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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...

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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...

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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...

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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...

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Recent Posts

“Hang a Director or Officer Out to Dry”

Court of Appeal Affirms Ability to “Hang a Director or Officer Out to Dry” and Deny Defense Cost Funding Trisura Guarantee, who specializes in Directors & Officers Liability and Professional Liability Insurance, recently notified it’s Independent Brokers of the following new court decision, impacting Directors & Officers. The article is written by Jill Shore, an Associate at Dolden Wallace Folick LLP’s Vancouver office. Please (Click Here) to read the article directly. The result of this court ruling is that Directors should not rely on the Indemnity Agreement in place with the Company to provide a defense for them. In my opinion, Directors & Officers should insist that the Board they sit on has appropriate Directors & Officers Liability Insurance, from a Specialty Insurer like Trisura Guarantee – before they agree to sit on the Board. Did you know that the Board members can be held personally liable (ie. With your own assets) for the decisions, management, actions (or in-actions) of the Company/Non-Profit?  Or that Directors can be held personally liable for the unpaid Wages and Taxes of the organization – for up to six months per employee? Are you a Private Company (or Non-Profit) with a Board of Directors who sees value in protecting both the organization and it’s Board member’s assets? For more information of Directors & Officers legal liabilities or to obtain a quote for Directors & Officers Liability  Insurance, please “Collis”....

Flood Coverage

Good Morning, With the flooding over the last week we are expecting a high volume of calls to be coming in, as are all the brokerages and insurance companies. We thought that we would be proactive and let you know about the coverages on your policies regarding flood coverage. For business and commercial property policies – these policies can have flood coverage on them, if it was purchased on the policy prior to the flooding occurring. For Commercial and personal auto policies – if your vehicle has comprehensive coverage on it, then your vehicles should be covered for flood/rising water damages. For home, tenant and condo policies – unfortunately these policies specifically exclude flood coverage. However, we still recommend that you put a claim into the insurer as there may be sewer back up damages as well. As such, if you carry Sewer Back-up coverage on your policy, then some of the damages may be claimable. Additionally, usually the insurer must respond to the claim first –  before you are able to put a claim into the government for assistance. One of our major insurers, Intact Insurance, is sending out the below messages to all of their  clients: As the City of Calgary and surrounding area continue to be impacted by severe weather and flooding, we are getting many calls from customers about what to do next. Our teams are ready to start assisting customers and we have mobilized additional resources from other Intact offices across the country in the event we need their support. In the event you get calls from customers, you should make note that: Customers should take the proper precautions to keep themselves and their families safe and follow all instructions from local government and police, We have a larger than normal call volume and we are working hard to get to every customer as quickly as we can. We need all details from customers so that we can expedite the claim process, We will need to wait until the situation stabilizes before we can get out to homes and businesses, Once we are able to visit homes, we are in a better position to assess how we begin the...

Superintendent of Insurance and the Alberta Insurance Council Consumer Alert

The Superintendent of Insurance and the Alberta Insurance Council have issued a joint Consumer Alert regarding the potenial of unlicensed activity in the province.  The details are contained in the following Consumer Warning , which is also posted on the AIC WebSite. Warning to Consumers Alberta consumers should be aware of an Ontario company using the name Axccess Lifestyle Membership Corporation that is offering a multi-year, combined automobile and house insurance product through an agency named Net Wealth Capital Inc. in Ontario. They may have offered the same product online in other parts of the country, including Alberta. Neither company is licensed to offer these insurance products in Ontario or Alberta. The companies also claim to be affiliated with Lloyd’s Underwriters and the Chesterfield Group Limited. Both Lloyd’s and Chesterfield have issued notices denying this affiliation. If Alberta consumers have purchased this product or are approached by either Net Wealth Capital Inc. or Axccess Lifestyle Membership Corporation, please notify the office of the Superintendent of Insurance at Insurance@gov.ab.ca or at 780-422-1592 (dial 310-0000 first for toll-free access), or the Alberta Insurance Council at 1-800-461-3367. If consumers have purchased this product in Alberta, they should seek other coverage from a licensed...