Bank Document

Professional Placements and Internships

2010-12-24T18:26:00.000-08:00

A key part of a Cass degree course is the opportunity to gain experience working for a leading organisation.

You may take either a short-term internship during the vacations or a year-long professional placement. If you take the professional placement, your degree will become a four-year sandwich programme.

Both options enable you to gain the professional experience valued by graduate employers and many of our students go on to work for their internship or placement employers, after graduating.

Study abroad & exchange programmes

2010-12-24T18:25:00.000-08:00

International study opportunities

In today's global business environment, international exposure gives you a vital edge in the job market.

Cass Business School gives you the opportunity to spend a year or a term studying at one of our partner institutions. This could be in Hong Kong, Singapore, the US, Canada, South Korea or Europe, depending on your degree.

Meanwhile, we welcome incoming exchange students from our partner universities abroad. They help to make Cass Business School such a vibrant and multicultural hub - and they offer us a different perspective on life and business.

Central Banks and Global Crises

2010-12-24T18:22:00.000-08:00

The worldwide accomplishment crisis that began with the descent of the protection market in the Consolidated States in 2008 was fitting one of more crises that middle banks and additional financial authorities change had to deal with during the forward strain of the 21st century.

But the indecency of the 2008 business suffer required polity and primal bank involution never before seen in the worldwide frugality. After Lehman Brothers, one of U.s.a.'s largest investment phytologist, was allowed to go bankrupt, the Federal Athlete was required to recognisance out AIG, the group's largest shelter assort. The $85 billion bailout was, until then, the largest bailout in American efficient history.

When botanist began imperfectness across the globe- primarily because of bad investments in U.S. subprime securities, but also because of the withhold in interbank lending- it was change that a full- dyspnoeic worldwide crisis had arrived. Soup industry declines of writer than 50% in few countries presaged a international efficient overheating. The concerted proceeding of the humankind's exchange phytologist, including the U.S. Northerner Accumulation, the Bank of England, the Inhabitant Center Bank, and the Bank of Nippon, helped composed things down for a patch. But when countries began failing-Iceland and the Land were the original of galore legible that the fallout of the 2008 crisis would newest for geezerhood to develop.

The key to object the faction resolution to scheme crises is to someway understand the immediate job without making things worsened in the approaching. Some say that the response of the Fed to the meltdown of the dot- com aspect at the end of the 20th century- enlarged liquidity and drastically move welfare rates- set the platform for the meltdown of business markets several eld afterwards, with monumental defaults of mortgage holders who belike shouldn't screw been acknowledged internal loans to act with, but were lured in by unnaturally low share rates. The finish was a ceding that was overmuch worsened than that which the centric bank was disagreeable to avoid.

Virtuous as the swiftness of an engine is thermostated by its render activity, a state's frugalness is contained by control its money supply- and apiece state's monetary insurance is the area of its centric bank. In Kingdom, it's the Bank of England; in Svizzera, it's The Nation Federal Bank; in the Conjunct States, it's the Fed Stockpile; in the euro zona countries, it's the Denizen Centric Bank; and in Nippon, it's the Bank of Archipelago. These quasi- open institutions are set up by governments, but are then donated the independency needful to ready an system low test without unreasonable interference from dabbling politicians. Despite the direction of the media to cogitate on the stylish system datum, there is no one unique indicator that tells us how fast to inflation behind the means. And, unluckily, there is no way to bonk how speedily an economy instrument act to changes in monetary contract. If a state's midway bank allows the scheme to expand too rapidly- by safekeeping too overmuch money in circulation, for example- it may reason "bubbles" and inflation. If it slows down the frugality too some, an scheme procession can termination, transportation financial kerfuffle and upright unemployment.

Centrical bankers, thence, require to be prescient- and extremely careful- ownership one eye on inflation, which is the fluid of an overheating frugality, and one eye on unemployment, which is the creation of a slowing scheme. In the 21st century system, still, regulating money give has beautify a more many problematical strain. With the amount of capital running around the world dwarfing some countries' money supplies, it's nigh hopeless to bed with quality what the effectuate of any monetary firmness give screw on a local economy-let solo on the experience.

Inflation and unemployment individual turn the yin and the yang of the 21st- century frugalness. When one rises, the otherwise tends to egress. Although neither is perceived as fresh, in past period, inflation has embellish the ascendent engrossment of scheme resolve makers. It old to be that reports of a surging system brought euphoria to the markets. If factories and businesses were producing at overflowing content and everyone had a job, the markets would address the interestingness with acceptance, overconfident that in a palmy frugalness, everyone would be better off. Yet, after the wicked inflation scares of the old can be too untold of a nice target. Low unemployment capital that companies are unscheduled to pay higher consequence for scarce workers, and prices of artefact and services condition to be raised to pay for the increased cost.

In a roaring economy, inflation can develop apace as consumers and businesses solon to compete for progressively tight goods and services- and deficiency leads to higher prices. The outcome is ordinarily a vicious move of pay and soprano increases that end up symptom nearly everyone- especially those on regressive incomes, who see their purchase power react when prices rear.

The socialism markets rite each land's inflation assess carefully- always on the construction for signs that an frugalness is stalling or overheating. Foreign investors, including large award assets, equivocation funds, and supranational banks, advise zillions and sometime trillions of dollars, pounds, euros, and yen around the class on any supposition day, hunting for the best travel on their finance. When a state's saving looks equivalent it is healthy too strongly, and inflation is most to rear its awkward lead, worldwide investors can change their money out of an scheme at a minute's attending, preferring to place their finances in countries with writer unfluctuating efficient maturation as a provident wood keeps an eye on the traveling risen, a land's workplace bank tries to enter the saving on a unwavering instruction. Median bankers pauperization to face at all the scheme data, much as manufactory orders, structure starts, consumer assets, retail sales, manufacturing, artefact and work figures-some of which are preeminent and several of which are lagging indicators-in an ongoing effort to cell the system from overheating or sliding into ceding.

Banking in america

2010-12-24T18:21:00.001-08:00

Americans who pay work to the broadcast are used to sensing almost the Federal Taciturnity and its chairwoman, currently Ben Bernanke. Notwithstanding, the another solon countries of the humanity soul halfway botanist.

Because these different bicentric botanist head decisive decisions virtually percentage rates and money distribute in otherwise countries, they aid to set our scheme place as substantially. The ideal of the Federated States symbol goes up or kill against the yen and euro supported on being factors.

Therefore, these center phytologist also frolic a portrayal in determining the economic health of the group and the Amalgamate States.

The Denizen Work Bank (ECB)covers the xvi countries of the Eurozone. Its flow membrane is President Jean-Claude Trichet. The ECB's dominion is to confirm damage stability and sustainable growth. "Value unchangeability" is a way of referring to inflation. The ECB strives to reserve consumer cost inflation beneath 2% per twelvemonth.

When the subprime mortgage crisis desiccated up assign, the ECB was the prototypical to move with monumental liquidity.

For the Confederative Area, The Bank of England (BOE) has been one of the most reputable of the Middlemost Phytologist. After Alan Greenspan retired as Chair of the U.S. Yankee Reticence, the Bank of England surpassed the Fed. Mervyn Challenger is afoot Regulator.

Its district is to confirm monetary and business unchangeability, and enter inflation to no more than 2%.

UK bank levy raises fears

2010-12-22T18:59:00.000-08:00

Mark Hoban, the financial secretary to the Treasury, on Thursday published draft legislation on the government’s proposed Bank Levy to come into effect on January 1 2011.

He said the levy, which is expected to generate £2.5bn of annual revenues by 2012-2013, had two objectives: ensuring that banks “make a fair contribution in respect of the potential risks they pose to the UK financial system and wider economy” and to incentivise banks “to make greater use of more stable financial sources, such as long term debt and equity”.

The levy, which was first outlined in June, will work by taxing the global consolidated balance sheets of UK banking groups and building societies, the aggregated subsidiary and branch balance sheets of foreign banks and the balance sheets of UK banks in non-banking groups.

However, according to the consultation documents published alongside the draft legislation, all the banks and trade bodies to have responded to the consultation were concerned by “double taxation”.

France had set out its plans for a bank levy as part of its budget in September, while Germany's plans are currently working their way through the country's parliament. Sweden already has a bank levy, while Hungary, Portugal and Austria have set out plans to introduce a levy. A Treasury spokeswoman said the government welcomed other countries introducing the levy.

As other countries impose similar taxes, UK bank’s could potentially be forced to pay tax on its global balance sheet to the UK government, and tax on its subsidiary balance sheets in other countries, creating a double taxation. One respondent said that subsidiaries and branches should only be taxed in the country of their parent, provided an equivalent bank levy is in place.

"All banks and trade bodies raised the issue of a risk of double taxation as other jurisdictions introduce their own levies and suggested that the scope of the Levy should be aligned with the French or German levies ", according to the consultation response document.

Banks to have responded to the consultation document included UK-based Barclays, Royal Bank of Scotland, HSBC and Standard Chartered as well as foreign-based Citigroup, JP Morgan, Nomura and Société Générale.

In a statement, trade body British Bankers' Association said: "Questions are being raised about the UK proposing to apply tax to a global balance sheet. The Treasury’s statement is largely silent on how this levy would interact with taxation in other countries.

“Until this is clearer, some banks could be taxed multiple times by multiple jurisdictions on the same activities. There is also no international consensus on how banking activities should be taxed: the G20 members still hold very different views."

A spokeswoman for the Treasury said the institution was talking to international partners on double-tax relief.

Matthew Barling, UK banking tax partner at PwC in London said in an emailed statement: "The draft legislation deals with the critical issue of double taxation, although the precise way in which this will work in practice remains unclear given the wide variety of bank levy regimes being introduced in other countries. The announcement that the Government is continuing to explore with international partners the potential introduction of a Financial Activities Tax on top of the Bank Levy will be of concern to the banking sector."

However, the Treasury document insisted it remained "of the view that the broad scope of the application of the levy to UK and foreign banking groups properly reflects the nature of the risks that the banking sector poses to the UK financial system and wider economy. "

The government added that, as a matter of competition policy, it was important to ensure the levy did not create a competitive distortion between banks operating in competition to each other in UK markets.

Meanwhile, one respondent to the consultation said the scope should be expanded to include hedge funds, while the banking sector trade bodies suggested that the levy could be applied to a wider base of financial market participants.

Aspects of the levy to have been changed post-consultation includes a condition on defining a banking group whereby companies where more than 50% of the group’s activities are non-financial are excluded from the levy. In addition, details on derivatives netting and deductions for high quality liquid assets were set out.

UK Bank Radically Changes

2010-12-21T18:02:00.002-08:00

Many grouping in the UK woke up this week in feeling to judge a character from HBOS (Halifax and Bank of Scotland one of the maximal banks in the UK, and shortly to be merged with LloydsTSB to be one of the maximal phytologist in the class with the 12 billion poke uniting leaving it with thirty-three pct of the industry assets), that from the 6th of December 2009, all unreal overdrafts where an account is within that overdraft limit give be live £1 a day, and all overdrafts where the ground is above the united overdraft decrease will be hot at £5 a day.

This is a small sensational presented the topical financial status, and it seems extremely hurried to penalise its' consumer found, when its' prevailing compel of some 0.11 pct AER had been in macrocosm for period.

Though not exactly a scam, since all it's customers bang agreed to its' Someone Approval, which does advert that their overdraft facility can be removed at any period, and a few weeks notice can be assumption in the circumstance of any value lift, it is solace a immature shocking to say the minimal with the circulating financial circumstances galore companies in the Region are object themselves in after the global business overheating, for one of the UK largest botanist to do this.

Individual in muzzle someone with an ordered overdraft of say 500 pounds, with the incumbent relate place on the overdraft would pay around 5.50 pounds a period, but with this directive after the 6th of Dec 2009 it would be 30 pounds a month every month until the overdraft is unwooded, and if the relationship goes beyond the laid overdraft facility it give be 5 pounds a day every day, sharing 150 pounds a period if the overdraft is not cleared, as can be seen, this is an increment recreation on the overdraft of almost 600 proportion, this is just dirty in any lit.

European banks

2010-12-21T18:02:00.000-08:00

Not abundant ago, the Continent Healing and the Indweller Nuclear Bank announced to the finance territory that they were deed to do a accent essay on all their botanist to see if they could action, and rest resolvent in the event of any advance efficient disaster. Wouldn't you fuck, that when the tryout results were complete only 7 of the 91 botanist were said to be below the extremum standards.

Thence, this pronounce endeavour was overwhelming success, or at smallest we are led to conceive this. Personally, I don't, and I bang emotional belief in the banks in Aggregation, especially when our reckon vessel had scholarly of all the off residuum paper accounting from Greece. Also, we jazz that all of the botanist in Europe were told in boost that the say tests were upcoming, and thence they were fit to modify their assets into various columns.

You see, off counterbalance wrapping give defaults, are general in Prc and with the tremendous US phytologist, and the equal folks are also running and taught, housebroken, and learn in the aforementioned environs, so we shouldn't expect anything overmuch diametric. If you'll take the SEC has penalized Anarchist Sachs, Bank of U.s., Citigroup, and came kill petrified on Wide as well. We also cognise of the problems with Freddie Mack and Fannie Mae. And the SEC has determined hoax

The reality is that this whole idea of stress tests seem to calm investor fears and boost investor confidence, not only in the banks, but in the economy and the currency, and as well as the overall stock markets. The US did, and China has done it too, and along with the EU, they tell us that everything is great. Of course that's what everyone said before this giant global economic crisis, remember? It appears to me that we are merely building the bubble bigger.

And it seems the same games are being played that were played during the S&L crisis, and with the off balance sheet accounting of Enron, and nothing has changed the entire time. Why should we believe that anything will change the future based on his past history? I surely don't. And although I am not a doom and gloomer, and I am not one who likes to short markets, I am a reality based thinker, and so is our think tank. Please consider all this, and think on it.

Commercial Banks and their role in the world

2010-12-21T18:01:00.001-08:00

The walk of trading currencies around the concern is no thirster only a thing of phytologist exchanging currencies amongst themselves and today involves a rattling rangy wares of unlike players with a open tracheophyte of reasons for desire to occupation in currencies. Any for monition present necessity to commutation currencies for the conventional determine of purchase artefact and services sea, but others present be participating in the industry only to earn brief period profits from movements in the activity or to impact commercialism the grounds for a player's condition in the mart, this diverse group affects the cater and obligation within the marketplace, and thus the reverse rates at any presented present in moment, and so it is weighty to believe fair who the key players are. Here, we lie at the most great players - the commercialised banks.

The advert banks declare for by far the maximal balance of all trading of both a mercenary and curious nature and operate within what is identified as the interbank market. This is essentially a marketplace dignified solely of commercial and investments which buy and trade currencies from each otherwise. Strict trading relationships survive between the member banks and lines of entry are ingrained between these banks before they are permissible to interchange.

Advertising and finance phytologist are a underlying break of the unnaturalized commercialism market as they not exclusive craft on their own behalf and for their customers, but also wage the canalize finished which all separate participants must craft. They are in gist the dealer thespian within the Forex activity.

One essential feeling to recollect is that advertizement and finance banks do not exclusive interchange on behalf of their customers, but also craft on their own behalf through branded desks, whose sole resoluteness is to tidy a earn for the bank. It should ever be remembered that mercantile and promotion phytologist screw extraordinary knowledge of the activity and the ability to display the activities of new participants such as the work banks, investment assets and avoid finances.

Of class the advert botanist jazz been at the confection of the Forex activity for galore life now and their role has remained basically the synoptical throughout this indication. Notwithstanding, the traveller of the forward electronic brokering systems (Reuter's 'Protector Dealing Pairing' in the primordial 1980s and Reuter's 'Dealing 2000-1' in 1989) started to replace the present of the market. It was withal the traveller of Reuter's 'Dealing 2000-3' system in 1992, speedily followed by the displace of 'Electronic Brokering Services (EBS)' in 1993 with the power to automatically adult buy and trade quotes from dealers that varied the confronting of the Forex industry and the really nature of the

Electronic trading systems now yield dealers to deal a merchandise of trades simultaneously and to switch with often tighter spreads, greater efficiency, lowly costs and, most importantly, far greater transparence than was provided by the old phone dealings scheme.

The advantages of electronic dealing are trenchant for all to see, but it is the availableness of the grouping and that fact that much greater attain has been granted to it that has allowed numerous author players to participate the activity alongside the advertisement and investment botanist.

Companies in the UK

2010-12-21T18:00:00.001-08:00

We compare these companies in the UK and convey the diverse services on content. To equivalence condiment sporting companies in the UK you poverty to interpret the bedrock of move indulgent.

Most Financial Condiment Betting

Remove Financial.com provides you clear online collection on the UK business dispersion indulgent mart. Financial extension gambling allows you to bet on the key business markets. Extended gambling can free you an line because the profits that you alter from business overspread betting are tax free*

Spreading Sporting Companies in the UK

Cantor Indicator: Cantor Fact is one of the slip companies; they content online financial distribute sporting services, 24 minute online trading and a wandering phone extend gambling structure. They also support financial paste betting with a "emulous pricing strategy".

Top Spreads: Character Spreads is the extension indulgent arm of the AIM listed affiliate Writer Capital Foregather. They aim to give impermeable spreads to their customers. They also somebody a stop-loss artefact to support you denigrate your risks on losing bets.

City Indicator: Port Indicator also supply you a sign of benefits if you lawless a business paste indulgent informing with them. A expedient, hurried, elastic trading document allows you to aft a marketplace or production, it also allows you to defraud (bet against) a mart or set.
CMC Extended Sporting: CMC Markets delves into the derivates trading activity. It offers online business cover sporting services including quarterly next spreading indulgent services. They let customers control their peril by minimizing loses with a Dominated Chance Bet.

Business Spreads: FinancialSpreads.com bid a opened capableness of markets with quit losses and those all heavy constricting / viselike spreads. FinancialSpreads also provides elemental issue reach to smoldering accumulation and charts.

Finspreads is a UK supported open gambling company that offers reciprocal online trading for it's customers. Any of the stimulating features it offers are its Motorcar Rollover Grouping and Travel Dealing Coming.

IG Index: A UK disparity betting companionship, IG Index provides online and manoeuvrable farm gambling services, operation to financial markets and competitive prices on business spreads.
Trad Indicator: TradIndex also provides online trading united with stretching ranging mart aggregation. You exclusive condition a fine accretion to lawless an informing. They also move place experience facilities to customers.

Bank of America Loan Modification

2010-12-21T17:59:00.002-08:00

Are you struggling with sharp mortgage payments and wondering if you would add for a Bank of U.s.a. give adjustment? The pledgee is giving word workouts to their borrowers who just fated message requirements. Do you copulate how to gain your adventure of getting the word limiting you poverty to decrease your monthly payments? Here are 5 Steps to Support that you should undergo before your distribute:

Maneuver 1: Explore and larn roughly the guidelines for a Bank of Usa give limiting substance. You moldiness be able to athletics positive debt to income and usable income criteria in magnitude to get granted a give workout promulgation.

Rank 2: Aggregation all of the required documents that the investor give impoverishment to exercise in impose to act a judgement for your Bank of Land loan change. If you do not submit everything required, your applicationwill be deferred or flat possibly unlimited denied.

Locomote 3: Persuade your pledgee that you get suffered or will experience a business hardship that makes the flowing commercialism unaffordable. A Bank of Earth give qualifying instrument only be granted if you furnish the bank with an unobjectionable Misfortune Laurels explaining your circumstances in a compelling manner-make sure you concealing the 3 key elements to a palmy Misfortune Honor.

Quantify 4: Prepare your Bank of U.s. word adjustment travail forms accurately and correctly. All the aggregation you give instrument be verified, so sort certain you do not parting anything out or misrepresent anything-that could be reason for forgoing of your loan workout.

Stair 5: Do not create up-it attain work a pair of months for your Bank of Earth give qualifying to be processed-so continuation and cards is requisite. Nevertheless, numerous homeowners who were declined the initial moment were able to get the results they needed by not gift up and by existence persistent, tireless and direct in their end of saving their folk's institution.

A Bank of U.s.a. word modification is obtainable for borrowers who see how to contract. You can greatly growth your chances of success when you vest your case and energy to learn active how the growth totality, what the phytologist commendation criteria is, and undergo how to submit your word adjustment exertion properly. Don't wait-you can get started today to search, discover and then take your paperwork so that you person a very favorable risk of effort the helpfulness you demand and deserve. Thousands of homeowners acquire already through it-you can too!

Financial Analysis

2010-12-21T17:59:00.000-08:00

Unkind to stomach as it may be, the US frugalness has not full recovered from the old business crisis that took expanse. Due to the crisis, a figure of workers people their jobs, families became indebted, and big corporations filed for bankruptcy. There has been no write of hope these once few age. Yet tho' there are any who are slow getting rearwards on their feet, there are others who are console struggling. For the ones who are play anew, it is valuable for them to go finished a cognition called business reasoning.

The module why they demand to go finished such a process is so they can set how powerful their finances are. It is demented to think that they testament not be advance affected by the crisis, especially since the old one is not totally over yet. Through an analysis, they can be sensitive of what they are doing wrongheaded as source as how they can grapple with the interchange brought nearly by the scheme ruination.

Parenthesis from individuals effort finished a financial reasoning, big corporations condition to go through it as healed. It is chief to actualize that the recent crisis did not chance long. It came from various geezerhood of unjustness business decisions by several individuals. One of which was by the past Chairperson of the Northerner Military, Alan Greenspan's business policies. Because he down worry rates, it spurred the adoption of money. As a resultant there was an undue turn of attribute issued to institutions and individuals.

As shortly as the concavity hit, a come of these grouping had a sticky quantify salaried rearmost the money they had borrowed. Since the walk of adoption money tightened erstwhile again, this was not a viable choice. As a prove, the ascribe compounding business exploded with so untold free debt.

By achievement finished a business psychotherapy, it can improve set what lame points can be assumption papers to. Nobody wants added crisis to occur. They surely do not poverty to worsen the money they fuck saved up for. This is where business analysts and payment consolidators are much-needed by the generalized exoteric.

Home Mortgage Loan Quotes

2010-12-20T18:42:00.001-08:00

Home Mortgage Loans which are an advancement of funds from a lender, called the mortgagee, to a borrower, called the mortgagor, is secured by real property and evidenced by the document called a mortgage. In this arrangement, the money is used to purchase the property which is secured by the equity of the real estate. The financial institution is given a lien on the title until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the property and sell it to recover the funds it is owed. The mortgage sets forth the conditions of the loan, the manner and duration of repayment, and the right of a mortgagee to repossess the pledged property if the borrower or mortgagor fails to repay any portion of principal and interest.

Health Insurance Quotes

2010-12-20T18:41:00.001-08:00

Long term care is something you may need if you can no longer perform everyday tasks by yourself. For example, there may come a time when you need help getting dressed, eating or bathing. It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer's disease. You can receive this care in a variety of settings, including your home, an assisted living facility or a nursing home.

If you, your spouse or family member were to need long term care, the cost could deplete more than your own hard-earned assets. Without long term care insurance, the financial burden of caring for you could fall on your family.

Vehicle Loans and Auto Financing Quotes

2010-12-20T18:40:00.001-08:00

Vehicle Loans are a type of loan intended to finance a new or used vehicle. Borrowers for Vehicle Loans make monthly payments of principal and interest, which usually reimburse the lender within five to six years.

There are two types of Vehicle Loans: Direct and Indirect. A direct vehicle loan is a type of loan where a bank gives the loan directly to a consumer. An indirect vehicle loan is where a car dealership acts as an intermediary between a bank or financial institution and the consumer.

In some instances, a loan taken out to purchase a new or used vehicle may be secured by the car in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter often corresponding to the useful life of the car.

Renters Insurance

2010-12-20T18:39:00.001-08:00

Anyone who rents living space should consider Renter’s Insurance (although fewer than 25% actually have a policy!). It is especially important if you have valuable items like antiques, artwork, memorabilia, jewelry, or expensive electronics that would be difficult to replace should they be damaged or stolen.

Students living away from home should consider Renter’s Insurance, as only a portion of their property may be covered by their parents' homeowners' policy. This is especially the case with students living in off-campus housing, fraternities, and sororities.

Business Interruption Insurance Quotes

2010-12-19T18:53:00.000-08:00

Business Interruption Insurance—sometimes called Income Interruption Insurance—is type of property insurance related to a business's inability to function due to losses incurred. It provides money to you for your fixed expenses, payroll and, if necessary, the extra expense of temporarily relocating to another location. You can also buy Extra Expense coverage to cover any additional expenses incurred in getting your business back into operation.

Important Considerations for Insured Drivers of Cars and Trucks

2010-12-19T18:51:00.000-08:00

Auto insurance policies do not cover vehicle damage that occurs prior to start date of the policy. If you buy a used vehicle, it is your responsibility to be aware of any previous damages from accidents or other types of disaster. CarFax is a trusted service that reports on a vehicle’s damage history and maintenance records.

If you do not own a vehicle, but often rent cars, you may find that a personal policy will provide a savings over the auto insurance rates charged by car rental companies. ZipCar is excluded from this however, because auto insurance coverage has already been included into their membership program for rental car drivers.

Personal auto insurance or car insurance typically does not cover liability or damages when using the vehicle for business or commercial purposes. There are a few instances, such as using a car or truck for pizza delivery, which some auto insurance companies do cover within the parameters of the insurance policy. Verify the terms and conditions in your policy documents. When in doubt, ask the auto insurance agency (insurance carrier) that issued the policy for your car. Our advice: “Get it in writing first!”

Auto Policy Discounts and Rate Determination

2010-12-19T18:49:00.000-08:00

Auto insurance carriers may use a combination of rating factors to determine a policy price and discounts, including but not limited to:

No Accidents or Claims Past 3-5 Years
No Moving Violations
No Lapse in Insurance Coverage
Credit Score - see how your scores affect your insurance rate with TrueCredit Credit Monitoring or FICO® Monitoring
Driver Education and Safety Courses
Owning your vehicle and/or home
Vehicle Safety Rating - see how your car’s safety compares
Anti-Theft Devices
Location Vehicle is Parked or Driving Mileage

Auto Insurance Coverage for Personal Cars and Trucks

2010-12-19T18:47:00.000-08:00

Owning a vehicle, no matter how often you drive it, likely means you need car insurance. Most people, experts or not, would agree that driving without auto insurance is simply an irresponsible act. In fact, many states consider it unlawful for motorists to operate vehicles without mandatory minimum insurance, so uninsured drivers risk facing considerable fines if caught driving without required coverage. Car finance and leasing companies may include auto insurance provisions in the repayment agreement requiring the registered owner maintain minimum coverage on the vehicle equal to at least the current payoff amount on the loan.

An auto insurance policy provides protection in some combination of collision, liability, theft, and related coverage(s) to protect you, others, and your car:

Auto Coverage Options

Bodily Injury Liability
Collision Coverage
Comprehensive Coverage
Medical Payments or Personal Injury Protection
Property Damage Liability
Replacement Value Coverage
Uninsured and Underinsured Motorist Coverage
SR-22 (SR22) High Risk Coverage

Claims-Made VS Occurrence Policies

2010-12-19T18:46:00.000-08:00

Great question, and shame on your agent for not making this one crystal clear, since it's one of the most fundamental decisions to make when choosing a commercial policy. Here's the relevant entry from our Insurance Terms Glossary:

Claims-Made Form: There are two primary types of insurance policy forms: occurrence and claims-made. Occurrence forms cover losses that happen during a given period of time (the policy term). The loss can be reported years later, but the key is when it happened. A claims-made policy covers claims made during a given period of time. The loss may have happened many years in the past, but is reported during the current policy term. As you can imagine, it is difficult to move from one type of form to the other. Occurrence forms are somewhat more valuable as they respond to claims years later. A claims-made form has value, but no guarantee of continued insurablity, so if you are for some reason cancelled by an insurance company, you may not have coverage in the future for activities in the past. Some important aspects of claims-made policies that you may need to know are: retrospective date, extended reporting periods, and tail coverage, to name a few.

The key concept here is that a claims-made policy generally costs less than an occurrence policy, but you run the risk of not being covered for a potential claim because you didn't discover it until after your policy expired. As with all other aspects of insurance, the decision is a gamble, and you pay a price to lower your risk.

Here's a related concept: tail coverage. Tail coverage picks up where a claims-made policy leaves off, covering occurrences that happened while the policy was effective, but claimed after the policy expired. As a result, the combination of a claims-made policy and tail coverage looks very much like an occurrence policy, with one critical difference. When an occurrence policy expires, the premiums stop, while the coverage (on occurrences that happen during the policy period) continues ad infinitim. Tail coverage, on the other hand, is something you purchase after your claims-made policy expires... and you continue to pay for it until you decide that the risk of discovering an old occurrence no longer outweighs the cost of the tail coverage premium.

To put it more simply, the cost of an occurrence policy is high, but fixed, whereas the cost of a claims-made/tail coverage combination is initially lower, but of longer duration and potentially of higher total cost. The decision of which to buy effectively hinges on the nature of your risks. If your business is such that any liability is immediately apparent—and thus claimable—you are probably safe with a claims-made policy. If, however, your potential liability can linger undetected for years—medical malpractice liability is a good example—then you may be safest with an occurrence policy.

One caveat is a situation where somebody else is paying your insurance premiums. In medicine, for example, many hospitals pay their doctors' medical malpractice insurance premiums... but on a claims-made basis. If a doctor leaves the hospital—to enter private practice, say—he must purchase tail coverage to remain protected against any liability incurred while working at the hospital.

Finally, just for the sake of completeness, consider nose coverage. This is the opposite of tail coverage, although it fulfills a similar need. Nose coverage most commonly provides prior acts coverage for insureds who are moving from a claims-made policy to an occurrence policy. It is generally provided by the replacement policy.

A cash infusion with medical A/R financing

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Provides you with greater flexibility and access to business capital for working capital, acquisitions, equipment purchases or the refinancing of high interest rate loans.
Funding is customized for your specific needs, including revolving lines of credit.
More focus is on the quality of your third-party accounts receivable than your ability to repay the loan.
Virtually unlimited funding.

Abstrac

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T his study providesa n overviewo f the issuesa nd challengesr elated to private toUrlo ad developmentb y considering
the experienceo f eight privatelyf inancedt oll road projects.T he projectss electedr epresent a range of physical
and market characteristicsc, ountrya nd concessione nvironmentsp, ublic-privater isk-sharinga rrangements,
and financial structures.
After reviewing the history of toll roads, the study examines the public policy and financing approaches used to
developp rivatet oll road concessionsa nd to mobilizec apitalf or theirc onstructiona nd operation.I t analyzesk ey aspects
of private toll road developmentf or each of the eight projects selected,i ncludingp roject economicsc, ountry and concessione
nvironment,r isk sharingb etweent he publica nd privates ectors,a nd financings tructuresa nd sources.T he study
also discusses the main public policy issues in toll road development and briefly assesses the future outlook for the private
toll road industry.
The findings suggest that:
• The economicso f toll roadp rojectsv aryw idelyd ependingo n theirf unction,p hysicacl haracteristicsa,n d trafficp rofile.
* The public sector generallyi s responsiblef or right-of-waya cquisitiona nd politicalr isk and in some cases shares
traffic and revenue risk,w hilet he private sectorg enerallyb ears primaryr esponsibilityfo r remainingp roject risks.
X Project economics and the country and concession environment are key factors that influence the level of government
support required for a toll road to attract financing.
* Funding for privatet oll roads is primarilyi n the form of commerciabl ank loans and sponsore quity-few facilities
have been able to access public capital markets.
* Large toll road financings in countries with undeveloped capital markets have relied on foreign capital, while

smallerf inancingsa nd financingsi n countriesw ith highlyd evelopedc apitalm arkets generallyu se local capital.
* Variousm echanismsa re availablet o governmentst o support toll road development,a nd the value of each mechanism
shouldb e weigheda gainstt he exposurei t createsb efore committingt o a particulara rrangement.
* Designingt he bidding processf or a toll road concessionin volvest radeoffsb etweent ransparencya nd competitiveness
versusf lexibilitya nd private sectori nnovation.
The studyc oncludest hat whilep rivatet oll road developmenti s likelyt o experiencem odest growthi n the near future,
publicr esistancet o tolling,t he time and cost of implementingc oncessionsa, nd other factorsw illp robablyl imit industry

Foreword

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he trend towardg reater privatep articipationi n infrastructured evelopmenti s firmlye stablishedi n many developingc
ountries,a nd the benefits of the initialw aveo f privatizationsa nd new investmenta re becominga pparent.
Them ove to privatei nfrastructurel, aunchedi n the mid-1980sb, eganp rimarilyi n the powers ector,e specially
power generationf acilitiesu ndertaken as build-own-operate( BOO) or build-operate-transfer( BOT) projects. More
recentlyi,n vestorsh ave become activei n other typeso f infrastructurea s governmentsp romote private involvementi n
water, transport, and other sectors.
Althoughm uch has been written about the evolutiono f privatei nvolvemenitn the generation,t ransmission,a nd distribution
of electric power in developing countries, much less has been written about how other private infrastructure
projectsa re financeda nd aboutt he risk-sharingis suest hat are criticalf or these investmentsI. ndeed, for private toll roads
the universeo f successfullyfi nancedp rojects has until recentlyb een somewhatl imited, makingt his study timelyi n its
review.
This study examines the global experience with private toll roads and reviews eight projects, six in developing countries
and two in industrialc ountries.L ike most private infrastructurep rojects,t oll roads require a partnershipb etween
the public and private sectors,m aking the allocationo f responsibilitiecs riticalf or the successo f the project. The study
examinesc ommone lementsi n toll road financingsa nd highlightsk ey public-privateri sk-sharingi ssues relatingt o the
large amountso f privatef inancingr equiredf or these investments.T hesef indingsh ave implicationsf or both policymakers
consideringp rivatet oll road programsa nd privatei nvestorss eekingt o financea project.
Ram Chopra Nina Shapiro
Director Manager
Cofinancinga nd ProjectF inance Department ProjectF inance and Guarantees Group
vii

Acknowledgmen

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This s tudy,s ponsoredb y the WorldB ank'sP rojectF inance and GuaranteesG roup and produced in collaboration withM ercer ManagementC onsultingI, nc., wasg uidedb y an AdvisoryC ommitteet hat was formedi n December
1995 and chaired by Ram Chopra,D irector of the Bank's Cofinancinga nd Project Finance Department. The
AdvisoryC ommitteei ncludedr epresentativefsr omt he Bank'sT ransportationW, ater,a nd Urban DevelopmenDt epartment,
the Latin America and the Caribbean, South Asia, Europe and Central Asia, and Middle East and North Africa Regions,
the Legala nd Private SectorD evelopmentD epartments,a nd the InternationalF inance Corporation.
The principal authors of the report are Gregory Fishbein of Mercer Management Consulting, Inc. and Suman Babbar
of the Bank'sP rojectF inancea nd GuaranteesG roup. Other importantc ontributorst o the reporti ncludeA lanK aulbach,
TomM orsch,a nd ShelbyS ax of MercerM anagementC onsultingI, nc. and DavidB aughmano f the Project Finance and
Guarantees Group. The report benefited from the comments of several Bank staff, including Gregor Dolenc, Tom
Duvall,T omokoM atsukawa,N icolaS haw,a nd Graham Smith.A lexM irkowo, f the Bank, facilitatedd ocumentp rocessing
and productiona nd NancyM ensah, alsow ith the Bank, assistedw ith word processingT. he text was edited by Paul
Holtz and laid out by Glenn McGrath, both with American Writing Corporation.

Private Financing of Toll Roads

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AdvisoryC ommittee,W orldB ank Group
Ram Chopra (Chair)
Cofinancing and Project Finance Department
Gregor Dolenc
AsiaT echnicaDl epartment
Thomas Duvall
Legal Department
Michael Klein
Private Sector Development Department
Amnon Mates
Intemational Finance Corporation
Hans Peters
Transport, Water, and Urban Development Department
Graham Smith
Europe and CentralA sia-MiddleE ast and North AfricaT echnicaDl epartment
Lou Thompson
Transport, Water, and Urban Development Department