Yearly Archives: 2015

/2015

Pollution Insurance Should Not Be Messy

By | December 16th, 2015|Commercial Insurance, Small Business Insurance|

Do you operate on an industrial site?  Do you have on-site storage tanks?  Do you handle any material that could potentially harm the environment?  If you answered yes to any of these questions, your insurance program should include pollution insurance coverage as an essential component of your corporate insurance program.   You might be thinking, “Doesn’t my General Liability policy cover any pollutants escaping onto my premises or even from them?” The short answer is no.  There [...]

Named Perils Vs. All Risk Insurance

By | December 8th, 2015|Commercial Insurance, Small Business Insurance|

Define the Difference Many of our clients ask me: “What is the difference between Named Perils insurance coverage and All Risk Coverage?” It’s a great question because understanding the difference can help you and your broker decide what priorities are most important to you when building your insurance program. Insurers generally offer two kinds of Property Insurance Policies for Homeowners and Businesses: a) Named Perils Insurance Policy - a policy that specifically identifies a covered loss by name b) [...]

A Fun Twist on Santa’s Anonymous

By | November 26th, 2015|Commercial Insurance, Community, Personal Insurance, Small Business Insurance|

Transforming the popular "Secret Santa" gift exchange game into a toy drive, Excel Insurance Group turned gift giving into an occasion to collect more than 100 different toys for our local Santa's Anonymous charity. Continuing a tradition that is nearly a decade old, Excel Insurance Group's office, Excel Insurance & Risk Management, suggests you try the same! How to Play, and Pay it Forward: All participants names are put into a 'fish bowl' Names are drawn out one [...]

To Claim or Not to Claim: How Can Claims Affect My Renewal

By | October 30th, 2015|Commercial Insurance|

I am often asked by my clients, “How do I know when a loss is worth making an insurance claim?” To begin to answer this question, let’s look at how the commercial insurance industry reflects on property claims and your renewal rates. As a note, remember that there is a subjective nature to the renewal process, rates and, as well, market conditions can play a role. Insurance Loss Ratio: Premium Dollars Earned Vs. Claims Dollars [...]

Surety Bonds: Securing Larger Clients

By | October 1st, 2015|Commercial Insurance|

What Does It Mean To Be Bonded? There is a lot of confusion about what a bond actually is and, moreover, what it means to use a bond issued in the insurance space. When seeking a bond, businesses are required to answer a lot of questions and provide significant information about their business - and for good reason: a bond is NOT an insurance policy and requires repayment if it is used. One of the [...]

Condo Conundrum: When Board Responsibility Surfaces in a Claim

By | September 30th, 2015|Commercial Insurance, Personal Insurance, Small Business Insurance|

Condo Corp Conundrum: When the Board Has to Pay for a Claim The number one question I always receive from condominium boards and property managers, in particular after reviewing by-laws and attending both board meetings and Annual General Meetings (AGMs), is simple: in the event of a loss, particularly where a unit owner is negligent, why can’t the unit owner be held responsible for all costs associated with the loss. While any given situation can [...]

Excel Insurance Group Comes Out – With a New Website

By | September 9th, 2015|Commercial Insurance, Personal Insurance|

As you might have noticed, the Excel Insurance Group website has launched! Extremely exciting for our group of insurance companies, it was, admittedly, a ton of work and for a lot of people across Excel Insurance Group. As a matter of fact, we are still  making updates, adding to our Directory of Insurance Professionals, creating content... everything is an ongoing process (so if you come across any bugs, please let me know).  :) The value of a website [...]

Waivers: Managing Risk for Recreation & Sporting Events

By | September 8th, 2015|Commercial Insurance, Small Business Insurance|

Waivers Are Not Always Effective for Risk Management The Idea of a Waiver is Typically Misunderstood Waivers tend to be poorly understood - both by the organizations that require their use and by the individuals who are asked to sign them. Courts impose stringent requirements when considering whether to enforce a waiver as a defence to a lawsuit brought by a user. As a result, the Courts routinely reject waivers that fail to meet these [...]

8/10 Cases of Employee Fraud are Internal

By | September 7th, 2015|Commercial Insurance|

When Loyalty Bites: 8/10Fraud & Embezzlement Cases are an Inside Job Fraud, Theft & Embezzlement are Perpetrated by Your Employees White-collar crime can have serious financial consequences, even threatening a private company’s survival. These frauds can go on for years and, when discovered, the ultimate impact can be enormous. It is the long term, loyal and trusted employee whose dishonesty can put you out of business: the accountant who never takes a vacation, the IT [...]

Co-Insurance: When Your Insurance Won’t Pay

By | August 18th, 2015|Commercial Insurance, Small Business Insurance|

Do You Know How Much Your Insurance Policy Will Not Pay? Learning About When Co-Insurance Kicks In for You When reviewing your property insurance, there are few subjects more difficult to understand than the co-insurance requirements. Still they are found in virtually every insurance policy providing property insurance coverage. A universal premise of property insurance is the obligation to insure to value - that is, the worth of what is being insured. If an insurance [...]