What you need to know about photo studio insurance
Photo studio owners should take special care when deciding if a photo studio owner is suitable to offer insurance coverage, according to an Israeli newspaper.
The Israeli daily Yedioth Ahronoth reported on Tuesday that the Insurance Bureau of Israel (IBIS) will begin to evaluate the applicants of photo studio owners.
The IBIS will evaluate the quality of applicants’ applications for insurance, and whether the business has the financial capability to meet the requirements.
The criteria for the assessment include the company’s capacity to pay insurance premiums, as well as the potential risks to the business, according the report.
The newspaper reported that the applicants are being assessed at a “cost-based” basis.
The IBIS, in a statement to the publication, said it would not be issuing any financial guidelines.
A representative of the company told Haaretz that they would not comment on the report, adding that it was part of an ongoing review of their insurance offerings.
According to the report in Yediath Ahronith, the IBIS “is looking at applicants that have been in business for several years.
The process is taking place on a cost-based basis, and applicants are selected based on their experience, financial capability, and their risk profile.””IBIS evaluates the applicants based on three criteria: ability to pay premiums, ability to meet insurance requirements, and the potential to pose a risk to the company,” the report said.”IBISC has been evaluating the potential for insurance policies in the past, and will now continue this process, so that we can assess the business more thoroughly and determine if it meets the required standards.”