Workers’ compensation insurance, commonly called workers’ or workmen’s comp, is a form of insurance designed to provide compensation to workers who have been injured while on the job. While the details can vary significantly from one plan to the next, insurance plans in this category typically provide for some form of wage replacement, payment and/or reimbursement of medical costs, compensation for economic losses, possibly damages for pain and suffering, and settlements to the insured’s dependents in the case of a fatal work-related accident. Given this broad range of covered areas – essentially combining the key features of disability insurance, health insurance, and life insurance, among others – workers’ comp is certainly one of the more critical forms of insurance an individual can obtain
By knowing all you can about workers comp you can ensure that if an accident happens on the job you are covered. If you are not you could find yourself and your family in trouble down the road. We all need money to pay the rent and buy food and getting compensation for an injury at work can help you to pay for these necessities.
Workmen Compensation Insurance is typically associated historically with labor or professional unions, and is often the result of coordinated campaigns to obtain the coverage for the union members. Proponents of workers’ comp cite improved working conditions, economic support for employees, and the safety net provided by the insurance, as key benefits of workers’ comp. Critics of this type of insurance cite increased costs to employers and potential infringement on workers’ rights to seek recompense on their own.
Another concern that is frequently raised is the possibility of American companies moving parts of their operations or even their entire companies to areas with looser workers’ comp law. In the United States, however, workers’ comp laws are nearly universal, and almost all employers must carry the insurance in some form for their employees.
Insurable Interest in Marine Insurance
For a contract of insurance to hold good in a court of law, it is important for the insured to have the right type of interest in the subject matter – an insurable interest. This is in addition to the rest of the essentials required to form a valid contract. Without an insurable interest, the contract is only a wager. An insurable interest can be defined as a relationship that an insured has with the subject matter of insurance which may be in the form of life or property. This is especially important in life and marine insurance.
In marine insurance contracts, insurable interest of the insured is a special requirement for the contract to be valid. In a marine insurance contract, the insured is promised by the insurer to be indemnified against any loss which is caused by sea perils to the subject matter which may be the ship or goods carried in it depending on the policy clauses.
To qualify as an insurable interest, the subject matter should be a physical one that has exposure to marine perils and there must be a legal relationship between the assured and the subject matter in which case he would be harmed by the loss or damage of the subject matter. Such Insurable interest should be in existence at the time the damage occurred and it is not necessary for the insurable interest to exist at the time the policy was effectuated. The marine policy is considered valid even if it is insured without the assured being interested in the subject matter but later on acquires interest at the time of loss.
A marine insurance policy is similar to a fire insurance policy. Both are personal contracts and hence till the actual possession of the subject matter, the insurable interest continues to remain. If through an agreement, the title has been transferred to another person, the insured loses his interest in it and the policy ceases to exist. Where a seller of goods has interest in the property, he can insure it to the extent he has interest in it.