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Early methods[ edit ] Merchants have sought methods to minimize risks since early times. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. The Babylonians developed a system which was recorded in the famous Code of Hammurabic.
This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether due to storm or sinkage.
The first known insurance contract dates from Genoa inand in the next century maritime insurance developed widely and premiums were intuitively varied with risks. Insurance became far more sophisticated in Enlightenment era Europeand specialized varieties developed.
Property insurance as we know it today can be traced to the Great Fire of Londonwhich in devoured more than 13, houses. Initially, 5, homes were insured by his Insurance Office.
In the late s, Edward Lloyd opened a coffee housewhich became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures.
By the late 19th century governments began to initiate national insurance programs against sickness and old age.
Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the s. This gave the British working classes the first contributory system of insurance against illness and unemployment.
The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring.
In order to be an insurable riskthe risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
Insurability Risk which can be insured by private companies typically shares seven common characteristics: Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses.
However, all exposures will have particular differences, which may lead to different premium rates. The loss takes place at a known time, in a known place, and from a known cause.
The classic example is death of an insured person on a life insurance policy. Fireautomobile accidentsand worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational diseasefor instance, may involve prolonged exposure to injurious conditions where no specific time, place, or cause is identifiable.
Ideally, the time, place, and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance.
The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost.Financial Requirement & Use The financial requirement to implement this business plan is $1,, This will cover operating expenses for the first five months of operation.
Acme Insurance insurance company business plan executive summary. Acme Insurance is an ongoing business working as a regional insurance agency and real estate brokerage firm which markets and services personal insurance.
mostly family-run seasonal operations . Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss..
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.A person or entity who buys insurance is known as an insured or as a .
Insurance Company Sample Business Plan. mostly family-run seasonal operations primarily focused on the tourist trade. to fulfilling our clients needs is provided by our principals who have over 60 years experience between them as general insurance brokers, and our staff, many of whom have been insurance brokers well over 10 years.
This businsess plan presents a persuasive and innovative system for organizing and running an alternative taxi service. An entrepreneur with a new improvement on a traditional business will find this plan's clear logic instructive.
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