But because policies are long and boring to read, many owners won’t even realize this until they call to file a claim. Most insurance policies don’t cover flooding damage unless the homeowner specifically requests the clauses. Considering flood damage can easily cause thousands (if not hundreds of thousands) to fix, flood policies maximize your spending in all the right ways. And if you do sustain water damage to your home, you have a policy available that can put your home back in order.
It’s a relatively small investment for homeowners, costing just a little extra per month. When it comes to your personal ROI, few policies are as effective as flood insurance. If there are several big storms building off the coast of Florida, you can wind up being cut off from the market for longer than you realize. Most flood policies take 30 days to go into effect from the time of payment unless the policy is condition of a home sale. It’s why homeowners need to buy flood insurance early or risk facing the storm unprotected. The vast majority of insurers will impose what’s known as binding restrictions on new homeowner policies until the storm threat is well passed. This means that homeowners can’t get coverage once the storm starts to build or while there is lingering damage from continuing bad weather. Binding Restrictionsįlorida homeowners insurance companies aren’t exactly itching to provide coverage to homeowners when there’s a major storm going on. Here are three big reasons to look into flood insurance today. But before you declare the discussion over, keep in mind that you may be selling yourself, your family, and your property short if you wait too long to act. With the immediate danger in your rearview, it may even seem financially prudent to wait for another 10 months before you even consider it. But given the stature and reputation of the buyer, in this case, it could be said with some confidence that the end result will be one that is favourable for the employees and for Air India in its new Avatar" Virkar added.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.Hurricane season is winding down, so it may seem like flood insurance should be the last thing on your mind. "Like every large acquisition, there will be fundamental changes that the work force at Air India will face. Tata Group won a bid to buy 100% stake in Air India and its low-cost international subsidiary Air India Express, and 50% stake in ground handling company Air India Singapore Airport Terminal Services. Senior employees may be incentivised to opt for voluntary retirement schemes (VRS). A sizeable number of them are expected to retire within the next few months and some others within a year or so. An estimated 8,500 employees of Air India will come into the Tata fold. Tata Group will have to retain current Air India employees for first year as per the agreement with the Union government. On the other hand, younger talent may be infused into Air India and salaries may be improved to match other private sector players' Virkar said. Over the years, it is likely that the number of employees at Air India will be rationalised," he said. However, Air India has always been saddled with an overwhelmingly large and ageing work force. The existing airlines within the Tata stable are run in a lean manner. "One of the indicators of operational efficiency in an airline is the number of employees per aircraft. Vihang Virkar, aviation law expert and partner at Lumiere Law Partners, said there is bound to be a paradigm shift for employees of Air India as they get integrated into the Tata system as changes will vary from statutory and contractual benefits to softer aspects such as cultural differences between the two organisations.
The Tata group will let the new Air India management team sort out long-term issues under its new CEO, a group official said. Its two unions, Air India Employees' Union (AIEU) and All India Cabin Crew Association (AICCA), have also written to Air India’s management criticizing a new order by the airline to inspect cabin staff members' grooming and measure their body mass index (BMI) at airports.
Air India’s pilots had earlier written to its management to rectify multiple deductions and recoveries that have been projected in the arrears statement of many pilots.
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