Indemnity Insurance – As Travel OFFL http://astraveloffl.com/ Thu, 17 Nov 2022 00:19:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://astraveloffl.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Indemnity Insurance – As Travel OFFL http://astraveloffl.com/ 32 32 Insurance stocks move in Wednesday’s intraday session By Benzinga https://astraveloffl.com/insurance-stocks-move-in-wednesdays-intraday-session-by-benzinga/ Wed, 16 Nov 2022 20:41:00 +0000 https://astraveloffl.com/insurance-stocks-move-in-wednesdays-intraday-session-by-benzinga/ © Reuters. Insurance stocks move in Wednesday’s intraday session Benzinga – According to Benzinga Pro, here are the insurance industry winners and losers for today’s intraday session. Winners James River Gr Hldgs (NASDAQ:JRVR) shares rose 3.13% to $24.69 in Wednesday’s regular session. The current volume of 42,000 shares represents 23.4% of the average full-day volume […]]]>

© Reuters. Insurance stocks move in Wednesday’s intraday session

Benzinga – According to Benzinga Pro, here are the insurance industry winners and losers for today’s intraday session.

Winners

  • James River Gr Hldgs (NASDAQ:JRVR) shares rose 3.13% to $24.69 in Wednesday’s regular session. The current volume of 42,000 shares represents 23.4% of the average full-day volume of James River Gr Hldgs over the past 100 days (last updated 12:40 PM EST). The company’s market cap is $921.2 million.
  • Erie Indemnity (NASDAQ:ERIE) The stock rose 3.02% to $268.05. Erie Indemnity shares are trading at a volume of 19,600 shares as of 12:40 p.m. EST. This is 30.4% of its average full-day volume over the past 100 days. The company’s market cap is $13.9 billion.
  • Kinsale Capital Gr (NYSE: KNSL) shares rose 2.82% to $294.19. Trading volume for Kinsale Capital Gr shares is 43.3K as of 12:40 PM EST. This represents 26.3% of its average daily volume over the past 100 days. The company’s market cap is $6.7 billion.
  • WR Berkeley (NYSE:WRB) shares rose 2.41% to $70.78. Trading volume for this stock as of 12:40 PM EST is 417.7K, or 33.5% of its average full-day volume over the past 100 days. The market value of their outstanding shares is $18.7 billion.
  • Lincoln National (NYSE:LNC) The stock rose 2.1% to $34.88. As of 12:40 p.m. EST, shares of Lincoln National are trading at 1.3 million, or 68.4% of its average full-day volume over the past 100 days. The market value of their outstanding shares is $5.9 billion.
  • GoHealth (NASDAQ:GOCO) the stock rose 2.06% to $0.44. Trading volume for GoHealth shares is 664.8K as of 12:40 p.m. EST. This is 67.6% of its average full-day volume over the past 100 days. The market value of their outstanding shares is $59.7 million. According to the press release, the third quarter results were released 4 days ago.

losers

  • Trean Insurance Group (NASDAQ:TIG) shares fell 7.46% to $2.36 in Wednesday’s regular session. The current volume of 34,100 shares represents 23.8% of Trean Insurance Group’s average full-day volume over the past 100 days (last updated 12:40 PM EST). The company’s market cap is $120.8 million.
  • Huize Holding (NASDAQ:HUIZ) The stock fell 6.07% to $0.78. Shares of Huize Holding are trading at a volume of 25,900 shares as of 12:40 p.m. EST. This is 94.9% of its average full-day volume over the past 100 days. The company’s market cap is $40.4 million. According to the news, the third quarter earnings report was released 3 days ago.
  • Reliance Global Group (NASDAQ:RELI) The stock fell 5.73% to $0.62. Trading volume for Reliance Global Group shares is 95.0K as of 12:40 p.m. EST. This is 25.1% of its average full-day volume over the past 100 days. The market value of their outstanding shares is $11.1 million. According to the press release, third quarter results were released yesterday.
  • FG Finl Gr (NASDAQ:FGFPP) shares fell 5.35% to $16.3. Shares of FG Finl Gr are trading at a volume of 355 shares as of 12:40 p.m. EST. This represents 8.8% of its average full-day volume over the past 100 days.
  • Oxbridge Re Holdings (NASDAQ:OXBR) shares were down 5.25% at $1.74. As of 12:40 p.m. EST, this stock is trading at a volume of 8,200 shares, or 110.6% of its average full-day volume over the past 100 days. The company’s market cap is $10.5 million. According to the news, the third quarter earnings report was released 2 days ago.
  • HCI Group (NYSE:HCI) shares fell 4.37% to $40.28. Trading volume for HCI Group shares is 68.2K as of 12:40 p.m. EST. This is 49.8% of its average full-day volume over the past 100 days. The market value of their outstanding shares is $346.6 million.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

]]>
Deep Purple’s Canceled 2018 Shows Lead to Insurance Coverage Lawsuit https://astraveloffl.com/deep-purples-canceled-2018-shows-lead-to-insurance-coverage-lawsuit/ Sun, 13 Nov 2022 23:45:37 +0000 https://astraveloffl.com/deep-purples-canceled-2018-shows-lead-to-insurance-coverage-lawsuit/ Photo credit: Jonas Rogowski / CC by 3.0 Deep Purple is at the center of an insurance lawsuit from a financial sponsor over the English rock band’s canceled 2018 tour of Mexico. A lawsuit alleges insurance provider Beazley Insurance Services denied coverage for two Deep Purple show cancellations in 2018 after failing to sufficiently investigate […]]]>

Photo credit: Jonas Rogowski / CC by 3.0

Deep Purple is at the center of an insurance lawsuit from a financial sponsor over the English rock band’s canceled 2018 tour of Mexico.

A lawsuit alleges insurance provider Beazley Insurance Services denied coverage for two Deep Purple show cancellations in 2018 after failing to sufficiently investigate the claim.

Big Draw Entertainment (BDE), the funder of the Deep Purple concert tour in Mexico, filed the court case against Beazley and Everest Indemnity Insurance for bad faith and breach of contract. Big Draw accuses the insurer of conducting a poor investigation into their claim which was “limited in nature and narrow in scope” – that the failure demonstrated a “predetermined intent” to deny their claim.

“Defendants did not search the police for grounds for coverage that would protect the BDE, but rather sought the police and conducted their investigation for the purpose of finding a basis for denying coverage,” Big Draw alleges, saying it obtained an “event cancellation insurance policy” from Beazley that would reimburse him for losses related to the “possible cancellation, abandonment, disruption or postponement of any of the shows”.

The two shows in question were scheduled for November 21 and 24, 2018 but were canceled due to a “sudden loss” of sound and light equipment, according to the claim. Big Draw says the issue scheduled for Nov. 21 had a redemption limit of over $500,000, while the Nov. 24 issue had a limit of nearly $800,000.

According to Big Draw’s complaint, Beazley and their agent, Premier Insurance, who conducted the investigation, did not interview anyone with relevant information. Big Draw says they didn’t even speak to the people who “knew the circumstances of the cancellations best.”

Additionally, Beazley unreasonably delayed its coverage determination because Big Draw did not receive a coverage denial letter from the insurer until November 2020, two years after BDE submitted the original application.

]]>
Montana FSA Program Dates/Deadlines | TSLN.com https://astraveloffl.com/montana-fsa-program-dates-deadlines-tsln-com/ Thu, 10 Nov 2022 23:58:03 +0000 https://astraveloffl.com/montana-fsa-program-dates-deadlines-tsln-com/ USDA Montana reminds agricultural producers of important Farm Service Agency (FSA) program dates. Contact your local service center to apply and with any questions. Visit online at farmers.gov and fsa.usda.gov/mt. November 15, 2022: Deadline for FSA Maps – Deadline for 2023 acreage reporting for beekeeping, winter wheat (hard red winter) and all other fall seeded […]]]>

USDA Montana reminds agricultural producers of important Farm Service Agency (FSA) program dates. Contact your local service center to apply and with any questions. Visit online at farmers.gov and fsa.usda.gov/mt.

November 15, 2022: Deadline for FSA Maps – Deadline for 2023 acreage reporting for beekeeping, winter wheat (hard red winter) and all other fall seeded small grains. Please note that this is the deadline by which the FSA can accept late filed 2022 reports for these crops.

November 15, 2022: Risk Management Agency (RMA) virtual workshop on whole farm income protection and micro-farm insurance options.



December 9, 2022: Deadline to register for the 2023 Dairy Margin Coverage program.

December 13, 2022: RMA Virtual Workshop on Whole Farm Income Protection and Micro Farm Insurance Options.



December 31, 2022: Uninsured Agriculture Disaster Assistance Program (NAP) Coverage Closing Date for Honey.

January 2, 2023: Honey covered by NAP to have to be accurately reported to the FSA by January 2 for the total number of colonies present in all counties. Please note that growers must notify the FSA within 30 calendar days of any changes in the total number of colonies and additional counties to which bees are being moved.

January 16, 2023: 2023 acreage reporting deadline for established alfalfa seed, winter alfalfa seed and cherries. Please note that this is the deadline by which the FSA can accept late filed 2022 reports for these crops.

January 30, 2023: Deadline to apply for all Emergency Livestock, Honeybee, and Farmed Fish (ELAP) assistance for calendar year 2022 losses.

January 30, 2023: Deadline to apply for Livestock Forage Disaster Program (LFP) assistance for calendar year 2022 losses.

March 1, 2023: Deadline to apply for Livestock Indemnity Program (LIP) benefits for calendar year 2022 losses.

March 15, 2023: End date of uninsured Agricultural Disaster Assistance (NAP) coverage for all spring crops except canola, rye, spelled, triticale, wheat and spring sown mixed fodder.

March 15, 2023: Deadline to choose coverage and enroll in the Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC) programs for the 2023 crop year.

July 17, 2023: 2023 acreage reporting deadline for spring seeded alfalfa seed, forage seeding, CRP, perennial forage not covered by NAP and all other crops not required to be reported to a earlier reporting date.

The ELAP Notice of Loss must be filed within 30 days when the loss is apparent to farmed livestock and fish losses.

The ELAP Notice of Loss must be filed within 15 days when the loss is apparent to beelosses.

Notice of loss of PIL must be filed within 30 days when the loss is apparent.

– USDA FSA

]]>
Falling Through the Gaps: Shipowner Has No Coverage for Deckhand’s Bodily Injury | Adams and Reese LLP https://astraveloffl.com/falling-through-the-gaps-shipowner-has-no-coverage-for-deckhands-bodily-injury-adams-and-reese-llp/ Sat, 05 Nov 2022 00:03:53 +0000 https://astraveloffl.com/falling-through-the-gaps-shipowner-has-no-coverage-for-deckhands-bodily-injury-adams-and-reese-llp/ A collision on the Ohio River that injured a deckhand looks like a relatively straightforward marine claim. This is not the case when none of the sailor’s employer’s insurance policies provided coverage. In Stevana Towing Inc. v. Atlantic Specialties Ins. Co., the United States Court of Appeals for the Third Circuit recently upheld a Pennsylvania […]]]>

A collision on the Ohio River that injured a deckhand looks like a relatively straightforward marine claim. This is not the case when none of the sailor’s employer’s insurance policies provided coverage.

In Stevana Towing Inc. v. Atlantic Specialties Ins. Co., the United States Court of Appeals for the Third Circuit recently upheld a Pennsylvania district court’s ruling that none of the three policies the employer had in place covered the claim, noting the It is important for shipowners to ensure that cover is secured, particularly where arrangements are in place for the use of another vessel which is not owned by the employer.

In this case, an informal arrangement between the shipowners meant that a personal injury claim went through gaps in coverage and could have been avoided with carefully drafted contracts that would have closed those gaps. From a practical and commercial point of view for both the shipowner and the operator, this arrangement may have made sense, but ultimately it meant that there was no insurance cover. for the personal injury claim.

Stevanna Towing, Inc. (“Stevanna”) had in place three marine insurance policies: a Protection and Indemnity (“P&I”); a Marine General Liability (“MGL”); and an excess liability (“deductible”) policy.

  • The P&I policy only offered cover when Stevanna acted “as owner of the vessel”. The insurance program mentioned only two vessels, but also included an automatic acquisition clause, extending coverage to any vessel that Stevanna acquired, purchased or chartered.
  • The MGL policy provided coverage to Stevana for bodily injury and property damage claims, but excluded employer liability coverage, except that it included an exclusion of that exclusion where Stevana had assumed liability under an insured contract.
  • The deductible policy provided increased limits for the P&I policy and the MGL policy.

Additionally, Stevanna also operated another tug (not on schedule) which was to be used to move barges owned by the same party as the tug which could be used for Stevana’s own purposes when not doing so. This arrangement was agreed by verbal contract, but would have been at the same times as the chartering of another vessel from the same owner which was agreed in writing.

In one collision, a deckhand alleged he fell from the tug operated by Stevana but not on schedule into an empty hopper barge. The claim was settled by Stevana, but it sought reimbursement from its insurers and other parties who had taken legal action and also filed claims against the insurers claiming additional insured status.

The P&I insurer refused coverage because the tug was not scheduled. After some procedural wrangling, the district court ultimately ruled that neither the P&I policy, MGL policy, nor franchise policy offered coverage to the employer and that this also denied the other parties’ claims for coverage. as presumed additional insureds.

The Third Circuit found that the tug in question was not included in the schedule, but also had not been “chartered” by Stevana so that the automatic acquisition clause applied, noting that “the term “charter” does not refer to all circumstances in which someone borrows a boat” and that the arrangement here was not considered a “charter”. P&I cover only applies to the liability of the insured “as owner of the vessel”. Third Circuit felt that whatever arrangement was made between Stevana and the owner of the tug, it was not a bareboat charter because the owner was still paying for the fuel, Stevana did not consider herself the owner, Stevana did not have sole control and the arrangement was terminable. at will. Finally, the court notes that a Stevana employee was not even piloting the tug at the time of the collision.

The MGL policy did not provide coverage because it excluded employer liability claims. The exclusion was inapplicable because the arrangement between Stevana and the owner of the tug was not an insured contract and did not include an express clause assuming tort liability for injuries caused by another party. The Third Circuit noted that it is well settled that a “promise to indemnify others for others’ own tort liability is an extraordinary promise, and it must be expressly and unequivocally manifested in the contract”.

The court had held that neither the P&I policy nor the MGL policy offered coverage, it was axiomatic that the excess policy did not either since that policy only increased the limits.

]]>
New York Insurance Coverage Law Update – October 31, 2022 | Rivkin Radler LLP https://astraveloffl.com/new-york-insurance-coverage-law-update-october-31-2022-rivkin-radler-llp/ Tue, 01 Nov 2022 14:42:00 +0000 https://astraveloffl.com/new-york-insurance-coverage-law-update-october-31-2022-rivkin-radler-llp/ The Southern District finds that the owner and CEO of the insured are not entitled to SUM coverage because they are not acting within the scope Of his duties for the insured Majestic Rayon Corporation, a family business that manages the family’s real estate, obtained an insurance policy from Hartford Accident and Indemnity Company that […]]]>

The Southern District finds that the owner and CEO of the insured are not entitled to SUM coverage because they are not acting within the scope Of his duties for the insured

Majestic Rayon Corporation, a family business that manages the family’s real estate, obtained an insurance policy from Hartford Accident and Indemnity Company that included additional uninsured/underinsured motorist (“SUM”) coverage for any person “while acting within the framework of this person’s duties” for Majestic. The owner and managing director of Majestic (“CEO”) was walking quietly with his wife when he was hit by a car and he applied for SUM coverage in Hartford. The CEO argued that the family’s properties are in use 24 hours a day, so he is on call 24/7 and was discussing Majestic’s ongoing litigation with his wife during their walk. The United States District Court for the Southern District of New York denied the CEO’s claim for SUM coverage, finding that an employee is generally acting within the scope of their employment when the employer exercises or could exercise control over the employee’s activities. , and the employee is doing something as part of their job for their employer. The tribunal noted that an employee cannot be constantly within the scope of employment; and “(s)merely contemplating labor matters cannot be considered to be acting in the course of employment”. As such, the court found that the CEO speaking about ongoing litigation while out on a walk with his wife – not Majestic’s attorney – did not render his actions within the scope of his duties. towards Majestic. [Aibel v. Hartford Accident & Indem. Co., 2022 U.S. Dist. LEXIS 175355 (S.D.N.Y Sept. 27, 2022).]

Southern District finds business exclusion excludes coverage under attorney malpractice policy

Associated Industries Insurance Company filed a lawsuit for declaratory judgment seeking a declaration that it had no obligation to defend or indemnify a law firm and its former partner in a lawsuit brought by former clients under their malpractice policy, which contained a commercial enterprise exclusion that excluded coverage for the activities of the insureds in their capacity as “director…of a…commercial enterprise, other than the” law firm. The former clients alleged that while the associate simultaneously acted as attorney for the clients and executive vice president of a company formed by the associate, the associate recommended that the clients sell the property to the associate’s firm. ; prepared documentation for the $12 million sale; and structured the deal so his company would only pay $5 million and owe the rest through an unsecured loan. The United States District Court for the Southern District of New York ruled that the business exclusion in the law firm’s policy applied to exclude coverage because former clients would have no claims to sue the firm and the partner “without” the “double commitment” of the partner. roles of providing legal advice to a client, while simultaneously pursuing their own business interests”. [Associated Indus. Ins. Co. v. Wachtel Missry LLP, 2022 U.S. Dist. LEXIS 162454 (S.D.N.Y. Sept. 8, 2022).]

Eastern District Finds Jurisdictional Limit Met and Employer Disclaimer Excludes Coverage

A construction worker was injured and sued his alleged employer and the alleged owner and operators of the premises where he was injured in the course of his employment. His employer’s insurer filed a suit for declaratory judgment in the United States District Court for the Eastern District of New York, seeking a declaration that he had no obligation to defend or indemnify the employer. or any other party sued because the employer’s primary and umbrella policies exclude coverage for “bodily injury to any employee of any insured” arising out of or in the course of the insured’s employment. The court first found that the $75,000 minimum amount in dispute for federal diversity jurisdiction was met because the “subject matter” was the insurer’s potential liability under its primary policies. of $2 million and $5 million, and there is a “reasonable probability” that the underlying bodily injury action could result in coverage of more than $75,000. The court then concluded that the “plain language” of the employer’s disclaimer excluded coverage. [American European Ins. Co. v. Tri State Plumbing & Heating Inc., 2022 U.S. Dist. LEXIS 167154 (E.D.N.Y. Sept. 15, 2022).]

]]>
Get insured: when health insurance is lacking https://astraveloffl.com/get-insured-when-health-insurance-is-lacking/ Sat, 29 Oct 2022 14:34:46 +0000 https://astraveloffl.com/get-insured-when-health-insurance-is-lacking/ Critical illness insurance is a health insurance policy covering specific predefined illnesses that are both complicated and expensive to treat. These policies are benefit-based and provide a lump sum payment of the full sum insured (SI) to the insured diagnosed with a critical illness. After that, the policy ceases to exist and is not renewable. […]]]>

Critical illness insurance is a health insurance policy covering specific predefined illnesses that are both complicated and expensive to treat. These policies are benefit-based and provide a lump sum payment of the full sum insured (SI) to the insured diagnosed with a critical illness. After that, the policy ceases to exist and is not renewable. This is different from normal health insurance, which reimburses medical costs in hospital (on an indemnity basis) and can be used an unlimited number of times during the insurance period, up to sum assured (SI).

Critical illness use must be understood in relation to the risks covered. First, the cost of treatment. Cancer, coronary events, strokes are conditions that involve high cost of treatment and regular health insurance may not be enough. Even if they are covered by a large sum of insurance, the cost of these indications exceeds the simple treatment. There is a loss of income, a cost of recovering home care, and recovery costs. A lump sum payment of critical coverage, upon first diagnosis, not only provides financial assistance for direct medical care, but also covers these other aspects, without the hassle of claims or reimbursements.

Premium comparison

The sums insured under the critical illness category are generally between ₹2 to ₹10 lakh in Star Health and HDFC Ergo. Aditya Birla and Care Health also offer covers up to ₹1 crore. The amount of savings, existing health coverage and other means of family income should be taken into account when choosing the right sum insured. The premiums are also not as high as regular health insurance coverage. Moreover, the premiums do not seem to depend on the range of illnesses covered. Care Health critical illness premiums start at ₹1,600 for a ₹10 lakh policy covering 32 illnesses. HDFC Ergo policy for ₹10 lakh for a 32 year old male costs ₹4,000 per year and covers 15 indications. On the high end are similar policies from Star Health and Aditya Birla which cover 9 and 50 indications each, and cost ₹17,000 and ₹10,000 respectively for the same SI. While Star offers indemnity-based coverage as well as flat-rate coverage, Aditya Birla also offers broader coverage and comprehensive wellness features.

What to look for

Among the various conditions, pre-existing illnesses (PED) and the initial waiting period of 90 days are also stipulated with critical illness insurance. Critical or not, PED related claims will be barred for four years from the start of coverage. Even though they are included in the list of covered illnesses, claims for these also may not be admissible within the initial 90-day period. The requirement for pre-issue medicals will depend on age and issuer (Star Health may require one, HDFC may not).

The potential policyholder seeking to cover specific risks should read the policy document in detail to confirm the inclusion of those risks and the extent to which those risks are covered. The Aditya Birla policy, for example, covers malignant cancers but not non-malignant, precancerous or in situ cancers. Star Health covers myocardial infarction (heart attack) but not other acute coronary syndromes. While these wordings may be common to all policies, delving into medical nomenclature, even with professional help if necessary, is a necessary exercise given the precise risks policyholders are expected to cover. Also, some policies include Alzheimer’s disease and benign brain tumors in premium offerings, but not in base policies.

“First Instance” – implying that only the first incidence is covered, even beyond the expectation of PED and “Specific Gravity” – the level of disease complexity required for on-demand admission of regulation, must be verified. Even in the case of reimbursement from social insurance when diagnosed with a covered disease, especially cancer, conditions may be present. In the Aditya Birla policy, for example, 50% of the IS reimbursement is paid for minor stage cancer and 100% for major stage. But the policy also provides for a 150% payment for advanced stages.

Critical illness insurance (supplementary to basic health insurance) is intended for policyholders with a family history of illnesses such as cancer, heart attack, kidney failure or any other genetic disease, subject to being covered by the contract. For policyholders in high-stress occupations, critical illness insurance can serve as a low-cost limited coverage policy for outlier risks.

General list of critical illness insurance inclusions

Major organ transplantation

Coronary bypass surgery

Primary Pulmonary Hypertension

]]>
The ultimate guide on how to buy a house in Orihuela Costa https://astraveloffl.com/the-ultimate-guide-on-how-to-buy-a-house-in-orihuela-costa/ Wed, 26 Oct 2022 15:51:08 +0000 https://astraveloffl.com/the-ultimate-guide-on-how-to-buy-a-house-in-orihuela-costa/ The Spanish property market is currently booming, with property prices expected to fall below inflation rates over the coming year. For this reason, many people take the exciting step of buying a new home, whether for a complete change or for a second home in the sun. If you’re looking to get around Spain’s stunning […]]]>

The Spanish property market is currently booming, with property prices expected to fall below inflation rates over the coming year. For this reason, many people take the exciting step of buying a new home, whether for a complete change or for a second home in the sun. If you’re looking to get around Spain’s stunning Costa Blanca, with a superb Mediterranean climate, well-developed infrastructure and stunning coastline dotted with coves, Orihuela Costa could definitely be the place for you.

So you may have spent hours browsing real estate sites to find your ideal property, but you’re not quite sure where to go from there. Don’t worry, Euro Weekly News has put together a guide on how to buy a house in Orihuela Costa, including the types of properties available and details on the actual process of buying a house in Spain, as well as a list of recommended all important real estate agents to help you secure your perfect property.


Types of houses in Orihuela Costa

Orihuela Costa is a very attractive option for many potential buyers, both economically and aesthetically. Although actually about 20 kilometers from the main resort town of Orihuela, it borders the Region of Murcia, home to the bustling town of the same name, and the beautiful Mar Menor, the largest saltwater lagoon, despite what its name may suggest. Orihuela Costa’s ideal location means you’re never far from amenities, facilities and leisure attractions without missing out on those all-important rest days by the beach.

As one of the most developed – and therefore popular – areas on the southern Costa Blanca, Orihuela Costa is mainly made up of new properties such as houses, bungalows and apartments housed securely in modern residential complexes. . For those looking for the higher end of the housing market, there are also many luxury villas, penthouses and duplexes.

Due to the wide range of properties on offer, prices can vary depending on whether you are looking for a small, unassuming vacation home or a luxury resort large and sophisticated enough to be the envy of all your guests. On average, you can expect to pay around €30,000 for an apartment or around €100,000 for a villa.

buy a house in orihuela costa
Image – Mark_studio/shutterstock

How to buy a house in Orihuela Costa

Legal advice

One of the first things to do when considering buying a property in Spain is to seek advice from an independent lawyer who specializes in Spanish land law (urbanismo). An independent lawyer will work on your behalf exclusively rather than with the interests of a real estate agent or developer.

The Spanish conveyancing system is different from the UK system, so you need to ensure that the people involved in the transaction are qualified and experienced in Spain. To avoid scams, exercise extreme caution if a realtor or attorney advises you on ways to save money or time by taking shortcuts. It is essential throughout the process that every necessary legal document is read and completed appropriately. Keep reading to see our recommendations on the best estate agents to buy your property in Orihuela Costa.

A solicitor will help you with things like the Land Registry Extract (nota simple) which is available from the Colegio de Registradores and which you should read before making any purchases or signing any documents.

Image - Zivica Kerkez/shutterstock
Image – Zivica Kerkez/shutterstock

spanish notaries

You will need a Spanish notary to prepare the sales contract and issue the public deeds to secure your new home in Orihuela Costa. The decision as to which notary you want to use is up to you as the buyer of the property. This is a civil servant whose duty it is to provide free and unbiased legal advice on all parts of the contract before signing. Once the date fixed for the signature, you have 3 days in advance to go to the notary and ask all your questions.

Here you will find a list of English-speaking notaries.

Image - Africa Studio/shutterstock
Image – Africa Studio/shutterstock

UK estate agents, developers and lawyers

If you haven’t made it to the end of this article yet and are considering working with a UK estate agent, solicitor or developer, you need to make sure they are qualified, reliable and have experience. work in Spain. Solicitors, in particular, must also be registered with the official UK Law Society and specialize in international transactions.

However, if you are going with a lawyer based in Spain, you can verify that they are registered and practicing with the local bar association (Colegio de Abogados) by asking for their registration number. It is also imperative that your lawyer has professional liability insurance and that you do not make any payments or sign any documents until you have sought independent legal advice.

Image - Jacob Lund/shutterstock
Image – Jacob Lund/shutterstock

Translators

Suppose your Spanish is not at the level of legalese. In this case, it is important that you have all relevant documents and contracts translated by a freelance translator to ensure that you understand everything every step of the way.

Image - mundissima/shutterstock
Image – mundissima/shutterstock

Mortgages

Often people looking to buy properties do so with the intention of applying for a mortgage rather than buying the property outright. It is highly recommended that you analyze and compare the different services offered by loan companies to ensure you get the best deal. The lender should be able to explain if you have any doubts about the terms and conditions. For more information on how to get a mortgage in Spain, click here.

As with buying a home in the UK, there is a range of mortgages on offer which vary in terms of repayment periods, interest rates and initial start-up costs. Whether you choose a fixed rate mortgage or an adjustable rate mortgage, it is important that you fully understand the mortgage agreement you are signing.

If you are applying for a mortgage, you will need to pay an appraisal of the property. This is often arranged by the bank. At the end of this real estate evaluation, the bank will know what percentage of financing it can provide.

Banks in Spain generally lend an amount equivalent to 80% of the purchase price or appraised value, although some manage to finance 90-100% of the purchase price, usually settling for the lower. In 2022, the expertise will cost between €250 and €600 depending on the company carrying out the process, the type of property and its estimate. Some banks, but not all, will cover these costs. Once the assessment is completed, it is valid for six months from the date of issue. For more information on mortgages, click here.

Image - ACTS_DATA STOCK/shutterstock
Image – ACTS_DATA STOCK/shutterstock

NIE – foreigner identification number

As a foreign buyer, you will need an NIE number (Numero de Identidad de Extranjero) to carry out tax transactions in Spain such as opening a bank account or buying a property. You can obtain a NIE number by registering as a resident at the Oficina de Extranjeros (immigration office) in Spain or at a designated police station. If you are looking to buy a property but have not yet moved to Spain, you can apply for a NIE number at the Spanish Embassy or Consulate in the UK.

Alternately, if you give your solicitor a power of attorney (PoA) they will be able to obtain the NIE number(s) on your behalf. One benefit of giving your attorney power of attorney is that they can also open a bank account for you. While useful for setting up direct debits to pay for community charges, utilities, broadband, council tax, etc., it is essential for checks/bank drafts when it is is about the completion of the property.

Image - pxl.store/shutterstock
Image – pxl.store/shutterstock

Taxes and additional fees

Taxation in Spain is a complex matter and the taxes associated with buying, selling and renting property in Spain differ from region to region.

In Orihuela Costa, for example, buyers must pay a 10% trade-in value tax only when the property is new construction and has been purchased directly from the developer. Whereas for a resale property, a tax (usually between six and ten percent of the deed price) must be paid on the transfer of assets.

It is always advisable to seek the advice of a professional accountant or tax adviser. Information can also be found on the website of the Spanish tax authority (Agencia Tributaria) and on the Living in Spain guide.

Other additional costs you will want to consider include a reservation deposit. This is what you pay to have a property taken off the market and is usually between 5-10% of the price of the property. In order to ensure that you have enough money to cover taxes, notary fees, legal fees, cadastre and bank charges, etc., it is recommended that you set aside at least 15% of the rental price. purchase.

Image - ure/shutterstock
Image – ure/shutterstock

What documents do you need to buy a house in Orihuela Costa?

You will need many documents when buying a property in Orihuela Costa. The best and surest way to make sure everything is in order is to sell through an experienced real estate agent who can help and guide you through the process. Costa Blanca Homes in Spain are the best in the area to help you organize the correct and relevant documents and to help you on your journey.

The main documents you need may include:

  • Your NIE and passport.
  • Deeds of ownership.
  • Preparation of utility contracts, community fees and “Suma” invoices.
  • Liaison throughout the transaction with the representatives of the Buyer and the Notary.
  • The organization of the appointment of the notary and all the administrative formalities related to the sale.
  • Translation at the Notary.
  • Calculation of the 3% holdback.
  • Calculation and advice on capital gains tax.
  • Fiscal representation throughout the process.
  • Calculation of goodwill and a letter of “good standing” with your community fees from your community administration.
Image - Property records: George Rudy/shutterstock
Image – Proprietary records: George Rudy/shutterstock

Thank you for taking the time to read this article. Don’t forget to come back and check the Euro Weekly News website for all your up-to-date local and international news. Don’t forget you can also follow us on Facebook and instagram.

]]>
Victoria’s fake cancer healer turned fake lawyer facing jail https://astraveloffl.com/victorias-fake-cancer-healer-turned-fake-lawyer-facing-jail/ Thu, 20 Oct 2022 22:03:49 +0000 https://astraveloffl.com/victorias-fake-cancer-healer-turned-fake-lawyer-facing-jail/ A self-proclaimed cancer healer turned bogus lawyer has been threatened with jail if he doesn’t stop impersonating a lawyer. Dennis Jensen, 66, was told last week by a Supreme Court justice in Victoria to pack his toothbrush if he again broke a court order, barring him from engaging in legal practice unqualified. Outside court, Jensen […]]]>

A self-proclaimed cancer healer turned bogus lawyer has been threatened with jail if he doesn’t stop impersonating a lawyer.

Dennis Jensen, 66, was told last week by a Supreme Court justice in Victoria to pack his toothbrush if he again broke a court order, barring him from engaging in legal practice unqualified.

Outside court, Jensen shielded his face with an umbrella after being sentenced to three months in prison, suspended for a year.

Dennis Jensen in court. (A current affair)

Related Clips

READ MORE: John Farnham’s sons Robert and James reveal dad’s road to recovery after cancer surgery

Jensen will only be locked up if he does it again during this time.

He was found in contempt of court after defying a 2018 injunction issued by the Victorian Legal Services Board.

Judge John Dixon told Jensen it was a “serious criminal contempt with serious consequences”.

Dennis Jensen, 66 years old. (A current affair)

READ MORE: “The missing boy has been found”: Baby Vinh and his grandmother reunite

By ignoring the order, Jensen gave legal advice to the parents of an accused rapist, encouraging him to violate an intervention order that protected the alleged victim.

The accused was later charged with breaching the intervention order.

This isn’t the first time Jensen’s conduct has made headlines.

Helen Lawson, Victorian emergency department nurse. (A current affair)

READ MORE: Australian couple claim super fees robbed them of a comfortable retirement

In 2018, an ovarian cancer patient died after being treated by Jensen, who has no formal medical training.

Victoria’s emergency department nurse Helen Lawson, 50, shunned mainstream medicine after Jensen told her he could cure her cancer using a poisonous and discredited paste known as black balm.

The corrosive substance, the sale of which is illegal in Australia, chews up the flesh.

Belinda Davis. (A current affair)

Lawson’s partner of more than two decades, Belinda Davies, said A topical matter she believed that Lawson would still be alive if she had not pulled out of her surgery, scheduled for the day after her first meeting with Jensen.

“You could smell the rotting flesh,” Davies said of Jensen’s black salve treatment.

“She would be on all fours one night swinging around the living room, screaming in pain.”

A photograph of Lawson’s mutilated stomach is too graphic to show without blurring.

A photograph of Helen Lawson’s mutilated stomach is too graphic to show without blurring. (A current affair)

Davies said Jensen would put her hands on her partner’s body and declare the cancer leaving her.

“If she had gone the surgery route…she most definitely would be here today,” Davies said.

Jensen also treated a pancreatic cancer patient with a compound known as B17, which has been linked to cyanide poisoning.

After Lawson’s death in 2018, Victoria’s Health Complaints Commissioner banned Jensen from providing “any general health service” and claiming to cure cancer.

Belinda Davies and Helen Lawson. (A current affair)

But he was already telling a new story.

Although unqualified, Jensen posed as a lawyer, giving legal advice to people, preparing legal documents for clients, and representing them in court as an “attorney”.

Howard Bowles, head of response and enforcement at the Victorian Legal Services Board, said Jensen’s case was not isolated.

“Over the course of a year, there are probably 20 or 30 issues that we will examine in detail,” he said.

Bowles said the bogus lawyers included lawyers who had been disbarred for misconduct, lawyers who had been jailed, and people who had started law degrees but never finished.

Howard Bowles, is the Director of Advocacy and Enforcement at the Victorian Legal Services Board. (A current affair)

“We also come across people who are very involved in the justice system, either through criminal law or particularly family law, who feel that because they have spent a lot of time in court with their particular case, they are now self-proclaimed experts and then they start helping friends and colleagues,” Bowles said.

Bowles said people who hire an unqualified lawyer could find themselves in trouble.

“These people do not carry any professional liability insurance, so if the ‘advice’ they give you is wrong, you will have no cause of action, or recourse for protection,” he said. .

He also said that the redacted documents could be invalid.

“For example, binding financial agreements in the context of family law, if not certified and handled by an Australian solicitor, i.e. a solicitor with a certificate of practice, these agreements are invalid,” Bowles said.

Did you deal with Dennis Jensen?

If so, you can email A Current Affair reporter Sam Cucchiara at scucchiara@nine.com.au

In images, in pictures

The unique and unusual jobs Australians do

See the gallery

]]>
Watch for ‘significant’ changes to FEHB plan, OPM says https://astraveloffl.com/watch-for-significant-changes-to-fehb-plan-opm-says/ Tue, 18 Oct 2022 19:16:19 +0000 https://astraveloffl.com/watch-for-significant-changes-to-fehb-plan-opm-says/ Registrants affected by dropouts will have the opportunity to change their plans during the opening season: November 14 to December 12. Image: Mariusz S. Jurgielewicz/Shutterstock.com The OPM drew attention to “significant plan changes” for the next year of the FEHB plan, including some plan discontinuations and the addition of options or the expansion of geographic […]]]>

Registrants affected by dropouts will have the opportunity to change their plans during the opening season: November 14 to December 12. Image: Mariusz S. Jurgielewicz/Shutterstock.com

The OPM drew attention to “significant plan changes” for the next year of the FEHB plan, including some plan discontinuations and the addition of options or the expansion of geographic coverage areas in others. .

Registrants affected by dropouts will have the option to switch plans during the open season which runs from November 14 to December 12, but if they do not, by law, their registration will automatically be replaced by the national plan on cheaper, OPM said. at a courier agency. In 2023, it will be the “Elevate” option of the GEHA compensation plan.

Drop-out plans are Blue Open Access in Georgia; HealthKeepers in Virginia; EmblemHealth Plan in New Jersey and New York; BlueAdvantage HMO in Colorado; and Blue Preferred HMO in Missouri and Illinois. Unlike previous years, the OPM did not specify how many registrants would be affected by dropouts.

In a separate question and answer document, the OPM noted that any additional dental or vision coverage offered by plans dropping FEHB will also end. He highlighted the availability of the separate FEDVIP dental-vision insurance program as an option.

There will be a new plan, Indiana University Health Plan in parts of Indiana. Plans adding new options include Medical Mutual of Ohio and Health Net of California, while plans expanding coverage areas are Humana Employers Health Plan of Georgia, Kaiser Foundation Health Plan of the Northwest, Scott and White Health Plan in Texas, Humana Health Plan in Kentucky and Indiana.

Several plans are changing their names or option names.

OPM said it will soon post the documents it sent to agencies in BAL 22-403 at www.opm.gov/retirement-services/publications-forms/benefits-administration-letters.

OPM Database Violations Policy Approved; Upcoming deadline for filing complaints

These Federal Workforce Proposals Could Catch the Defense Bill

Watch for ‘significant’ changes to FEHB plan, OPM says

The share of registrants in FEHB premiums will increase by 8.7% on average for 2023

OPM Tackles Engines for Premium Hikes and Upcoming Coverage Changes in FEHB

January retirement COLA package: 8.7% for CSRS, 7.7% for FERS

Exit planning: time to use it or lose it

Decisions on federal workplace issues remain with Congress

See also,

Exceptional fallout disposal provision attracts congressional attention

Why Federal Employees Quit: It’s Not Just About Salary

Employees place highest value on TSP, annuity and FEHB, survey finds

Did the FERS really put an end to the “Golden Handcuffs” effect of the CSRS?

FERS Retirement Planning Bundle: 2022 FERS Guide and TSP Handbook

]]>
Looking for life insurance as a senior? Consider a term life insurance policy https://astraveloffl.com/looking-for-life-insurance-as-a-senior-consider-a-term-life-insurance-policy/ Sun, 16 Oct 2022 05:06:26 +0000 https://astraveloffl.com/looking-for-life-insurance-as-a-senior-consider-a-term-life-insurance-policy/ A critical illness insurance plan will ensure that if you are diagnosed with a covered illness, funds are available to help you with treatment. SENIORS between the ages of 60 and 65 can get life insurance coverage through a term life insurance policy, said Othneil Blagrove, senior manager, sales and marketing, JN Life Insurance. Blagrove […]]]>

A critical illness insurance plan will ensure that if you are diagnosed with a covered illness, funds are available to help you with treatment.

SENIORS between the ages of 60 and 65 can get life insurance coverage through a term life insurance policy, said Othneil Blagrove, senior manager, sales and marketing, JN Life Insurance.

Blagrove pointed out that seniors can purchase insurance products that can provide them with coverage for years after retirement and that if they decide to do so, term life should be one of those considered for seniors. protect against life’s contingencies.

“A term life insurance policy is one that should be considered if you are looking for a policy that can provide your beneficiaries with financial assistance in the event of their death. Term life insurance can provide coverage up to ‘until the policyholder reaches age 75 and can be purchased by people up to age 65,’ he said.

“Term insurance is designed by life insurance companies to provide insurance protection for a set period of time or when larger amounts of coverage are needed and affordability is an issue. Term insurance has also more affordable monthly payments and is the lowest cost for life insurance, compared to others. You can tailor the length of your policy for 10 or 15 year periods to meet your needs.

A unique term life insurance you can consider is the JN Life Jacket as it offers insurance coverage as well as an investment option. Term life policies usually don’t have an investment option, so that’s an added benefit,” he added.

The head of insurance added that another insurance product that should be considered is a critical illness insurance plan. “Critical Illness products provide coverage in the event of a critical illness such as heart attack, stroke, cancer or kidney disease. Depending on their age, these products can be purchased by individuals to cover themselves and other family members or just themselves,” he explained.

“For example, at JN Life Insurance, we have JN Life Aide and JN Life Family Aide, which provide critical illness insurance coverage for anyone who has never been diagnosed with a critical illness and an elderly person, up to age 60. , would be eligible. The plan also covers 13 major illnesses to give you that extra peace of mind,” he added.

Blagrove explained that a critical illness plan is important because treating any serious illness can be very expensive, so seniors need to be prepared for those expenses.

“A critical illness insurance plan will ensure that if you are diagnosed with a covered illness, funds are available to help you with treatment.

Although enrollment in the plan is open to people between the ages of 18 and 60, coverage extends to people up to age 80. Therefore, he urged everyone to seriously consider purchasing one of these plans before they pass that age,” he said.

“These policies normally last for 20 years and provide a refund benefit if there is no claim at expiration. The JN Life Aide, which is the individual critical illness plan, also has a recurring benefit.

This means that if someone who already has this plan is diagnosed with one or more of the covered illnesses and the claim is paid, the policy can be continued and subsequent claims can be paid if the critical illness reoccurs. “, did he declare. revealed.

Blagrove added that apart from the term life insurance policy, someone over the age of 60 can also benefit from insurance coverage.

“If an elderly person has already passed the age of 60, he can benefit from life insurance schemes open until the age of 76. If, as an elderly person, you cannot afford life insurance, you can ask a member of your immediate family to take out a Family Indemnity Plan (FIP). family member to cover up to five additional close family members for a reasonable flat rate. -he explains. He added that older people should, however, seek expert advice before enrolling in a plan.

“Every senior should sit down with a trained financial and insurance advisor to recommend the best insurance plan for them. This would be at the heart of your retirement plan to ensure you stay covered against all eventualities,” he said. -he declares. “What you don’t want is to retire and worry about finding funds for illness when you should be taking advantage of the funds you had saved to enjoy your golden years.”

BLAGROVE term insurance…is designed by life insurance companies to provide insurance protection within a specified time frame

]]>