Principle of Subrogation in General Insurance – Explained

Insurance is a legal obligation between you, the policyholder, and the insurance company to make good for the losses. It is no means to make profits, but in fact, reimburse the loss that may occur. A general insurance cover is purchased to safeguard yourself from the damages that either may be your fault or some third person. But it isn’t always the loss may arise when you are at fault.

A common example of such scenario is when an accident occurs without any fault of yours. It is an annoyance, but you still have to deal with the damages and a general insurance plan comes handy at these times. Insurance companies reimburse the loss or the cost of repairs. These losses can however be reimbursed from such third person as per the principle of subrogation.

What is subrogation in general insurance?

The principle of subrogation in general insurance substitutes the insurer in your place, i.e. the policyholder, to pursue such third person and reimburse the damages. It is a legal right transferred to the insurance company to claim the money from a third person. To simplify, subrogation can be referred to as substitution where the insurance company, instead of you, can follow up with either the third person or such third person’s insurer to compensate for the loss. However, all of it is done after the compensation is paid to you.

The principle of subrogation is categorised under the indemnity clause which is a contract between you and the insurance company. This clause mentions the obligation of the insurer to compensate for the damages caused.

How does subrogation work?

Subrogation is commonly observed in general insurance plans and involves three parties—the insurer, the policyholder and the third-party at fault. The process of subrogation starts when you, the policyholder, raise a claim with your insurance company for damages sustained due to such third person. Once this claim is settled, the insurance company initiates the process of retrieving the claim amount. But before that, all your legal rights to sue such third person are acquired by the insurer, in effect, substituting the insurer in your place.

Some insurance companies even include the amount of deductible in the subrogation process. In such a case, you will be entitled to claim the deductibles as well in your insurance claim once the third-party compensates for it. * Standard T&C Apply

Basis pointers concerning principle of subrogation

Here are some pointers about subrogation when it comes to third party insurance:

  • The process of subrogation is generally a transparent process that occurs between you and your insurance company. The rights concerning subrogation are mentioned in your policy document.
  • The insurer must acquire your consent before proceeding with the subrogation process.
  • Further, the subrogation by the insurer can only take place once you, the policyholder, have been fully indemnified. However, some insurance companies may begin the subrogation in your name even if the negotiation concerning the compensation is ongoing.
  • The insurance company has a right to charge legal offence against such guilty third person that has resulted in a damage to your vehicle.

These are some of the must-know about principle of subrogation. Make sure to carefully understand what is general insurance policy that you have bought and its features before buying. Also, remember, insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.


Reasons Why UK Businesses should Use Bookkeeping Software

The current business norms are dominated by the rampant use of technology. Among the most innovative and disruptive technologies in recent times has undoubtedly been powerful and resourceful bookkeeping software.

Since its emergence, bookkeeping software solutions have enabled small to large businesses to manage their operations online. They facilitate third parties to manage storage and computing requirements.

Revenue from the business sector has exponentially increased ever since bookkeeping software with cloud computing came into play. Public cloud computing has provided 15 billion US Dollars in the United Kingdom in 2020 which contributes 4% to the global computing market. It is reported that about 42 % of the population in the UK uses this technology.

The on-demand, effective technology helps businesses access vital information through any device, at any time using the internet. This facilitates the accommodation of five times more clients than is possible with conventional accounting software. There are numerous other benefits of UK bookkeeping software.

In fact, UK bookkeeping software has contributed effectively to the country’s business economy.

To that end, here’s taking a look at the top reasons why UK bookkeeping software should be used by businesses in the United Kingdom.

1.       Makes bookkeeping easy and quick

Bookkeeping becomes easy with cloud-based software as they generate accounts with the predefined and automatic customer and supplier rules. It also matches relevant banks and other connections ranging over 1400. Sales invoices can also be uploaded directly to the accounting software, making your accounting effortless and seamless. Bookkeeping provides all the powerful tools at the fingertips, thereby improving productivity and profits.

2.       Provides greater space for data

Bookkeeping software in the UK verifies and categorizes data besides providing real-life financial insights. This alleviates dumping irrelevant data and also helps users in spending less time on basics. This helps them spend more valuable time on meaningful things.

3.       Provides accurate insights to help in decision making

Accounting software with high precision helps in forecasting future outcomes by identifying relevant and important trends from the past. This prevents any errors that are likely to arise when using pen and paper records. It also helps in making crucial decisions by predicting future outcomes well-ahead to avoid any costly blunders. This also gives an idea of financial glitches that might arise in the future to help the users be future-ready.

4.       Facilitates tracking of every single transaction

Bookkeeping software accounts for every single penny that is earned and spent in business. It stores details of all receivable and payable amounts, payrolls, expenditures, revenue, and every single business transaction. Attention to detail is the key benefit of UK bookkeeping software. This is particularly helpful while filing for tax. High precision financial data improves business efficiency. This helps bookkeepers to improve their performance and turn into business associates for their clients.

5.       Keeps accounts updated

Business accounts should be in tandem with a company’s current financial position. The books should be regularly updated to be in sync with the latest invoices, receipts, bank statements, and so on. This can be done only by automation software. This not only helps in accounting but also helps businesses to price their services efficiently.

So, that should have given you an insight into how useful bookkeeping software can be for small businesses.

Check out for leading and trusted bookkeeping software that has empowered renowned accounting firms to achieve tremendous growth by acting as a real-time liaison between businesses and their accountants and bookkeepers.

So, if you are looking to adopt a UK bookkeeping software to fulfill your accounting needs, reach out to us today, and we’ll guide you!


Winning Your Pedestrian Accident Case by Proving Negligence

Pedestrians are exposed to various kinds of road hazards including negligent motorists. Those who have been injured in traffic accidents can file civil lawsuits to recover compensation from the responsible parties. If you are one of these victims, you may want to work with a pedestrian accident attorney who will help you find evidence to support your injury claim. 

How Negligence Can Result in Pedestrian Accidents

Some motorists and bicyclists may not pay attention to the road. When this happens, pedestrians can be hit and seriously injured or killed. This negligence is the main cause of pedestrian accidents in Portland and across the country. Common examples of negligence that can lead to these accidents include distracted driving, drunk driving, opening parked car doors into pedestrians, speeding, riding a bicyclist in non-designated areas, a failure of a driver to stop at red lights, and more. 

Proving Negligence After a Pedestrian Accident

Often, accident and injury claims are based on the argument that a party’s negligence caused the injury of another. Injured pedestrians who filed injury claims must prove that another party was negligent and this negligence made them suffer an injury. Pedestrians can be injured by another pedestrian, a bicyclist, and a vehicle driver. 

Damages that You Can Recover

Damages are the economic and non-economic losses accident victims suffer because of another party’s negligence, inactions, or wrongful actions. Because each case is unique, there is no way to determine the damages you can recover after your accident. Also, your lawyer cannot determine the exact value of your claim without examining the specifics of your case. As a victim of a pedestrian accident, you can recover damages such as medical expenses, lost wages, lost or reduced earning capacity, pain and suffering, and counseling for mental health problems. 

Although you cannot undo the challenges that your accident has brought upon you, a personal injury claim can let you get compensation for obtaining medical treatment and keeping up with everyday expenses and bills while you recover from your injuries. Also, the compensation can offer a sense of justice and help make sure the same events won’t happen again in the future. 

You need to hire a lawyer who has the right experience. The best attorney is often associated with a law firm that has recovered millions of dolls for its clients. Ensure you work with an attorney who focuses on maximizing your claim and offers free initial consultation. 


Personal Injury Claims: How Your Attorney Can Help You in Every Step of the Process

If you were in a car accident and sustained an injury, someone should be held responsible for it. Thus, you do not need to pay for the fallout. You can file a personal injury claim to receive compensation for your injury. An injury attorney can help you collect evidence that can support your claim. Keep reading to understand how the claim process works and what your attorney can do for you:

What are Personal Injury Claims?

These claims are lawsuits you can file against a party or parties who caused your injury. A successful lawsuit can get you awarded compensation to match the damages you suffered. Such compensation should be paid by the responsible party. 

A personal injury claim can be filed for nearly any type of accident that another person caused because of their negligence. For instance, if you were in a slip and fall accident, got bitten by someone else’s dog, or collided with a vehicle, you could file an injury claim against the at-fault party. 

What to Expect in the Personal Injury Claim Process?

Once you received proper medical care for your injury, here are steps you can take to file your personal injury claim:

  • Assemble a formal complaint. To file a complaint, ensure you put together the document or complaint to be filed with the court. This complaint offers the basis for your claim. It must describe what took place, how the at-fault party acted negligently, and the amount of compensation you want to receive. After you file your complaint, you must serve the defendant a copy of it. 
  • Meet all deadlines. In the state of Washington, the personal injury claims process has plenty of moving parts. These parts include strict deadlines you must meet when you file paperwork and take other actions. The main deadline to keep in mind is the statute of limitations, which refers to the amount of time you have to file a claim from the date you got injured. You have three years to file.  
  • Discover and review. Once the defendant receives your notice and gives an answer to it, the discovery process starts. This process is when you and the defendant exchange information.
  • Start settlement negotiations. Your attorney can negotiate for a settlement with the insurance company of the other party. They will discuss terms and present your demand. Your claim is resolved if both sides agree on a settlement amount. 
  • Go to court. If both parties fail to reach a settlement agreement, your case goes to court. You and the other party will present your cases before a judge or jury. 

Software for commercial property management – the best tool for reducing maintenance costs

In building management, maintenance and more specifically – maintenance costs can be a huge downside. For some properties maintenance is higher, for others – smaller. But all properties have a common trait of taking up a lot of revenue for the sake of maintenance. In general, the total cost of upkeep is comprised of foreseeable and unforeseen costs. In this article we’ll focus on software for commercial property management and how it can help keep both foreseeable (predictable and recurring) and unforeseeable ones.

How software for commercial property management helps handle maintenance work

More often than not, software solutions for managerial purposes are developed and designed to make management jobs easier. Property management software for commercial buildings (as well as other properties) is no exception. It’s actually a mixed set of features and tools that can help communicating with tenants and improving the overall profitability as well as stability of a business through more efficient and direct management.

In terms of maintenance, such software can have dedicated modules for whole maintenance or particular maintenance tasks (e.g. elevator checks, cleaning, window cleaning, etc.). This is very significant not only during, let’s say, a transition when the building manager changes, but also during regular day-to-day operations. You won’t miss appointments, every process is trackable and it’s easier to stick to the schedule because the management agenda is always visible to the responsible individuals and/or teams.

Is it just efficient or cost-efficient as well?

There’s a large gap between merely efficient solutions (that simply boost productivity) and solutions which are also cost-efficient, meaning they benefit a company by reducing the workload and the necessary spending. Software for small business commercial property management or solutions for large, mixed-purpose properties does that really well. It handles a lot of the mundane, day-to-day tasks that aren’t necessarily difficult per se, but take a lot of time whilst simultaneously reducing spending on administrative management through the ability to save time.

It’s naïve to prematurely expect that every single software just does 100% of the work for you. However, with software for commercial property management, there’re a lot of areas covered, meaning you have to worry about less items on your agenda, and focus on the business plan, rather than being stuck with day-to-day tasks.

Who can adopt it?

Is every property management company suitable for such a tool? Likely – yes. If you manage more than one property or if its divided into leased units and you have multiple tenants, it’s always a good idea to utilize aids, designed to reduce the workload. For example, the tool can have bidding software for commercial cleaning that helps the manager (you) arrange the cheapest cleaning services.

Tools based on Microsoft Dynamics NAV are especially versatile since they can be run on the cloud or on-premises. There’re also very few delays in terms of rolling out updates or changes which, if the software is on the cloud, can be installed almost seamlessly.