Additional Property Coverages
With the uniqueness of each business there are additional property coverages that we may recommend.
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We look beyond the standard Building, Stock and Equipment coverage provided under the Commercial Property section of a policy, to identify risk exposures common to your specific type of business. We can then customize your insurance policy to address those exposures. For example, the insurance requirements for a professional services office will be different than that of an oil & gas services business.
These are some common additional property coverages:
Cargo Insurance
A large part of risk for transportation companies is loss to the goods they are carrying. Despite taking all precautions, accidents can still happen. Cargo insurance provides protection for physical loss or damage to freight from an external cause. The policy can be designed to cover the goods whether by land, sea, or air. It can also extend to cover the loading and unloading of cargo. This coverage will ensure that your business will not be financially responsible for the replacement of the damaged property.
Equipment Breakdown Policies
A standard property insurance policy will not cover you in the event of a loss causing damage to mechanical, electrical and production equipment. Equipment breakdown coverage fills this gap by providing coverage for the equipment as well as potential business interruption losses.
What are the Most Common Equipment Breakdowns?
- Electrical Systems
- Air Conditioning and Refrigeration
- Boilers and Pressure Vessels
- Mechanical Systems
Bonding & Surety
If you are in the construction industry, you may be familiar with Surety Bonds. Most government contracts require them as do some private construction contracts. The three bonds commonly required for large contracts are as follows.
Bid Bond – provides financial assurance that the bid has been submitted in good faith. The contractor intends to their responsibilities at the bid price and will provide any follow up bonds such as Performance and Labour and Material Payments bonds.
Performance Bond – protects the project owner from financial loss if the contractor fails to perform the duties outlined in the contract.
Labour and Material Payment Bond – guarantees that the contractor will pay subcontractors and labourers as well as for any materials and supplies relating to the project at hand.
Other businesses may also require bonds. Some of the more common statute bonds that we can provide include, but are not limited to:
- Canada Customs
- Excise – Brewers & Spirits or Tobacco
- Electrical Contractors License
- Gas Contractors License
- Prepaid Contractor
- Travel Agents
- Consumer Protection – Collection Agencies & Debt Repayment
- Real Estate Agent
- Private Investigators and Security Guards
- AMVIC Consignment
- Home Inspectors
- Auctioneers
Our experienced commercial brokers can assist you in creating an insurance policy that responds to the needs of your specific business.
