How does Hull Insurance handle salvage and wreck removal costs?

Hull insurance may cover salvage costs if the insured vessel requires emergency rescue services after an accident. However, wreck removal costs (removing a sunken or stranded vessel) are typically covered under P&I insurance, as they involve third-party liabilities and environmental concerns.

Does a PPO plan cover emergency care?

Yes, PPO plans cover emergency care at any hospital, regardless of network status. However, non-emergency care received at out-of-network facilities may result in higher out-of-pocket costs.

Is the out-of-pocket maximum the same as a deductible?

No, a deductible is the amount you pay before your insurance starts covering costs, while the out-of-pocket maximum is the total limit for all covered expenses.

Does coinsurance apply to out-of-network care?

Coinsurance usually applies to both in-network and out-of-network care, but you may pay a higher coinsurance rate for out-of-network services. Some plans may not cover out-of-network care at all.

What is the role of the NAIC in the United States?

The National Association of Insurance Commissioners (NAIC) is a regulatory support organization that helps standardize regulations, improve consumer protections, and coordinate oversight among state insurance regulators.

What is revenue protection crop insurance?

It covers income loss due to a combination of low yields and price fluctuations, ensuring stable earnings for farmers.

What is the difference between actual cash value and replacement cost coverage?

Actual cash value (ACV) reimburses you for lost or damaged items based on their depreciated value, while replacement cost coverage pays for the cost of buying a new item at current market prices. Replacement cost coverage typically costs more.

Can insurance reserves be invested?

Yes, insurers often invest reserves in low-risk assets like government bonds and high-quality securities to generate returns while maintaining liquidity for future claims.