Property and casualty insurance products for individuals
Personal insurance has been around since the beginning of history. In the day of King Hammurabi, a person could be absolved of their debt if they suffered a disaster such as fire, flood, or disability.
Too often, consumers mistakenly believe their personal risk exposures are covered because they have insurance. Unfortunately, many people purchase cheap insurance with inadequate limits or unexpected coverage limitations. It's important to understand the features of personal insurance products.
Most personal insurance policies cover first-party property and third-party liability. These are separate coverage parts that serve different purposes. First-party property coverage protects things like your home, car or boat. Third-party liability coverage covers damages to someone else, for which you become legally liable. Make sure your policy limits are adequate in each of the categories.
Personal insurance lines help protect individuals from potential losses they couldn’t afford to cover on their own and makes it possible to do things like drive a car and own a home or undertaking advanced medical treatments without risking financial ruin. Personal lines insurance make up about half of the overall insurance market.
Medical Insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured. Health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly.
Type of Coverage
1. Third Party Liability.
2. Material Damages to insured vehicle.
3. Fire to insured vehicle.
4. Theft of insured vehicle.
Extension of Coverage
Family members and driver against “Death and Permanent Disability” up to US $10’000 and medical expenses up to US $ 1’000
This cover is given only as an extension to a policy covering the vehicle locally in Lebanon
The cover of the motor policy is limited to Lebanon only. (Arab Countries as an extension).
Type of Coverage
Medical Insurance is a commitment from the insurer, against a paid annual premium, to settle the hospitalisation bills due to accidental or natural causes. The basic plan covers expenses occuring In Hospitals and ER rooms. the coverage can be extended to cover Out Patient (Laboratories, Xray, MRI, Physical Therapy....) and Prescription Medicine.
A lot of exclusions and limitations apply among which:
- Preventive Medicine
- Plastic Surgeries if not due to accidental causes
- Pre Existing conditions to the contract, even if the insured is not aware of it.
- Congenital Cases (covered only for people born under our medical scheme)
- Organ Transplant and related interventions.
- Maternity (Year One only)
- Claims arising out of high risks sporting activities (Only if previously approved for extra premium)
- Any condition the insured is being treated for before the policy's 1st anniversary.
Type of Coverage
Property All Risks-LM7 policy (LM7 stands for London Market 7 wording). it is a full comprehensive property policy with listed excluded risks.
What is the difference between LM7 and Fire and Named Perils Property Policy?
There are 2 major differences:
1- LM7 covers claims resulting from direct or indirect hits to the property; where as the Fire and Named Perils policy covers claims resulting from a direct hit only such as a direct hit of a thunderbolt to the property and not damages due to a thunderbolt hit on the main electrical supply of the beighborhood.
2- LM7 policy covers, in addition to the fire and allied perils policy,
Under LM7 NON - Occupation clause might be extended upto 90 days where it is only granted for 21 days under the standard fire policy.
The LM7 policy has a scpecific list of excluded risks whereas the Fire and Named Perils policy has a specific list of the covered risks
What is the best way to assess my property's contents?
Things we use in our properties are usually fully depreciated but still working very well; for example, you might be working on a 4 years old PC but still it is doing just fine. if you loose it due to a covered claim, insurers will not refund more that $150 for such an old machine when you will have to buy a new one for not less that $1000. Based on this example, you will find yourself facing a huge loss and the indemnity paid by your insurance company is not even 50% of your actual loss. The best way to avoid such a loss is to provide a list of contents with replacement values for each item in your property. Insurers must approve it and bind it to the fire contract. by doing so, you will benefit from an accurate indemnity in case of a covered claim.