403-Collis5
(265-5475)
info@collisinsurance.ca

Professional Liability Insurance

Professional Liability

Posted by on Sep 17, 2013

Protects professionals against liability for damages and cost of defense based upon his/her alleged or real professional errors and omissions or mistakes, e.g., architects, engineers, medical malpractice, attorneys. Errors & Omissions 1) Insurance covering the legal liability of professionals not usually involved with the care of the human body such as architects, engineers, accountants. 2) A type of insurance which will step in to take the place of insurance that has not been affected due to a mistake or forgetfulness on the part of the policyholder. Issued to risks such as mortgage concerns, professionals, semi-professionals or others engaged in the routine insurance of many properties. 3) A clause in certain policies whereby the insurer agrees to waive its defenses when an honest error has been committed, provided it is corrected when...

Read More

Directors & Officers (D&O Insurance)

Directors & Officers Liability (D&O)

Posted by on Sep 17, 2013

Insurance that provides coverage for members of boards of directors against “wrongful acts,” which might include actual or alleged errors, omissions, misleading statements, and neglect or breach of duty on the part of the board of directors. A type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as “management errors and omissions liability insurance,” covering claims resulting from managerial decisions that have adverse financial consequences. The policies contain “shrinking limits” provisions, meaning that defense costs—which are often a substantial part of a claim—reduce the policy’s limits. This approach contrasts with commercial general liability (CGL) policies, in which defense is covered in addition to policy limits. Other distinctive features of D&O policies are that they: (a) are written on a claims-made basis, (b) usually contain no explicit duty to defend the insured (when covering for-profit businesses), and (c) cover...

Read More

Commercial General Liability (CGL)

Commercial General Liability (CGL)

Posted by on Sep 17, 2013

 Formerly known as Comprehensive General Liability otherwise known as business insurance, covers a wide range of Business Property and Liability Exposures.  In my opinion, every business requires Commercial General Liability insurance. Usually we will hear from new businesses when they have their first Contractual Requirement to provide an Insurance Certificate with Commercial General Liability insurance.  This type of policy is designed to protect your business as your main operating liability insurance.  We specialize in Commercial Insurance. For a quote on this coverage, do not hesitate to...

Read More

Surety & Fidelity Bonds

Surety / Bonds / Fidelity

Posted by on Sep 17, 2013

A contract under which one party (the surety) guarantees the performance of certain obligations of a second party (the principal) to a third party (the obligee). For example, most construction contractors must provide the party for which they are performing operations with a bond guaranteeing that they will complete the project by the date specified in the construction contract in accordance with all plans and specifications. Bonds: A three-party contract in which one party, the surety, guarantees the performance or honesty of a second party, the principal (obligor), to the third party (obligee) to whom the performance or debt is...

Read More

Recent Posts

Accounting Phone Scam

We have recently been informed that a few customers have been fraudulently contacted by someone identifying themselves as an Intact Insurance employee looking for credit card information. The person calling indicates that the account is in arrears and in order to keep it current, payment is requested right away. The caller then tries to solicit personal payment information. As a reminder, Intact Insurance never contacts any customer to request banking information over the phone. Should current banking information be needed, we would send the customer a notice in the mail requesting these details. Please be aware of this phone scam and never provide personal payment information to anyone you are not familiar with. If you have any questions, please contact...

Calgary School and Playground zones

On July 22, 2014 City Council approved changes to school and playground zone timing in Calgary. Playground zones will now be in effect from 7:30 a.m. to 9 p.m., all year around. School zones will also be in effect from 7:30 a.m. to 9 p.m., on school days. Setting straight forward and consistent playground and school zone hours will improve safety for both pedestrians and motorists. School Zone and Playground Zone...

Is your Insurance Broker no longer doing business

with Intact Insurance? Recently, we heard that a couple of large Insurance Brokers were no longer going to be doing business with Intact Insurance going forward.  They will be moving all their Business Insurance clients to other insurers, whether they want to stay with Intact insurance or not…  The problem?  Some business owners are very loyal to those parties who have been good to them – or have treated them properly! In this case, Intact Insurance is a very large, financial stable, insurer who settle their claims in a fair manner. Is your Broker moving your Commercial Insurance away from Intact Insurance, but you would prefer to stay with Intact?  Or did someone you know recently complain about being moved away from Intact against their wishes?   We can help!  Do not hesitate to “Collis”, or refer us to your friends, to discuss keeping your Business Insurance needs with Intact...