What factors affect the cost of Marine Liability Insurance?

Premiums depend on the type of vessel, operations, coverage limits, claim history, and risk exposure. High-risk activities, such as transporting hazardous cargo, typically result in higher premiums due to increased liability potential.

---

Does collision insurance cover hit-and-run accidents?

Yes, collision insurance covers hit-and-run damage to your vehicle, but your deductible applies. Alternatively, uninsured motorist property damage coverage may help, depending on state laws.

---

Does subrogation apply to personal injury claims?

Yes, subrogation can apply to personal injury claims, where the insurer seeks to recover expenses from the responsible party or their insurance provider.

---

What is the difference between named perils and all-risk policies?

A named perils policy covers only the specific risks mentioned in the policy document, such as fire, theft, or wind damage. An all-risk (or open-peril) policy, on the other hand, covers all perils except those explicitly excluded in the policy.

---

How did life insurance evolve in colonial America?

Life insurance in colonial America was initially provided by church-affiliated groups, later evolving into formal insurance companies in the late 18th century.

---

How does the grace period affect my premiums?

The grace period allows you to avoid a lapse in coverage by making late payments. However, missing the premium payment may lead to an increase in premiums, especially if there’s a lapse in coverage or a gap in claims. It’s essential to pay premiums on time to keep rates stable.

---

Does travel medical insurance cover pre-existing conditions?

Some plans offer limited coverage for pre-existing conditions, while others exclude them entirely. Travelers with chronic conditions should look for policies with pre-existing condition waivers or specialized coverage.

---

What alternatives exist to surrendering my policy?

Alternatives include taking a policy loan, reducing coverage, converting to paid-up insurance, or selling the policy through a life settlement.

---