Cheap Reinsurance Palau

The subject of insurance under this policy is the professional indemnity for damage caused by cheap insurance or cheap reinsurance brokers while performing their professional duties.

A broker can also purchase a public liability insurance policy for damage arising out of their professional activities, as well as an employer’s liability insurance policy.

An cheap insurance broker is a natural person authorised for insurance brokerage activities. Pursuant to the Company Act, an insurance brokerage company can be registered as a public limited company or a limited liability company.

Insurance brokerage activities include negotiations with an insurance company related to enabling a future insured to conclude an insurance or reinsurance contract, according to their requests or needs.

An insurance broker’s activities include the preparation of insurance and reinsurance contracts and assistance with executing rights from an insurance or reinsurance contract, and especially in handling claims addressed to the insurance company.

Assistance with executing rights from an insurance or reinsurance contract, and especially in handling claims addressed to the insurance company can be provided only by brokers or persons who are authorised for such activities by other legislation.

An insurance broker’s authorisation to perform insurance brokerage activities is based exclusively on their employment at an cheap insurance brokerage company.
Factors for determining the insurance premium.

The insurance premium is based on:

• the annual commission amount
• the cover limit (sum insured)
• the scope of cover (deductible)
• other factors as per Premium Tariff

If the broker does not perform activities related to the preparation of cheap insurance or cheap reinsurance contracts (advice) and assistance with executing rights from an insurance or reinsurance contract, and especially in handling claims addressed to the insurance company, and does not wish to include cover for such activities, there is a premiun discount.