Coinsurance is a clause in an insurance policy requiring insurance on property to a minimum value, usually 80, 90 or 100 percent of the value of the property. If the insured fails to do this, he agrees to be a "Co-Insurer" of all losses, large or small to the same percentage that he chooses to underinsure the property.
For example, a building valued at $100,000 with an 80 per cent co insurance clause would require insurance coverage of $80,000 as a minimum. If coverage is carried for only $40,000 then the insured is a co-insurer for $40,000 of the $80,000, and the insurance company would be responsible for the same amount. This ratio would apply even if a loss were only $5,000. Then the insurance company would pay $2,500 and the balance or co-insurance penalty of $2,500 would be borne by the insured.
A person other than the named insured who is protected by the terms of the policy. Most automobile policies, for example, insure a specific individual as an insured, but also insure anyone driving with that insured's consent. The additional insured may be "named" or "unnamed."
For additional terms and coverages not listed, please visit the Insurance Bureau of Canada.
The fair market value of property taking into account factors that might augment or reduce the value of the property in question.
Insuring property for Actual Cash Value (ACV) means that it will be replaced with something of like kind and quality, minus an allowance for depreciation due to wear, condition, age, and obsolescence.
To return an individual to the position they were in just prior to a loss.
An Insuring Clause describes the intent of the policy, just what insurance coverage is provided by the policy and in what limits.
Insuring property for Replacement Cost means that it will be replaced with something of like kind and quality, with no allowance for depreciation.
Insurance companies offer a variety of discounts to reduce your premium such as: Claims Free Discount (no claims in the last 3 or more years); Burglar and/or Fire Alarm Discount; Mature & Seniors Discount; Mortgage Free Discount; New Home Discount; Non Smokers Discount; Stability Discount
Coverage applicable when an insured's dwelling is damaged by an insured peril to such an extent that one cannot live in it until repaired. This insurance pays the extra amount it costs to live elsewhere until repairs are made, such as the cost of living in a hotel.
Comprehensive Form covers both buildings and contents on an all risks form subject to policy exclusions, limitations and conditions. This includes Insured Perils such as accidental damage you do to your home or personal property plus mysterious disappearance. This is the more expensive and more comprehensive all risk, or special form policy, which “covers” your home against everything that can damage It.…other than what is specifically excluded in the policy.
The exclusions are typically few and far between, but make sure you’re aware of them. Broad Form includes all risks coverages on the building, and reduces coverage on Contents to Named Perils subject to policy exclusions, limitations and conditions. Named Perils: Fire or Lightning, Explosion, Limited Smoke, Falling Objects, Impact by Aircraft or Land Vehicle, Riot, Vandalism, Limited Water Damage, Windstorm or Hail, Breakage of Glass, Transportation, Theft, Weight of Ice, Snow or Sleet, Collapse of a Building, Electricity, Fuel Leakage and Damage Caused by Bears.
Consult the policy wording for exact coverages applicable. All Risks: An insurance policy refers to all risks of possible loss, except those that are specifically excluded by the policy. Normally, a policy excludes perils and property that you normally would not, or cannot insure under a personal lines policy (i.e. Bylaws, flood, earthquake, war, nuclear incident, wear & tear, etc.). Consult the policy wording for exact exclusions applicable. So where does the responsibility fall for determining if coverage is available? On a Named Perils coverage form, the Insured who purchased the policy must prove the “loss” was a result of a “covered peril” assuming there is a dispute. On an All Risks policy, the insurer must prove the cause of loss was specifically excluded in order to deny coverage…again…only if there’s a dispute and the cause of loss is not obvious.
Contact Team Insurance Brokers about your loss.
To report a claim during our regular office hours, please call our office at as soon as possible.
To report an emergency claim outside office hours, please call James Dube Spraggs Adjusters at 204.985.1200 and advise them that you are a client of Team Insurance Brokers.
Fixed structures pertaining to the building(s) and located on the "premises"; additions and extensions communicating and in contact with the building(s); permanent fittings and fixtures attached to and forming part of the building(s); materials, equipment and supplies on the "premises" for maintenance of, and normal repairs and minor alterations to the "building" or for building services; growing plants, trees, shrubs or flowers inside the "building" used for decorative purposes when the Insured is the owner of the "building".
Certificate of Insurance is a written document generaly provided to a 3rd party as proof of your liability insurance. It should include general info outlining your policy's coverage.
Business insurance can be a major purchase for a business owner to make however there are a number of good reasons why they should buy it. Too often business owners look at the cost without realizing the benefits, and then they are left with serious problems that the insurance would have easily covered. Please consider the following reasons why it would be a good idea.
1. Reducing Liability One of the biggest advantages of business insurance is that it can reduce the Liability of your business in case of 3rd party property and bodily injury claims. Professional Liability is also essential for errors and omissions especially in higher risk businesses (i.e. Medical, Technology, etc.) where exposure can really hurt your future. The insurance that you purchased should protect against covered liability lawsuits up to the maximum amount stated by your policy, and will allow you to continue using your business cash flow to keep things running even if you are facing a liability suit.
2. Property Protection Theft, damaged goods, vandalism, and even natural disasters can all result in financial loss for your business. Without business insurance you'll be left paying for repairs or product replacement out of your business funds, which can severely hurt your business and leave you lacking things that you need. Your business insurance can cover the cost of loss recovery without you ever having to touch your business finances.
3. Securing Loans and Investments Lenders and investors always want to make sure that their money is safe, and will more often than not require that business insurance be purchased before they will consider lending or investing in any company. If you don't have the proper insurance and aren't willing to take out a business insurance policy then it will be much more difficult to secure funds for business expansion, renovation, and growth. Those lenders who will give you the money that you need without insurance will most likely charge you inflated interest rates to make up for the additional risk of lending to an uninsured business.
4. Improving Business Image and Stability Depending upon the industry that your business is a part of, it can significantly improve your image to have certain types of business insurance. Being insured shows potential customers or clients that you're protected from sudden loss and that your business is more stable and secure than those which don't have insurance. This can lead to an increase in business and greater income because more of these clients and customers will choose your business over competitors who aren't insured.
5. Risk Transfer The risk of financial loss should be in the experienced hands of an insurer in exchange for regular premium payments. Commercial General Liability, Professional Liability, Property and Crime Insurance are ingredients to less worry and more focus on what you do best...the business!
Contact Team Insurance Brokers about your loss. If the loss or damage is not an emergency, please call our office the next business day. If the loss or damage is an emergency, contact our office immediately. Regular business hours: McIvor Mall 204-339-2048; or Rivergrove Shopping Centre 204-334-4373. After Hours Emergency Service 204-339-2048 Press 1 and your claim will be routed to James Dube Spraggs Adjusters.
Basic Autopac is mandatory for all vehicle insurance in Manitoba. The "Basic" coverage includes All Perils, Personal Injury and Third Party Liability.