I do the odd handyman job on weekends. If I was sued, would my home policy respond to this?

No, it would not. In order to insure any commercial operations, it is important to have a commercial liability policy in place. Even if you are working for friends or family, it is always important to have a liability policy in place to protect you in the event of a lawsuit.

If I use my vehicle 50% for pleasure and 50% for business purposes, it is okay to have it rated for pleasure use?

No, it is not. If a vehicle is used for business purposes, whether it is sales, construction or any other occupation, it is important to have it rated this way to ensure proper coverage is in place.

Do I need to list my child on my auto policy or would they be covered automatically?

It is important that all licensed drivers living in the household are listed on your auto policy unless they have their own auto policy elsewhere. Failure to have all licensed drivers listed on your auto policy could result in denial of a claim.

Does my home policy cover my garden tractor?

If your garden tractor is over 30hp, it needs to be scheduled on your home policy. There is usually a limit of approximately $15,000 for garden tractors that do not exceed 30hp included in the special limits section of your home policy (please refer to your specific company wording for exact limits).

Am I covered if I rent a vehicle?

If your auto policy has the OPCF 27 endorsement then yes, you are covered if you rent a vehicle in Canada or the United States. However, specific limits and time frames apply to this coverage. Therefore, it is important to contact your broker to review this coverage with them.

What is the OPCF20/27 on my auto policy mean?

These Ontario Policy Change Forms provide you with the following; OPCF 20 – This change form provides coverage for transportation replacement. For example, if you have been in an accident and your vehiclecannot be driven, you will have coverage to rent a vehicle up to the limit on your policy. OPCF 27 – This change form provides you with comprehensive and collision coverage if you damage a rented vehicle. Your liability coverage and accident benefits coverage on your auto policy would apply to the rented vehicle. This coverage is only applicable while you rent or borrow a vehicle in Canada and the United States.

Is my jewelry covered under my contents on my homepolicy?

There is a section in your home policy called special limits. This will include some coverage for Jewellery. Limits vary by insurance company, but there is usually around $5,000 for Jewellery coverage. Any big items,such as watches, wedding bands, etc., should be scheduled on your home policy. If you have questions on your specific coverage, it is important to contact your broker.

Are my recreational vehicles insured under my homepolicy?

No, they are not. A recreational vehicle requires a separate insurance policy or in some cases, it can be added onto your auto policy.

Can I insure my friend’s car?

No, you cannot. To insure anything, you need to have insurable interest meaning your name must be on the ownership.

If I am renovating my house, do I need to let my broker know?

This depends on the size of the renovation. Cosmetic renovations such as new flooring, painting or updates to kitchens and bathrooms are not a material change in risk and therefore, do not need to be noted. However,if you are adding value to the house, such as finishing the basement, it is important to let your broker know, so we can ensure the limit on the house is sufficient. Any renovations that include additions to the house are important to let your broker know, so they can ensure proper coverage is in place, as this is a material change in risk.

Commercial Property Insurance

Insurers typically divide commercial property into three specific classes

Building – The building(s) described on the declarations page of your policy
Equipment – Generally all contents usual to the business, including furniture, furnishings, fittings, tools and appliances other than Building or stock
Stock – Merchandise of every description usual to the business.

There is a wide range and variety of coverage options available to commercial property owners. Coverages range from basic fire protection to all risk policies. Important coverages to be aware of that may not be included on your commercial property policy.

Flood/Earthquake/Sewer Backup

In most cases your commercial policy will exclude these important coverages unless they are added by endorsement be sure your policy has coverage for these perils.

Business Income Coverage

This coverage is meant to protect against lost business income sustained by your operations due to the necessary suspension of your business caused by a direct physical loss of or damage to property at your premises as a result of a covered peril.

Equipment Breakdown Insurance coverage

Standard policies often exclude mechanical or electrical breakdown to equipment. By having this coverage you are insuring losses to equipment including bursting, cracking, bulging, electrical aching and mechanical failure. Below are some items that have an equipment breakdown exposure:

Boiler / Pressure Vessels
Heating and Cooling Systems
Generators
Electrical Panels
Electric Motors

Bailees Insurance / Warehouseman’s Liability

A Bailee for Hire is one who has temporary custody of the personal property of another for purpose other than sale and who is compensated as a condition of such custody. When the business possessing property of others makes a charge for services it provides, the situation is one of bailment for hire requiring separate coverage for your client’s personal property in your care, custody and control.

Contact James Campbell Insurance Brokers to gather the appropriate information about what insurance options are available for you and your business.

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