What is wreck removal liability in marine insurance?

Wreck removal liability covers costs associated with removing a sunken or stranded vessel that poses a hazard to navigation or the environment. This liability is typically covered under P&I insurance or a separate wreck removal policy.

Does Medicaid cover dental and vision care?

Coverage varies by state. Most states provide dental and vision benefits for children through the Early and Periodic Screening, Diagnostic, and Treatment (EPSDT) program, but adult coverage is more limited.

How can I purchase parametric insurance for my business?

You can purchase parametric insurance through specialized insurers or brokers who offer customized policies based on your business's geographic location and exposure to specific risks.

How do consumer protection laws ensure fair claim settlements?

These laws mandate that insurers process claims promptly, provide clear reasons for decisions, and adhere to timelines for payments. Any undue delays or wrongful refusals can result in penalties or legal action. Policyholders can appeal decisions through regulatory bodies or courts.

How long does it take to earn an SOA designation?

The time to earn an ASA or FSA designation varies, but it typically takes 4 to 10 years, depending on the candidate’s study schedule and exam success rate.

Is weather-related agricultural insurance available worldwide?

Weather-related agricultural insurance is available in many countries, though the types of coverage, eligibility, and terms can vary depending on the country’s agricultural sector and insurance regulations.

What is the cost of business liability insurance?

The cost of business liability insurance depends on several factors, including your business size, industry, location, risk level, and the amount of coverage you need. On average, small businesses might pay $300 to $1,000 annually for general liability insurance.

Can policyholders check an insurer’s solvency ratio before purchasing a policy?

Yes, policyholders can review solvency ratios through regulatory reports, insurer financial statements, or rating agency evaluations to assess the financial health of an insurance provider.