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Insurance And Ethics
By Joseph Kenny


Marina Insurance
If you need to buy Marina Insurance you may well have been given a number of different policy wordings from a variety of companies, this is a guide is to help you decide what sort of policy would suit you more and give you the exact cover you need. You have to look for value for money the cheapest is not always the best. A. cheaper policy may end up costing you a lot more money in the long run, should you have to make a claim. Your needs will be different to everyone else`s and only you can decide if wider cover is important to you. It is essential though, to understand what is being offered to you, before being able to make an informed decision and signing up for any Marina Insurance .There are a few things to think over before you decide .Firstly there is third Party Liability you should not consider going anywhere on the water without liability insurance, which will cover you if you cause damage to another boat or cause injury to any person. The industry standard provides a limit of £2,000,000 and should be sufficient in the UK. Comprehensive Cover will provide cover for your boat against accidental damage, theft, fire and vandalism which is a great risk to any boat. Lastly do not forget to insure for any laid up cover some companies may insist it is laid ashore between certain dates.


Insurance contracts are often seen as a form of gambling. That is because they appear as a type of wager that takes place over the lifetime of the policy. Basically the insurance company is willing to bet that you and your property will not suffer the loss insured against. In exchange for making this bet, and taking on the risk, the receive your premium. If they win the bet, they keep the premium, if they lose, they make the payout. In this sense, they are often compared to a type of long term financial casino.

The difference between your premium amount, and the amount the insurance company will have to pay out if the loss occurs, is simply the odds the insurance company is getting for taking on the bet. It?s just like going to the horse races and betting on a horse that pays out 10 to 1.

This view of insurance has led to a number of people and religious communities disapproving of insurance because of its similarities to gambling. Among those groups that avoid insurance are the Amish and Muslim communities. What these people do instead is create a system of what is known as social insurance. What this means is that if there is a disaster and someone suffers a heavy loss, then the whole community will step forward and help them to deal with their loss and rebuild. While this system is very simple, it has the potential to be just as effective a safety net as insurance. However, it requires that the community actually does step forward and help those who suffer from disasters. This means that it is more successful in small closed and closely knit communities than in large modern societies.

Social insurance systems therefore are not always effective. Often the community that is supposed to adopt it is not suitable. Also, in very large disasters the system can break down as a small community will not be able to rebuild itself completely without outside assistance. This is why larger modern insurance systems can be more robust. However, in extremely large disasters, modern insurance systems can also run into difficulties. This is witnessed by the fact that it is impossible to insure against certain risks such as floods and earthquakes. This is because the damage would be simply on too large a scale for the insurance companies to cope with.

There are other ways in which insurance doesn?t follow the gambling model. For instance insurance companies seek to reduce the risk of the loss occurring constantly, for instance by requiring the installation of fire alarms, or by reducing the loss if the insured against event does occur, for example by providing rehabilitation to accident victims. Therefore insurance is like a gamble in the reward and risk elements, but other elements are different.

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