30 Million Dollar Deductible - Think you are paying a lot for insurance? Check this out

Concordia Insurance Claims May Touch $1 Billion If It Sinks

By Beth Jinks - Jan 16, 2012 7:50 PM ET
The insurance costs related to the sinking of Carnival Corp. (CCL)’s Costa Concordia off the coast of Italy may reach $1 billion once environmental damage and injuries are added to the count, Moody’s Investors Service said.

The shipwreck “marks the first major insured loss of 2012 and will result in a drag on first-quarter 2012 earnings for affected firms,” Moody’s Senior Credit Officer James Eck wrote in a note published today.

While damage to the ship will cost around $500 million, other items like personal injury and liability and environmental losses may bring up the final bill, the report said. Reinsurers will likely take on most of the burden, Moody’s said.

In a separate report, Jefferies International Ltd. estimated the total cost at 650 million euros ($850 million).

The Costa Concordia, carrying 4,200 passengers and crew for a Mediterranean cruise, struck rocks and ran aground off Italy’s small Giglio Island on Jan. 13. The accident resulted in the sinking of the ship, leaving 15 dead and 24 still missing.

We thought we would post something fun this week! The game Sneaky Pete is a fun way of showing how valuable our contents are. According to NRMA insurance in Australia fewer than 17% of people have adequate insurance. Whether that number is relevant in Canada or not it still makes a good point that you should make sure you have enough insurance coverage for your home and contents. You will be amazed how fast it all adds up!

Check out our free home inventory form on our website. To get the form go to: http://www.mollerinsurance.com/faq.html and scroll to the bottom where it says "Home Inventory Form". Click and save to your desktop for future use.

Click on the below image to play the game Sneaky Pete!

Odd — but true — traffic law peculiarities

ANDREW WALLACE/TORONTO STAR

No signs or objects, for example 'Baby on board', obstructing the driver’s view of the highway 

are permitted on any window under S. 73(1)(a,b) of Ontario's Highway Traffic Act.

Eric Lai

SPECIAL TO THE STAR

In reviewing Ontario’s Highway Traffic Act, one can’t help but notice some seemingly contradictory approaches this legislation takes to certain topics. Granted, the authors of the law must have had their reasons for each of these decisions but, on its face, some aspects of the HTA do seem at odds with each other. Here are some examples we’ve come across.

Under S. 74(1)(b) HTA, the rear window must afford the driver a clear view. Yet, S. 74(2) HTA specifies that drivers haven’t committed a “no clear view to rear” offence if their vehicle has (dual) outside mirrors — which are standard equipment on virtually every motor vehicle today. That fact notwithstanding, no signs or objects are permitted on any window under S. 73(1)(a,b) HTA (e.g. “Baby on board”).

Throwing a gum wrapper, for example, out the car window could land you a “litter highway” ticket under S. 180 HTA, but animal droppings (such as from police horses) do not constitute an offence.

Having just one working tail light on your motor vehicle is acceptable under the law, but heaven help you if your licence plate light is out. Ref. S. 62(1) and S. 62(19) HTA.

Using paint to touch up a rusted or faded licence plate is a “deface plate” offence under S. 12(1)(a) HTA. Leaving it in its naturally sorry state, on the other hand, isn’t a violation.

Though not advocated, unbelted passengers over age 8 in the rear of a pickup truck are legal. It’s not a violation either under seatbelt legislation or as an “insecure load.”

Every passenger inside a motor vehicle must occupy a seatbelt-equipped seating position and have their seatbelt, or infant/child car seat if applicable, securely fastened. To comply with the law, excess passengers might opt to take pubic transit where, ironically, neither infant, child nor adult riders would need to wear a seatbelt (as most buses are not manufactured with such equipment).

Speaking of buses, here’s a scary thought. If you were to buy a full-size school bus without air brakes, repaint it any colour other than chrome yellow, cover the words “school bus” and “do not pass when signals flashing,” remove the stop arm, and take out all but nine seats, the law permits you to drive that behemoth with just a class “G” licence.

Normally, a class “B” licence — and the prerequisite training needed to obtain it — is required to drive a full-size school bus.