Services And Products

The description given herein are for general information purpose only. Please consult our insurance professionals for clarification or specifics.

Please select the following products and services for related information:

Automobile

Each province and territory has passed a law that requires vehicles legislated in its jurisdiction to be covered by government or private auto insurance. This compulsory aspect of automobile insurance has contributed to making it one of the major types of insurance coverage in Canada. Legislation at the provincial level also specifies in detail the content of auto insurance policies.

In Ontario, all automobile owners are required to have at least $200,000 coverage for third party liabilities' compensation. Due to changes of population and the legal environment, the numbers of vehicles and claims increased dramatically in the last decade. Minimum coverage is no longer enough for the general situation; instead a $1,000,000 liability coverage is common.

Major Elements of Automobile Insurance Policy

Part A:

1. Third Part Liability is the coverage that will pay for loss or damage or bodily injury that the insured causes to a third party for which he or she is legally liable. Liability suits are allowed for non-pecuniary (non-monetary) losses when the injuries suffered meet the threshold, i.e. the injured person has died or has sustained permanent serious disfigurement or permanent serious impairment of an important physical, mental or psychological function.

2. Direct Compensation Property Damage is the coverage where the insured is entitled to recover damages to the insured automobile, not from a responsible third party's insurer. When the insured is involved in an automobile accident, whether one is at fault, not at fault, or partially at fault, one will only deal with his own insurer. The intention is clearly to move away from an adversarial situation.

Part B:

Accident Benefits are paid under an Ontario automobile policy regardless of fault. Any passengers injured during the accident will be insured under this provision.

Part C:

Loss of or Damage to the insured automobile - indemnifies the insured against direct and accidental loss of or damage to the automobile and its permanently attached equipment. There are 3 coverages in Part C

i. Collision

ii. Comprehensive

iii. Specified Perils

Part D:

Uninsured Motorist Coverage is the coverage for damages to the insured auto and its contents or bodily injury arising out of an auto accident in a situation where the insured is unable to obtain payment from the person who is uninsured or the vehicle is unidentified or uninsured.

Home Insurance

Homeowners Policy:

For most families, their home is the most expensive asset they will ever own. Accordingly, it is important to make sure that this valuable asset has adequate insurance coverage. A homeowner's policy usually covers the following items:

1. dwelling

2. detached private structure

3. personal property

4. additional living expenses

Homeowner's policy also addresses personal liability if a member of your family should in the eyes of the law, negligently injure someone or damage someone's property and also to provide medical expenses should someone be injured on your property. A visitor who falls down and is injured while walking up your driveway may sue you for their medical expenses and for pain and suffering.

The various forms of property policies differ either by the type of property insured or by the perils insured against.

Condominium Unit Owners Policy

A condominium unit owner owns his unit, i.e. apartment or townhouse. The main coverage is property content, additional living expense and personal liability. However, the building structure and the common area are insured under the condominium corporation master policy. The monthly maintenance fees collected from the unit owners generally fund the premium of the master insurance policy.

Tenant Policy

An insurance contract covers the property of an apartment dweller. It is very similar to the Condominium Unit Owner Policy whereas it is applicable to tenants only.

Rented Dwelling

For the individual who rents residential space to others in a building which he or she does not reside. It mostly covers the building and third party liability.

Miscellaneous - Catastrophe Liability Policy

A comprehensive liability policy that covers in excess of primary limits of the basic liability policies such as automobile, owner's landlords' and tenants' liability. It is also called the excess liability or umbrella liability policy.

Business Insurance

Running a business entity not only being subjected to risk on itself, but is also facing the risk of loss to or arising out of real property, legal liability, contracts, death of key employees, etc. One way of protecting the business from the above risk is to have proper business insurance. There are two major forms of business insurance:

1. Property Insurance: It protects the business premises, goods, stock inventory, machinery and equipment, furniture and fixture, and raw material etc., against fire, theft and accidental damages.

2. Liability Insurance: It mainly covers any legal liability or damages due to negligence of the insured entity.