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immigrants health insurance

Immigrants health insurance

Immigrants Health Insurance

According to the immigration law 4251/2014, in order to obtain a residence permit, third-country nationals (foreigners) must have an insurance certificate or insurance policy, which must provide them the following coverage:

  • Medical expenses from illness or accident, with a limit of 1,500 euros minimum, with the participation of the insured 20% (max). The expenses covered are for outpatient examinations, medical visits and medicines for illness or accident.
  • Permanent Total Disability Coverage from an accident with a limit of 15,000 euros minimum, with the participation of the insured 20% (max). The above amount is given in case of disability over 67% due to an accident.
  • Hospital Care with a limit of 10,000 euros minimum, with the participation of the insured 20% (max). Covers the costs of hospitalization in a Public Hospital.

The Immigrants Health Insurance Program is addressed to third-country citizens who wish to obtain a residence permit in Greece, and the insurance contract is required by law. People from 3 months old up to 75 years old can be insured. Also, it is addressed to foreigners who do not have insurance and wish to have hospital coverage. Also, this program can be given to someone who is uninsured and wishes to gain coverage in public hospitals, even if he/she is not a foreigner.

The Immigrants Health Insurance Program from Interasco offers the most economical solution and combines the full coverage of the insured with a simple and fast insurance process. The table below of the Interasco Insurance Company shows the annual premiums for the above-mentioned coverages, regarding the Immigrants Health Insurance Program, is based on the age of the insured.

AgeAnnual Premium
3 months – 39 years old75 Euro
40 – 59 years old92 Euro
60 – 65 years old98 Euro
66 – 75 years old135 Euro

 

 

 

how to choose the right insurance policy for you

How to choose the right Car Insurance Policy for you?

Most of us spend a lot of time looking for the right car based on our needs – capabilities and desires, but we do not do the same in order to find the right insurance for our car, so we are not fully covered for the car we have acquired with effort. One reason we neglect to find the right insurance policy for our Car Insurance is that there is not enough free time as well as there is no proper knowledge of the insurance industry and covers. In order to find the right insurance policy according to our needs, we can contact an Insurance Consultant, who has extensive experience in this field, and will help us choose the best solution for our needs.

This article mentions the mandatory and optional coverage offered by almost all insurance companies in the car insurance industry, in order to help the reader have a more complete view on the subject of “Car Insurance“.

We can choose only the basic car insurance which includes the coverage of the Liability of the owner – owner – user – driver of the insured car. Third Party Liability is a compulsory coverage by law and concerns the civil liability that the driver has against third parties, for body injuries and / or material damage.

In a basic insurance “package” there is the possibility of adding coverages such as:

  • Coverage by uninsured vehicle

Coverage from an uninsured vehicle, compensates the insured person in case of damage from an uninsured vehicle, in which accident he is not responsible but the uninsured vehicle.

  • Premium guarantee or bonus malus protection

The premium guarantee or bonus malus protection, as mentioned many times, covers the insured so that the company does not increase his premiums for the next insurance period in case he is responsible for up to 3 accidents.

  • Road assistance

With this coverage we are covered in case of unexpected damage or a minor crash, roadside assistance comes to serve us with only a phone call and by giving the necessary information. At the same time, the roadside assistance, in case of a car accident, serves us in completing the accident statement as well as in photographing the vehicles involved and the traffic conditions.

  • Glass protection

The glass insurance covers damage to our car on the front and rear windshields, on the side windows as well as on a factory sunroof. Also, some insurance companies offer the possibility of covering exterior mirrors.

  • Personal Driver Accident

The personal accident of a driver concerns the coverage that the driver has from his insurance company in case of an accident.

  • Legal protection

Legal protection covers the legal costs (for example lawyers’ costs) of the policyholder, in relation to the insured car, up to a certain amount, which varies depending on the insurance company and the insurance policy.

The second (2nd) “insurance package” of car insurance includes optional coverages, which can be added to the insurance policy individually, if the insured wishes, such as:

  • Total or Partial Theft

Total Theft insurance covers the theft of the insured car after burglary or robbery, with an amount of compensation equal to its commercial value (at the time of theft). In case of total theft of the vehicle and until the compensation is completed by the insurance company, there are insurance contracts which provide replacement of the vehicle (vehicle rental) until the completion of the compensation, for the best service of the insured. Partial theft coverage refers to the theft of parts of the insured car, as well as covers the damages from the attempted theft (in some insurance programs). Total theft coverage can be added to an insurance policy as such or in combination with partial theft. Finally, some insurance policies on the market provide for coverage of vehicle damage that may occur during the time it has been stolen and is in the possession of the thief.

  • Fire

Coverage of the insured vehicle by fire insures the vehicle against the risk of fire, lightning or explosion and provides a second supplementary coverage of the fire from terrorist acts.

  • Riots – Strikes – political unrest – terrorist actions

Coverage from stops, riots, policies, terrorist acts, covers the insured car for damages that may arise from the above cases.

  • Malicious acts

By covering the vehicle from malicious acts, the insured car is covered in case of being damaged by a third party for the purpose of sabotage and is not a terrorist act. Malware coverage can be either integrated into a terrorist package or in the mixed coverage.

  • Natural phenomena

Natural damage insurance is defined as the damages caused to the insured vehicle by cases such as:

  • Flood, Storm
  • Snow
  • Windstorm
  • Earthquake
  • Landslide
  • Volcano explosion
  • Lailapa
  • Tidal wave (tsunami)
  • Sedimentation
  • Hail

Car insurance coverage for hail includes any damage caused to the insured car by Hail. In some insurance policies hail coverage is included in the coverage of natural phenomena, but in some others, it exists as additional coverage.

  • Expansion of coverage outside Greece

Some insurance companies allow the insured vehicles to extend their coverage beyond Civil Liability and abroad (EU or EEA) with the issuance of the Green Card.

The third (3rd) “package” concerns the Own Damages Insurance. With own damages insurance, the insurance company indemnifies the insured driver for damages that will be caused to his own car (by a collision), even if he is responsible for the accident, after deducting his own participation (exemption) in the damage.

For more information regarding to your Car Insurance contact us.

what is surety bond

What is Surety Bond?

What is Surety Bond?

Surety Bond enables companies to issue Letters of Guarantee through an insurance plan. An insurance plan guarantees the fulfillment of a series of obligations from construction or service contracts, to the normal operations of commercial enterprises.

A very important problem we faced – and still facing – during the years of economic crisis was – and still is – the difficulty of financing, as well as the high interest rates from the banks. This fact resulted in the postponement or cancellation of the development / technical projects, but also problems brought by insolvent partners and customers. During the years of economic crisis, since bank financing was almost impossible, alternative sources of financing for such projects emerged, such as bonds, venture capital companies or insurance companies.

Surety Bonds contain three (3) parts:

  • Guarantor (Insurance Company)
  • Beneficiary
  • Insurance Recipient (Insured).

The Guarantor undertakes to the Beneficiary to cover the loss that may result from the weakness of the Insurance Recipient.

Through Surety Bonds, a business can be insured for a certain period of time, up to a certain amount, which the insurance company undertakes to pay to the beneficiary, in case the insured company is unable to fulfill the obligations it has assumed against it, against a predetermined premium. Giving an example: A technical company undertakes the completion of a technical project through a contract. The technical company (Insurance Recipient), concludes an insurance contract (insurance contract) with an insurance company, which issues a letter of guarantee with which it undertakes for a certain period of time and up to a certain amount, to cover the project owner (Beneficiary) for any damage resulting from the improper execution or non-performance of the obligations of the technical company.

Internationally, the submission of letters of guarantee is a basic condition for a company to participate in tenders and the ability to undertake projects or provide services on its part. The purpose of the letter of guarantee, through guarantee insurance, is to ensure the fulfillment of the obligations of the company arising from the contract, in case the company is in weakness. Letters of guarantee are issued in conjunction with the insurance of the insured’s assets, in order for him to enjoy full coverage. Nevertheless, there are cases in which it is not necessary to mortgage a fixed or current assets of a company, contrary to what is customary to date through banks.

Which industries need Surety Bonds?

Through Surety Bonds, branches that are mainly insured are:

  • Construction Sector
  • Tourism industry
  • Food and beverage industry
  • Trade of electrical appliances
  • Pharmaceutical industry
  • Clothing trade

There are various types of Surety Bonds contracts, such as:

Surety Bonds under Contracts:

  • Participation in a Competition (Public or private sector)
  • Withdrawal of Advances
  • Good Project Execution
  • Maintenance / Good Operation

Surety Bonds in the Context of Commercial Transactions

  • Good Payment.
  • Tax & Customs Duties.

Surety Bonds Categories:

  • Contract Surety Bonds, used mainly in building and construction projects ensuring their execution and meeting the obligations of the company to certain subcontractors, workers and suppliers of materials.
  • Commercial Surety Bonds, which ensure the normal operations of commercial enterprises and the execution of the obligation or commitment.

What are the advantages of Surety Bonds?

  • Guarantee Insurance provides better credit terms as well as easier and smooth operation of businesses
  • As a means of guarantee, it is an innovation in the field with great international acceptance
  • As a process it provides less bureaucracy, as well as is not so complex
  • Possible existing bank lending is not affected as long as the bank is not involved somewhere
  • The premiums paid for guarantee insurance are usually cheaper compared to the cost of issuing a bank guarantee
  • The insurance company does not oblige the company to mortgage its assets for the issuance of a letter of guarantee, except in rare cases

Globally, 25% of letters of guarantee are issued by insurance companies, with guaranteed funds of over 900 billion euros. In our country, however, letters of guarantee are issued almost entirely by banks. In the age of globalization in which we live and operate and following the legislation in force from 2018, according to 4412/16, legal letters of guarantee can be issued not only by banks but also by insurance companies.

Sources: Interamerican

In Delta Insurance Consultants, we cooperate with a variety of insurance companies that are also active in Surety Bonds. Thus, we can provide you the opportunity to issue a letter of guarantee directly through an insurance company, which will accompany your contract, according to the desired coverage limit and the best possible terms.

For more information, contact us.