It's a FAQ Jack
Frequently Asked Questions
Insurance can be a complex subject. We field many questions on a weekly basis - so you're not the only one who needs things cleared up. Here is a list of some of the more common questions. Please feel free to contact us with your specific inquiry.
A. F. Sandy Forbes Insurance Broker is an independent insurance broker which means that we have contracts with a number of different insurance companies. This means that we are able to take your particular circumstances into consideration. Given the various rules of the different insurance companies we represent, we can better assess what would be best for you, our client.
As brokers we are licensed and receive our training from The Registered Insurance Brokers of Ontario. We also receive extensive training through The Insurance Broker's Association of Ontario. We complete many hours of continuing education on a yearly basis to maintain industry skills and knowledge.
Our goal is to always provide our clients with the best insurance customer support possible.
Personal Umbrella Liability Insurance is an extra layer of liability coverage on top of the basic coverage contained in your home and automobile Insurance.
Coverages of up to $10,000,000 may be available depending on the insurance company.
There can be additional coverages included under the Personal Umbrella that are not included under your Home/Auto policies, such as libel, slander, defamation of character, invasion of rights or privacy, false arrest to name a few.
It may be less expensive to add Personal Umbrella Liability Insurance to your Homeowners policy, rather than increasing just the liability limits under your Auto/Home policies separately.
Yes, you can loan your vehicle to your friend as long as you make sure they have a valid Ontario Driver's License and that you, as the owner of the vehicle, give them permission to drive your car.
However it is very important to keep in mind that when you loan you car, you also loan your insurance and your driving record. If they have an at-fault accident then it will be your car, your insurance and your driving record that are affected. If the person is a regular or frequent driver of your car they should be added as a driver on your policy. The insurance company has a right to know who drives your car and what their driving record includes so that the proper price is charged for your insurance.
Yes, you do require specific insurance to cover your business. Your home insurance covers items usual to a home so any business belongings and liability are generally excluded.
If you operate a business from your home you will likely have an office to insure, and perhaps equipment taken to client's (e.g. laptop) you may have clients visit your home, so it would be wise to discuss this to see what you require in your particular circumstance.
Many people think the real estate value is the same as the amount of insurance we place on a house. This is not true. The real estate price is the amount of money a person is willing to pay for your home
as is at a given time and this fluctuates with market conditions.
Insurance companies have to consider a total loss and so they have to insure your home new for old including other costs. For example, a structural engineer may be needed to provide an opinion on the remaining part of a home. There can be by-laws to consider as well.
We have access to an insurance company approved software program that calculates the approximate rebuilding value of your home taking into consideration specific information that we have gathered from you. Many home insurance policies include replacement cost which means you get a brand new home. We also have to include debris removal, this is the taking away of the old, damaged structure. In a new subdivision the tradespeople are already on site, and access is easy, there are no fences, decks, pools, etc. In an existing neighbourhood this can be much more challenging and expensive, so these costs have to be taken into consideration.
You should never admit fault. You should take down the information on the other driver including their name, address, contact information, year, make model of vehicle, insurance information and what happened.
Also find out if there are any injuries and the details if applicable.
If they do not own the vehicle you need to get the owner's contact information and insurance information. You should see if there were any witnesses and get their contact information. Generally the police ask that you contact them if the damage exceeds $1000.00. You may need to go to the collision reporting centre to report the accident to police.
Once you have this information please call our office and one of our brokers will be happy to help you and explain the process.
You should call our office and we can discuss the ramifications to your policy of reporting a claim. You need to make an informed decision so you know how it can affect your policy.
We will confirm your deductible for you. Once you have decided to put a claim in and we have taken down all the required information from you we will then report the claim to the insurance company on your behalf.
If the claim is an emergency and happens after business hours, we have included after hours contact numbers for our various insurance company partners in this website for your convenience.
Once the claim is reported to the insurance company a person called an adjuster is assigned to your claim.
They will call you and verify all of the information we have provided. They will then assist you with the work that needs to be done to settle your claim.
We help our clients make the best decision possible when it comes to insurance. If there is a claim, we ensure that it's handled promptly and professionally (with the appropriate dose of humanity). So...yes, it's true!