QUALITY HOME INSPECTIONS INC. LIC # HI-10453
8833 N.W. 53rd Street, Suite 450
info@quality1homeinspections.com

United Commercial Inspections Miami Homestead

United Commercial Inspections Miami Homestead. Certificate issued by Republic Fire Insurance Co. of New York c. 1860
United Commercial Inspections Miami Homestead
United Commercial Inspections Miami Homestead
Insurance companies may be classified into two groups:
  • Life insurancecompanies, which sell life insurance, annuities and pensions products.
  • Non-life or property/casualty insurancecompanies, which sell other types of insurance.
General insurance companies can be further divided into these subcategories.
  • Standard lines United Commercial Inspections Miami Homestead
    Excess lines United Commercial Inspections Miami Homestead
  • In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature – coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year. United commercial inspections Miami Homestead
Insurance companies are generally classified as either mutual or proprietary company United commercial inspections Miami Homestead
Mutual companies are owned by the policyholders, while shareholders (who may or may not own policies) own proprietary insurance companies. United Commercial Inspections Miami Homestead
Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. However, not all states permit mutual holding companies. United Commercial Inspections Miami Homestead
Other possible forms for an insurance company include reciprocals, in which policyholders reciprocate in sharing risks, and Lloyd’s organizations. United commercial inspections Miami Homestead
Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company’s financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products. United commercial inspections Miami Homestead
Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well. United commercial inspections Miami Homestead
United Commercial Inspections Miami Homestead
United Commercial Inspections Miami Homestead
Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. United commercial inspections Miami Homestead
This definition can sometimes be extended to include some of the risks of the parent company’s customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a “pure” entity (which is a 100% subsidiary of the self-insured parent company); of a “mutual” captive (which ensures the collective risks of members of an industry); and of an “association” captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. United commercial inspections Miami Homestead
The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers’ liability, motor and medical aid expenses. The captive’s exposure to such risks may be limited by the use of reinsurance. United commercial inspections Miami Homestead
Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:
  • Heavy and increasing premium costs in almost every line of coverage
  • Difficulties in ensuring certain types of fortuitous risk. United Commercial Inspections Miami Homestead
  • Differential coverage standards in various parts of the world
  • Rating structures which reflect market trends rather than individual loss experience. United Commercial Inspections Miami Homestead
  • Insufficient credit for deductibles or loss control efforts. United Commercial Inspections Miami Homestead
There are also companies known as “insurance consultants”. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an ‘insurance broker’ also shop around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client. United commercial inspections Miami Homestead
Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have. United commercial inspections Miami Homestead
United Commercial Inspections Miami Homestead
United Commercial Inspections Miami Homestead
The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or another arrangement with less attractive payouts for losses). A number of independent rating agencies provide information and rate the financial viability of insurance companies. United commercial inspections Miami Homestead
North America United commercial inspections Miami Homestead
In Canada and the United States, a contract to purchase a house may include a contingency that the contract is not valid until the buyer, through a home inspector or other agents, has had an opportunity to verify the condition of the property. In many states and provinces, home inspectors are required to be licensed, but in some states the profession is not regulated. Typical requirements for obtaining a license are the completion of an approved training course and/or a successful examination by the state’s licensing board. Several states and provinces also require inspectors to periodically obtain continuing education credits in order to renew their licenses. United commercial inspections Miami Homestead
In May 2001, Massachusetts became the first state to recognize the potential conflict of interest when real estate agents selling a home also refer or recommend the home inspector to the potential buyer. As a result, the real estate licensing law in Massachusetts was amended to prohibit listing real estate agents from directly referring home inspectors. The law also prohibits listing agents from giving out a “short” name list of inspectors. The only list that can be given out is the complete list of all licensed home inspectors in the state. United commercial inspections Miami Homestead
United commercial inspections Miami Homestead
Ancillary services such as inspections for wood destroying insectsradon testing, septic tank inspections, water quality, mold, (or excessive moisture which may lead to mold), and private good inspections are sometimes a part of home inspector’s services if duly qualified. United Commercial Inspections Miami Homestead
In many provinces and states, the practical standards for home inspectors are those enacted by professional associations, such as, worldwide, the International Association of Certified Home Inspectors (InterNACHI); in the United States, the American Society of Home Inspectors (ASHI), and the National Association of Home Inspectors (NAHI); and, in Canada, the Canadian Association of Home and Property Inspectors(CAHPI), itself an Association of Associations, and the Professional Home & Property Inspectors of Canada (PHPIC). United commercial inspections Miami Homestead  United commercial inspections Miami Homestead
In Canada, there are provincial associations which focus on provincial differences that affect their members and consumers. Ontario has the largest population of Home Inspectors which was estimated in 2013 as part of a government survey at being around 1500[  The majority of these are, in Canada, members of the Ontario Association of Certified Home Inspectors United commercial inspections Miami Homestead
United Commercial Inspections Miami Homestead
United Commercial Inspections Miami Homestead
Currently, more than thirty U.S. states regulate the home inspection industry in some form whereas in Canada only Alberta and British Columbia have implemented government regulation. The province of Ontario is currently going through the regulatory procedure to license Home Inspectors in that province United commercial inspections Miami Homestead
United commercial inspections Miami Homestead
Excess lines United commercial inspections Miami Homestead
In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature – coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year. United commercial inspections Miami Homestead
Insurance companies are generally classified as either mutual or proprietary company United Commercial Inspections Miami Homestead
Mutual companies are owned by the policyholders, while shareholders (who may or may not own policies) own proprietary insurance companies.
Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. However, not all states permit mutual holding companies. United commercial inspections Miami Homestead
Other possible forms for an insurance company include reciprocals, in which policyholders reciprocate in sharing risks, and Lloyd’s organizations. United Commercial Inspections Miami Homestead
Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company’s financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products. United commercial inspections Miami Homestead
Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well. United commercial inspections Miami Homestead
Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. United Commercial Inspections Miami Homestead

This definition can sometimes be extended to include some of the risks of the parent company’s customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a “pure” entity (which is a 100% subsidiary of the self-insured parent company); of a “mutual” captive (which ensures the collective risks of members of an industry); and of an “association” captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. United Commercial Inspections Miami Homestead

CONTACT US

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(786) 306-1595

info@quality1homeinspections.com

ADDRES: 8833 N.W. 53rd Street, Suite 450 United States of America.

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