Hazard Risks

Understanding & Managing your Risks

Understanding your risk is a complex process. It’s a process that requires purposeful effort, attention to detail and expert analysis. Strategic risks are risks to your business that do not include a physical element of loss. Hazard risks are risks that come as a result of losing tangible assets as a result of loss of property.

Contractor's Equipment Floater / Rental Reimbursement

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.

Tool Floater

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

Earthquake / Flood / Sewer Backup

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.

Equipment Breakdown

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.

Installation Floater

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.

Sign Floater

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.

Transit / Cargo Cover

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.


You are responsible under the law for cleaning up any contaminated site you own, manage or control. You are also responsible for any contamination of 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 pollution-related costs. This can include the costs of pollution cleanup, restoration, or liability for injuries and deaths caused by pollution.

Commercial General Liability

As a business owner, every transaction you complete represents both a profit and a risk. Have you fully protected your business from the impact that a customer lawsuit can have? Only a precisely crafted liability insurance policy can shield your business from this expense and stress.

Hook and Riggers Liability

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

Non-Owned Automobile

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.

Garage Liability

Garage liability insurance is specialty insurance targeted at 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.

Planning the future of your business can feel uncertain. We're here to help.

At Wedgwood Insurance we have the experience to navigate the unique risks you face. We work for you, not the insurance company. This means you have more personal advice, more choice, better pricing and a representative that’s on your side in the event of a claim.

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Wedgwood Insurance has an incredible team of dedicated and focused insurance professionals. We are keenly focused on our valued customers, our team members, and our community. We are proudly Newfoundland’s Most Trusted Insurance Broker for all of your insurance needs. Check out the latest from the Wedgwood Blog for current industry and community information.

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