easy cover store info - Insurance Articles 103859

Narrowboat Insurance
Owning and sailing in a narrow boat can be one of the most rewarding and relaxing ways of spending your time. The leisurely pace of life in a narrow boat can be truly calming, and can do wonders of your state of mind by letting all your cares wash away as you glide majestically through the water. How ever, a narrow boat is a big investment, and because of this you need to ensure you have the very best Narrowboat Insurance possible for your beloved vessel. You need Narrowboat Insurance that is specifically tailored to your needs, and covers every thing you want it to cover. When buying or renewing your Narrowboat Insurance why not get in touch with one of the very best insurers of all types of sailing vessels in the business. This insurance company will liaise with you very closely whilst choosing your policy to ensure you get he right one for your needs, and that you are fully aware of what is covered ? or not ? before you buy. So for peace of mind get in touch with the experts before you sail.

Definition

Remuneration is the payment of a service rendered. This includes any bonuses and salaries. Remuneration is typically in monetary terms but sometimes the compensation is in replacement of the loss.
A recompense for a loss; compensation

In the context of insurance

In the context of insurance, remuneration or compensation means been paid out when the act you are insured for happens.
It is often hard to see insurance as a service, but that is exactly what it is.
And you need to confirm beforehand how your insurance company will be remunerating you.

Often you can assume that because you are insured for $xx.xx that you will receive that amount. But that is not always the case. The insurance company might offer a monthly remuneration, or to remunerate only when a certain event occurs.

Insurance remuneration

In some cases the remuneration might not as you expect it. Some examples would be:

Auto Insurance, (Accident). The insurance company will only remunerate the `scrap` value of the vehicle.
Auto Insurance, (Theft). The insurance company will only remunerate you in 3 or 6 months in the hope of the car been recovered.
Auto Insurance. The insurance company will remunerate what ever is cheaper, (and often less advantageous for you), repair of the vehicle or scrap value or even book value.
Recreation vehicle insurance. You might have to prove that you used the vehicle within the manufacturer limits. Something that is almost always impossible to achieve.

Remuneration vs Compensation

Remuneration is the payment for a service or to recompense for losses. Insurance can be viewed as a service.
Compensation is the act of compensating, or the act of receiving remuneration.
In the context of insurance both terms are interchangeable. You either get compensated for your losses or the insurance company offers you remuneration for your losses.

Conclusion

When it comes to insurance remuneration you need to make sure that you have all the facts.

How will the insurance pay you out?
Are the expectations realistic, (what you need to prove)?
Is the waiting time before remuneration too long?

Find out more about Insurance remuneration

Insurance Owl gives simple, clear information about insurance. Everything ranging from health insurance to indemnity claims including Auto, Travel, and Life Insurance.

Article Source: http://EzineArticles.com/?expert=Simon_Goodman

For more information about this article and/or the author visit http://www.insurance-owl.com/other/remuneration.php

For more information, news and articles see: