Our Brantford Office has Moved
As of July 15th, 2008, our Brantford location has moved to 155 Lynden Road Unit 4 in the Tim Horton's plaza across from Lynden Park Mall. Staffed with the same knowledgeable & friendly faces you’ve come to know, we invite you to drop by and see our new office.
Introducing Brookbanks Insurance (Operated by Pearson Dunn)
Pearson Dunn is pleased to announce the addition of Brookbanks Insurance to our brokerage family. Brookbanks Insurance is a full service insurance brokerage, serving the Toronto area. Specializing in commercial insurance, specialty programs & group benefits, Brookbanks can also provide general insurance for your home & auto. As part of Pearson Dunn, clients can expect comprehensive insurance solutions, competitive pricing and good old-fashioned service. Real People. Making insurance easy. You can visit their website at www.brookbanksinsurance.com.
Introducing the Transportation Division of Pearson Dunn Insurance
Pearson Dunn is pleased to announce the addition of our Transportation Division. Conveniently located on the South Service road in Stoney Creek and specializing in the trucking and transportation industry, the brokers in our Transportation Division can provide you with the insurance solution you need. Clients can expect comprehensive insurance solutions, competitive pricing and good old-fashioned service. Real People. Making insurance easy.
Introducing Romani & Associates (Operated by Pearson Dunn)
Pearson Dunn is pleased to announce the addition of Romani & Associates to our brokerage family. Romani & Associates is a full service insurance brokerage, serving the Vaughan area. As part of Pearson Dunn, clients can expect comprehensive insurance solutions, competitive pricing and good old-fashioned service. Real People. Making insurance easy.
Accident Forgiveness
Your cost of insurance is based on your driving record, years licensed, losses/claims and convictions/violations.
Losses, where you are not at fault, will not, generally effect your cost of insurance.
Losses, where you ARE at fault, will effect your cost of insurance.
A single at fault loss will reduce your safe driving record and result in an additional premium of 10% to 15% over the next 5 years.
Some insurers now offer an optional addition to your auto insurance which will absorb the difference in premium after an at fault loss.
It's good insurance!
Optional Accident Forgiveness, where available, must be purchased prior to the accident, not after.
Please call or email Pearson Dunn staff for further information at info@pearson-dunn.com
Coinsurance
Coinsurance clauses are applied to commercial forms of insurance such as building, stock and equipment.
A coinsurance clause requires that a minimum amount of insurance, expressed as a percentage, be placed on the object of the insurance. If the minimum amount of insurance is placed on the object of the insurance then the coinsurance clause is transparent. If the minimum amount of insurance is NOT placed on the object of the insurance then the AMOUNT OF THE LOSS IS REDUCED by a corresponding amount.
| For example: | ||
1-Building
value |
$100,000.00 | |
Limit
of Insurance |
$ 60,000.00 | |
Amount
of Loss |
$ 10,000.00 | |
Coinsurance |
80% | |
Amount
of Loss Paid |
60000 | |
| 80000 X 10000 = 7,500 | ||
| 2- Limit of Insurance $ 80,000.00 | ||
Amount of Loss Paid |
80000 | |
| 80000 X 10000 = 10,000 | ||
Coinsurance is waived on certain smaller losses.
Coinsurance is waived on total losses.
A coinsurance clause can be replaced by a stated amount clause.
Pearson Dunn Insurance recommends that the limit of insurance be 100% of insurable value and , where possible, subject to a stated amount clause to avoid coinsurance problems.
How much insurance?
Good question.
Most insurance policies contain limits of insurance. The limit is the maximum the insurance company is obliged to pay after a loss.
You must decide the limit of insurance appropriate for you and your circumstances.
Some things to consider:
- After a loss, assume that the cost to replace personal effects will be greater than the original cost
- You may have special property where the value after a loss is difficult to ascertain, such property should be evaluated prior to any loss and, perhaps, insured separately
- Household contents should be inventoried and evaluated prior to loss
- The cost to replace your home has little to do with market value
- Replacement cost, for most homes can be estimated with an evaluation guide
- Indirect loss through additional living expenses can exhaust available limits on your home and personal effects
- Limits for third party liability should be as high as possible
We at Pearson Dunn have Residential Personal Property Inventory forms available for your use. The Boeckh Evaluation is available to review the potential replacement cost of your home.
If you have questions or require further information, please give us a call.
Theft of property from your auto
We have notice an alarming increase in the loss of personal effects from parked autos in recent months.
Typically, the auto is parked and some personal effects are visible. Incidents reported have included the loss of groceries, gifts, hockey/sporting equipment, tools, laptops and luggage amongst others. Even when personal effects are not visible, modern autos have pouches and consoles that contain tapes, CD’s, sunglasses, change. A thief requires only a few moments to break the door glass or jimmy a lock to gain entry to the vehicle.
The result is a damaged auto that may take days or weeks to repair and the loss of personal effects.
Your auto insurance policy MAY include optional Comprehensive, Specified Perils or All Perils, which will insure the damage to the automobile subject to a deductible, typically in the range of $300.00 to $500.00. The auto policy contains limits on recorded material (i.e. tapes and CD’s) of $25.00 and on non-factory electronic equipment of $1,500.00. The auto policy can be extended to include the cost of alternate transportation while the auto is in repair after a loss, however this extension (OPCF20) must be added. The auto insurance policy will not insure the contents of the auto.
Your residential insurance policy will insure personal effects in your auto, subject to a deductible, typically in the range of $300.00 to $1,000.00. Residential Insurance will not respond well to business property, tools of ones trade or profession.
Our suggestions are as follows:
- Remove contents from your auto
- Any personal effects left in the auto should be placed in the locked trunk, out of view
- Do not leave ANY personal effects in the auto over night - Park the auto in a high traffic, well lit area
- Consider an approved automotive alarm
- Review your auto insurance policy carefully for the appropriate coverage and extensions
- Review your residential insurance policy carefully
- Ensure that commercial, business and professional property is insured separately
Uninsured vehicles
Motorist who drive uninsured vehicle represent a clear danger to the public.
Uninsured motorists can be liable for fines, for a first offence, under the Compulsory Insurance Act of $5,000.00. Spot checks by the Police or Ministry of Transportation are designed to catch drivers of uninsured autos.
In September 2001 a joint venture between the MTO and the insurance industry will commence called the UNINSURED VEHICLES PROJECT.
Common information used by the MTO and the insurance industry is the Vehicle Identification Number (VIN) or serial number. The insurance industry will report daily to the MTO on all VINs insured with mandatory automobile insurance. The MTO will verify that a VIN is insured prior to licensing and registration.
In December 2001 all automobiles in Ontario will be subject to verification of automobile insurance by the MTO.
In future, the ability to verify automobile insurance will be extended to Police in the field.
Insurance companies will report insured coverage information daily however this data will be, on average, 30 days after the effective date of the change as a result of processing time lags.
Pearson Dunn can send time sensitive changes to mandatory auto insurance direct to the insurance industry data base for next day updating of the MTO data base.
Pearson Dunn staff will need to know if you intend on licensing or registering your automobile within the next 30 days, after a change in coverage or vehicle(s) insured.
After September 1 2001, all changes to mandatory automobile insurance coverage will be reported to the MTO.
Please remember that the MINIMUM time required for an urgent verification of automobile insurance to the MTO will be 24 hours.
If you have questions or require further information, please contact Pearson Dunn.
Your Ontario automobile insurance policy has changed!
PLEASE READ THIS CAREFULLY!
The Government of Ontario, in consultation with the auto insurance industry, has reviewed the wording of the Standard Automobile Insurance policy to respond to recent legislative changes and address a variety of other issues.
Here is a brief summary of some recent changes made to the standard Ontario Automobile Policy (OAP 1) - Owner's policy effective January 1, 2001, approved by the Superintendent of Financial Services. Some of the changes are simply clarifications. NOTE: This insert is for convenience only; it is not a legal document.
The entire policy can be viewed on the internet at http://www.fsco.gov.on.ca (click on "Insurance", "Auto insurance", and "Ontario Automobile Policy (OAP 1) - Owner's Policy (Revised)".
SNOWMOBILE - "Motorized snow vehicle" (snowmobile) is included in the definition of "automobile". If you own a snowmobile and use it off your property, you must have insurance as required by law under the "Motorized Snow Vehicles Act".
SAME-SEX PARTNER - A new definition has been added for same-sex partner. Same-sex partner means either of two persons of the same sex who have cohabited continuously for a period on not less than three years, or have cohabited in a relationship of some permanence if they are the natural or adoptive parents of a child.
VOLUNTEER DRIVERS - Volunteer drivers are covered by the policy at no extra charge. They may accept reimbursement for their reasonable driving expenses, including gas, vehicle wear and tear, and meals, without being considered to be carrying paying passengers. (Section 1.8.1).
GARAGE WORKERS - The words "or is the partner or employee of the owner" are added at the end, after the word incident. It now reads: " No person who sells, repairs, maintains, stores, services, or parks automobiles as part of a business is covered by this policy while involved in conducting that business, unless the person in fact owns the automobile involved in an incident or is the partner or employee of the owner". (Section 1.8.4).
ILLEGAL USE - Section 7.2.2. of the Policy describes various kinds of illegal automobile uses that could void loss or damage insurance coverage. If you drive or operate the automobile under these conditions, or allow another person to drive or operate the automobile, you forfeit coverage for loss or damage to your vehicle. The words "or operate" are new.
AUTOMOBILE CONTENTS - If you are protected by Section 7 (Optional Loss or Damage Coverages), the automobile insurance policy will not pay for loss or damage to contents of automobiles or trailers, other than their equipment; nor more than $25. for recorded material and equipment for use with a playing or recording unit (Section 7.2.1). The insurer won't pay for recorded material and equipment not contained within or attached to the playing or recording unit. Recording material includes, but is not limited to, tapes, compact discs, video cassettes and digital video discs. (Insurance coverage may be available through your property policy, however.)
LOSS OF USE DUE TO THEFT - If you are protected by the All Perils, Comprehensive, or Specified Perils options, your insurer will pay reasonable expenses for the rental of a similar substitute auto, taxi fares or public transportation in the event of theft of your car. These costs continue to be capped at $900. the $30. daily limit has been removed (Section 7.4.4).
NON-FACTORY INSTALLED ELECTRONIC EQUIPMENT - If you are protected by Section 7 (Optional Loss or Damage Coverages), your insurer will not pay more that $1500. for loss or damage to electronic accessories or equipment not installed at the factory (Section 7.7). Such equipment includes, but is not limited to, radios, tape players, compact disc players, speakers, telephones, two-way radios, televisions, fax machines, and navigation/positioning/location-finding equipment. "Factory-installed equipment" means electronic accessories and equipment, which was included in the original new purchase price of the automobile. You can, however, customize your insurance coverage for electronic equipment through a policy endorsement, OPCF 38. This approach allows your insurer to tailor your premium more fairly according to the risk of financial loss. If you feel you have non-factory installed equipment that is worth more than $1500., you should contact us for more information.
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