Article Categories
» Arts & Entertainment
» Automotive
» Business
» Careers & Jobs
» Education & Reference
» Finance
» Food & Drink
» Health & Fitness
» Home & Family
» Internet & Online Businesses
» Miscellaneous
» Self Improvement
» Shopping
» Society & News
» Sports & Recreation
» Technology
» Travel & Leisure
» Writing & Speaking

  Listed Article

  Category: Articles » Finance » Insurance » Article
 

Life Insurance Providing Little Protection from Terrorism




By Richard Green

Recent statements by the City of London Police Commissioner James Hart that future terrorist attacks in London’s financial centre are, "a matter of when, rather than if", will increase already serious concerns over issues of personal and business financial protection.

Mr Hart’s statement pointed out that, "if you want to hurt the government, hurt people at the same time, and you want to cause maximum disruption...where better to hit than at the financial centre?"

Mr Hart also echoed a report by the insurer Axa which warned that just under 50% of small firms do not have a plan in place to ensure that their business could survive should they be hit by an emergency or disaster. Axa highlighted that many businesses, especially in the South East danger zone, are not even covered against general risks such as fire and flood, which have a much greater chance of hitting a business than the now high profile terrorism threats.

The research carried out by Axa found that almost one in five small to medium-sized firms had been hit by some form of disaster and about 5% of them took more than a year to get their businesses back on track. Any company that does not have cover against potential future disasters could stand to lose large sums of money, or even go out of business, if the Commissioners warnings go unheeded.

Emergency services workers are also experiencing additional worries about their financial protection in light of the terrorist attacks. Somerset fire-fighters have recently temporarily called off threatened industrial action amid claims they may not be insured for dealing with terrorism. In a postal ballot, Union members had previously overwhelmingly voted in favour of taking some form of industrial action short of a strike, such as refusing to train on specialist equipment which can be used in response to terrorist incidents. The actions have been called off pending a report due next month from a working party which has been set up with the Somerset Fire and Rescue Service to study the fire-fighters' personal insurance.

Adrian Woollaston, of the Somerset branch of the Fire Brigade Union said: "Somerset fire crews want our employers to address our very real concerns and this gives an opportunity for them to do so."

The fears experienced by the fire-fighters revolve around exclusions which added to many group life insurance policies that prevent pay-outs being made should the policy holder be injured or killed as a result of a terrorist attack.

The Association of British Insurers has sought to reassure emergency workers who may die as an indirect consequence of terrorist events by stating, "exclusions do not generally apply on stand-alone life assurance policies, regardless of the occupation of the policyholder", however, they also indicate that "other personal insurance cover" such as personal accident, mortgage protection, income protection and critical illness cover are usually subject to exclusions.

This would mean that many existing insurance policies held by emergency workers to protect their future and that of their family, such as mortgage payment protection, may not provide any cover in the event of a terrorist attack.

Searching through all the available insurance policies using information sites like Moneyfacts or Moneynet can go some way to helping by providing guide information and price comparisons, but more needs to be done.

Sam Oestreicher of Unison said, "We are asking all insurance companies to look at their policies and if they have such exclusion clauses to drop them".

Carefully checking through the various complicated clauses inherent in financial policies is something many consumers prefer to ignore, but as the fire-fighters are currently finding out, it is vitally important in order to ensure the protection is there.
 
 
About the Author
Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla, and reciting Vogon poetry.

Article Source: http://www.simplysearch4it.com/article/7166.html
 
If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/7166.html" as shown above and make it hyperlinked.



  Some other articles by Richard Green
Arizona's Biltmore Fashion Park: "this place is hot"!
The Biltmore Fashion Park, located just outside Phoenix, boasts a variety of exciting cafés and restaurants; so when you're browsing its numerous retail outlets, you're sure to find ...

Underground Atlanta: successfully mixing history with a modern retail experience
Atlanta, Georgia, is one the Deep South's most important and most interesting, cities. Its origins lie in the extension of industry and the expansion of the American railroad in the 19th century, beginning as a railroad town ...

The invoice finance sector is showing positive growth according to the latest figures from the Factors and Discounters Association.
According to the latest figures from the Factors and Discounters Association (FDA), the invoice finance sector of the UK Asset and Sales Finance Market has seen nearly £13bn advanced ...

Take a weekend theatre break in Britain
The number of weekend breaks people take in today's modern world has increased considerably over the last ten years. Instead of spending weekends at home, young, working individuals have been taking advantage of cheaper and more ...

Why you should always use the correct motor oil in your car
Motor oil, coolant, clutch, transmission, power steering, and brake fluids are all vital parts of all cars. They need to be regularly checked, topped up or changed whenever required ...

Canon introduces All-in-One colour toner cartridges.
With the release of the new Lasershot LBP-5000, Canon have introduced their first colour toner printer to feature all-in-one cartridges. We compare this new concept colour ...

  
  Recent Articles
Get the Best Insurance Policy For Your Home
by Barbara Thorp

Travel Insurance Online: Both Money And Time Saving
by Henry Bell

Travel Insurance UK: Travel Without Worries
by Henry Bell

Who Else Wants Health & Life Insurance Leads that Turn to Clients 80% of the Time
by Ken Wilson

Build a Network of Client You Can Be Proud of from Closing Auto Insurance Leads
by Ken Wilson

Get Rates that Insurance Agents Get on Life Insurance
by David Yuri

Secrets of Low Cost Health Insurance
by Clint Jhonson

Little Known Ways to Save on Life Insurance
by David Yuri

Now You Can Have Home Insurance Leads that Convert to Policies
by Ken Wilson

The Secret of Auto & Home Insurance
by Clint Jhonson

Must Know Insurance Saving Tips and FAQ
by Clint Jhonson

At Last an Insurance Magazine for Both Insurance Consumers & Insurance Agents
by Clint Jhonson

Can't connect to database