Facts About Title Insurance

Title insurance is basically an insurance against the defects in the title deed of a property that can cause the owner financial loss as well as mental agony. These defects could either be from a legal point of view where-in you might end up having a different owner as against the person from whom you bought the property, or else unenforceable mortgage liens that exist on the title deed. The requirement for such title insurances came into existence basically because of the comparative deficiency of land record laws. This made it necessary for buyers to protect themselves from any losses and ensure that they are compensated in case of such an occurrence.

The basic aim of title insurance is to defend the insured against any lawsuits or compensate the insured person for the monetary loss occurred. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. Earlier, the buyer had to bear the absolute responsibility of making sure that the property he has bought has perfect title deeds, without any complications, what so ever. This led to extensive research before any purchase as the buyer had to rummage through the various government and registrar offices to cross check on title deeds and their authenticity. This was a cumbersome process and this is what led to insurance companies starting the title insurance process. Here, insurance companies allow you to take policies, for which premiums are paid by the insured person, and in return the company shall bear the headache of ensuring that the title deed that you possess is authentic. They have tie ups with title inspection companies who take care of the verification process and ensure that all is well.

There are three types of title insurance policies. These are the Owner's policy, the lender's policy and the construction loan policy. As the name suggests, these policies service different aspects of the purchase. While the owner's policy takes care of the owner's risks related to the title deed, the lender's policy is basically to cover the mortgage loan. It is more or less like loan insurance but covers the risks associated with the title deed. Lender's policy facilitates sale of mortgage loans in the open market and is concerned with high volume transactions. Constriction loan policy covers the title deed for homes that are to be constructed. Title insurance for construction loans requires a Date Down endorsement which recognizes that the insured amount for the property has increased due to construction funds that have been vested into the property. Though title insurance is actually a cover for the deficiency associated with the land record laws, it is still a great tool to protect yourself from the frauds associated with title deed documentation and related transactions.

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Why Horse Riders Need Insurance

There are several types of Equestrian insurance. There are insurance coverages for you and your own personal horse, and insurance that covers riders when engaging in equestrian activities on other people's horses. All of these provide a vital coverage.

We love horses and like to believe they love us. Even the gentlest horse can be spooked, or be involved in an accident while being ridden. In these circumstances it is best to have coverage that will provide medical insurance for yourself as a rider, or to prevent others from suing you on their behalf in an accident.

Typically these policies cover riders ages 5 to 75 and protect them in the case of injuries due to accidents of all types when involved in horseback riding activities. Some coverage also provides protection while traveling and competing in shows and can be purchased to cover the rider as well as the horse itself. Most of the policies can be individualized to the specific needs for the most basic to the most advanced riders.

Student riders are well-advised to get personal rider's insurance to protect themselves from common accidents that can occur in class situations. You and your horse may be very reliable but you cannot count on other's skills or horses to be as reliable as your own.

Riding at a school, or someone else's horse often involves signing a waver releasing the owners from responsibility should an accident occur. They are protecting themselves because they realize that anything can happen when around such large animals. You need to protect yourself as well.

As you graduate and develop your skills certain equestrian elements can be fraught with their own inherent dangers. Handling hotter horses, or engaging in activities such as jumping, cross-country, or other extreme sports make having rider's insurance a necessity. These are not the only times when rider's insurance is a smart move, however. Even simple pleasure rides on a nearby trail can hold unseen dangers. Loose dogs, downed trees, or a car backfiring can give even the calmest of horses a start, and unseat the best of riders.

There is never a time when dealing with animals that, as loving as they may be, are still just animals and weight anywhere from eight to ten times as much as the average human is completely safe. Make sure you have the coverage you need to provide you with assistance if and when you need it. Just like health, car, and home insurance, we hope we will never have to use it, but are sure happy it is there when we do.

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Contents Insurance - A Guide

Recession did hit a number of nations and it was quite hard for every one to deal with everything. During recession the bank rates for loans just increases so it is very difficult for people to get loans. In a way banks discourage loans and fund transfers. Property prices also fall. It could b a good time to buy property if you have saved up some money. Businesses and industries also suffered. Insurance companies also did suffer due to it. Bank interest plays a very important role in the countries ups and downs. The recession is now healing and the banks are letting out funds.

These days it is very important to take cheap contents insurance. It is very useful incase of emergency. You can take it on a person or any commodity you feel like. It is always better to also insure yourself with the medical insurance. It is really helpful as these days there are so many illnesses and for which there is no cure so just in case anything happens you need to be insured so that you can bear all costs. Incase a person has an accident then it Is difficult to pay so much money at one time sometimes you might not even have it.

So when you have your self insured it makes money transaction much more simpler. The insurance company bears all the costs and takes care of the funds bit. The insurance company needs to be a trusted one. Some of the companies do not give out as much as they have promised. Having the right insurance company also makes a lot of difference. There are a few reputed ones and you must always go to the one that offers fewer premiums. If the cost of the premium is less then it will be easier for you to pay the insurance.

The premium part is very important as if you are paying so much premium it does not make so much sense. It all depends on the insurance policy that you are selecting. It is therefore very important to get Cheap Contents Insurance. When you buy a household these days are a number of places which have a lot of robbers and so there are a lot of robberies that happen. It is always smart to insure your belongings like if you buy a television set you should insure that as well as if due to any calamity it gets robbed then you could always replace it with the insurance money that you get.

This is what cheap contents insurance does. It makes everything very simple. It gives you satisfaction of your self and also your belongings. I would suggest people to get insured as it does help in the long run. Insurance companies are now doing very well as people have realized the value of it. You must also be care full as sometimes the insurance companies do not release their funds. They in a way fleece people. This is not a nice thing to do.

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History Does Not Favor Greatwide

The outlook for Greatwide Logistics does not look good. It pains me to say that because I know several very talented managers who work there. Yes, I know Greatwide has over 5,000 owner operators. And I know it generates a billion plus in revenue. And I also know that Greatwide last ranked 23rd on the Transport Topics list of top 100 carriers. Still as truckload carriers go Greatwide is no J B Hunt or Schneider. Those companies became behemoths through incremental growth achieved over much time. In contrast, Greatwide Logistics rose onto the trucking scene like a pre-fabricated phoenix. The company is actually an amalgamation of several trucking companies glued together with debt and re-packaged under a new name. There's nothing incremental about it.

The lure of creating the next J B Hunt or Schneider National in a fraction of the time must have a very strong appeal. We see deals like Greatwide Logistics come along every couple of years. The investors in these companies generally do not drive trucks or run trucking companies. They come from the financial community - a savvy lot - but apparently less so when it comes to grasping the economics of trucking. The theory behind Greatwide goes something like this: buy a bunch of companies on debt, consolidate their revenues, and let everything else fall magically into place. After all, consolidation also means cost savings, extra cash and the ability to service debt. No doubt, the Power Point presentation made it all look very logical - particularly the mouth watering last slide highlighting the IPO. Unfortunately, there is nothing logical about the economics of the trucking business.

In trucking no amount of revenue guarantees a profit - especially if a company holds a lot of debt. Think back to AmeriTruck, Trism and Transit Group to cite just a few of the forerunners to Greatwide. We've seen this movie before. It never ends pleasantly. Consolidation in other industries might yield cost savings, but trucking has never enjoyed noteworthy economies of scale. Sure, a company like Greatwide might save a few bucks by combining functions such as personnel, marketing and risk management across its subsidiaries. Still the two biggest costs for every trucking company are fuel and driver wages. (In Greatwide's case payments to owner operators essentially encompass these items.) These costs do not decline with size. Diesel costs X amount per gallon whether you fill-up one truck or a thousand. The same goes for driver wages. In fact trucking arguably suffers from diseconomies of scale. Does a large trucking company with an elaborate home office, huge corporate staff and multi-state terminal network enjoy a cost advantage over the guy who eats and sleeps in his truck? Likely not, unless it has a very talented management team, which of course is always the first thing cut in deals like Greatwide.

Greatwide Logistics is less a trucking company than a financial transaction. The investors behind this deal never set out to haul freight. They set out to get rich. But no one gets rich in the trucking business without paying major dues. Now in the midst of arguably the worse freight hauling environment in thirty years, the debt that fueled Greatwide's meteoric rise has turned into a life threatening avalanche. The margins in the trucking business have never accommodated excessive debt service. History shows that almost every highly leveraged deal in trucking has failed.

Sadly for the employees, suppliers and other stakeholders, all the perfunctory efforts in bankruptcy to trade out Greatwide's debt for equity will surely prove too little too late.

Thanks for checking in...

Ed, III

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Insurance Credentialing For New Healthcare Practices

Time and again new practices invest countless hours and money focused on office space, equipment, software and staffing only to open their doors for business and find significant delays in getting adequate insurance reimbursements. More often than not, the problem could've be allayed by addressing the insurance credentialing process early and thoroughly - creating the necessary relationships with insurance carriers. Here are a few considerations to keep in mind as you address the insurance credentialing process.

Timing - Start Early!

Plan on starting the insurance credentialing process early - at minimum allow at least six months before you see your first patient. Carriers will often take as much as 3-4 months to review documents and make a determination, even if everything is in order. If there are errors, missing information or a question about submitted documentation, several more weeks or even months can be added to the process. This six month allowance, starting from the time credentials are submitted, usually gives enough time to address problems should they arise. If too little time is granted before the practice opens, and you begin seeing patients before insurance credentialing is complete, you are open to the risk of getting an "out of network" rate, reimbursements might be sent to the patient, or, worst case scenario, you may not get paid at all.

Identify Target Carriers

To define which insurances you might credential with, consider your practice location and patient demographics. Will a significant percentage have Medicare or Medicaid? Is there a particular company or business in the area that employs a large portion of the surrounding population? A quick call to their human resources office to inquire what insurances they currently offer employees (as well as possible changes the near future) can be a good indicator of the carriers you'll want to consider.

Also, check with colleagues, other providers, clinics and even larger hospitals in the area and ask who their most common payors are. Inquire about which payors are best to work with - who reimburses in a timely manner, which offer the largest enrollments, and which carriers might be at capacity with other providers in your specialty.

As you identify which insurance carriers might be most popular in the area, make a list of the top 10 or 15. Then, think about what other providers are saying and pare that list down to the top 7 or 8. This will be your short list of where to go next. Don't go overboard and choose too many from the start - if nothing else, you'll run yourself ragged in keeping up with the submissions.

Contact Insurance Carriers

With your list of 7 or 8, prepare to spend at least an afternoon (or more) on the phone with the provider services offices of each of your target carriers.

One of your first questions might be to ask if they are accepting new practices in your specialty in your area. More often than not there's no problem here, but don't be discouraged if they say no - just keep moving down the list and prepare to check back with them later for an opening. (Just remember, if several carriers on your list indicate they are closed to new providers, you might want to reassess your location before moving forward - finding multiple carriers closed to new practices in the same area is a strong indicator that there's a lot of competition in the neighborhood.)

If the carrier is receptive to new providers, make sure you get all pertinent information about the process - i.e. names, addresses, phone numbers, timing, required forms, and so on. Don't forget to ask about online submission too, as many carriers today allow you to provide all information online and mail in the supporting documentation.

**Remember that carriers won't start the insurance credentialing process until you've established a practice phone number and address (a PO Boxes are not acceptable). If you've established a practice address but haven't moved in yet, carriers can usually send the forms to an alternate address, but you'll still have to identify the location to get things going.

Submitting Credentials

Now that you've completed your research and identified which insurance carriers you're going to file with, you'll need to compile and submit all of your information. Most will generally require you provide the following:

Updated resume
Personal demographic information
Practice and business information
State and federal DEA numbers
State licensing and registration information
Evidence of education - i.e. Diploma or ECFMG certificate
Malpractice insurance information
Information on any disciplinary actions

While this can be a lot, there is some good news - since most carriers ask for the same information, once the first submission is complete, you can just transcribe all the details from one form to the next. You will also benefit enormously in the future by storing copies of these documents in a safe place. As your practice matures and you seek to credential with other insurances, you'll have this same repository of information readily available.

Once you've completed the application, don't forget to double check everything. In fact triple check it and have someone else look over it as well. Don't expect carriers to correct an obvious mistake for you - it's not their responsibility, and, frankly, they just won't. The importance of double and triple checking cannot be stressed enough as the entire process can be help up by a month or more from the slightest mistake.

Finally, after your information has been submitted, allow an appropriate amount of time (1-2 weeks for mailed submissions) and follow up with the provider services office to confirm receipt. If you were able to obtain a contact name in your early research call them directly. Once receipt is confirmed don't hesitate to follow up again in say, 3-4 weeks to see if they've reviewed it yet or if they found any problems. If everything's on track, plan on checking back in another 3-4 weeks until the process is complete. This can save a lot of turnaround time if you can learn over the phone there was some sort of hold up. As alluded to above, expect this part of the process to take several months - credentialing offices are often centralized and may be reviewing hundreds of submissions for many different areas at any given time. If there's no movement after several months, you consider stepping up your calls to a weekly basis.

Hopefully your hard work and phone calls has paid off and you've made it through the insurance credentialing process in just a few short months with your original list of 7 or 8 carriers. If you're up for the challenge yet again, consider going back to your longer list of 10-15 and start the process all over again with the remaining carriers.

A few shortcuts

Here are a couple of shortcuts to credentialing not mentioned above.

Hire professional assistance: There are many different organizations that can help with the insurance credentialing process. If you've contracted with a practice management company this process is often covered already. If you're considering a medical billing company to manage your insurance and patient billing they certainly should have the experience with carriers to provide at least some guidance, if not manage the process for you. Also, there are a few professional insurance credentialing companies that specialize in this process for new practices but they can often come at a high price.

Universal Credentialing DataSource: The Council for Affordable Quality Healthcare has developed an online service intended to eliminate the need for multiple insurance credentialing submissions. In short, you complete one form for all of their participating insurance carriers and you authorize who will receive your information. The CAQH Universal Credentialing DataSource is located at: http://www.caqh.org/

Summary

The insurance credentialing process is critical to getting your practice off to a good start - and ensuring a quicker transition to profitability. While it can be time consuming, an early start will give you the chance to address problems should they arise. Just be patient and keep these tips in mind and you'll get through it:

Start early - expect the process to take up to 6 months
Choose a target list - don't try for every carrier out there
Double check your work before you send it in
Follow up regularly and keep the process moving
Don't be overwhelmed - it's just paperwork.

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Lower Insurance Rates - Measures That Work

You can save massively if you know how to shop for the lowest quotes for your profile (This article will show you how). But while that is very essential, there are a lot of other issues you've got to take into consideration if you intend to get the cheapest rates. Here are several of them...

You will lower your health insurance rates by a huge margin if you take out time to do shopping right.. You'll start your shopping right if you make inquires from friends about their experiences with various health insurance providers.

You'll be cutting through hype from agents who just want commissions to true user-experiences if you do this. You can rely on your friend to tell you their experience with an insurer the way it was whether good or bad.

If you inquire from your friends and acquaintances you'll make it less likely that you will get a terrible deal.

A simple but rewarding way of bringing down your premium is by authorizing an EFT (Electronic Funds Transfer). By doing this you authorize an insurer to automatically withdraw your premiums from your account at specified intervals. This saves your insurer in many ways such as eliminating the cost of mailing payment notices and the cost associated with processing checks. This is why this gets you discounts.

If you decide to pay your premiums monthly, you'll attract more expensive health insurance rates. Notwithstanding the fact that this option is always less stressful, it costs more for some reasons..

If you do transactions with banks you'll agree with me that each check you process is regarded as transaction which attracts charges. Over the course of a year, your monthly checks would be processed separately because they are all different transactions. This implies that you'll pay transaction fees twelve times..

Besides there are also administrative costs that are incurred due to the monthly payment option. For example, it costs some money to send payment notices monthly.

These and more are then included in your health insurance rate thereby making it more than if you paid annually.

An excellent credit rating will reflect favorably on your health insurance rate. A poor credit record will attract higher health insurance rates. The truth is that they believe that the likelihood of you defaulting in your premiums is very high. Once you're noted as bad risk you'll attract more expensive health insurance premiums.

Visit not less than five quotes sites. Visiting at least five quotes sites increase the chances that you'd get cheaper quotes. This is because offers not covered by one site would be represented by the other. And, you should understand that because your chances of receiving lower quotes has to do with the number of quotes you get, the more insurers you obtain quotes from, the higher your chances will be. Obtaining your quotes online will help you save far more if you invest only 25 minutes to get quotes from a minimum of 5 insurance quotes sites.

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Insurance Fraud - The Dumb Criminal Chronicles

One of the greatest challenges insurance companies face is the ferreting out of insurance fraud. Wherever there is a chance that someone can get paid for submitting a fraudulent claim, there are also stupid people who are willing to give it a try.

Here are some recent examples. The names have been omitted to protect the stupid:

1. Arson (I like this story because of the restaurant's name.)

JACKSONVILLE BEACH, FL: Two men were arrested and charged with insurance fraud after a 2008 fire at Wakey, Wakey Eggs & Bakey. The fire was set in the kitchen after the restaurant closed on May 5, 2008, and caused over $200,000 in damages.

One of the owners was arrested and charged with arson and filing false insurance claims. Mr. T., a contractor, was also arrested on the same charge. The building's owners had just evicted the restaurant owners for defaulting on the rent.

2. Dumb Insurance Adjusters...there are a bunch of them.

BALTIMORE, MARYLAND: A Maryland woman pleaded guilty to writing company checks to herself and depositing the money into her own checking accounts while she was an insurance claims adjuster.

A woman pleaded guilty to one count of felony theft over $500. She was sentenced and ordered to pay back over $16,000 she had stolen from Nationwide Insurance Company between September 2006 and September 2007.

3. Hometown Insurance Fraud...I missed out on all the fun.

KENT COUNTY, MICHIGAN: Grand Rapids, Michigan is known as the Furniture City, and is getting a reputation as a hub for medical research. But now it's become the Michigan Mecca for insurance fraud. Three of the top Five insurance fraud cases in Michigan in 2009 were committed in Kent County.

The top case was perpetrated by a dermatologist who bilked Medicare and other health insurers for over $2 million. He is in prison serving a 10-year sentence for double billing and charge for work he did not perform. The doctor owned a Tudor mansion on Reeds Lake, which he tried to sell for $7.7 million, and it was recently auctioned off by the bank for $1.75 million.

Next case involved an 80-year-old man who paid a former employee to torch his business so he could collect over $300,000. Third is an Alpine Township man who was sentenced in August to at least six years in prison for selling $40 counterfeit insurance policies to almost 500 people.

Insurance fraud is serious business, since claims paid on fraudulent claims cost ALL of us higher premiums. It's no different than shoplifting at a retailer. Stores simply add the cost of their "shrinkage" to the cost of the goods you and I pay for. Report any suspected insurance fraud to the police. And know that most of the time, criminals get caught.

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