Coverage Recommendations

A large percentage of companies that have suffered a major loss, never recover from it. The major reason is either not having insurance coverage for business interruption or carrying inadequate limits. There are various forms of protection under Business Interruption coverage, all designed to assist you with loss of revenue as a result of a shutdown or slowdown in business, caused by an insured property loss. We can insure your loss profits, loss rents, or cover additional costs “in excess” of normal operating expenses that you incur to continue operations while your property is being repaired. We can also obtain the contingent cover that would reimburse lost profits and extra expenses resulting from an interruption of business at your customers’ or your suppliers’ physical operations. This too may be critical for your business, where you rely on key suppliers or clients.

Covers the loss or damage of your mobile equipment. Must be added when you have any equipment that will leave the premise(s) shown on your policy. You can also purchase rental reimbursement to cover the cost of renting replacement equipment if an item listed on your policy is lost or damaged as a result of an insured loss.

These are all extensions that must be added to your standard property policy which will cover loss or damage caused to your building and contents by the actual shaking of the earth, flood, or by the sewer system backing up.

Coverage for electrical arcing, power surges, mechanical breakdown, centrifugal force, pressure vessels over a stipulated PSI and boilers under steam pressure are all excluded under the standard property policy. An Equipment Breakdown policy is required to cover this exposure. An Equipment Breakdown policy is intended to cover expenses related to repairs, replacement and lost income as a result of sudden and accidental breakdown or mechanical failure. Gradual wear and tear will be excluded.

Provides cover for owned and non-owned property being installed at a job site. Also provides in transit cover to and from the job site.

Designed to cover exterior, free-standing signs (not attached to the building) for insured perils such as fire, lightning, and windstorm.  Does not cover mechanical/electrical breakdown of signs unless it is caused as a direct result of an insured peril.

Designed to cover your tools while off premises or on a job site.

Provides cover for goods while in transit. Various policy forms exist within this coverage that will protect you if you carry your own goods, if the product you own is transported by a third party or if you are a trucking company and deliver the product on behalf of a third party. In addition, Reefer Breakdown cover can be purchased to cover spoilage caused by an accident or mechanical breakdown of cooling equipment Please talk to us about what form is best for you and your business.

Provides coverage for the legal liability of Directors & Officers of the corporation where they are in breach of their fiduciary responsibilities. They may be held personally liable if the corporation suffers a loss due to their negligence. Common sources of liability include claims that may be brought by Employees, Creditors, Government, Customers, Shareholders, and Contractors.

Directors & Officers may also be held responsible for unpaid wages and taxes should the organization become bankrupt as a result of their negligence.

Must be considered when structuring a D&O program. In Canada and the United States, the number one area of claims activity is employment-related claims.  Over the past 5 years, there has been a noticeable increase in the number of claims brought against an employer and the size of awards for these Claims. Common actions include Harassment, Wrongful Dismissal, Work-related Emotional Stress, Failure to Hire, Failure to Promote, Breach of Employment Contract, and Negligent Evaluation.

Garage liability insurance is specialty insurance targeted to the automotive industry. Automobile dealerships, parking lots or parking garage operators, tow-truck operators, service stations, and customization and repair shops must add garage liability insurance to their business liability coverage. A Garage Liability policy covers the legal liability for owned and non-owned automobiles as it relates to the operations of a garage for bodily injury and property damage.

The hook liability extension will protect items that are “on-hook” during operations involving cranes, derricks, booms, lifts etc. If an item is being lifted by a boom truck and it falls to the ground and damages property, the CGL will cover the damaged property, but the hook liability extension is needed to cover the equipment that was dropped.

The Non-owned Automobile form protects individuals and companies from suits brought against them due to the use or operation of automobiles or trailers not owned by them.

Courts have found when non-owned automobiles are used under the direction of a company or an individual, the legal entity has a responsibility for the operation of the automobile. They can be held liable in the event of an accident even though they were not operating the vehicle.

You are responsible under law for the clean-up of any contaminated site you own, manage or control. You are also responsible for any contamination to a third party’s property caused by your operations, your property or through your negligence.  Pollution liability is not covered under Property or Commercial General Liability policies, a separate policy is required.

Pollution Liability insurance, also known as Environmental Impairment Liability insurance, covers costs related to pollution. This can include the costs of pollution cleanup, restoration or liability for injuries and deaths caused by pollution.

You have a professional liability exposure when you offer special knowledge/skills and services that people rely on. Claims arising from allegations of negligence in the provision of professional services are specifically excluded in a standard general liability policy.

It is important for professionals (this includes but is not limited to medical professionals, engineers, consultants, and businesses offering consulting services) to protect themselves and their firms from claims arising from their failure to provide the agreed-upon-services.

Business credit insurance, also known as accounts receivable insurance, bad debt insurance, or credit risk insurance, is a financial management tool used to eliminate the risk of a large unexpected credit loss resulting from the insolvency or past due non-payment by your customer.

Accounts receivable may constitute up to 40% of a company’s total assets. When a buyer is unable to fulfill their commitment to pay for the goods or services purchased, your company would have to absorb a loss. Your assets and net worth will decrease. With Credit Insurance you can stabilize your cash flow, obtain more flexibility with your bank, and be able to expand your credit limits with existing customers.

The media continues to provide numerous examples of white-collar crime and the defrauding of employers.  Computerization, automation, and increasing sophistication of perpetrators are causing crime losses to increase in both frequency and severity.

Crime Insurance is designed to cover a range of acts relating to the theft of money, securities, and other property from a business or organization. Coverage generally includes employee dishonesty, forgery, theft, robbery and holdup, burglary, and fraud.

Social Engineering Fraud is a specific type of crime that leads to you or your staff being duped and misled into transferring money, securities, or other property funds to external criminals. This practice has become increasingly common over the last several years. Even though many instances of this fraud occur through email communications and wire transfers it is your company’s crime insurance that would provide coverage in the event of a social engineering fraud loss.

In today’s uncertain political climate, conducting business internationally, as well as within the boundaries of Canada, has become more dangerous. Some estimates suggest that more than 15,000 incidents of kidnapping occur each year and such occurrences are on the rise. While these events frequently occur outside of North America, such incidents can occur in Canada and the United States.

Kidnap and Ransom coverage is designed to minimize the financial impact of a threatening incident to an organization and its employees. The coverage responds by payment of ransom monies and payment of numerous specified expenses associated with the total impact of an incident.

You are responsible under law for the clean-up of any contaminated site you own, manage or control. You are also responsible for any contamination to a third party’s property caused by your operations, your property or through your negligence.  Pollution liability is not covered under Property or Commercial General Liability policies, a separate policy is required.

Pollution Liability insurance, also known as Environmental Impairment Liability insurance, covers costs related to pollution. This can include the costs of pollution cleanup, restoration or liability for injuries and deaths caused by pollution.

Cyber Liability insurance is an insurance product used to protect businesses and individual users from privacy breach risks, internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Privacy and network security breaches are becoming more and more common. Organizations need to find ways to protect themselves against the costly expenses associated with a privacy and/or network security breach.

There is a great responsibility on businesses to protect the privacy of both their employees and customers. Companies may now face stiff fines and penalties for any breach which may lead to the release of this information and can incur enormous costs associated with advising and reimbursing all those affected by the privacy breach.

This insurance indemnifies the insured for the cost of recalling products known or suspected to be defective, spoiled, or contaminated. Reputational damage protection can also be included under a product recall program. This coverage is for claims brought against you by a customer for their financial loss due to the actual or alleged damage to their reputation.

You have a professional liability exposure when you offer special knowledge/skills and services that people rely on. Claims arising from allegations of negligence in the provision of professional services are specifically excluded in a standard general liability policy.

It is important for professionals (this includes but is not limited to medical professionals, engineers, consultants, and businesses offering consulting services) to protect themselves and their firms from claims arising from their failure to provide the agreed-upon-services.