Articles by Lucille Wood

Chairman of the Royal Golden Eagle Group, Sukanto Tanoto built his empire on a foundation of social responsibility, ensuring that all Group activities are carried out in a sustainable manner. Tanoto ensures that each of his business undertakings are carried out in an environmentally responsible manner.

One such initiative that places high priority on sustainability is the impending Woodfibre LNG Project. Set to be Canada’s second largest LNG project, the initiative comes under the stewardship of Pacific Oil and Gas subsidiary, Woodfibre LNG Limited.

The project will take place at a setting formerly used as a pulp mill, which is about seven kilometres southwest of Squamish, British Columbia. The facilities will be used to process and liquefy natural gas (LNG), thereafter exporting it to the Asian markets. An amount of about 2 million tonnes of LNG a year is expected, and the first batch is set to be delivered in 2023. As the project is supported by Sukanto Tanoto, it is valued at around $1.6 billion.

Protecting the environment

As the facilities are situated in Squamish, approval from the Squamish Nation Council is essential for the commencement of the project. The Squamish Nation Council is a group of individuals descended from the Coast Salish Aboriginal people and govern a total area of about 6,921 sq.km.

Woodfibre LNG Limited, aware of this, went on to get all the required approvals. On 14th October 2015, the Squamish Nation Council stated 25 environmental based conditions that were fulfilled before approving the Woodfibre LNG project.

The conditions required to be met included: mitigating and monitoring the impacts faced by marine life during construction, maintaining marine water quality to protect marine life and human health, reducing greenhouse gas emissions and air emissions through the use of power produced by BC Hydro instead of natural gas, and to keep engaging with Aboriginal groups in order to develop improved management and monitoring plans, and thereafter implement it.

Thereafter, on 26th October 2015, Woodfibre LNG was issued an environmental assessment certificate (EAC) so that they may begin operations, followed by the Minister of Environment and Climate Change Canada. Upon approval, an environmental assessment Decision Statement was issued on 18th March 2016.

Squamish Nation Council approves agreements important for the Woodfibre LNG project

A recent advancement in the Woodfibre LNG project is the approval they received for three beneficial agreements. The approval was to be given by the Squamish National Council. The agreement was with Woodfibre LNG Limited, FortisBC, and the Province of British Columbia. Upon being granted this, the Woodfibre LNG project was to proceed. The project was approved on the 23rd November 2018.

Woodfibre LNG Limited applies for amendment

• On 3rd April 2019, Woodfibre LNG applied for an amendment, in line with specifications stipulated in Section 19(1) of the Environmental Assessment Act (the Act).
• On 9th May 2019, the Environmental Assessment Office (EAO) accepted the amendment application, taking into account Section 19 of the Act.
• The amendment application requested the following: changing the definition of ‘construction’ in the Schedule B Table of Conditions, and to remove the onsite landfill from the list of supporting permanent infrastructure in the Schedule A Certified Project Description.
• A three-week review period from 16th May to 7th June 2019 was taken to discuss the amendment application. The EAO gathered advisory working group (WG) members from the original environmental assessment to review the amendment.
• The WG consists of approximately 37 representatives of federal, provincial, local governments, and Indigenous Nations. The comments received for the amendment application was from the following WG representatives: Ministry of Forests, Lands, Natural Resource Operations and Resource Development (FLNRORD), Ministry of Environment and Climate Change (ENV), Environment and Climate Change Canada (E Health Canada), and Tsleil-Waututh Nation.
• The comments provided by the WG were discussed by Woodfibre LNG, thereafter giving the EAO written responses on 14th July 2019.
• The EAO distributed these responses among the members of the WG, assuring all concerns were resolved. The WG participants took a seven-day review period, thereafter the amendment assessment was completed, revising the EA.
• Woodfibre LNG is now successfully operating, fulfilling all environmental conditions, while remaining focused on implementing improved environmentally friendly methods throughout.

The Woodfibre LNG projects scores its first customer

Pacific Oil and Gas, a part of Tanoto’s RGE Group, announced that their subsidiary Woodfibre LNG Limited secured their first customer for the Woodfibre LNG project. The Woodfibre LNG project’s first customer, or as they call it, their ‘foundation customer’, is BP Gas Marketing Limited (BP). BP is an indirect subsidiary of BP PLC.

They have signed a legally binding sales and purchase agreement (SPA) with Woodfibre LNG Limited to deliver their first batch of LNG to them. The terms under the SPA states that BP will receive 0.75 million tonnes per annum of LNG over 15 years on a free on board basis. This delivery is to be fulfilled in 2023.

The project receives facilities permit

On 3rd July 2019, Canada’s BC Oil and Gas Commission (BC OGC) issued permits required by the Woodfibre LNG project to continue building. Woodfibre LNG Limited’s new President David Keane made the following statements:

“Following a rigorous process, Woodfibre LNG is pleased to have received our Facility Permit issued from the BC OGC, one of the key permits required for construction and operation of the project.

“As we move towards construction, we will strive to exceed the high standards of public and environmental safety that are expected of us by the Canadian, B.C., and Squamish Nation governments, and the Squamish community.”

“We are dedicated to bringing benefits to British Columbia through jobs and economic development, and ultimately a project that will have significant positive impact on global climate and human health.”

Pacific Oil and Gas has provided their subsidiary, Woodfibre Limited, with all the required support to ensure that the Woodfibre LNG project is successful and will continue to do, so they may fulfill all their agreements.…

In the case of an accident, liability arising from the third-party can put a significant dent in your pocket. To ensure protection against the same, every car owner must buy a third-party car insurance policy. Several reputed insurance providers in the country have come forward with effective third-party insurance plans, which provide an insurance cover to individuals against such incidents. Let us understand third-party insurance coverage in detail.

What is third-party coverage?

If you hit someone’s car and cause them damage, then your insurer will bear all medical and repair expenses for the third party. Here, the policyholder is the first-party, the insurance provider is the second-party, and the individual involved in the accident is the third-party.

Third-party policy is compulsory in India

Third party car insurance is mandatory in India. When buying a new car, you also need to buy a car insurance plan. As per the Motor Vehicles Act, 1988, if you’re driving a vehicle on Indian roads without a valid insurance plan, then you might face serious legal ramifications.

Inclusions of third-party insurance plan

Under a third-party policy, the insurer covers the liabilities of the policyholder in case the latter is responsible for any injury or loss to a third party because of an accident.

Always remember to compare multiple plans online while buying a car insurance plan. Now, let’s have a thorough look at the coverage offered by this policy and know the inclusions of third-party insurance in detail:

1. Damage to property

Even if you cause severe damage to the property of the third-party, you do not need to worry about the expenses that will arise because of the mishap. The insurer will pay for the damages caused to the third-party. Property damage cover is capped at Rs. 7.5 lakh in such scenarios.

2. Death of a third-party

If an accident leads to the death of the third-party, you need not worry because the insurer will cover the compensation to the deceased’s family/nominee. In the case of accidental deaths, the insurance claim is judged as per court tribunals. The compensation is determined by the court based on the consequences of the unfortunate loss that factors data such as the earning capability of the deceased third-party.

3. Partial or permanent disability

At times, accidents can result in the disability of the third-party. If the third-party is subjected to partial disablement that can be recovered with time, such as fractures, the insurer will provide the necessary coverage in terms of medical expenses to the affected individual(s). However, if the third-party is subjected to permanent disablement, then a pre-assured sum is offered by the insurer.

4. Bodily injuries

Medical coverage is provided for all types of physical injuries no matter the severity of the wounds. There are a few reputed insurance companies that understand accidents cannot be controlled. The insured’s stress is effectively reduced when financial support is offered to them.

These are some of the main benefits of third-party insurance. With a bundled personal accident cover, the above insurance also offers excellent coverage to the insured during accidents.

In a nutshell, the third-party car insurance supports low premiums and no-fault liability. It also compensates bodily injury as well as property damage to the third-party.…

The kind of lifestyle many of us lead nowadays cannot be considered healthy for sure. Most people consume a lot of junk on an everyday basis. Odd working hours, improper diet as well as no exercise will put our lives at risk even more.

Along with the rise in poor health conditions, a considerable amount of your hard-earned money is spent on medical expenses. A health insurance policy can help you avoid that. You could go for an individual health insurance or a family health insurance plan.

Just as we re-evaluate our decisions with respect to investments or personal development, you must also re-evaluate health insurance plans. The reason being that these plans could go through some modifications. Another reason could be that the plan remains the same but your needs have changed.

Let us understand a few instances when re-evaluation is required for your health insurance:

• New members

Addition of a new member of your family is one of the most precious moments of your life. Well, the expenses right from prenatal care to delivery to pediatric care, could be heavy. If you wish to curtail the costs, you need to re-evaluate your family health insurance. Add the new member or spouse to your existing family floater plan.

• Retirement

Every individual needs a tension-free retirement. As you grow old, the cost of the medical expenses will increase too. A few ailments require higher expenditure while some don’t. If required, you must opt for health insurance for senior citizens, a plan which addresses the requirements of the aged and enables them to be tension free.

• Not satisfied with your current insurance provider

You can re-evaluate the insurer once you got a taste of their unpleasant claims process or a shoddy customer service experience. Use the portability feature of health insurance and cross-check other insurers based on their claim settlement ratio and services.

You can actually reap some good benefits out of re-evaluting your health insurance. Given below are a few such benefits for you to think about.

1. Save on your premium

There are various options available across insurers; you can choose the one that meets your health requirement. Always look for options by trying out different insurers. They might offer you the same or even better coverage with a lower premium.

2. Network hospitals

The insurers can suddenly change the list of network hospitals. What if the hospital near your vicinity no longer has a tie-up with your insurer? Other insurance providers might have a good list of tie-ups in your region. Hence, change in the network hospitals is also an essential aspect for re-valuation of your health policy.

3. Hike in the cost of healthcare

Health insurance takes care of hospital expenses in case of hospitalisation very well. However, it is possible that due to the rising cost of healthcare, your old health insurance might not be sufficient anymore. Re-evaluating will give you a custom made plan that might be very cost-effective.

4. Varying features

The chances are that your policy is offering you only the basic features. There are products available in the market that might provide better features along with a low price with additional features.

Hence, re-evaluate before you buy health insurance. It will benefit you to put all that money you’ve earned to good use as well as provide a sense of satisfaction.…

Purchasing a third-party car insurance plan is mandatory in India as per the Motor Vehicles Act, 1988, and so is renewing it whenever the policy term ends. An insurance policy should be renewed periodically to avail its benefits.

However, insurance providers tend to increase the premium rates when you renew your policy as the vehicle becomes older and prone to more damage. To this effect, here are some tips that might help you negotiate your premium when renewing your car insurance policy. Let us look into them:

• Compare other car insurance plans

With online insurance aggregators, you have the perfect platform to renew your car insurance policy. You just need to visit your preferred aggregator’s website and compare the various available plans. Once you have compared car insurance policies, shortlist the ones you would like to purchase. Ideally, the best plan is the one that offers you adequate coverage at a competitive price.

• Calculate your car’s IDV accurately

The maximum sum that is assured under your motor insurance policy is called the insured declared value (IDV). It is computed by adjusting the market value of your vehicle against depreciation. The sum of the money paid to you in the case of a total loss or theft is based on the IDV. Your insurance premium is directly proportional to the IDV, i.e. the higher the IDV, the higher would be your premium.

• Utilise your no-claim bonus

If you are a careful driver who has not filed any claims during the policy term, then you are eligible for a no-claim bonus. No-claim bonus allows you to lower your premium by a maximum of 50% with each claim-free renewal. NCB is one of the most efficient ways of lowering your insurance premium at the time of car insurance renewal.

• Higher voluntary deductible limit

All motor insurance plans provide the liberty of selecting a voluntary deductible limit. This limit signifies the claim amount that a policyholder agrees to bear from his pocket. In the case of a claim, you need to pay the limit of the voluntary deductible while the remaining amount is provided by the insurance provider. Opting for a higher voluntary deductible makes you eligible for concessions on your premium.

• Timely renewal of car insurance

If your motor insurance is not renewed on time, then you miss out on the no-claim bonus and its perks. Hence, ensuring the timely renewal of your policy is a must.

Only buying motor insurance is not enough; you must also renew your policy on time. If you follow the above tips, your renewal becomes economical. Moreover, you also end up saving your hard-earned money and can put it to better use.

These are some of the most efficient ways to renegotiate your premium rates during policy renewal. You can use an online car insurance calculator, which is a valuable tool that helps you find the best insurance policy based on your specifications. It makes it easier for you to compare the different insurance plans with just one click. In simple words, a car insurance calculator will help you evaluate your insurance needs and opt for an appropriate plan.…

When you purchase your dream vehicle and an appropriate insurance plan for it, it is also essential to ensure that you keep the vehicle under the protection of a motor insurance safety net, else you may incur heavy financial losses. But buying the insurance is not enough, you also need to renew it from time to time.

At the time of renewal, you have the option to do that either offline or online. Most insurance providers allow you to renew your motor insurance policy online. It is very easy as well as convenient way to renew motor insurance.

If you renew insurance online, it is highly beneficial to the customer as well as the insurer. Let us take a look at some key advantages of the same.

Advantages of online motor insurance renewal

1. The process of online purchase of insurance and renewal of the same is easy as well as hassle-free. You can easily buy or renew your policy sitting from the comfort of your home.
2. The paperwork involved in the process of renewing insurance online is very limited.
3. One crucial benefit of renewing insurance online is that you can make a well-informed purchase decision. You can read about various insurance solutions that are offered by leading insurance providers in the country today. You can also compare the coverage that is provided by different policies across insurers and tally it against the costs. Like this, you can arrive at the most appropriate plan for your needs.
4. When you purchase insurance online, you can read reviews from the existing customers in the reviews or comments section. This information is useful as it helps you to understand the challenges that are faced by others.
5. If you are not able to buy or renew a policy through the insurer’s website, you can also opt to initiate a chat with a customer service representative online. You can make a call on the insurer’s toll-free number and make a purchase telephonically.

Now that we know the advantages of online renewal of motor insurance, let us understand the process.

• Motor insurance online renewal process

For renewing your motor insurance policy, you must visit the website of the insurance company. Given below are the steps involved in motor insurance renewal through an insurer’s website:

1. Go to the website of the insurance company and select the menu option of insurance renewal. A page with an online form will appear wherein you have to update specific details.
2. Enter all the details of your existing policy (the policy or proposal number).
3. Then, select the ‘Next’ button if you want to view the details of your policy.
4. A break-up of the premium amount, as well as the final quote for motor insurance renewal, will be found.
5. You can proceed to make the payment if you agree with the quote. You can make the payments through credit/debit cards or the net banking facility.
6. If the payment is completed successfully, your policy will stand renewed.

The process of online policy renewal is very efficient because the issuance of the policy happens instantly.

If you plan on switching your plan, you can generate the quotes of your desired policy using a motor insurance calculator.…

A type of insurance coverage that pays for medical as well as surgical expenses incurred by the insured is known as health insurance. The insured is reimbursed by the health insurance for expenses that are incurred from various illnesses or injury.

Below are the top questions usually asked by customers before purchasing a health insurance policy: 1.    Should you buy health insurance at a young age?

Yes, buying health insurance at a young age is a clever idea. It comes with a lot of benefits:

• The rate of life-threatening diseases is increasing at an alarming rate. Moreover, our sedentary lifestyle, poor food habits and degrading environmental conditions significantly impact our heath. Therefore, purchasing health insurance at a young age is essential.
• When you’re young, you are at a lower risk of suffering from life-threating diseases like cancer, and so forth. Purchasing a medical insurance policy at an early stage in life ensures lower premium payment. When you run a low risk of catching severe diseases, the premium charged by the insurance company is less.
• When we are young, we tend to think that our corporate insurance is enough. What we don’t understand is that our companies offer minimal health cover. It is likely to leave us underinsured. Apart from that, this cover will terminate after you leave the company. Hence, you must have a personal health plan. This not only provides enough protection but also can be customized according to our changing needs.

2. Can tax exemptions be availed on health insurance plans?

Deduction on Section 80D in Income Tax Act is applicable on Health Insurance Premiums. You can claim a deduction of up to Rs. 25,000 per year for medical insurance premium installments.

3. What are the things that should be considered before buying a health insurance policy?

Firstly, you must always pick a credible insurance company to cover you. Choosing a reputable health insurance company must be a top priority for your family. Always look at the quality of coverage you are being offered for the money you are paying. The health of your family is too important to be risked. Hence, always compare and choose a family health insurance policy that has good customer reviews.

Few more important details/ health insurance tips to consider are:

• Type of health insurance plan
• Features of your health plan, according to your speculated future health needs
• Sum insured that considers inflation and suits your budget. Also, does not leave you under-insured.
• Network-hospitals of your insurance provider
• The customer reviews about the company or policy

Poor medical history

Every Individual must have a health insurance, as it is important for several reasons. Lack of insurance is a fiscal burden for them as well as their families. Safety-net care from hospitals as well as clinics will improve access to care but will not fully substitute for health insurance. However, before buying health insurance, one must compare multiple policies. For accurate comparison, one can utilize a health insurance premium calculator. This will also help you plan your budget and premium payments.…

Most people decide to take up health insurance for protecting themselves as well as their families from unannounced medical emergencies. Health insurance in India includes features like daycare procedures, co-payment clause, cashless cover, etc. Waiting period and exclusions limits imposed by the health insurance provider on payment of the sum assured are some other things that a customer must be aware of before purchasing a plan. An upper limit on the treatment of any medical condition is known as the sub-limits in health insurance plans. It is a monetary limit placed on medical insurance claims by the insurance provider. The same limits are applicable on hospital room rent, ambulance charges, nursing and doctor’s charges, cataract removal, knee replacement charges, etc.

• Why do you need to know about sub-limits?

A very critical aspect in choosing a health insurance plan is understanding the sub-limits. The lack of unawareness of sub-limits can lead to severe repercussions. You may also be unprepared to meet the costs of medical treatments. Sub-limits can also be mentioned as a fixed value for treating any disease/ illness. It can be expressed as a percentage of sum assured for specific diseases as well. Health Insurance plans with low/ no sub-limits usually have high premiums.

• Sub-Limit on Room Rent:

The liability of the health insurance policy provider is limited in the room rent sub-limits to a specific amount or percentage of costs related to room expenses. Also, the insurer can restrict the type of room that includes the general room or the semi-private room as well. For instance, if the rent of your room is Rs. 8,000 and the sub-limit of the policy is of Rs. 4,000, then the policyholder will have to fork out Rs. 4,000 from their pockets.

Mostly the medical expenses include doctors and nursing charges. It also includes surgical procedures or the operation theatre charges that also depends on the type of room the policyholder avails. Hence, these expenses will add up to the cost and sub-limit increases the difficulties of the policyholder further. The sub-limit clues need to be discussed by the policyholder with the insurance provider so they are clear and avoid any surprises that are unwanted at the time of claim settlement.

• Sub-Limit on Specific Treatment:

Before finalizing on any health plan, be it a critical illness insurance policy or health insurance for senior citizens, keeping sub-limit in mind, you must check the list of diseases or conditions that are listed in the sub-limit clause. In addition, check the limit on the costs associated with them. However, claiming the entire amount for treatment or hospitalization is not possible if there is a sub-limit clause, even though the sum you’ve assured is high.

For example; If the sub-limit for the treatment of a particular illness is Rs. 15,00,000 and the sub-limit clause states that in case of that treatment, payment would be made by the health insurer up to 50% of the cost. The insurer would then pay only Rs. 7,50,000 and the remaining amount will have to be paid by the policyholder.

Hence, if you wish to have a claim settlement that is assured and hassle-free, you or whoever is the applicant will need to have a thorough understanding of sub-limit clauses. Therefore, understand the clauses stated in your policy before making an insurance claim.…