Ivan's Blog of Singapore Money Matters
Why you should not buy IPOs As Sheng Siong is launching its IPO next month, I expected a few calls as whenever an IPO is launching. And if you are my client, you know my answer. I decide to write this article so everybody can benefit...
Questions to ask your Financial Adviser Every Sunday morning when I read the newspapers, I always see articles or advertisements regarding "Financial Advisers". Nowadays, just like the once prestigious word "Banker", which is misused in the...
Revision to Nomination of Insurance Nominees Regulation With the onset of the Mental Capacity Act ("MCA") coming into effect on 1st March 2010, the Insurance (Nomination of Beneficiaries) Regulations 2009 ("the Regulations") will be amended to effect 2 changes: The...
The ABCs of the Financial Advisers Act The title, Financial Adviser, is always mis-used in the industry and misunderstood by the consumers. On 10 October 2002, the Financial Advisers Act came into effect and all financial institutions are...
Moratorium Underwriting by Aviva It is a common that insurance companies do not cover pre-existing condition. Typically, pre-existing conditions will be excluded with little or no chance of them being covered, even after a number of treatment-free...
Chartis Travel Guard, one of the most popular travel insurance in Singapore, has recently been enhanced:
New & Improved Benefits include
You can check out more information here.
THE travel insurance industry is paying millions of dollars in claims to travellers stranded in Europe and elsewhere by the drifting Icelandic volcanic ash.
A New York Times report said industry officials are treating it as a weather-related event in their policies. Companies have typically covered non-refundable prepaid travel that pay stranded passengers US$150 (S$207 ) to US$250 a day for a maximum of US$1,500.
About 30 per cent of American travellers buy a range of insurance policies that cover cruises, flights and delays or cancellations caused by inclement weather and natural disasters like earthquakes.
According to NYT, about US$1.6 billion is paid in premiums every year in travel insurance, but figures for loss exposure are harder to come by in an industry that guards its losses.
Mr Barry Bistreich, principal insurance examiner for the New York State Insurance Department, said it was still too early to tell the scope of the claims and how they were being settled as travellers grapple with logistics. But he expected policies to be settled unless there were specific exclusions.
Insurance companies said their call centers had been inundated with travellers wanting help.
Source: Straits Times
Singaporeans are definitely a well travelled lot, and are known for never missing out on any great deal!
With all the airlines and travel agencies promotions going on over the past few weeks, those who have been holding on tight to their purse strings since last September should be bitten by the travel bug by now!
Tenet Insurance is offering
TravelJOY Super Great Deal promotion
Period : 28 August to 6th September 2009
Discount : Single Trip – 45% Discount, Annual Multi-Trip – 20% Discount
TravelJOYTM Product Highlights:
You can contact us to enjoy the Great Discount for your travel insurance.
Click here to find out the benefit schedule.
Scuba diving is considered a dangerous activity from insurance company’s point of view. it is EXCLUDED in most of the travel insurance plans. For Example,
MSIG’s TravelEasy says it will EXCLUDE any
“underwater activities involving artificial breathing apparatus…”
However, under certain circumstance, it could still be covered.
Contact Us for more information about the coverage .
For example, in AIG TravelAssist, it says it will only EXCLUDE
“Riding or driving in any kind of race, participating in any professional sports or in any sport in which You would or could earn or receive remuneration, donation, sponsorship, award or certificate of any kind and air travel…”
In AXA SmartTraveller, the wordings EXCLUDE
underwater activities requiring the use of artificial breathing apparatus except leisure scuba diving under the supervision of a qualified diving instructor
Note the key words are leisure scuba diving and supervision of a qualified diving instructor. That means if you go Malaysia for a diving trip, like Weekend Pulau Dayang Slipaway, you should be covered under SmartTraveller as long as the conditions are met.
You may contact us for professional advice.
Disclaimer:
The information and descriptions contained herein are not necessarily intended to be complete descriptions of all terms, exclusions and conditions applicable to the relevant products and services, but are provided solely for general informational purposes; please refer to the actual policy or the relevant product or services agreement.
MUMBAI – DESPITE the deaths of 163 people in militant attacks on India’s commercial capital, residents remain fatalistic and are shying away from terrorism insurance, workers in the industry said.
But reluctance by the public to accept that anyone can be affected by extremism hasn’t stopped Indian insurance companies coming up with new products and services for those not willing simply to rely on providence.
As Mumbai newspapers reported the first life insurance payout following the deadly attacks in Mumbai last week, Indian insurers are offering clients policies specifically linked to the type of violence that turned the city into a warzone.
Ten heavily-armed militants arrived in Mumbai by boat and stormed a dozen locations, taking hostages at two luxury hotels and a Jewish prayer centre in a strike that lasted 60 hours.
City officials put the death toll at 172, including nine of the militants and 26 foreigners, and say almost 300 people were wounded.
SBI Life became the first life insurer to pay out on a policy this week, its deputy chief operating officer Malathi Narasimhan said.
On Wednesday, a week after the attacks, the firm handed a cheque to the widow of a customer who was at Leopold’s cafe on Mumbai’s main shopping and tourist drag, Colaba Causeway, the Mumbai Mirror reported.
It said Mr P.K. Gopalakrishnan was among 10 people and two staff killed at the popular tourist hangout when two of the gunmen threw a grenade and sprayed the cafe with automatic weapons fire on their way to the Taj Mahal hotel only metres away.
Like many Indian insurance firms, SBI is offering to upgrade existing polices and is bending its own rules for those who want to take out terrorism insurance.
ICICI-Prulife has set up a 24-hour helpline and is waiving requirements normally required for pay-outs on standard life insurance policies, such as police reports and post mortem examination details, for claims that are linked to militant attacks.
Kotak Life Insurance is offering quick settlement of claims, as its spokesman noted it had in the wake of the deadly explosions on Mumbai’s rail network in July 2006, issuing cheques within a day of getting basic paperwork.
Max-New York Life sales manager Subodh Ajgaonkar said the company was starting to receive more inquiries about terrorism-linked insurance in the wake of the attacks.
But he did not expect a rush on products for a few months yet, while customers recovered from the trauma of the attacks and took stock of how the rising tide of militant violence afflicting India could affect them and their families.
India has suffered a number of militant attacks this year with scores of deaths in major cities across the country.
Mumbai itself is no stranger to violence, with 187 dying in simultaneous blasts on the teeming rail system in July 2006.
Many residents have said they expected a major attack on their city of the scale suffered by Mumbai and have been critical of their politicians for not upgrading security services and surveillance to prevent it.
Nevertheless, ‘most people think ‘it will not happen to me”, SBI’s Narasimhan, said.
That could change in the coming months, said Mr R. Balakrishnan, executive director with financial services firm Centrum Broking.
‘Corporates will need to re-look at insurance packages for top executives and independent directors who travel to sensitive zones on official work,’ he said.
Although the attacks are still fresh in the minds of the city’s 18 million people, insurance companies say customer interest for the new terror-linked products is slow.
Mr Poonam Bhardwaj, a senior vice-president with ICICI-Prulife, said: ‘People are still not willing to accept terrorism as a part of their life so we are not seeing a huge move towards terror-linked insurance.’ — AFP
Source: The Straits Times
Category : Insurance, Personal General Insurance
Typically, pregnancy related expense is not covered under Travel Insurance in Singapore. You will always find it under Exclusion Clause like “We will not pay for any loss due to pregnancy or childbirth, and or any injury or sickness associated with pregnancy or childbirth”. This is to prevent moral hazard for foreseeable expenses.
The good news is that, AIG Travel Insurance, AIGAssist, has added a special “Women’s Benefit” to cover Medical Expenses incurred overseas due to Pregnancy Related Sickness.
However, it is good to read through the clauses to understand the terms and conditions of the benefit:
SECTION 3 – MEDICAL EXPENSES INCURRED OVERSEAS – WOMEN’S BENEFITS
We will reimburse You up to the maximum limit of the Selected Plan, the Medical Expenses which are necessarily incurred whilst overseas for a pregnancy-related sickness.
The section does not apply to pregnancy-related sickness or treatment which You sought in Your Country of Origin/Home Country or upon return to Singapore and does not apply to oneway Trip cover.
If You are entitled to a refund of all or part of the expenses from any person or any other source, We will only pay the amount of Medical Expenses over and above the refunded amount up to the applicable limits.
EXCLUSIONS
For the purpose of this Section, pregnancy-related sickness or treatment or losses suffered as a result of pregnancy-related sickness overseas does not include the following:
- Any expenses incurred due to events occurring during the fi rst trimester of pregnancy (i.e. 0-12 weeks).
- Ectopic pregnancy, childbirth, including premature childbirth or stillbirth.
- Abortion or miscarriage, except if related to accidental injury and not attributed to any natural causes and/or sickness relating to pregnancy or childbirth.
- Tests or treatment relating to fertility, contraception, sterilisation, birth defects or congenital illnesses.
- Any depressive, psychological or psychiatric illness, including post-natal depression.
- Pre-existing medical conditions.
You can contact us for more information or purchase travel insurance.
Category : Insurance, Personal General Insurance
Red24 is a very special service provided under AIG Travel Insurance. It offers invaluable online access to security advice and guidance from trained security Specialists. Below is a real example of what services can you expect from them:
A red24 member called to activate his membership and then immediately requested some information on behalf of his son, who was travelling to Peru and Ecuador on holiday. He was travelling on a South Korean passport, using public transport, and had some, but not all, of his itinerary planned.
red24 sent the client a tailored travel report within 24 hours of receiving the request for information. The report noted that while both countries were popular with young travellers, Ecuador was currently experiencing a degree of instability and had a greater potential risk from civil unrest than Peru. The client was warned that the potential for civil disturbance was particularly high in the capital, Quito. We also specifically advised him against travelling to the provinces of Sucumbios and Orellana, near the Ecuador-Colombia border, because of drug-trafficking related incidents in recent years.
In addition to providing comprehensive security and safety advice, the report also supplied the contact details of the South Korean embassies and consulates in both countries. Given the independent nature of his travel, we advised the son to either regularly check our website or to call/email us during his travels so that we could track his progress and update him on any regional developments that might impact on his itinerary or threaten his safety.
Category : Insurance, Personal General Insurance
Sichuan Earthquake has shocked the whole world. Confirmed death toll shot up past 50,000. Many Singaporeans were trapped during the event. Many have asked if they can claim the losses from their travel insurance. The answer is normally yes. Take a closer look at the contract wordings of the most popular AIG Assist You can abstract the following: (Note the information is for your reference only, we do not ensure the accuracy of the content. please consult your own insurance company for specific terms and conditions)
SECTION 7 – EMERGENCY MEDICAL EVACUATION
When as the result of Injury or Sickness commencing while You are overseas and if in the opinion of American International Assistance Service, Inc. (AIAS), or an authorised representative of AIAS, it is judged medically appropriate to move You to another location for medical treatment, or to return You to Singapore, AIAS, or the authorised representative, will arrange for the evacuation utilising the means best suited to do so, based on the medical severity of Your condition. We will pay AIAS directly the covered expenses for such evacuation specifi ed in Section 7 of the Selected Plan.
SECTION 18 – TRAVEL CANCELLATION
If the Trip is cancelled due to any of the following occurring within 30 days (except item (c)) before the date of departure of the Trip:-
c) serious damage to Your principal residence from fire, fl ood or similar natural disaster (typhoon, earthquake etc) within 1 week before the date of departure and which require You to be present at the principal residence on the date of departure;
SECTION 19 – TRAVEL POSTPONEMENT
If the Trip is postponed due to any of the following occurring within 30 days (except item (c)) before the date of departure of the Trip: -
c) serious damage to Your principal residence from fire, fl ood or similar natural disaster (typhoon, earthquake etc) within 1 week before the date of departure and which require You to be present at the principal residence on the date of departure;
SECTION 21 – TRAVEL CURTAILMENT INCLUDING AIRCRAFT HIJACKING
If You have to return directly to Singapore from overseas:-
d) due to natural disasters (such as typhoon or earthquake) which prevent You from continuing with Your scheduled Trip;ore from overseas:-
SECTION 23 – PERSONAL BAGGAGE INCLUDING LAPTOP COMPUTER
We will pay You, up to the limit specified in Section 23 of the Selected Plan, for loss of or damage sustained overseas to personal baggage taken, purchased or damaged due to natural disasters (typhoon, earthquake etc) due to circumstances beyond Your control at the planned destination. This includes clothing and personal effects worn or carried on You, in suitcases and like receptacles. All items must be owned by or in the custody of or which is loaned or entrusted to You.
SECTION 26 – TRAVEL DOCUMENTS
We will pay You up to the limit specifi ed in Section 26 of the Selected Plan for the cost of obtaining replacement passports, travel tickets and the relevant travel documents lost as well as additional travel expenses and hotel accommodation incurred to replace lost travel documents. Such loss must be due to robbery, burglary, theft or natural disasters (typhoon, earthquake etc) whilst overseas.
If You experience a loss of cash, travellers’ cheques or banknotes, due to robbery, burglary, theft, or natural disasters (typhoon, earthquake etc) and which were in Your care, custody or control during a Trip, We will pay for the actual loss up to $300, provided that such loss is reported to the police having jurisdiction at the place of the loss no later than 24 hours after the incident. Any claim must be accompanied by written documentation from the police.
Category : Insurance, Personal General Insurance
Even frequent travelers can be misinformed about travel, travel insurance coverage and how to handle unexpected travel problems. Preparing for a trip should include having covering for unfortunate occurrences that threaten to interfere with even the best-laid plans. This short quiz will help you learn more about how you can prepare for your trip.
True or False: Travel insurance isn’t necessary; it just duplicates coverage I already have.
True or False: Travel suppliers always refund pre-paid expenses if travelers have to cancel their trip due a hurricane, blizzard, or natural disaster.
True or False: Airlines reimburse you if personal possessions are lost, damaged or delayed while in an airport.
Source: STA Website
