How does Marine Liability Insurance handle crew member injuries?

P&I insurance covers shipowners for crew injury, illness, and death claims, including medical expenses, lost wages, and compensation under international conventions such as the Jones Act and Maritime Labour Convention.

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Will liability insurance cover legal expenses if I’m sued?

Yes, liability insurance typically covers legal fees, court costs, and settlements if you are sued for causing an accident that injures others or damages property.

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Are solvency ratios the same for life and non-life insurers?

No, life insurers typically require higher solvency ratios due to long-term liabilities, while non-life insurers focus on short-term risk coverage.

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Do Medicare and Medicaid have co-pays?

Yes, both Medicare and Medicaid may have co-pays, but the amounts depend on the specific plan and services used. Medicaid co-pays are often lower or waived for eligible low-income individuals. Medicare Part D (prescription drug coverage) also has tiered co-pays.

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What is Lloyd’s Market, and how does it operate today?

Lloyd’s Market is a global hub where brokers bring risks to underwriters who assess and price coverage, ensuring specialized insurance solutions for complex risks.

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How do travel insurance exclusions work?

Travel insurance often excludes coverage for pre-existing medical conditions, injuries from extreme sports, losses due to war or terrorism, self-inflicted harm, and claims arising from intoxication or illegal activities. Some policies may allow coverage for extreme sports through add-ons.

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Are there any exclusions in Workers' Compensation Insurance?

Yes, some common exclusions include injuries that occur outside of work, injuries from employee misconduct, or injuries resulting from pre-existing conditions. Alcohol or drug-related incidents may also not be covered, depending on the policy and state laws.

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Is surrender value taxable?

Yes, surrender value may be subject to taxes depending on local tax laws, policy type, and whether tax benefits were claimed during the policy term.

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