Insurance should be bought to protect you against a calamity that would otherwise be financially devastating. In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home and financial situation. Insurance in India started without any regulation in the Nineteenth Century. It was a typical story of a colonial epoch: few British insurance companies dominating the market serving mostly large urban centers. After the independence, it took a theatrical turn. Insurance was nationalized. First, the life insurance companies were nationalized in 1956, and then the general insurance business was nationalized in 1972. It was only in 1999 that the private insurance companies have been allowed back into the business of insurance with a maximum of 26% of foreign holding. "The insurance industry is enormous and can be quite intimidating. Insurance is being sold for almost anything and everything you can imagine. Determining what's right for you can be a very daunting task." Concepts of insurance have been extended beyond the coverage of tangible asset. Now the risk of losses due to sudden changes in currency exchange rates, political disturbance, negligence and liability for the damages can also be covered. But if a person thoughtfully invests in insurance for his property prior to any unexpected contingency then he will be suitably compensated for his loss as soon as the extent of damage is ascertained. The entry of the State Bank of India with its proposal of bank assurance brings a new dynamics in the game. The collective experience of the other countries in Asia has already deregulated their markets and has allowed foreign companies to participate. If the experience of the other countries is any guide, the dominance of the Life Insurance Corporation and the General Insurance Corporation is not going to disappear any time soon. The aim of all insurance is to compensate the owner against loss arising from a variety of risks, which he anticipates, to his life, property and business. Insurance is mainly of two types: life insurance and general insurance. General insurance means Fire, Marine and Miscellaneous insurance which includes insurance against burglary or theft, fidelity guarantee, insurance for employer's liability, and insurance of motor vehicles, livestock and crops. LIFE INSURANCE IN INDIA "Life insurance is the heartfelt love letter ever written. It calms down the crying of a hungry baby at night. It relieves the heart of a bereaved widow. It is the comforting whisper in the dark silent hours of the night." Life insurance made its debut in India well over 100 years ago. Its salient features are not as widely understood in our country as they ought to be. There is no statutory definition of life insurance, but it has been defined as a contract of insurance whereby the insured agrees to pay certain sums called premiums, at specified time, and in consideration thereof the insurer agreed to pay certain sums of money on certain condition sand in specified way upon happening of a particular event contingent upon the duration of human life. Life insurance is superior to other forms of savings! "There is no death. Life Insurance exalts life and defeats death. It is the premium we pay for the freedom of living after death." Savings through life insurance guarantee full protection against risk of death of the saver. In life insurance, on death, the full sum assured is payable (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable. The essential features of life insurance are a) it is a contract relating to human life, which b) provides for payment of lump-sum amount, and c) the amount is paid after the expiry of certain period or on the death of the assured. The very purpose and object of the assured in taking policies from life insurance companies is to safeguard the interest of his dependents viz., wife and children as the case may be, in the even of premature death of the assured as a result of the happening in any contingency. A life insurance policy is also generally accepted as security for even a commercial loan. NON-LIFE INSURANCE "Every asset has a value and the business of general insurance is related to the protection of economic value of assets." Non-life insurance means insurance other than life insurance such as fire, marine, accident, medical, motor vehicle and household insurance. Assets would have been created through the efforts of owner, which can be in the form of building, vehicles, machinery and other tangible properties. Since tangible property has a physical shape and consistency, it is subject to many risks ranging from fire, allied perils to theft and robbery. Few of the General Insurance policies are: Property Insurance: The home is most valued possession. The policy is designed to cover the various risks under a single policy. It provides protection for property and interest of the insured and family. Health Insurance: It provides cover, which takes care of medical expenses following hospitalization from sudden illness or accident. Personal Accident Insurance: This insurance policy provides compensation for loss of life or injury (partial or permanent) caused by an accident. This includes reimbursement of cost of treatment and the use of hospital facilities for the treatment. Travel Insurance: The policy covers the insured against various eventualities while traveling abroad. It covers the insured against personal accident, medical expenses and repatriation, loss of checked baggage, passport etc. Liability Insurance: This policy indemnifies the Directors or Officers or other professionals against loss arising from claims made against them by reason of any wrongful Act in their Official capacity. Motor Insurance: Motor Vehicles Act states that every motor vehicle plying on the road has to be insured, with at least Liability only policy. There are two types of policy one covering the act of liability, while other covers insurers all liability and damage caused to one's vehicles. JOURNEY FROM AN INFANT TO ADOLESCENCE! Historical Perspective The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more risky for coverage. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. The General insurance business in India, on the other hand, can trace its roots to the Triton (Tital) Insurance Company Limited, the first general insurance company established in the year 1850 in Calcutta by the British. Till the end of nineteenth century insurance business was almost entirely in the hands of overseas companies. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during 20's and 30's desecrated insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization. This was in conformity with the Government's chosen path of State lead planning and development. The (non-life) insurance business continued to prosper with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies - National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC). The life insurance industry was nationalized under the Life Insurance Corporation (LIC) Act of India. In some ways, the LIC has become very flourishing. Regardless of being a monopoly, it has some 60-70 million policyholders. Given that the Indian middle-class is around 250-300 million, the LIC has managed to capture some 30 odd percent of it. Around 48% of the customers of the LIC are from rural and semi-urban areas. This probably would not have happened had the charter of the LIC not specifically set out the goal of serving the rural areas. A high saving rate in India is one of the exogenous factors that have helped the LIC to grow rapidly in recent years. Despite the saving rate being high in India (compared with other countries with a similar level of development), Indians display high degree of risk aversion. Thus, nearly half of the investments are in physical assets (like property and gold). Around twenty three percent are in (low yielding but safe) bank deposits. In addition, some 1.3 percent of the GDP are in life insurance related savings vehicles. This figure has doubled between 1985 and 1995. A World viewpoint - Life Insurance in India In many countries, insurance has been a form of savings. In many developed countries, a significant fraction of domestic saving is in the form of donation insurance plans. This is not surprising. The prominence of some developing countries is more surprising. For example, South Africa features at the number two spot. India is nestled between Chile and Italy. This is even more surprising given the levels of economic development in Chile and Italy. Thus, we can conclude that there is an insurance culture in India despite a low per capita income. This promises well for future growth. Specifically, when the income level improves, insurance (especially life) is likely to grow rapidly. INSURANCE SECTOR REFORM: Committee Reports: One Known, One Anonymous! Although Indian markets were privatized and opened up to foreign companies in a number of sectors in 1991, insurance remained out of bounds on both counts. The government wanted to proceed with caution. With pressure from the opposition, the government (at the time, dominated by the Congress Party) decided to set up a committee headed by Mr. R. N. Malhotra (the then Governor of the Reserve Bank of India). Malhotra Committee Liberalization of the Indian insurance market was suggested in a report released in 1994 by the Malhotra Committee, indicating that the market should be opened to private-sector competition, and eventually, foreign private-sector competition. It also investigated the level of satisfaction of the customers of the LIC. Inquisitively, the level of customer satisfaction seemed to be high. In 1993, Malhotra Committee - headed by former Finance Secretary and RBI Governor Mr. R. N. Malhotra - was formed to evaluate the Indian insurance industry and recommend its future course. The Malhotra committee was set up with the aim of complementing the reforms initiated in the financial sector. The reforms were aimed at creating a more efficient and competitive financial system suitable for the needs of the economy keeping in mind the structural changes presently happening and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms. In 1994, the committee submitted the report and some of the key recommendations included: o Structure Government bet in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate. Competition Private Companies with a minimum paid up capital of Rs.1 billion should be allowed to enter the sector. No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state. o Regulatory Body The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance - a part of the Finance Ministry- should be made Independent. o Investments Compulsory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current holdings to be brought down to this level over a period of time). o Customer Service LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry. The committee accentuated that in order to improve the customer services and increase the coverage of insurance policies, industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new competitors could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body - The Insurance Regulatory and Development Authority. Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has meticulously stuck to its schedule of framing regulations and registering the private sector insurance companies. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. The other decision taken at the same time to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products. The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity lid for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the private sector 12 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001 Mukherjee Committee Immediately after the publication of the Malhotra Committee Report, a new committee, Mukherjee Committee was set up to make concrete plans for the requirements of the newly formed insurance companies. Recommendations of the Mukherjee Committee were never disclosed to the public. But, from the information that filtered out it became clear that the committee recommended the inclusion of certain ratios in insurance company balance sheets to ensure transparency in accounting. But the Finance Minister objected to it and it was argued by him, probably on the advice of some of the potential competitors, that it could affect the prospects of a developing insurance company. LAW COMMISSION OF INDIA ON REVISION OF THE INSURANCE ACT 1938 - 190th Law Commission Report The Law Commission on 16th June 2003 released a Consultation Paper on the Revision of the Insurance Act, 1938. The previous exercise to amend the Insurance Act, 1938 was undertaken in 1999 at the time of enactment of the Insurance Regulatory Development Authority Act, 1999 (IRDA Act). The Commission undertook the present exercise in the context of the changed policy that has permitted private insurance companies both in the life and non-life sectors. A need has been felt to toughen the regulatory mechanism even while streamlining the existing legislation with a view to removing portions that have become superfluous as a consequence of the recent changes. Among the major areas of changes, the Consultation paper suggested the following: a. merging of the provisions of the IRDA Act with the Insurance Act to avoid multiplicity of legislations; b. deletion of redundant and transitory provisions in the Insurance Act, 1938; c. Amendments reflect the changed policy of permitting private insurance companies and strengthening the regulatory mechanism; d. Providing for stringent norms regarding maintenance of 'solvency margin' and investments by both public sector and private sector insurance companies; e. Providing for a full-fledged grievance redressal mechanism that includes: o The constitution of Grievance Redressal Authorities (GRAs) comprising one judicial and two technical members to deal with complaints/claims of policyholders against insurers (the GRAs are expected to replace the present system of insurer appointed Ombudsman); o Appointment of adjudicating officers by the IRDA to determine and levy penalties on defaulting insurers, insurance intermediaries and insurance agents; o Providing for an appeal against the decisions of the IRDA, GRAs and adjudicating officers to an Insurance Appellate Tribunal (IAT) comprising a judge (sitting or retired) of the Supreme Court/Chief Justice of a High Court as presiding officer and two other members having sufficient experience in insurance matters; o Providing for a statutory appeal to the Supreme Court against the decisions of the IAT. LIFE and NON-LIFE INSURANCE - Development and Growth! The year 2006 turned out to be a momentous year for the insurance sector as regulator the Insurance Regulatory Development Authority Act, laid the foundation for free pricing general insurance from 2007, while many companies announced plans to attack into the sector. Both domestic and foreign players robustly pursued their long-pending demand for increasing the FDI limit from 26 per cent to 49 per cent and toward the fag end of the year, the Government sent the Comprehensive Insurance Bill to Group of Ministers for consideration amid strong reservation from Left parties. The Bill is likely to be taken up in the Budget session of Parliament. The infiltration rates of health and other non-life insurances in India are well below the international level. These facts indicate immense growth potential of the insurance sector. The hike in FDI limit to 49 per cent was proposed by the Government last year. This has not been operationalized as legislative changes are required for such hike. Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have tipped into the Indian market and 21 private companies have been granted licenses. The involvement of the private insurers in various industry segments has increased on account of both their capturing a part of the business which was earlier underwritten by the public sector insurers and also creating additional business boulevards. To this effect, the public sector insurers have been unable to draw upon their inherent strengths to capture additional premium. Of the growth in premium in 2004-05, 66.27 per cent has been captured by the private insurers despite having 20 per cent market share. The life insurance industry recorded a premium income of Rs.82854.80 crore during the financial year 2004-05 as against Rs.66653.75 crore in the previous financial year, recording a growth of 24.31 per cent. The contribution of first year premium, single premium and renewal premium to the total premium was Rs.15881.33 crore (19.16 per cent); Rs.10336.30 crore (12.47 per cent); and Rs.56637.16 crore (68.36 per cent), respectively. In the year 2000-01, when the industry was opened up to the private players, the life insurance premium was Rs.34,898.48 crore which constituted of Rs. 6996.95 crore of first year premium, Rs. 25191.07 crore of renewal premium and Rs. 2740.45 crore of single premium. Post opening up, single premium had declined from Rs.9, 194.07 crore in the year 2001-02 to Rs.5674.14 crore in 2002-03 with the withdrawal of the guaranteed return policies. Though it went up marginally in 2003-04 to Rs.5936.50 crore (4.62 per cent growth) 2004-05, however, witnessed a significant shift with the single premium income rising to Rs. 10336.30 crore showing 74.11 per cent growth over 2003-04. The size of life insurance market increased on the strength of growth in the economy and concomitant increase in per capita income. This resulted in a favourable growth in total premium both for LIC (18.25 per cent) and to the new insurers (147.65 per cent) in 2004-05. The higher growth for the new insurers is to be viewed in the context of a low base in 2003- 04. However, the new insurers have improved their market share from 4.68 in 2003-04 to 9.33 in 2004-05. The segment wise break up of fire, marine and miscellaneous segments in case of the public sector insurers was Rs.2411.38 crore, Rs.982.99 crore and Rs.10578.59 crore, i.e., a growth of (-)1.43 per cent, 1.81 per cent and 6.58 per cent. The public sector insurers reported growth in Motor and Health segments (9 and 24 per cent). These segments accounted for 45 and 10 per cent of the business underwritten by the public sector insurers. Fire and "Others" accounted for 17.26 and 11 per cent of the premium underwritten. Aviation, Liability, "Others" and Fire recorded negative growth of 29, 21, 3.58 and 1.43 per cent. In no other country that opened at the same time as India have foreign companies been able to grab a 22 per cent market share in the life segment and about 20 per cent in the general insurance segment. The share of foreign insurers in other competing Asian markets is not more than 5 to 10 per cent. The life insurance sector grew new premium at a rate not seen before while the general insurance sector grew at a faster rate. Two new players entered into life insurance - Shriram Life and Bharti Axa Life - taking the total number of life players to 16. There was one new entrant to the non-life sector in the form of a standalone health insurance company - Star Health and Allied Insurance, taking the non-life players to 14. A large number of companies, mostly nationalized banks (about 14) such as Bank of India and Punjab National Bank, have announced plans to enter the insurance sector and some of them have also formed joint ventures. The proposed change in FDI cap is part of the comprehensive amendments to insurance laws - The Insurance Act of 1999, LIC Act, 1956 and IRDA Act, 1999. After the proposed amendments in the insurance laws LIC would be able to maintain reserves while insurance companies would be able to raise resources other than equity. About 14 banks are in queue to enter insurance sector and the year 2006 saw several joint venture announcements while others scout partners. Bank of India has teamed up with Union Bank and Japanese insurance major Dai-ichi Mutual Life while PNB tied up with Vijaya Bank and Principal for foraying into life insurance. Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investment Corporation and Sompo Japan Insurance Inc have tied up for forming a non-life insurance company while Bank of Maharashtra has tied up with Shriram Group and South Africa's Sanlam group for non-life insurance venture. CONCLUSION It seems cynical that the LIC and the GIC will wither and die within the next decade or two. The IRDA has taken "at a snail's pace" approach. It has been very cautious in granting licenses. It has set up fairly strict standards for all aspects of the insurance business (with the probable exception of the disclosure requirements). The regulators always walk a fine line. Too many regulations kill the motivation of the newcomers; too relaxed regulations may induce failure and fraud that led to nationalization in the first place. India is not unique among the developing countries where the insurance business has been opened up to foreign competitors. The insurance business is at a critical stage in India. Over the next couple of decades we are likely to witness high growth in the insurance sector for two reasons namely; financial deregulation always speeds up the development of the insurance sector and growth in per capita GDP also helps the insurance business to grow.

Maple-Glazed Chicken with Sweet Potatoes

Maple syrup provides a sweet coating to this quick chicken main dish recipe. Refrigerated mashed sweet potatoes make a delightful side.

Ingredients
  • 1 pound 8-ounce package refrigerated mashed sweet potatoes
  • 1 pound chicken breast tenderloins
  • 2 teaspoons steak grilling seasoning blend, such as Montreal
  • 2 tablespoons butter
  • 1/4 cup maple syrup
  • 1/2 cup sliced green onion (about 4)

Directions
  1. Prepare sweet potatoes in microwave oven according to package directions.
  2. Meanwhile, lightly coat chicken with steak seasoning. Heat butter in large skillet over medium-high heat; add chicken. Cook 5 to 6 minutes until no longer pink (170 degrees F), turning once halfway through cooking. Remove from skillet; cover and keep warm. Stir maple syrup into hot skillet; cook 2 minutes. Stir in green onions.
  3. Divide chicken and potatoes among 4 plates. Drizzle with maple syrup mixture. Serves 4

mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney houston, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california, mesothelioma attorney california.

Subscribe to receive free email updates:

0 Response to "Maple-Glazed Chicken with Sweet Potatoes"

Posting Komentar

There are many reasons to get home insurance in Calgary. First of all, you want to make sure your house, cottage, or tenancy is covered for damage, theft, and flooding. Secondly, you want to know if you are overpaying for home insurance, and if you are, you want to know if you have access to a more affordable insurer. We can help you connect with a live insurance broker who will give you the information you need to insure your house in Calgary. You can also request a quote from at least 10 Canadian home insurers, so you can compare rates. Typical Home Insurance Premiums Home protection prices are different for rented and owned properties. Tenants insurance for rented homes covers the basic contents of a house and some liability (you may need a separate policy for fine art, wine collections, furs, and other expensive, atypical items). Tenants insurance is often cheaper than homeowners insurance. Homeowners insurance covers the building and its exterior, as well as risks connected to theft, fire, earthquake, etc. Since the value of the building is much higher than the contents of a rented unit, homeowners insurance premiums are significantly higher than are the premiums for tenants insurance. In order to have a broader picture of home insurance rates in Canada, here are statistics of the average home rates in Alberta, Ontario, British Columbia, and Canada. These statistics are provided by InsurEye. In Alberta, monthly house insurance rates are typically $84 for homeowners and $49 for renters. In Ontario, monthly home insurance rates are typically $78 for homeowners and $42 for renters. In British Columbia, monthly home protection rates are typically $85 for homeowners and $47 for renters. Across Canada, monthly home insurance rates are typically $77 for homeowners and $41 for renters. Examples of Calgary Home Insurance Quotes Home insurance quotes in Calgary depend on the size of a building, its location, and possible risks (like flooding). The following examples of house insurance quotes will help you better understand how much home insurance can potentially cost you: · For a 2,800 square foot, two-storey house in Calgary, in the neighbourhood of Altadore near River Park, expect approximately $98 monthly ($1,176 a year). · For an 850 square foot, two-bedroom condominium on the 12th floor in downtown Calgary, next to Central Memorial Park, the insurance costs are approximately $23 a month ($276 a year). · For a one-storey house in Calgary, in the Mount Pleasant neighbourhood, located close to 4th St NW and the Trans-Canada Highway, the insurance is approximately $62 monthly ($744 a year). Flooding Coverage for Homes in Calgary Since Calgary often sees flooding, every homeowner should be prepared for the possibility of this risk and should understand the main aspects of home protection and flooding. One thing you should keep in mind is that home protection in the flood-endangered areas of the city is more expensive because of the much higher risk. There are four main types of flooding. It is important to remember that your home insurance policy treats each of them differently: 1. Overland flooding occurs as a consequence of water (rain or melting snow) entering your house from the outdoors. Standard insurance in Calgary does not cover expenses from overland flooding. However, some companies do provide coverage for this type of flooding at an additional cost. 2. Roof leakage can be covered or not covered, depending on the factors that caused it. If the roof was in poor condition from the beginning, your insurance provider will not cover the damage. Your home insurance will most likely cover damage from a natural cause, like hail. 3. Your insurer will cover plumbing issues, only if you comply with the rules in your policy, such as having somebody visit your home while you are not there for extended periods of time (for example, while you are on vacation). 4. Sewer backup happens when wastewater is driven back into your house. Traditional home protection does not cover this type of flooding. However, you can always purchase this type of coverage as an addition to your home insurance policy. The Difference Between Condo and Tenants Insurance in Calgary Owners of condos can purchase homeowners insurance for their condo. The condominium corporation purchases commercial condo insurance. The difference between these two policies is in what part of the condo they cover. The homeowners insurance covers the contents of the condominium. The coverage also includes protection for upgrades, locker contents, third party liability, theft, additional living expenses, and sometimes special insurance assessments. The commercial condominium corporation's insurance covers the building's exterior (envelope), together with its infrastructure and common areas. Condo renters in Calgary need tenants insurance to cover the contents of their condos. This type of protection is usually mandatory and is part of the rental contract. In addition to the coverage of contents against theft, fire, and other hazards, the insurance also extends to third party liability and additional living expenses. Living expenses are for the cases when the condo is unlivable (due to earthquake, flood, fire, etc.), so the renter is forced to live in a hotel or rental unit until the condo repairs are complete. 10 Ways to Save on Home Insurance in Calgary Here are a few ways to save on your home coverage. For more savings, get an insurance quote and contact an insurance expert. 1. Professional membership. Members of unions or professional organizations can get a discount on their home insurance. Insurance companies, like Meloche Monnex Insurance, also provide their members with insurance policies. 2. Hydrant or fire station. If your home is close to one of these things, you can ask for a discount from your insurance provider. 3. Discounts for students. Some insurance providers give discounts for students. As for dependent students who live alone, their parent's home insurance may cover the insurance on their apartment at no additional charge. For example, Desjardins Insurance provides this discount. 4. Discounts for graduates. TD Insurance is an example of an insurer that offers discounts for graduates from post-secondary institutions like McGill University or the University of Toronto. 5. Quit smoking. Many insurance companies increase home protection premiums for smokers due to the potential fire risk. 6. Change your policy. Those with tenant insurance should rethink the size of their coverage - perhaps some things that do not have much value do not need additional coverage. 7. Security of your home. Does your home have additional security, like a doorman or security guard? This might get you a discount from your insurance provider. 8. Direct insurer. Also called a captive agent, a direct insurer represents one company and can offer their products for a cheaper price when compared to insurance agents or brokers. 9. Consumer reviews. Other home insurance consumers often share their experiences of purchasing insurance and making claims. Thanks to these insights, you will be able to avoid unexpected costs and overpayment. 10. Compare prices. You can get home insurance quote in Calgary for a cheaper price thanks to the price comparison tools that show you the rates of the same services provided by different insurance companies. For more information about home insurance policies in your area