiums for boat owners, and assuring profitability for insurers. A renewal of the Marine Survey should be required periodically; most insurers request surveys every five years. This will help ensure that the vessel continues to be kept in fair condition. The value will be re-assessed so that the amounts of coverage and premium can be adjusted. A Marine Survey is a general view, inspection or investigation of the condition and value of a vessel and all of its parts. This should not be confused with a Marine Appraisal, which is performed after a vessel has sustained some damage. A Marine Surveyor is a person professionally engaged in performing Marine Surveys, qualified to give expert opinion, suggestions and recommendations concerning vessels and all their parts. Our Surveyors determine an accurate value of the vessel in its present condition, which allows the owner to carry a suitable amount of insurance. The survey also provides thorough identification of the boat, improving the chances of recovery if the vessel is stolen. Most importantly, the survey ensures that the vessel meets the current Coast Guard safety equipment standards and reveals mechanical and structural defects which could pose safety threats. Boat owners may wish to have a survey conducted as an aid to selling their boat; prospective buyers may request a survey as proof of value and safety. The Ontario Marine Surveyors Association (OMSA) provides standards of professionalism and ethics in this field. OMSA surveyors have proven experience and expertise; OMSA accredited marine surveyors (A.M.S.) are established throughout Ontario.

Tuesday, July 07, 2009

insurance : security to risky life

Human Life is full of risk . We can't aboid the risk completely, but they can be reduced . Risk comes from uncertainity . Every invidual and organaization want to be protected from the risk . They want to save the life and property from accidental losses. The only way for minimizing the loss caused from such uncertainiy events or accident is throught insurance. Insurance heresi a contract between two parties one assures compensation for the loss where the other wants to be assured of compensation for loss. For this puepose the owner of the property has to pay a certain amount at regural intervals in the form a premium. Thus , insurance is the contract between the parties for compensation of the loss caused by uncertainity against the prepaymentof premium.It si just way of sharingthe risk among peorson who are ex posed themselves against that risk and risk can't be avoided. Edwin W. Payyerson says " Insurance is a contracts by whcih one party for a compensation called premium , assumes particular risk , while the other party promises to pay to him nominees a certain sum of many for aspecified contingency. " so be secured by knowing insuracne .