Business Insurance

Property
A policy designed to cover insured’s property against damage, destruction or loss by a covered peril. I.e.  Fire, Lightning, explosion, theft etc.  Property can include buildings, stock, equipment, office contents, tenants improvements.

Commercial General Liability
Insurance which agrees to indemnify the insured for sums they maybe be required by law to pay to a third party as damages for bodily injury or property damage.  Will provide coverage for products, premises, and operations.

Umbrella Insurance
An umbrella policy sits above your underlying liability program for commercial liability insurance and commercial auto insurance.  Provides an extra layer of security when a policy limit has been exhausted and your corporate assets are at risk.  It also provides a sufficiently broader wording than an ordinary liability insurance policy.  It can provide a drop down coverage to provide extra protection where basic insurance programs normally don’t.

Builders’ Risk
Insurance coverage on property under construction including loss to buildings, including machinery and equipment in the course of construction and materials incidental to construction.  Builders’ Risk Insurance is provided for homes, as well as commercial construction projects.

Inland Marine
Specific insurance designed to protect coverage is provided for moveable property in transit excluding ocean crossings.  Coverage provided for such items as contractors’ equipment, and motor truck cargo.

Ocean Marine
Specific insurance designed to provide protection for Ocean cargo, hull & machinery, liability.  Machinery would include such boats as tour boats, charters, sport fishing as well as operation of the boat dealers, yacht clubs.

Boiler & Machinery
Boiler & Machinery policy is designed to complement the property policy covering losses that are not covered but most All Risk policies. The Boiler & Machinery insurance policy basically insures pressure, mechanical and electrical equipment and can also include electronic equipment.  To be covered the object must be use or connected, ready for use at an insured location.   An example of objects which would be covered would be hot water boilers, air conditioning systems, high pressured boilers, refrigeration, generators, motors, pumps.

Business Interruption
Various types of insurance against business expenses and loss of income resulting from a loss by an insured peril.  Business Interruption could include rental income, gross earnings, as well as profits insurance.

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Specialty Lines

Directors' & Officers' Liability
For Profit Corporations - Directors' & Officers have a fiduciary duty to the shareholders to protect the assets of the corporation. A Directors' & Officers' liability Insurance policy provides protection to individual directors & officers and for the corporation that they represent.

Non-Profit Corporation & Associations Errors & Omissions Insurance
Both the association and individual directors and officers of Professional Associations can be held liable in Wrongful Action Suits. This policy protects the Organization, its' Directors & Officers past and present and also employees and volunteers while acting under the direction of any director or officer.

Professional Liability/Malpractice Insurance
Special Insurance policies designated to protect various professionals for claims arising out of injury, which is due to an error, omission or negligent act by the insured. Professional could include but not limited to Engineers, Architects, Hospitals, Nursing Homes, Lawyers, Consultants etc.

Environmental Insurance
Nearly any kind of organization large or small is exposed to Environmental legislation if it is involved in producing, processing, transporting, storing or otherwise handling potential contaminates. Contaminating materials can even include such commons substances such as salt and fuel oil, which while not in inherently hazards can harm plants, livestock or drinking water sources.

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Commercial Auto Insurance

Fleets
Automobile insurance for a commercial client who has more than 5 self-propelled vehicle is normally rated on a fleet policy. Fleet policies take into account the overall experience rating of the automobile policy.

Individual Vehicles
A commercial vehicle is a motor vehicle of the Van, Sedan delivery, and truck or tractor type or constructed for specialized commercial purposes. I.e. Cement Mixers, Courier Vehicles, Chipwagons, etc.

Taxi
A vehicle used in the business of conveying passengers to destinations, designated by the passengers.

Buses
A vehicle, which is used in the business of conveying passengers along a designated route upon public streets or highways, on site sighting trips and outings is referred to as a public bus. A school bus is a vehicle that used for conveying students and teachers to and from school premises and school activity. A vehicle used by a hotel, summer camp, resort, golf club or country club for the conveyance for it's customers, members and employees is referred to a Hotel or Country Club bus. A private bus can be referred as a vehicle that is use to by an employer to transport employees or used by an association, church or charitable or similar organization for the conveyance of passengers.

Garage Auto
Standard Garage Automobile SPF #4 policies are issued for garage risk operating as repair garages, service stations, storage garage, parking lots, valet parking and towing operations. This policy is designed to protect customers' automobiles in their care, custody and control of your business.

Automobile Dealers
Specifically designed automobile policies to provide insurance on automobile dealers, owned vehicles as well as customers' vehicle in their care, custody and control.

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Bonds

Contract Surety
Bid Bonds, Agreement to Bond, Performance Bond, Labor & Materials, Payment Bond are written agreements given to an owner as protection against a contract defaulting. Contract bonding is not insurance. The premium charged is considered to be a fee for the credit service provided by the Bonding Company which it then backs up the bonds.

Administration Bond
Administration bonds guarantee the faithful and honest administration of estates by persons officially appointed administrators by the courts. The law which calls for the appointing of administrators of the estates of decease’s, minors and incompetents always requires that Surety Bonds be posted with the court guaranteeing the faithful performance of the administrator’s duties and the faithful accounting for the property in trust to their care.

Bonds under this heading are Administration Bonds, Administration with Will Annexed Bonds, Committee Bonds and Guardianship Bonds.

Committee Bonds and Guardianship Bonds
(See above)

Fidelity
A Fidelity Bond indemnifies an employer for the loss incurred as a result of a fraudulent act committed by an employee. According to Ernest & Young, fraud affects one in five Canadian Companies and more that 60% of fraud in Canada is discovered by chance.

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