Posted on Wed, Apr 18, 2012
You open your mail and there is the infamous “120 day letter” from the Ontario Ministry of Transportation (MTO). You have four months to get your Vehicle Identification Number (VIN) corrected, before your license plate expires. Huh? Why is your VIN so important?
A VIN is a 17-character code assigned by the manufacturer when a vehicle is built - unique to, and mandatory for, every car built in the US and Canada since 1981. The insurance industry, law enforcement agencies and the government all use the VIN to verify the legitimacy of vehicles being driven. As for yourself, you should be getting the VIN verified before you buy a used car.
After reading the MTO letter, your next step is to determine which of your documents may contain an invalid VIN. Is it your...
1. Liability card (pink slip from your insurance company)?
2. VIN plate (located on your vehicle’s dashboard/doorjamb)?
3. Ownership (green card from MTO)?
You should contact your insurance broker if the liability card doesn’t match the VIN plate, and contact the MTO if the ownership doesn’t match the VIN plate. If neither of them match, contact both your insurance broker and the MTO.
Following these procedures is important for several reasons:
- In Ontario, an unmatched VIN by the Ministry of Transportation could mean a delay or even a denial in renewing your vehicle’s registration.
- Your vehicle must be registered to the Named Insured in order to verify that the right car is being insured.
- A matched/confirmed VIN assists the MTO in tracking vehicles that have been stolen and can help in the prevention of fraud. It is a criminal offense in Canada to alter, destroy or remove a VIN since Bill S-9 passed in November 2010.
Posted on Wed, Apr 11, 2012
Author: Jocelyn Filippini
Businesses today are operating in an economic environment that is changing rapidly. Discoveries of new uncertainties and emerging risks have been identified and influenced by contemporary economic, technological, socio-political and environmental developments. In addition, businesses must consider changes to legislation, increased litigation, escalated expectations of stakeholders and the shortage of new talent and skills within the workforce.
The Risk Management focus of many businesses has been around their property and the prevention and mitigation of property losses as well as minimizing their liability, which typically relates to “insurable risks”. The time has come for businesses to open their eyes and examine their attitudes to risk across the board.
What plans do you have in place to deal with …
- Business and Strategic Risk
- Economic, Regulatory and Market Risk
- Political, Crime and Security Risk
- Environmental and Health Risk and Natural Hazard Risk
Lloyds of London conducted a global survey of over 500 c-suite and Board level executives in 2011 and the following is a snapshot of the top ten priority risk scores:
- Loss of Customers/Cancelled orders
- Reputational Risk
- Changing Legislation
- Cyber Attacks (Malicious)
- Price of material Inputs
- Talent and Skills Shortage (Including Succession Risk)
- Rapid Technological Changes
- Cost and Availability of Credit
- Corporate Liability
- Theft of Assets/Intellectual Property
It’s no longer just about the insurance portfolio. When it comes to Risk Management businesses need to change the way they think and plan in order to identify all their vulnerabilities and minimize them.
“Whosoever desires constant success must change his conduct with the times."
-Niccolo Machiavelli
Posted on Thu, Nov 10, 2011
It’s that time of year again…the temperature is dropping and soon we will see snow flakes falling from the sky. Winter is coming!
Something to consider before it gets too cold, is to winterize your property. Winterizing can go along way in preventing problems from the cold and keeping your property in good shape. Here is a list of some helpful winterizing tips to remember…
Inspect your Doors and Windows:
Take a look at your doors and windows for air flow, checking for cracks and caulking if necessary. Not only will this help keep you warm in the winter, but will also reduce your heating costs.
Inspect your Heating System:
Have a professional inspect your heating system and make any repairs if needed. Better to do it before those cold months set in, than be without heat during the winter. Don’t forget to also inspect your fireplace before use and make sure you have firewood ready to go.
Inspect your Plumbing system:
Bursts in pipes can be expensive and leave you without a water supply to your house/business. Ensure hoses have been drained and sprinkler systems have been turned off.
Inspect your Roof, Gutters and Downspouts:
Ensure your shingles aren’t worn and water isn’t able to get into your house/business. Clear your gutters and downspouts of any debris. Installing lead guards can make this process a little bit easier.
Inspect your Plants and Outdoor Property:
Consider hiring a gardener to winterize some of your outdoor plants and consider moving summer potted plants indoors. It is also a good idea to look at the trees around you and have any loose branches trimmed.
Download our free Preventing Bed Bugs Checklist for more preventative strategies.
Posted on Tue, Nov 08, 2011
Slip and falls can cause serious injury and even death, but have one thing in common; they usually could have been prevented. Accidents do happen, but it important to eliminate and control the hazards around your business to lower your risk of slip and falls.
How can I prevent slip and falls?
In the Living Room:
- Ensure carpet is smooth and can not be tripped on
- Hide loose wires and cords where people are not walking
- Clear any clutter off the floor (toys, books, shoes, etc.)
In the Bathroom:
- Clean up puddles immediately
- Use rubber mats
- Install grab bars
In the Kitchen:
- Clean up any messes immediately
- Do not reach up to cupboards you can not reach easily
- Keep all cabinets and drawers closed
In the Bedroom:
- Keel all drawers and closets closed
- Pick-up any items on the floor (clothes, books, shoes, etc.)
- Take care around low laying furniture
These tips may help you while your indoors, but don’t forget that as soon as you step outside you are faced with a whole new set of obstacles. It is important to take care when it’s raining or snowing as surfaces will become more slippery putting you at a greater risk of slipping and falling. And don’t let those sunny days trick you either, as the sun can blur your vision. Wear sunglasses on sunny days and remember to take them off once going in doors.
As a business owner, it is your responsibility to ensure hazards are avoided. Have someone take a walk around your property daily (or a few times a day) and looks for obstacles that may become tripping or slipping hazards. Prevention could save you, your employees or your guests from serious injury.
For more preventative strategies, download our Preventing Bed Bugs Checklist.
Posted on Thu, Nov 03, 2011
Parking lots can be busy! People walking in several directions and cars trying to get to their destination. Most often we are in a rush to get to where we need to go and parking lots can be hard to navigate.
Here is a list of tips to keep your parking lot safe:
- Ensure the parking lot surface is smooth. Uneven ground can cause pedestrians to trip and fall.
- Speed bumps can be great for slowing down traffic, but can also be a tripping hazard for pedestrians. Speed bumps should be located away from pedestrian traffic and signs should be po
sted.
- Ensure adequate lighting is available. Visibility will lower the chances of auto accidents and pedestrian injuries from occurring.
- Ensure driving directions are clearly indicated. Use signs, arrows and painted lines to show drivers which direction they are to be traveling.
- Ensure safe walk ways are available for pedestrians. Mark areas specifically for pedestrians to walk which is out of the way off traffic.
- Tire stops should be no wider than the width of the vehicle. It is also encouraged to have them painted a contrasting colour so that they are easily visible.
- Clean up all spills and oily spots immediately. Not only will this get rid of any Eyesores, but will help prevent slip and falls.
- Remove clutter, debris and any obstacles. This will help lower your chances of trip and falls, as well as auto accidents.
- Clear ice or snow as soon as possible. Again, this will help lower your changes of slip and falls, as well as auto accidents.
For more preventative information, download our free Preventing Bed Bugs Checklist.
Posted on Tue, Nov 01, 2011
As a hotel or Motel owner, it is important to understand the risks associated with bed bugs. These creepy crawlers are often carried on objects such as luggage, furniture and clothing. They have also been known to travel from room to room along pipes and wiring, making these little creatures hard to track down.
You may be surprised to learn that bed bugs are not covered under most property damage coverage. In the event of a bed bug infestation, you may be responsible for all remediation costs including; cost of a pest control operator; repair to any structural damage; and/or replacement of furniture. Keep in mind property damage coverage is different than third party liability coverage. Most liability coverage will protect you from someone suing you for injuries sustained due to bed bugs resulting from a stay at your hotel/motel. Remember it’s always important to talk directly to your insurance broker about what your specific policy does and does not cover.
Something else that may surprise you…should you have to temporally close your doors due to bed bugs, regardless of whether your having a visit from the pest control operator or having your furniture replaced, your business interruption coverage will not kick in. You will be responsible for all costs associated with your closure, not to mention loss in revenue.
How do I know if I have bed bugs?
Check for bed bugs or shells in the following areas:
- Cracks in the bed frame
- Under furniture; including chairs, couches, beds
- Between the cushions on couches and chairs
- Around windows and doors
- Under carpets and rugs
- In any wall cracks, paintings and plaster
- In telephones, clocks and computers
For more information on bed bugs, download our free Preventing Bed Bugs Checklist.
Posted on Thu, Oct 06, 2011
The results of a study released in July 2011 indicate a dramatic feeling among consumers that their insurance policies aren’t clear or easy enough to read.
The case for using an insurance broker is reinforced by the new Accenture study of 7,000 people in 13 countries. Results include:
- 62 percent said it was very important for their insurer to
provide clear and easy-to-understand information on their policies.
- 78 percent of respondents think that insurance products and services are not easy to understand.
- 53 percent of respondents said access to the information they need whenever they need it is very important to them.
- Only 29 percent felt very satisfied with their insurers’ capacity to provide assistance on a 24-hour, seven days per week basis.
Having a personal relationship with your insurance broker obviously gives you the kind of access desired, and the expertise to help guide you through confusing products and services that affect your family’s protection and your bottom line.
What has been your own experience? Are you satisfied with the kind of access to, and explanation of, insurance options you are currently receiving? Leave your comments here
Posted on Tue, Oct 04, 2011
You get your property tax assessment in the mail, and are shocked to find the ‘value’ of your property stated as less than you’d expect.
You have a real estate agent visit your property and recommend a list price - that is, the market value.
Your bank sends you a statement of what you have left to pay on your mortgage...
Does your insurance company care about any of these assessments? NOT really - they only take into account the “replacement value” of your property, that is, what it would cost to rebuild the same property today.
You should know the exact replacement value of your property and then insure your property to value. This is critical should calamity strike and you lose your property; your insurance broker can help you with replacement value calculation.
Difference Between Market and Replacement Value
Both, market value and replacement value of your property depend on the economy to a certain extent - but for very different reasons.
The market value takes into account variables such as:
- What other homes in your neighbourhood/city are selling for
- The value of land locally
- The desirability of your home’s location
The replacement value takes none of the above into account; it is affected by factors such as:
- Your municipality’s changing buildings codes
- Site accessibility
- Energy and material costs
- Debris removal
- Cost and availability of skilled labour
Talk to your insurance broker about this urgent matter; your insurance policy has to reflect the right value of your property. Register for our free building Valuation today.
Posted on Fri, Sep 30, 2011
The wildfire losses in Slave Lake, Alberta that occurred on May 15, 2011 have promoted several insurance companies to undertake a major review of reconstruction costs compared to insurance values.
According to the Insurance Bureau of Canada, the wildfire caused more than $700 million in damages, making it the second-costliest insured disaster in Canadian history. The wildfire destroyed 433 buildings and damaged another 96. That’s substantial damage for a town with approximately 7,000 people. Thousands of claims have been made for people’s homes, cars and businesses.
Many property owners don’t even realize that they are under insured. Often we forget the costs associated with demolition and rebuilding. Talk to your insurance broker about the replacement cost of your property and register for our free building valuation.
For the record, the most expensive insurance disaster in Canada was the 1996 ice storm that affected Quebec and Ontario. That disaster caused approximately $1.8 billion in damages (figured adjusted for today’s inflation).
Posted on Wed, Sep 28, 2011
What is Co-Insurance?
There are 3 important parts to a property insurance policy:
1. Coverage amount
2. Premium
3. Co-insurance
While you’re no doubt aware of your coverage and premium, you may be wondering... “co-insurance”? It’s an important piece and while not part of every property policy, it may be included in your policy.
Co-insurance is not to be confused with your deductible - the amount you have to pay upfront on claims. Co-insurance is the amount leftover after the deductible, divided between yourself and the insurance company.
Your insurance company doesn’t like taking risks anymore than you do: that’s why co-insurance exists. It means that both you and the insurance company share in any losses that might happen should your property be under-insured and calamity strikes.
Here is an example of how co-insurance works: Say the total insurable value of your property and belongings - that is, the replacement value is (or should be) $250,000. Under a 80/20 co-insurance arrangement, the amount of coverage you need to pay (or purchase or insure) for is $250,000 x 80% = $200,000.
If you choose to carry less than $200,000, when loss occurs, you won’t get a full recovery under your insurance policy; you will have to make up any shortfall out of your own pocket.
Many people don’t know this and end up inadvertently under-insuring their property. You can avoid this by discussing co-insurance with your insurance broker.
Did you know what co-insurance was? and what it meant before you read this blog post? Leave your comments below and register now for a free building evaluation.