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Not all property policies are created equal. Which one is best for you?

In general, there are two basic policy types. Firstly, there is the 'Broad form' policy that provides good solid coverage. This form provides open perils ('all risk' with some exclusions) coverage on the building and named perils on the contents. Secondly, the 'Comprehensive form' or gold policy will provide even broader coverage for your home and contents. This form also has higher limits for certain items within the policy.

We suggest that our clients carry the 'Comprehensive' or 'gold' form of property policy. The annual additional premium is minimal and the coverage is broader. We feel this is money well spent.

Did you know ?

Most people believe everything in the car is covered through automobile insurance. Comprehensive coverage on automobile policies is one of the most frequently carried optional coverage's, but it is limited and coverage only applies to such items specific to that vehicle such as the radio, stereo, CD, cassette player and one tape/CD. Items commonly stolen and not covered include briefcases, purses, coats, sunglasses, presents, laptop computers, tools, cell phones, sports equipment (e.g. golf clubs or skates)

How do I get coverage for these?

Home, tenant, condo, business insurance can provide theft coverage but this may be very limited also and if not insured through the same insurance company, a separate deductible will apply.

Some Policy Exclusions You Should Know!!!

1. FREEZING of plumbing, heating or air conditioning system when you have been away from dwelling four or more consecutive days is not covered. However, if you arrange for a competent person to check dwelling daily or shut off water and drain pipes, you would still have coverage.
2. VACANT AND UNOCCUPIED dwellings are not covered for vandalism, glass breakage, freezing and water damage losses. After 30 days of vacancy, no coverage exists for ALL other losses unless you inform broker and coverage is extended by insurance company.
3. EARTHQUAKE is excluded under most standard policy wordings. Coverage can be added by endorsement.
4. BUSINESS PROPERTY and BUSINESS PURSUITS are generally excluded on your personal property policy. The situation should be reviewed with your insurance broker if you conduct business from your home.
5. MATERIAL CHANGE to the risk requires immediate notification to avoid discontinuance of coverage or denial of a claim. An example of a situation would be renting out your cottage and not informing your broker or insurance company of the change in occupancy.
6. DAMAGE CAUSED BY BIRDS, VERMIN, RODENTS OR INSECTS is not covered.

• Did you know that you are liable for anything that happens in your apartment? If you have unsafe conditions in your own living area, you are responsible if someone hurts themselves and you could be sued.
• The owner of the building you live in does not insure your contents. Are you prepared to lose all of your belongings if there is a fire?
• Did you also know that your Automobile Insurance does not insure against stolen property left in your car? CDs, golf clubs etc..., all of it is considered 'contents' in the eyes of an insurance company, and would only be replaced if you had a property insurance policy.

Property policies separate losses into various types, each with its own conditions and limitations.

• Personal Property - most of the normal contents of your home, from linens to electronics, are considered Personal Property.
• Real Property - buildings and land are considered Real Property. A fire in your home can damage both the structure (Real Property) and the contents of your home (Personal Property)
• Liability - your responsibility to other people when they suffer loss or injury due to your negligence. Liability coverage extends to most everyday life situations but does not include, for example, liability resulting from the use of an automobile.

What Can I do Before a Claim?

Check that you have safety equipment installed and in working order. Fire and carbon monoxide detectors, fire extinguishers, escape plans, deadbolts on doors and locked windows help to protect both your family and your property.

It also helps to know what you have in your home. Make a list of personal belongings in each room. Consider taking photographs or a video tape to keep with the list. If you'd like to assure yourself you have enough insurance coverage, consider totaling the values of all listed items and and comparing the result to your "Contents" coverage limit. Feel free to contact us if you have any questions or wish to revise your coverages.

Information taken from "Property Claims" - The Dominion of Canada.

What if I have a Loss?

• The risks to property are many and varied - theft, fire and flood, to name a few. Your response depends on the type of loss you face but here are some hints to get you started:
• Regardless of the type of loss, report it to us right away. The sooner we are aware of a claim, the better we can service you and protect your interests.
• If you have a theft or vandalism claim, report the loss immediately to the police.
• If your property is damaged, do what you can to protect it from further damage. Reasonable expenses will be reimbursed.
• Assemble any receipts, warrantee documents and other proofs of ownership for lost of damaged property.
• Retain any receipts for expenses or replaced property.

What if I can't stay in my home?

After a loss, your home may not be habitable. Depending on the coverage you have, your insurance company will pay for the increased costs of temporary lodging until you are able to return. Contact us, we'll be glad to talk to you about it.

What's a deductible?

All property policies incorporate a deductible of some description. Insurance is designed to protect people from losses they cannot afford. Adjusting many very small losses would be very expensive and would unnecessarily increase premiums. Therefore, when you buy a policy, you agree to pay the first portion of any loss. This deductible applies only once per occurrence, regardless of how many items are claimed. For example, if our deductible is $500 and your total covered claim is $2,000, your insurance company would pay you $1,500.

Some tips on how to save money on your property insurance, here are some suggestions:

• Deductibles: Did you know that higher deductibles will reduce your premiums?
• Dual Policy: Save if you insure both your home & auto with the same company.
• New Home Discount: If your home is less than 10 years old you could be eligible for a discount.
• Security Alarm: A centrally monitored burglar and fire alarm system will not only improve security but also provide a discount.
• Age Discount: If you're over 45 years old you could be eligible for savings.
• Claims Free Discount: If you have not had a property insurance claim for three or more years a discount is available.
• Mortgage Free Discount: Receive another discount if you have no mortgage.

• Outdrive Bellows - Should be inspected on an annual basis. Deteriorated bellows can cause sinking.
• Through Hull Fittings - Be certain all hose connections are tight and that no frost damage has occurred.
• Deck Fittings - Loose fittings can allow moisture in resulting in premature core rot and structural deterioration.
• Electrical System - Corrosion can form quickly on metal to metal contacts, such as battery terminals. A quick cleaning can help ensure your engine starts every time.
• Fluids - Topped up and fresh fluids including engine and gear case oil reduce wear and prolong mechanical life.
• Bilge Pumps - Ensure pumps are functioning and automatic floats work by lifting the float switch.
• Batteries - Old, tired batteries don't always have the power to turn over the engine.
• Hoses & Belts - Rubber hoses should not be brittle or hard, belts should not show signs of cracking and be tensioned properly.
• Fire Systems - Automatic and portable extinguishers should be checked and serviced annually. Do not mount portable extinguishers in difficult to reach areas where they are not visable or accessible.

Auto

Would you like to save money on your auto insurance?
Here are some suggestions:

• Dual Policy Discount: Save money if you insure both home & auto with the same company.
• Multi Vehicle Discount: Did you know that if all your vehicles are insured with the same company it will allow you to receive a multi-vehicle discount?
• Deductibles: Did you know that higher deductibles for collision and comprehensive coverages will lower your premiums?
• Waiver of Depreciation: If you have purchased a new car recently, do you know if you have the waiver of depreciation endorsement on that vehicle?
• Loss of Use: Do you know if your policy has this optional endorsement which guarantees a rental car in the case of an accident?
• Collision Coverage: If you have an older vehicle have you considered deleting collision coverage?
• University Discount: Is your son or daughter away at university and only home on holidays?
• Alarm Discount: If your vehicle has an ignition disabling alarm you could be eligible for a discount.
• Driver Training: A driver training certificate from a certified driving school will save new drivers money.
• Age Discount: If you are over 45 years of age you could be eligible for savings.
• Claims Free Discount: Drivers with six or more years of accident free driving will be entitled to a reduced premium.
• Insurance Record: Always remain listed on an insurance policy to maintain your insurance record.

Nobody wants to think that they might be involved in an automobile accident, but it can happen to the best of drivers. Print this checklist and carry it in your car to ensure that all information and procedures are covered.

1. Write down the owners' names, license plate numbers, colour and the make/model name for all vehicles involved.
2. Get the policy numbers, insurance company names and insurance broker names for all vehicles involved.
3. Get the names and driver license numbers of all the drivers involved.
4. Get the names and addresses of all injured persons, witnesses and police officers.
5. Draw a diagram of the accident scene showing the position and direction of all vehicles at the time of the accident. Include all street names, traffic lights and traffic signs.
6. DO NOT ADMIT LIABILITY OR DISCUSS ANY SETTLEMENT.
7. Notify your insurance broker or your local insurance office as soon as possible.
8. Immediately notify the police and your broker if your vehicle is stolen.
9. Immediately notify your broker in case you are in a serious accident.

In Quebec and Ontario, your own insurer compensates you directly for the share of the damage caused to your vehicle (including contents) and for your loss of use of your car, for which another driver would be legally responsible. Under "direct compensation -- property damage," you deal with your own, not the other person's, insurer. This speeds up the payment process. If an identified motorist is responsible for the collision, you can collect from your own insurer regardless of whether or not you have purchased physical damage coverage on your own car. There are rules, however, for Direct Compensation to apply. The collision must occur in your home province; there must be at least one other identified vehicle involved in the crash causing the loss; and that other vehicle must also be insured by an insurer which is licensed in your province or which has signed a special agreement. If these conditions can't be fulfilled, then you'll have to rely on your collision insurance (if you have it), whether or not you are at fault.

Where can you have your car repaired after an accident?

It is often difficult to know where to have a damaged car repaired. Many insurance companies have lists of preferred repair garage that they know and trust. If you wish to have the work done elsewhere you can, the choice is yours.

Commercial

Corporate Leases

Are you aware of the various requirements contained in within your corporate lease? Ideally, before you sign a lease you should consider:

1. Is there a "hold harmless" agreement in favour of the landlord?
2. Are you required to protect the landlord?
3. Are you required to insure fixtures and improvements which you did not pay for?
4. What limits of liability insurance are you required to purchase?

Credit Insurance

Credit insurance is a useful risk-management tool that protects accounts-receivable assets in the event of the buyer's bankruptcy or protracted refusal to pay. It protects against unforeseen credit losses and against political events such as unavailability of hard currency, changes in import/export regulations, non-payment by foreign governments, and "contract frustration" arising from acts of war.

Credit insurance is not a substitute for good credit practices and it doesn't protect against routine bad debts. Nor is it a collection or factoring service.

Give us a call to discuss

Some of the reasons why should you install a Boomerang Type Tracking System to your Equipment or vehicles:

1. The majority of insurance companies recognize the advantages of Boomerang so much that in most cases they offer additional premium discounts, and in many cases are now requiring the installation in high risk vehicles & heavy equipment.
2. The Boomerang recovery rate is approximately 95%
3. The technology employed is not restrictive; stolen assets equipped with a Boomerang can be found even if they are located underground, in a metal container, or in an enclosed area such as a garage.
4. The Boomerang does not use GPS (Global Positioning System), a satellite-based recovery system, but does use the cellular network, a system that provides a broader geographical scope in terms of locating a stolen asset equipped with the Boomerang.
5. Over 1,230 vehicles and heavy equipment have been recovered by Boomerang
6. With its use of the cellular network, stolen property can be located in over 900 cities in North America
7. Recoveries are quick; on average 1.5 hours. In most cases, the speed of the recovery assures minimal damage to the stolen asset, if any.
8. For the owner's protection, the Boomerang is hidden in the vehicle and its location is unknown even to the owner

Life

1. 48% of mortgage foreclosures are caused by disability...3.9% from death
2. Did you know that you're 8 times more likely to be disabled than to die during your working life?
3. Deciding between RRSP's of D.I. is like deciding between your house insurance or your car insurance...why jeopardize your retirement and the time in between?
4. If you don't come to work, who pays you?
5. Will your business remain profitable if you're not there for 6 months? 3 years? 20 years? Will this affect the income you can take out of the business?
6. Could your spouse walk tomorrow and run your business well enough to keep it profitable?
7. Did you take 6 months vacation this year? Why not?
8. Is there anyone who could replace you? If no, can your business afford to pay you AND someone to take your place at work?
9. Would your business stay healthy if you got sick?
10. Would you consider yourself an independent person? Could you be dependant on someone else for the rest of your life?

Doing business in today's world demands that employers invest in their employees for businesses with 5 to 35 lives.

Group insurance can help you attract and retain employees, and minimize the costs associated with high employee turnover.

A good employee benefits program can also:

• Improve morale and contribute to increased productivity by providing added financial security to employees and their dependents.
• Provide all employees a guaranteed level of coverage without medical evidence (for groups with five or more employees).
• Allow you to deduct employer-paid premium from your taxes as a business expense.
• Give you the flexibility to reward key groups of employees with specialized benefits
• Allow you to show your commitment to employees by providing aid when they need it most.
• Provide you and your employees with coverage at a reduced cost compared to most individual policies .
• Give you and your employees peace of mind knowing the cost of coverage is minimal compared to a potentially large pay off.