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insurance

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Policyholder and insured are often used as but are not necessarily synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment). The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.

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  1. townfanjon

    Insurance liability cost

    hi peeps , Just crossed my mind after renewing my insurance . How much public liability do you pay ? , I am on 2 Million, should it be 5 Thanks in advance
  2. S

    Underfloor pipe leak insurance nightmare - Advice needed

    Hi, New here so please forgive if in wrong section. Last July 2016 I discovered that a hot water supply to kitchen sink was leaking and causing damage to wall etc. I notified my house insurers who have delayed and totally stumped me in getting things sorted, either by enlisting a company or...
  3. Aquaplumber108

    Gas safe register annual cost

    Hello there, I've heard some rumors that to work as gas safe register you have to pay something like 5000 pounds a year or so just for the license...Is it true or not?
  4. A

    Self employed start-up costs

    Hi I'am looking to be a self employed plumber/ Gas engineer in the near future but i wanted to know what are the costs and what will i need to purchase or have as mandatory i.e liability insurance and any other insurance , tools, van etc some guidance would be very helpful. Thank you in advance.
  5. jaydebruyne

    Breakdown Insurance Rip off

    So a mate of mine took out insurance for plumbing & heating cover. Called out a plumber, diagnosed and fitted a new immersion stat to an unvented cylinder, and advised she needed a new pressure vessel. Total bill (inc pressure vessel) £600 I told her I was sorry but she just got royally effed...
  6. B

    insurance providers,our experience

    Anyone due to renew their insurance?,well avoid Hastings direct,they are hopeless,this is the average time it takes to get through to them,when you do get through they are extremely unhelpful and just want to rip you off,we have both vans insured with them,we are changing the transit for a newer...
  7. Chalked

    Employers liability insurance

    Decided that I would take on a new apprentice. I have the usual public liability, tools insurance etc. Rang up to add on an employee, and they want £995 extra! have tried another company that will do the lot for £970, but as I only renewed my insurance 2 months ago, they want a cancellation...
  8. P

    Posting on behalf of Father in-law possible claim? Plumbing leak? any advise?

    First off i am posting on behalf of my father in law so sorry for the lack of detail of fittings. Im after any advise, good news or bad. Back in 2010 my FIL done some work for a customer. Now at the end of 2015 he was informed that said work had started leaking, he was contacted about fixing...
  9. townfanjon

    Vehicle breakdown insurance

    Guys , Who do you use for your vehicle ( vans and cars ) breakdown insurance . Good, bad etc etc thanks in advance
  10. jtsplumbing

    Van insurance £111.00

    Just had renewal through 1st price £195. quick phone call to them, saying had better price from Post Office and they reduced it to £111.00, Maybe next year they will pay me to use them !!
  11. R

    Recommend me a boiler insurance

    I am wondering can I survive on this forum asking such a tragic question :) In an ideal world I would like to get the plumber or boiler guy out to repair my goods but @ £75-100 per hour its not something I can afford really especially having had several problems in the last year alone with...
  12. K

    Water Regs ticket - Why?

    So, I dont have a water regs ticket - what shouldn't I be doing? Not that I'm gona to listen to you, but would like to know :)
  13. cr0ft

    Business Insurance

    Hi all. Having paid £300 ish per year for PL and EL insurance, I am rather surprised that to be insured for plumbing and heating work instead of plumbing seems to be increasing my Insurance quotes by 5x ... Any gas fitters know of any competitive companies? £1,500 per year is bloody silly tbh...
  14. W

    How many times have you claimed on your PL insurance?

    I've only done it once. Been trading about 6 years. Often wonder what happens if you get unlucky a few times in a couple of years.. do you end up bankrupt from the premium hikes?
  15. S

    insurance

    just a reminder to you all to read the small print on your insurance just had renewal notice for public liability and the excess for claims caused by burning or spark generating tools had been increased from 500 to 2500 also i noticed another clause which doesnt apply to me as im a sole trader...
  16. jtsplumbing

    Faulty Push-Fit Fittings !!!!

    Hi Guys, did a full house referb 3-4 mths ago using a leading brand of push fit materials, had 2 leaks one on first fill up ('O' ring ) missing, not a problem just replaced it, 2nd leak was 3mths after job was finished, Pipe came out of fitting (Faulty grab ring) House owner says its my fault...
  17. B

    Insurance for Self Employed

    Although on the CIS Scheme and working for 1 firm for the last 4 years since leaving college with Level 3(General Plumbing) I now have the opportunity to work for a new firm locally with minimal travel. They have stipulated that I need to provide my own Public Liability Insurance. Would any...
  18. B

    insurance WTF

    insurance unreal ,my lad is 16 today,so is looking to save for a van and pass his test as soon as he hits 17,however,he has been getting hypothetical quotes on comparison sites ,he wants a 75 bhp ford transit connect,cheapest quote was £5,500,so in desperation he tried pricing up every small van...
  19. L

    learnt a bit on car insurance today

    So a nice builders merchant wagon decided to reshape my parked up van this morning!!!!!!!!!!!!!!!! So finished of the fire install and went home and called Hastings van insurance to kick off my van repairs. First call got kicked around for a bit and then a claim handler took all my details...
  20. M

    Van insurance??

    Hi all. I've just completed an insurance quote but there was no questions relating to cover for tools on van, am I missing something?
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