Standard Insurance

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Whether you have a $1,500 fender bender or you write off a Bentley, it doesn’t matter. Either way, if you’re considered to be at-fault, or partially at-fault, your rate increase will be based on the fact that you caused an accident, not on the amount of the claim. Many drivers make small claims of under $1,500 and end up paying thousands of dollars for it in insurance premiums. Any reported accident, even if there was no damage at all, stays on your insurance record for six long years, seriously impacting your insurance rates.

Do lower insurance rates mean poor service, disappointment and dissatisfaction? NO. Auto insurance policies are identical, word for word. Drivers with high insurance rates DO NOT receive extra coverage or more value. All standard insurance companies report that their claims satisfaction levels are between 75% to 85%. You’ll never know if you’re going to have a claims problem, until you have it, regardless which insurance company you’re with or how much you paid for your insurance.

Claims History Report: When you receive an online quote from a site such as InsuranceHotline.com, you are given access to your Claims History Report. This report shows all your claims since you were first licensed. Like your credit history report, it is good for you to periodically check this report to be sure that it is completely accurate. Your insurance rate depends on it!

Accident Forgiveness

Many insurance companies throughout Canada and the US use the term “Accident Forgiveness” to attract new business. Be careful, as it does not necessarily mean your insurance company will forgive you for having an accident.

In Canada, if your insurance company offers “Accident Forgiveness” it means that if you have an at-fault accident your “star rating” drops. When your rating drops, your rates increase.

The accident also appears on your insurance claims record and will count against you for six years. The term “Accident Forgiveness” would more accurately be called “Falling Star”.

To determine the true definition of “Accident Forgiveness”, ask your insurance representative the following questions:

1. Will the accident go on my claims record?

2. Will my rate increase on renewal?

3. Will my preferred “Star Rating” drop?

If “yes” is the answer to all these questions, ask your rep to point out where, exactly, the forgiveness is.

Claims Protection

Claims protection keeps your insurance rate from increasing upon renewal, after an at-fault accident. The accident will, however, be recorded on your driver’s history.

The claims protection is removed after a claim. A second accident would not have this protection.

Further accidents or a combination of claims and tickets for driving infractions could result in the non-renewal of your policy. In some cases, claims protection will entitle the policyholder to an extra at-fault claim before the insurer will refuse to renew the policy.

Most insurers will sell drivers who have been driving for 5 years or more accident free claims protection. If you qualify, buy it. It is like buying insurance to keep your insurance premiums low. The cost is usually around $35 to $50 dollars a year. But before you do that, make sure you’re with the insurance company that has the best rate. Otherwise, all you’ll be doing is paying more money to protect a lousy rate.

Repair Shops

After your accident, your insurance company may suggest where to take your car to get repaired. The advantage of using one of your insurance companies preferred repair shops is that they guarantee the repairs.

Your rights: In spite of which shop your insurance company suggests, you ultimately have the right to choose the place you wish to get your vehicle repaired. This is the law. The advantage of using a repair shop of your choice is that they can act as a mediator if you’re unhappy with the adjuster’s assessment of what needs to be repaired.

Repair job: Before you authorize any repairs, make sure you show your insurance company the estimate. Insurance companies will restore your vehicle to the same condition that it was in prior to the accident. Previous damage is not covered. A fraudulent attempt to get the insurance company to pay for damage unrelated to the accident could cause them to deny payment of the true cost of your claim. Adjusters have high tech ways of determining previous damage not caused by the accident, and you could be charged with fraud.

Original equipment: As a rule, if the vehicle is less than two years old, you should get the Original Equipment Manufacturer (OEM) part. Older vehicles will be repaired using after-market parts or used parts. The OEM part comes from the original manufacturer; the after-market part is produced by a separate company. It’s like getting a brand name versus a no name product. Once the vehicle is fixed, by law you will get a minimum warranty of three months, or 5,000 km, whichever comes first.

Generally, you should receive a 2-year warranty. You should investigate this when you are calling around for estimates.

Before driving away, check the appearance of the repaired area close up and at a distance, examine the paint for color match, texture and over-spray, take a test drive to check mechanical repairs, and check that the vehicle is clean. If you are not satisfied, mention your concerns immediately.

In most vehicles, the paint will not be an issue unless it is an older vehicle, as the original color may have faded over time.

Value of your car after an accident: Many people feel that the vehicle will never drive the same if it sustains heavy damage. This is now a myth. Ten years ago, this may have been true, but with the technology today, frames and other parts can be repaired to their original condition.

However, insurance companies in Canada do not reimburse you for the “loss of the value” to your vehicle because of an accident. Insurance companies pay for the repairs only. If you decide to sell or trade in your car, there may be a depreciated value because it had been in an accident. Some dealerships minus $1,500 to $2,000 from the value because of a collision.

In the US however, some insurance companies do take the new value of the vehicle into account when settling a claim. The best solution is to have the garage where you are most likely to purchase a new vehicle do the repair work. Let them negotiate with the insurance adjuster to make the point that the car they repaired is not worth as much as the car before the repairs.

Insurance adjuster: Not all claims adjusters are created equal. If you’re unhappy with your adjuster, there are options available to you. You can speak with different levels in the insurance company’s claims department. You may also speak with the company’s Ombudsman. If you still are unhappy with the way your claim is being dealt with, you can contact your province or state’s regulatory body on insurance and speak with their Ombudsman.

Rental vehicle: While your car is in the shop, you’ll probably need a rental vehicle. This is covered under an insurance endorsement called “Loss Of Use”. The price of the endorsement is around $20 and if you do not already have it, get it! If you’re at-fault for the accident, your rental vehicle costs will be covered. If you are 100% not at-fault and do not have this endorsement, you may still receive it under the “Direct Compensation” part of the insurance policy, subject to the policy restrictions and limits.

Insurance rates: The fear of skyrocketing insurance has many people paying for the damages out of their own pocket. Many body shops now ask whether the repairs are going to be covered through insurance or out of your own pocket, as some repair shops now offer payment plans.

The purpose of insurance is to put you back in the place you were in before the loss. Unfortunately, that doesn’t include your insurance rate.

Rate comparison: Paying insurance rates for one accident for two years can cost more than your car is worth. So be careful and do the math. Maybe you don’t need collision coverage, saving you insurance dollars.

Here’s an example of a 1997 Chrysler Intrepid, driven in a metropolitan area, showing a spread of 30 insurance company rates, lowest to highest. To purchase this car would cost around $3,000. The amount for insurance after one accident, which affects your rate for 6 years, more than doubles the cost to purchase the car.

Profile Lowest Highest

Clean $1,463 $2,629

1 accident $2,634 $8,212

2 accidents $5,627 $8,427

Jobs in insurance companies are lucrative options for all finance professionals in India.  With 15-20 percent growth rate per annum and the entry of private

companies, insurance jobs in India have become more demanding.  A host of facilities including an attractive salary package, handsome incentives and steady

career growth are offered by most of the insurance companies in India. Anyone who wants to go for a good job in the insurance sector can also pursue a course in

insurance management that will give him an edge in the job market.

Insurance management courses offered by several renowned institutes across the country cover the nitty-gritty related to the insurance sector so that students can get a clear idea of the sector and grab better positions in any insurance company after the completion of the courses. Anybody can opt for an insurance course after graduation. Some insurance management institutes in India conduct admission test while some other institutes select students for the course through CAT and MAT entrance tests. Working professionals can also opt for insurance management programmes as many institutes also offer correspondence and part-time courses.

As far as jobs in insurance companies are concerned, both national and international insurance companies are ruling the job market. Some of the big names in the

insurance sector in India include Bajaj Allianz Life Insurance Company Limited, Birla Sun Life Insurance Company Limited, HDFC Standard Life Insurance

Company Limited, Max New York Life Insurance Company Limited, Tata AIG Life Insurance Company Limited, Aviva Life Insurance Company Limited, SBI Life

Insurance Company Limited and many more.  

Anyone planning to make his or her career in insurance sector can apply for several positions. Some positions for which insurance companies mainly hire people

are as follows:

•  Insurance Advisor: Many insurance companies in India hire skilled professionals as insurance advisors. The job of an insurance advisor is to serve all

the policyholders of a company. An insurance advisor is responsible for assisting policyholders to choose the best possible plans for them, enabling policyholders

to understand various risks and find out the right way to avoid the risk.   

•  Insurance Associate:  A finance professional interested in insurance jobs can also apply for the position of insurance associate. Generally, an insurance

associate is responsible for achieving sales target, creating and maintaining relationship with customers, implementing various promotional schemes, just to name

a few.

•  Back Office Support: Any commerce graduate willing to start his or her career path in the insurance sector can opt for the position of back office support.

A professional working as a back office support has to shoulder various responsibilities. He has to attend all the service related queries of customers, send the

MIS report to the concerned authority, assist teams at the time of log and many others.

•  Sales Development Manager: Sales development manager position in any insurance company is a great reward for finance professionals. The

responsibilities attached to the position include identifying insurance agents and recruiting them, reviewing the performance of the team, providing training to his

team, setting target, improving the productivity of his team and many more.  

Corporate Connect (http://www.corpconnect.in/) that is headquartered in New Delhi, India is such an organization that trains professionals to be industry ready and perform right from the outset of their jobs in insurance. Corporate Connect equips you with ‘The Power to Do’ through –

•    Job Fit & Market Ready programs
•    Custom designed course for skill enhancement
•    Practical and industry based course structure
•    Part time programs that allow you to continue your work
•    Guaranteed productivity increasing skills
•    Core processes created by corporate industry veterans of India

In this age of intense competition being market ready is not just an added advantage but a norm that allows you to have a thriving career in insurance in India.

Let’s face it. Living in a country with one of the highest crime rates in the world, none of us can afford to go without insurance. It is simply one of the most important steps one can take to secure one’s own financial security. Spending money on premiums each month should not be seen as a waste but be regarded as an important step in securing your quality of life. Knowing what challenges you are faced with and preempting them accordingly is the responsible way of going about safeguarding your own future. In a time of economic uncertainty and spiraling living costs, being faced with uninsured damaged or stolen property might be a huge financial knock many will be unable to recover from. Thus investing in a sound insurance policy that covers all your bases is the first step to providing a financially secure future for you and your family. 

Of course one you’ve decided to take out insurance and secure your way of life, you enter the dubious world of the insurance industry. Not all insurance companies are out to make a quick buck off you and then desert you in your time of need, but being savvy and understanding all the fine print in the endless clauses where you are told to only initial is important for when you will need your insurance company to come through for you. What do you have to look out for? What are the common pitfalls of a standard insurance policy? These are the types of questions you need to ask yourself, and spend time investigating in an effort to make an informed decision as to which insurance company you will be entrusting your worldly possessions to. Researching prospective brokers and underwriters all form part of the process of educating one’s self to know that you are making the right decision. Checking a company’s track record on customer service and its claim procedures, and weighing them up against other insurers are only some of the ways one can go about doing this.

With so many insurance companies vying for your business, it may seem overwhelming sifting through the throng of available companies and getting to the core. Getting past the hype and overinflated promises and examining the insurance company’s core policies is what will need to happen if you want to truly find the best insurance products out there. With all the competition in the market, insurance companies have introduced value added services to their products that have been designed to add value to your life. If your insurance company does not offer you added services such as roadside assistance and a household call out service as a complimentary bonus to your premiums, this should place them among the suspect and of no value brokers on your prospective list.

 In essence when you are searching for the ideal insurance company to entrust your insurance portfolio to, the premium’s price is an important deciding factor but going for the cheaper option might not always lead to the most comprehensive solution. You might need to invest more in terms of a higher monthly premium in order to receive the true benefit of full protection.

During a life you, your family and your property are exposed to various risks. Illnesses, traumas, fires, hurricanes, thefts – “the Name it a legion…” The best way to secure, the family and the property – insurance.

You have decided to buy an insurance policy. One of the first questions: “What insurance company to choose?” We shall try to help you.

The companies are subdivided into 2 groups:
• LIFE insurance companies, which sell life insurance, annuities and pensions products.
• NON-LIFE, General, or Property/Casualty insurance companies, which sell other types of insurance.

The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature coverage for life insurance or a pension can cover risks over many decades.

NON-LIFE insurance companies can be further divided into these sub categories:
• Standard Lines
• Excess Lines.

In the USA, Standard Line insurance companies are “main stream” insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or “cookie-cutter” policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.

Excess Line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as the “admitted” carriers do. However, they still have substantial regulatory requirements placed upon them. State laws generally require insurance placed with surplus line agents and brokers not to be available through standard licensed insurers.

Insurance companies are generally classified as either mutual or stock companies. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies.

Are available also Reinsurance companies and Captive insurance companies.

Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses.

Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups.

Legally, the insurance companies can be divided into 9 categories:

1. Domestic.  This type of insurance company is incorporated and formed under the laws of the state in which it is domiciled.
2. Foreign.  This type of insurance company is also domestic company as it is domiciled in one state but it is licensed to do business in another state.
3. Alien.  This type of insurance company is often confused with a Foreign insurance company.
4. Authorized (Admitted) and Unauthorized (Unadmitted).  Upon applying for approval to do business in a state, the insurance company receives a certification of authority from the state Insurance Department (Division).
5. Stock Company.  As the name implies, a stock company is an insurance company that is owned by the shareholders.
6. Mutual Company.  This type of company is owned by the people and/or businesses the company insures.
7. Reciprocal (Assessment) Company.  Nonincorporated associations of individuals or business, called subscribers, engage in cooperative insurance programs.
8. Fraternal Benefit Society.  This type of social organization has bylaws allowing it to sell insurance to its members.
9. Lloyd’s Insurer.  It is a number of people organized into syndicates or groups for the purpose of underwriting risks. Lloyd’s operate on many of the same principles as a stock exchange.

Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company’s financial strength, which measures its ability to pay claims.

The list of the largest insurance companies which are presented in the American market of insurance services, it is possible to see here: http://www.insuus.com/listcomp.htm.

1. There are three principal business models for foreign companies seeking to establish themselves in China : Joint Ventures, Wholly Foreign-Owned Companies, and Representative Offices (ROs).

2. Foreign companies are often wary about establishing a permanent office in China , in view of the high running costs and the complexities of setting up an RO.

3. There is no substitute for having a person on the ground in China to monitor local economic trends, identify business opportunities, liaise with potential customers, deal with local officials, and build up a corporate presence. Not all agents can be relied upon to perform these tasks to the standards a company requires.

What Does an RO Do?

4. The Chinese distinguish between a “representative office” (RO) and a fully-fledged “branch office” of a foreign company. An RO must be in place before the company can have a branch in China . Permission to “up-grade” an office is at the discretion of the Chinese authorities.

5. Foreign companies’ ROs are not allowed to transact business directly in China . Chinese regulations only allow them to “build relations and provide technical support”. But this does mean that they are able to carry out the liaison activities with Chinese government and commercial organs, which are essential to successful business in China .

6. ROs operate under two sets of Chinese legislation, the Interim Regulations for Control of Resident Representative Offices in China , issued in 1980, and the 1983 Procedures for the Registration & Administration of Resident Representative Offices of Foreign Enterprises in China . ROs for banks and other financial institutions are governed by separate regulations. In addition, some municipalities and provincial governments have rules of their own, covering specific areas. Local differences can be confusing. For example, although there is no nationwide duty-free import policy for ROs, Tianjin allows the duty-free import of two cars per RO, and Dalian has no restrictions whatsoever.

7. In general ROs are allowed to do the following :-

Liaise with the foreign company’s Chinese trading counterparts.

Liaise with the host organisation and host Ministry for specific projects.

Organise business meetings, and business visits from company headquarters. In this respect, ROs can often help obtain business visas more easily for visitors.

Conduct public relations work.

Undertake local administration.

8. The official limits on ROs’ activities are not clearly defined. A number of business representatives in ROs have found loopholes in the regulations prohibiting revenue-earning activities. As a result, in 1993 the Chinese Government introduced a tax on ROs’ “unofficial” income. But companies should be aware that violating the official restrictions on ROs’ activities might also result in the suspension of the company’s business activities in China , together with a fine.

Where Should the RO be Based?

9. The most popular sites for ROs are Beijing , Shanghai , Guangzhou or Shenzhen. Beijing ‘s advantages are that it gives access to Government departments, Embassies and other foreign businesses.

10. Shanghai is experiencing a period of rapid economic development, and may be a good site for the RO of a company setting up a Joint Venture there. Guangzhou is a useful base for companies with operations in South China . Shenzhen, the Special Economic Zone (SEZ) across the border from Hong Kong, is a major workshop for companies sub-contracting to Hong Kong firms. A number of overseas firms have set up ROs in China ‘s other SEZs or Open Coastal Cities .

Shenzhen is the best choice for doing business in China . Situated in the Pearl River Delta, Shenzhen is the first Special Economic Zone since China carried out reform and open-door policy 30 years ago. Shenzhen has an area of 1953 square km’s and a population of more than 10 million. Shenzhen is the best city both for living and working in China as well as the fastest growing city in the world. In Shenzhen you can enjoy the sound infrastructure and the intensive industrial chain for trading, manufacturing and value investment. Since Shenzhen is bordering Hong Kong , you can also take great advantage and opportunity from the “one country, two systems” policy.

Applying for an Office Licence

11. All foreign companies wishing to open an RO must obtain Chinese Government approval. The decision lies with the Ministry of Commerce (MOFCOM), which is now the sole supervisory agency for all except companies operating in the financial sector, who must apply to the People’s Bank of China (PBOC).

12. The foreign company needs first of all to obtain a letter of invitation from a “host organisation”, a local sponsor which is usually a Chinese company with which the foreign firm has had business dealings in the past. Sponsors can also be selected from among the consultancies, which are attached to Government bodies such as MOFCOM or the Foreign Enterprise Service Corporation (FESCO).

13. The Chinese sponsor’s letter introduces the foreign company to MOFCOM (and the PBOC in the case of financial firms), and recommends that the company be permitted to establish an RO. The Ministry will then give the foreign company a list of documents that need to be submitted before an application can be considered. These documents will normally include :-

A letter from the company Chairman, identifying the company representative.

A complete list of the Board of Directors.

Articles of association.

Annual company reports for the previous three years, plus the most recent balance sheets and profit/loss accounts from company headquarters, and financial statements from the main bank.

An explanation of the foreign company’s areas of business interest.

The address of the premises to be used for the RO, if available.

14. The documents are sent to MOFCOM, which will respond with a formal application form on which the foreign company will be asked to provide the same information again. MOFCOM will normally take two to three months to make any further enquiries and to reply. Approval to open an RO will then normally be granted. Approval certificates are valid for three years, but still have to be renewed annually. Any change of foreign representative will mean the company has to go through the approval procedures outlined above.

15. Within 30 days of approval having been received, the company then needs to complete other approval procedures, most of which involve registering itself with the following organisations :-

The local office of the State Administration for Industry & Commerce (SAIC), presenting the same collection of papers as those required by MOFCOM, together with the latter’s approval certificate.

The Public Security Bureau (PSB) (with respect to future visa applications).

The Customs Administration (regarding import procedures for personal effects).

The Tax Bureau. Both the RO and each of its staff members must register with the local tax bureau of the Ministry of Finance.

The Bank of China (BOC) (regarding company and personal bank accounts). Certain other Chinese banks, including the Bank of Communications and the CITIC Industrial Bank are also authorised to deal with foreign-related business.

Expatriate Workers

16. In addition to the Chief Representative, Chinese law allows an RO to be staffed by other expatriate representatives. Only the ROs for banks and other financial institutions have limits placed on the numbers of expatriates who can be employed (law firms will have the latest details). The larger ROs, which require a number of skilled overseas staff (such as consultants, accountants and interpreters), often appoint them all as “representatives” to avoid being obliged to recruit staff from one of the State Employment agencies (see below).

17. Prospective representatives should register successively with the company’s Chinese sponsor, the local SAIC office, and the local PSB office. The PSB (who will require a set of matching photographs and a registration fee) will grant a foreigner’s residence permit. The representative should at the same time apply for a six-month multiple entry visa. Finally, the applicant should register with the local tax bureau within 30 days of starting work.

How to Find Local Staff

18. Chinese staff for ROs must be supplied by a State employment agency. For the most part, companies are required to recruit personnel from FESCO, but recently other more specialised State bodies have been set up, and to which foreign companies can legitimately apply.

19. Foreign companies usually make their bid for staff to FESCO, who will send for interview a selection of personnel whom they claim meet the company’s conditions. Once staff have been recruited, the company must make a monthly payment to FESCO for staff salaries. In order to offer staff incentives, and to discourage speculative job-hopping, most foreign companies pay staff a separate allowance to make up what would otherwise be quite paltry salaries.

Upgrading to Full Branch Status

21. Once the RO has been in operation for several years the company may find it appropriate to seek to upgrade it to a full branch office. The circumstances might be the formation of a Joint Venture with a Chinese partner, or some other form of long-term collaboration. The procedures for upgrading an RO to a full operational branch office are quite complex, and vary from one industry to another. Approval will often have to be sought from a number of related Ministries, a process which is usually extremely time-consuming. Clearly, if a British company were to contemplate a step of this kind, its board would need to have made a firm commitment to a long-term relationship with China .

22. Even if a company sets up an operational branch in China , it may still be appropriate to maintain a separate RO, especially if the company is part of a group with other interests in China .

Points Made by Expatriate Managers

23. The following points represent some of the more common views on running ROs expressed by local expatriate managers.

A number of managers have commented that the effective management of a Chinese RO requires a wide range of skills. A knowledge of Mandarin is a distinct advantage, as is the ability to be an efficient operator under adverse conditions. It is also helpful to know how to transact business with the Chinese bureaucracy.

According to foreign company representatives based in China , the quality of local personnel can vary widely. It is increasingly difficult to find staff with the right combination of skills. Companies find that they often need to provide basic training in Western business methods and marketing skills. Experience has shown that the best employees should receive financial bonuses over and above the standard salary as an inducement to loyalty.

The cost of renting property in China is extremely high by world standards, but seems to have levelled for the time being. Telecoms charges are high. The cost of expatriate packages is also very high, in view of accommodation costs, rest and recreation breaks, health insurance and other benefits.

Different coverage is available for different businesses. Each business has its own unique needs and your van insurance company have developed specific business coverages to address your set of needs. Some insurance coverages are common with all businesses. Business property and a type of Liability insurance are common standards of coverage. Protection of business materials, including software and supplies is considered important to almost all types of business. Protection against lawsuits with Liability insurance is also a standard with almost all business types.

First things first, find an van insurance company or broker you can trust. Ask around with friends, family or other esteemed business owners and compile a list of recommended insurance companies. Also find out what coverages they use. This way you will be well-informed before your first meeting with the agent. If available, contact your trade association and find out what coverages they recommend. This can help save considerable time and hassle.

When choosing an van insurance company that fits best for your business, find out how much they know about your business and its needs. Also, examine how long your agent of choice has sold business insurance. A seasoned insurance agent may not be familiar with your business, but they will know their product and what to recommend for your situation. Before finalizing any coverage ask your agent what steps you can take to minimize potential loss due to theft, natural disaster and workplace injury.

3 Tips to a Lower Premium

1 – Raise your deductible. The higher the deductible, the more you pay out of pocket in the event of a claim. This is one sure fire way to keep your premium down.

2 – Buy all your insurance from one company. Purchasing a “package” deal often times comes with a discount. Signing-up for a coverage here and there will only disperse your loyalty and insurance companies want all of your business! Find out if a discounted rate is available.

3 – Employ loss prevention tips. Quite often insurance companies will lower a business owner’s premium because steps have been taken to help prevent loss. Insurance companies don’t want to pay claims and they will reward the customer that shows they are responsible and on the insurance companies side.

3 Ways to Avoid an Insurance Claim

1 – Train your employees. Prevent liability and worker’s compensation claims by teaching your employees correct ways of performing job duties. This will also empower your employees and help them to take ownership of their duties.

2 – Do Regular Building Maintenance. It’s much easier to prevent an accident than to clean-up after one. Check your electric system on a regular basis. This is a source of many avoidable fires.

3 – Plan for an Emergency. In the event of an emergency, have a game plan. Train your employees for an emergency and have an easy to execute plan. This will help minimize your loss if disaster strikes.

When choosing an van insurance company, be informed and knowledgeable. Keeping these tips in mind will help service you when looking for the right van insurance company.

 

BOSTON AND CAMBRIDGE, MA…

With today’s advanced technologies, homeowners can obtain savings of up to 40 percent on their heating bills with the unsurpassed quality and comfort of an energy-efficient furnace. Winters Company will provide a free Home Comfort Analysis of systems to homeowners who have furnaces more than 10 years old. Known as the “home comfort engineers”, Winters Company provides the new heating system and rebate forms and walks the homeowner through the entire process.

 

Along with the Home Comfort Analysis, homeowners may opt to have a new digital Energy Star compliant thermostat installed and programmed for $19 (after a $25 rebate). An Energy Star compliant thermostat saves up to 10 percent off heating and cooling costs.

 

“The average lifespan of a home heating system is 15 years. When it’s time for a new system, we recommend models with the highest possible HSPF (Heating Seasonal Performance Factor). The higher the number, the more efficient the system and the more money saved. Tax credits are another incentive for upgrading a heating system. With the 2009 Federal Stimulus Package, homeowners can get tax credits on the purchase of new energy-efficient systems through December of 2010,” noted Tim Flynn, the company’s president.

 

To schedule a complimentary Home Comfort Analysis or for more information, contact Winters Company at (617) 484-2121.

 

About Winters Company Plumbing & Heating

Since 1994, Winters Company Plumbing & Heating has specialized in providing home services of plumbing, heating, ventilation and air conditioning (HVAC), and kitchen and bath remodeling projects to thousands of homeowners throughout Eastern Massachusetts.

 

Winters Company is the largest residential plumbing company in the state, with 20 trucks on the road and a full staff of licensed and insured plumbers and technicians. In addition to 24 hour service and lifetime guarantees on many of their services, Winters Company has standardized their services, which ensures that every customer receives the same high quality workmanship delivered in the same professional and courteous manner.

 

Winters Company has been honored with a number of awards over the years including the Local Torch Award for Excellence from the Better Business Bureau and Angie’s List Super Service Award. Winters Company is headquartered in Cambridge, MA. For more information, call (617) 484-2121 or visit the website at www.wintersplumbing.com.

Let’s face it. Living in a country with one of the highest crime rates in the world, none of us can afford to go without insurance. It is simply one of the most important steps one can take to secure one’s own financial security. Spending money on premiums each month should not be seen as a waste but be regarded as an important step in securing your quality of life. Knowing what challenges you are faced with and preempting them accordingly is the responsible way of going about safeguarding your own future. In a time of economic uncertainty and spiraling living costs, being faced with uninsured damaged or stolen property might be a huge financial knock many will be unable to recover from. Thus investing in a sound insurance policy that covers all your bases is the first step to providing a financially secure future for you and your family. 

Of course one you’ve decided to take out insurance and secure your way of life, you enter the dubious world of the insurance industry. Not all insurance companies are out to make a quick buck off you and then desert you in your time of need, but being savvy and understanding all the fine print in the endless clauses where you are told to only initial is important for when you will need your insurance company to come through for you. What do you have to look out for? What are the common pitfalls of a standard insurance policy? These are the types of questions you need to ask yourself, and spend time investigating in an effort to make an informed decision as to which insurance company you will be entrusting your worldly possessions to. Researching prospective brokers and underwriters all form part of the process of educating one’s self to know that you are making the right decision. Checking a company’s track record on customer service and its claim procedures, and weighing them up against other insurers are only some of the ways one can go about doing this.

With so many insurance companies vying for your business, it may seem overwhelming sifting through the throng of available companies and getting to the core. Getting past the hype and overinflated promises and examining the insurance company’s core policies is what will need to happen if you want to truly find the best insurance products out there. With all the competition in the market, insurance companies have introduced value added services to their products that have been designed to add value to your life. If your insurance company does not offer you added services such as roadside assistance and a household call out service as a complimentary bonus to your premiums, this should place them among the suspect and of no value brokers on your prospective list.

 In essence when you are searching for the ideal insurance company to entrust your insurance portfolio to, the premium’s price is an important deciding factor but going for the cheaper option might not always lead to the most comprehensive solution. You might need to invest more in terms of a higher monthly premium in order to receive the true benefit of full protection.

GEOVANNI REDIDO COMPANY PARTY PRACTICE AT STANDARD INSURANCE TOWER HEAD OFFICE

Mauritius sounds an unlikely tax haven to those who are focused only on old world offshore centers!

There are many ways for incorporation in Mauritius:

1. Category 1 and 2 Global Business Companies.

2. Collective Investment Schemes

3. Management Companies and Other Service Providers

1. GLOBAL BUSINESS VEHICLES

The corporate vehicles available to carry global business activities from within Mauritius are companies holding a Category 1 Global Business Licence (GBC1) , companies holding a Category 2 Global Business Licence(GBC2). Other entities available are trust and societe.

i. a) Category 1 Global Business License [GBC 1]

A Global Business corporation (Category 1) is a company incorporation in mauritius which undertakes any of the following activities listed in the Second Schedule of the FSDA 2001 which is carried on from within Mauritius with persons all of whom are resident outside Mauritius and which is conducted in foreign currency:

- Aircraft financing and leasing

- Assets management

- Consultancy services

- Employment services

- Information and communication technologies

- Insurance

- Licensing and franchising

- Logistics and or marketing

- Operational headquarters

- Pension funds

- Shipping and Shipping Management

- Trading

- Any other activity as may be approved by the Commission

This type of company is qualified to take protection of the tax treaties to which Mauritius is a party if it comes within the definition of a resident under the taxation laws.

* A GBC 1 is required to file with the Financial Services Commission within six months after the close of its financial year, annual audited financial statements prepared in accordance with the International Accounting Standards or internationally recognised accounting standards.

* The GBC 1 may be set up by direct company incorporation in mauritius, or by registration of a branch of a foreign company, or by way of continuation where this is allowed by the law in the country of origin.

* A branch of a foreign company may have access to Mauritius tax treaties provided that the local tax authorities are satisfied that effective control and management of the foreign company is in Mauritius.

* The facility of continuing a foreign company registered in a foreign jurisdiction as a GBC 1, and so permitting existing holdings of the foreign company in a country with which Mauritius has a double taxation treaty to benefit from relief under that treaty, has proved attractive to a number of major investors.

* A GBC 1 may be unlimited or limited by shares or by guarantee.

* A GBC 1 may be registered as a Limited Life Company or a Protected Cell Company.

ii. b) Category 2 Global Business License

A Global Business which is carried on by a private company:

- which is a company incorporation in mauritius or registered under the Companies Act 2001

- which does not conduct business with persons resident in Mauritius nor conducts any dealings in Mauritius currency;

- which holds a Category 2 Global Business License.

- It is exempt from the provisions of the Income Tax Act and is declared as non resident for tax purposes.

- It is a suitable vehicle for holding and managing private assets.

- It is however not allowed to raise capital from the public or to conduct any financial services or to act as a fiduciary.

- The GBC 2 company incorporation in mauritius is not resident for tax purposes and therefore does not benefit from double taxation relief under tax treaties.

- The GBC 2 may either be limited by shares or by guarantee or limited by shares and guarantee or simply unlimited.

- A GBC 2 may also be structured as a Limited Life Company.

iii. Protected Cell Company (PCC)

A GBC 1 company incorporation in Mauritius may be structured as a PCC. The PCC is a special legal structure made up of cellular and non-cellular assets. It provides legal segregation of assets attributable to each cell of the company whether owned by individuals or body corporate. The PCC offers a wide range of applications as set out under Protected Cell Companies (Amendment of Schedule) Regulations 2005.

iii. a) Incorporation & Registration

A PCC may be

- directly incorporated or may be

- registered as a foreign company by way of continuation as a PCC, provided that the incorporation, registration and conversion requirements prescribed in the Companies Act 2001, the Protected Cell Companies Act 1999 (PCC Act) and the Protected Cell Companies (Amendment of schedule) Regulation 2005 are satisfied.

The company incorporation in mauritius and licensing procedures for a PCC is similar to that of a GBC 1. In the case of a continuation, additional requirements as laid down in section 5 of the PCC Act must be satisfied. Section 6 of the PCC Act stipulates that the suffix “PCC” must be added after the name of the company.

A PCC may also be converted into a normal GBC 1 company incorporation in mauritius.

iii. b) Management of a PCC

A PCC is managed by its Directors.

However, the management may be transferred or shared through a management contract with an Investment Manager in the case of investment funds.

iii. c) Capital Requirement

- No minimum capital requirement is imposed for the PCC and for each cell within the PCC.

- However, on a case to case basis and depending on the nature of the business, the Commission may prescribe certain capital requirements.

- In the case of insurance or re insurance business, each cell must abide by the Financial Services Development (Amendment Of Schedules) Regulations 2001 regarding the requirement of minimum paid up capital.

iii. d) Winding Up & Liquidation

Special winding up procedures are provided in the PCC Act which protect contagion of solvent cells by insolvent ones.

Dissolution of the PCC is addressed by special provisions in the PCC Act which provide for receivership and administration orders and no recourse to the creditor of the insolvent cell to the assets of the other solvent cells.

iii. e) Reporting & Filing of Audited Accounts

A PCC is required to submit annual audited accounts to the Commission.

The accounts should contain a note explaining the status of the various cells. If it is deemed necessary the Commission may request each cell to report independently.

iii. f) Taxation

As far as taxation is concerned, the PCC is liable to tax as a single legal entity.

iv. Trust

iv. a) Trusts set up under the Trusts Act 2001 provide an effective and legitimate means of sheltering ones’ assets. Various types of Trusts may be set up by residents and non residents in Mauritius such as

- charitable,

- discretionary,

- purpose and trading trusts.

iv. b) Registration of the trust is optional. Flexibility is provided under the Trusts Act in terms of determining the governing law applicable to a trust. There also exists the possibility to accumulate income for any period within the duration of the trust.

With regards to trusts set up by non citizens, the forced heirship rule does not apply.

The Trusts Act 2001 further allows the enforceability of a foreign trust provided that it does not purport to do anything which amounts to an offense under the law of Mauritius or is immoral or contrary to public policy.

iv. c) A trust may carry on a Qualified Global Business after obtaining a Category 1 Global Business License for company incorporation in Mauritius. A trust may not apply for a Category 2 Global Business License.

v. Societe

Societ en Nom Collectif (partnerships) and “Societe en Commandite Simple” set up under the Code de Commerce Amendment Act 1985 (limited partnerships) may be used to structure investments in the global business sector.

A Societe may conduct any qualified global business activities after it has received a Category 1 Global Business Licence for company incorporation in Mauritius from the Financial Services Commission. However, a Societe does not qualify for a Category 2 Global Business Licence.

To enhance the use of such vehicles the Finance Act 1996 has introduced favorable taxation provisions which enable Societes to benefit from reliefs available under double taxation treaties.

Source: Financial Services Commission Mauritius