June 2009
What to do in the event of a Car Accident
Being involved in an accident can be emotionally, physically, spiritually and financially exhausting experience. There are a number of actions you can take, if able that will make dealing with your claim easier. Most importantly, get as much on the spot information as possible. Obtain names and addresses of independent witnesses before they lose interest and leave the scene. If you have a video or camera in the car, take pictures before vehicles and property are moved. You can also draw a sketch of the accident while the details are fresh in your mind.
Other tips are:
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Ask the other drivers involved for their names, addresses, Insurance Company and policy number.
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Make a note of their type of car (make & model), plate number and identification number.
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If the police do not attend the scene of the accident you must file a police report within 24 hours.
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Tell your insurer of any statements made at the scene by any of the parties involved. Do not discuss whose fault it was and never assume blame.
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You must tell your broker/insurer as soon as possible, even if you don't attend to make a claim. This is a condition of your policy.
This helpful insurance tip was provided by All-Risks Insurance Brokers Ltd.
www.all-risks.com
May 2009
Vacancy Permits
What happens if your house is going to be empty for an extended perio of time? This may be a result of your home awaiting renovations or it is up for sale and you (the owner) have already moved elsewhere.
The Insurance Bureau of Canada advises that if your house is vacant for more than 30 consecutive days, all insurance coverage on it stops. A house is considered to be vacant if all occupants have moved out with no intention of returning and no new occupant has taken up residence.
The solution for this situation is to ask your insurer for a "vacancy permit." This must be done within the first 30 days of vacancy. This will maintain most of the coverage you previously had on the house, however, it will likely not protect against vandalism, malicious acts, water damage or glass breakage.
The Insurance Company will decide whether or not to grant a vacancy permit as they are not obligated to do so. Their decision will depend on each individual curcumstance, for example, loss history, location and the expected duration of the vacancy. Normally, a vacancy permit is limited to a maximum of theree months but this will depend on your insurer. A monthly additional premium is charged for the duration of the permit.
Vacant is not to be confused with "unoccupied." A house whose residents are temporarily away on vacation even if it is longer than 30 days would be considered unoccupied by the insurer as it is the residents intent to return to the home. The insurer would expect the resident to make arrangements with someone for daily inspections.
This helpful insurance tip was provided by All-Risks Insurance Brokers Ltd.
www.all-risks.com
March 2009
Material Change in Risk
Duties of the Insured
The Insurance Act of Ontario requires that the "Statutory Conditions" be printed as part of every automobile insurance policy in Ontario. Material change in risk is a key component to these conditions that many insured's may not be aware of their duties and or obligations.
The insured named in the contract shall promptly notify the insurer or its local agent in writing of any change in the risk material to the contract and within the insured's knowledge.
Any change in the insurable interest of the insured name in the contract in the automobile by sale, assignment or otherwise, except through change of title by succession, death or proceedings under the Bankruptcy and Insolvency Act.
With respect of insurance against loss of or damage to the automobile, any mortgage, lien or encumbrance affecting the automobile after the application for this contract. As well, any other insurance of the same interest, whether valid or not, covering loss or damage insured by this contract or any portion therof.
For example, an insured who was advised by his physician not to drive due to epileptic seizures will void his automobile insurance policy if he chooses to drive, despite the fact that the automobile insurer did not inquire about the insured's medical condition during teh application process.
This helpful insurance tip was provided by All-Risks Insurance Brokers Ltd.
www.all-risks.com
February 2009
Going on Holiday?
Don't let your house insurance take a Holiday.
If your home is unoccupied for more than four consecutive days during the winter season, under most home insurance policies they will not cover for water damage from the freezing of any part of the plumbing, heating, air-conditioning unit or an appliance such as a washing machine or dishwasher.
As an insured homeowner, you would not be able to make a successful claim for this type of damage unless you had made arrangements for a competent person to visit the home daily to make sure the heat was being maintained.
The best option is to shut off the water supply and drain all the pipes and appliances. This should also be done in the warm weather. Even though you have completed this step, it is in your best interest to have a competent person checking on your home on a regular basis.
This helpful insurance tip was provided by All-Risks Insurance Brokers Ltd.
www.all-risks.com
