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How to Avoid Basement Flooding

When the weather gets warmer, there is a chance of flood to your basement from melted snow. Here are tips that can save your basement from water damage.

  1. Move snow and ice away from your home.
  2. Check for any cracks to your home’s foundation.
  3. Unclog eaves troughs and other drainage that can overflow and move to the lower levels of your home.

Using these tips could save you upwards of $10,000 dollars on home repairs if your basement gets flooded. These repairs may not be covered under your insurance policy, because not all insurance companies cover overland and sewage flooding. For more information on this, contact your broker or company agent.

Source: https://www.ctvnews.ca/canada/tips-to-avoid-basement-flooding-as-temperatures-warm-1.4282667

Jaguar Land Rover Canada ULC Partners with Aon for Car Insurance

Jaguar Land Rover Canada ULC has partnered with Aon Reed Stenhouse to offer brand-specific automobile insurance coverage for their customers and vehicles.

The reason for the partnership is to make things even more personalized for Jaguar and Land Rover clients. What’s included in the insurance package is original car parts for repairs, premium discounts, and exceptional service.  The insurance is offered for their entire line of vehicles, whether that be collector editions to daily commuter vehicles.

Aon offers the custom insurance right at the dealership.  The insurance is called Jaguar Insurance and Land Rover Insurance. It was introduced on February 4, 2019 throughout Canada. For more information on this, contact your broker or company agent.

Source: https://journal-assurance.ca/article/aon-offre-un-programme-dassurance-specifique-aux-vehicules-jaguar-et-land-rover/

Ontario Government Working Well With The Financial Services Regulatory Authority

The Progressive Conservative government of Ontario and the newly appointed Financial Services Regulatory Authority (FSRA) will be working together to restructure auto insurance rate regulations, supporting auto reform strategy, and developing fraud reduction policies. FSRA replaces FSCO this year.  Additionally, auto insurance rate control methods will be reviewed and the question of whether postal codes have a relation to a driver’s rating factor will be examined.

Insurance companies want modifications to the approval process when it comes to rate increase as it takes too long and may have an impact on their profits.

The FSRA budget and priorities documents will have input from the Ontario government working to reduce fraud, and improve the decision making process.  FSRA is expected to take over from FSCO sometime in June.

Source: https://www.canadianunderwriter.ca/legislation-regulation/ontario-auto-discussions-very-encouraging-intact-reports-1004159523/

Aviva Canada Making First Notice of Loss Reporting Easier

Aviva Canada is making it easier for drivers to report their first notice of loss. A first notice of loss (FNOL) is the claim report that drivers need to give when there is a loss, theft, or damage on something that is insured. Ontario and Alberta now has automatic FNOL services at all collision reporting offices. There will be more automatic FNOL services coming to Alberta this month.

All of the information in the report is sent to Aviva where it is confirmed and a claim number assigned.  Aviva has decided to do this because damage reports have to be made multiple times to the collision reporting office, carrier, and the insurance broker.

It can take up to 3 days for a FNOL to get to the insurance broker. Once a claim is made, the new automatic service gets the report to the broker instantly.  Now the broker can review up-to-date loss specifics, adjuster information, and payment details of claims quickly and easily. For more information on this, contact your broker or company agent.

Source: https://www.canadianunderwriter.ca/insurance/this-insurer-rolling-out-automated-claim-notification-at-collision-reporting-centres-1004159316/

Potential premium impact on auto insurance from cannabis related claims

Canada’s recent legalization of Cannabis has raised some questions as to how it will affect the public –  particularly when it comes to auto insurance. Ratehub.ca’s senior business unit manager for insurance, Matt Hands, believes the increase in auto insurance premiums due to marijuana legalization is not a matter of why, but when.

“Once insurance providers analyze the data available to them, in most cases, they will need to apply with provincial regulators before they can raise rates,” Hands told Yahoo Finance in an interview. This could mean that it could take months or years for these policies to come into effect.

Data on cannabis-related accidents and impairments in Canada remain scant  as the substance was just legalized weeks ago. But data from the neighbouring USA suggests that auto insurance costs could actually increase as a result.

Source: https://www.insurancebusinessmag.com/ca/news/breaking-news/get-ready-for-higher-auto-insurance-premiums-116230.aspx

Making a successful home insurance claim:

One in six household insurance claims are rejected each year. GoCompare has some advice to help ensure your claim is successful. Insurers have revealed the main reason for rejecting a claim is that the incident was not covered by the insured’s policy.

Make sure that you do your research and ensure that you choose the right coverage. If you are unsure, then contact your broker or insurance provider.

In the event of a possible claim, acting quickly, following procedures and being honest are 3 of the best tips listed by GoCompare. Acting quickly, despite being in shock, can ensure your success with a claim. Adjusters can assess the damage while it’s still fresh and prior to you having to live around it. Claims procedures can also be very detail-oriented. Ensuring that you follow procedures and give an honest and complete account of the incident   will go a long way in getting you to a successful claim resolution.

Source: https://www.themoneypages.com/insurance/tips-making-successful-home-insurance-claim/

One in three Canadians surveyed haven’t read their insurance policy: Sonnet Insurance

New research conducted by Sonnet Insurance shows that one in three Canadians haven’t read their home or auto insurance policy. Those who do care to venture into reading the fine print are often confused by lengthy descriptions and jargon making it difficult for them to understand their coverage and terms.

Sonnet believes that the first step in changing the perception of how Canadians feel about insurance is to simplify complicated industry language in policies. Roger Dunbar, SVP, at Sonnet states, “If we can empower Canadians to understand their insurance options, they can be confident they have the right coverage for their needs.”

Canadians have a good understanding of basic insurance terms, but awareness and comprehension drops for coverage options. The survey found that many struggled with key terms in both home and auto policies. Insurance plays a vital part in the financial well-being of Canadians, so it is important for them to understand not only what is covered but also how it is covered.

Source: https://www.newswire.ca/news-releases/one-in-three-canadians-surveyed-havent-read-their-insurance-policy-sonnet-insurance-700391031.html

Post-flooding woes: are you ready?

Quebec’s historic flooding this year could mean critter and pest-related woes in the months and years to come. Heavy water accumulation has created standing pools of water, which could translate into fertile ground for mosquito populations this year as well as other damaging effects to your home and neighbourhood.

Expect a higher number of mosquitoes this year in areas that experienced heavy rainfall resulting in ponds remaining full after a combination of saturated soil and repeated rainfalls.

In addition to mosquitoes, homeowners could be dealing with a host of other critter-related problems. Flooded homes face potential mould problems, which, in addition to the human health impact, bring their own set of parasites, such as flies.

Broken trees, debris and wood inside homes left humid from long-term water exposure could also be ripe territory for wood lice and carpenter ants.

As recommended by the article referenced below, use the following precautions to help deter pests: clean up properties, get rid of stagnant water, fix foundations and take care to dry out parts of the home exposed to water and replace any wood exposed to flood water.

For more information on home insurance options, contact your broker or company agent.

Source: http://www.canadianunderwriter.ca/catastrophes/quebec-homeowners-face-potential-post-flooding-woes-mosquitoes-critters-parasites-1004114984/

Marijuana legalization raises concerns for insurance

The impending legalization of marijuana in Canada raises a number of legal issues related to property insurance policies, liability coverage and auto insurance. The referenced article below is used throughout this post as a source to discuss how such insurance policies are affected.

The Ontario Court of Appeal upheld a decision in a case that dismissed the insured’s property loss claim under homeowner’s policy. The insured’s home was totally destroyed by an explosion arising from the illegal production of marijuana by a tenant on the premises.

The court found that the exclusion for indirect or direct loss or damage to dwellings used in processing or manufacturing of marijuana applied. Insurers may decide to continue to avoid coverage for illegal mass production of marijuana by individuals, while recognizing that the limited production that will be allowed under the proposed Cannabis Act is lawful.

Regarding liability coverage, it remains to be determined how preliminary underwriting considerations addressed by the application process will be determined, along with how that coverage will apply and any limitations in terms of limits, deductibles or aggregates.

In relation to auto insurance, there could be an increase in impairment cases. Noting that impairment is not as straightforward as alcohol and no test comparable to the breathalyser is available at this time.

With the legalization of marijuana around the corner, the Canadian insurance industry will have to adjust to its presence. We will continue to keep you updated with developments, but in the meantime contact your broker or company agent with any questions or concerns.

Source: http://www.canadianunderwriter.ca/insurance/marijuana-legalization-raises-legal-issues-related-property-policies-liability-coverage-auto-insurance-arc-group-canada-event-hears-1004114705/

Many Canadian firms do not have cyber security insurance

More than a third of surveyed Canadian firms do not have cyber security insurance. This is a concern that has been made worse by a lack of understanding on how premiums are priced and failure to do everything possible to guard against breaches. As a result, businesses are leaving themselves vulnerable to cyber threats that could affect both the company and consumers.

The percentage of Canadian businesses with cyber security insurance is lower than the 50% of surveyed respondents in the U.S. and the 40% for respondents globally.

It is important for businesses to assess the strength of their cyber security defences and to make sure they are covered if they are faced with a data breach. The ripple effect of a breach can be felt throughout the organization for a very long time, especially now that Canada’s Digital Privacy Act will require organizations to report any breaches to regulators and customers.

Contact your broker or company agent today to protect your business from cyber threats.

Source: http://www.canadianunderwriter.ca/insurance/36-polled-canadian-firms-no-cyber-security-insurance-fico-1004114548/