Here are bullet points from a note from Noble Insurance sent out this week.
Note: The Province of Ontario declared a state of emergency on March 17th and the City of Barrie declared a state of emergency on March 23rd.
INFORMATION FROM NOBLE INSURANCE (Courtesy of their newsletter)
Q What happens if my premises is vacant or I’ve had to close my business?
Policies contain an exclusion if your premises is knowingly vacant or closed for 30 or more days. While we wait for many of the Insurers to provide an update or advise any changes to this exclusion, we recommend you contact a member of the Noble Team to discuss options and requirements for your policy.
We also recommend you take measures to ensure the premises are protected and remain undamaged during this unprecedented time. Suggestions include:
• You visit the property regularly (varies by Insurer)
• Proactively maintain a prudent level of care, control, and maintenance of the property. This includes adequately maintaining security systems and utilities.
• All doors, windows and other openings to the building(s) are closed and securely locked;
• All rubbish is removed;
• Normal levels of heat are maintained in the building
• Water services have been shut off and all pipes; appliances have been drained
Q What is a Declaration of Emergency endorsement?
This endorsement is typically added to most property and casualty policies and extends the termination or expiry date when an emergency is declared. It must be declared by a Canadian public authority designated by statue for the purpose of issuing such an order.
The emergency must have a direct effect or impact on either:
• The policyholder, their site, or their property located within the emergency area; or
• The operations of the insurer or its agent/broker located in the declared emergency area
Q If a policy was not renewed by the expiry date, generally:
The policy is automatically extended or the effective date of the cancellation will be suspended until the “emergency” is over plus the lesser of:
• 30 days, or
• Total number of days the “emergency” order was in effect
• Subject to a maximum of 120 days
Coverage, terms and conditions are based on your existing policy. Please contact your broker for further information on your individual policy’s terms and conditions and how this endorsement applies. This does not apply to automobile policies.
Q Can I make a claim during the period where the Declaration of Emergency wording applies?
- Yes, typically the insurer will honour the current policy’s terms and conditions.
The Noble Insurance Team