2/1/2012 1:49 PM
Posted By MIS Blog
Are you a caregiver for others in your household such as children, an elderly parent or someone with a disability?
You should be aware that recent changes to your auto insurance in Ontario will affect your coverage and how you are protected in such a role.
In the past, if you were injured in an automobile accident and unable to care for dependents in your household, your policy would provide $250 per week, plus an additional $50 for each additional dependent. These benefits help cover costs related to hiring someone to care for your dependents. More importantly, benefits were paid regardless of the degree of injury you suffered.
Changes are coming into effect for your auto policy when it renews, beginning September 1st, 2010. That means you now have choices to make. Come September 1st, the standard caregiver benefit included with your auto policy will only provide compensation if you suffer a catastrophic injury.
If you are a caregiver in your household, you should strongly consider purchasing the higher ...
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1/25/2012 11:01 AM
Posted By MIS Blog
Purchasing a home can be exciting and for most of us, is the largest single asset purchase we will make. Being confident it can be properly protected is essential. This starts with being aware of what to look for, from an insurance perspective, before you purchase to help avoid possible issues and unpleasant surprises.
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1/18/2012 10:52 AM
Posted By MIS Blog
Insurance is a contract in which the insurer agrees to compensate the insured for specific losses and specific perils. Insurance has many forms and functions but really just one purpose – to provide peace-of-mind.
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1/4/2012 11:04 AM
Posted By MIS Blog
Every business has unique requirements
Your commercial insurance should be designed to protect against the most prevalent risks to the assets and capital in your business. Your broker can help you itemize and quantify those risks, and determine the level of coverage you should consider. Risks include:
Property loss. Insurance against property damage or theft protects the physical assets that support your business including buildings, equipment, vehicle fleets and inventory, as well as intangible assets such as licenses, patents and accounts receivable. To arrange the right level of insurance, you must know your rights and obligations as an owner, tenant, leaseholder, landlord or mortgage holder. You must also take into account local bylaws on standards for physical repair and reconstruction.
Liability loss. Every business is exposed to liabilities and should be protected against the minor, as well as the major, ones including personal injury, product failures or negligence.
Personnel loss. Group hea ...
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12/14/2011 1:48 PM
Posted By MIS Blog
Your insurer considers an unoccupied dwelling riskier than an occupied one.
Depending on how long you are away from your home, you need to make arrangements to ensure your dwelling is checked regularly, especially through the heating season. In some circumstances, you may need to inform your insurer.
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12/7/2011 10:18 AM
Posted By MIS Blog
Liability insurance is mandatory, but you can adjust the level to make sure your needs are met.
What is liability insurance?
Liability insurance covers the cost of damages (for accident benefits, medical costs, lawsuits and awards) in the event of personal injury or death from an accident involving the insured party. In other words, you are financially protected if you are held liable for an injury or loss by others arising from the operation of your vehicle.
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11/30/2011 9:00 AM
Posted By MIS Blog
Picture this…you have awoken to a beautiful sunny winter morning, with glistening snow hanging from branches because of the steady snow fall the evening before. Thank goodness you have a reliable oil tank and furnace to keep you and your family warm. So how do you keep that peace of mind that your oil tank won’t let you down?
Here is a useful checklist to help you identify if a claim may be a possibility in your near future.
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11/23/2011 1:31 PM
Posted By MIS Blog
Most policies limit payments for certain items and categories
It is common practice for policies that cover personal property to have special limits on the amount that will be covered for specific items or items within specific categories. If you require the full replacement or market value to be insured, you will have to arrange for additional insurance and pay the appropriate premiums.The rationale behind this practice is to ensure that everyone is provided with a base level of insurance at reasonable rates and that those with high value items cover their own extra costs. Examples include:
• Jewelry, watches, gems and furs
• Coin collections
• Silver and gold ware
• Money or bullion
• Business property
A thorough home inventory will tell you where you stand
One of the best ways to know if your belongings are covered is to do a complete inventory of your contents and review it with your broker. A home inventory will help you itemize your property if you need to make a claim, and it is a good way to ...
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11/16/2011 8:49 AM
Posted By MIS Blog
The winter months are on the horizon and the snow birds are preparing to head south. For us lowly humans who still have to work, but may be able to slip away for a week or two during the winter months, here are some important insurance items to remember.
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11/9/2011 9:47 AM
Posted By MIS Blog
Insurance fraud drives up premiums for everyone
The insurance industry estimates that 10 to 15 cents of every dollar paid in premiums goes to paying fraudulent claims–totaling more than $1.3 billion each year. This makes insurance fraud second only to the drug trade as a source of illegal profits in North America. Unfortunately, insurers have to pass these costs on to customers in the form of higher premiums.
The industry is fighting the problem
Insurers are doing much more than raising premiums to deal with the costs of fraud. The Ontario Government, along with a number of industry associations are working together to fight the problem. The Insurance Bureau of Canada, the Insurance Brokers Association of Ontario (IBAO), The Canadian Automobile Association, and the Canadian Coalition Against Insurance Fraud are just a few of the groups helping to promote public awareness, better business practices and improved investigative and enforcement techniques.
You can be part of the solution
It’s easy to si ...
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