The Return of Uber

As our nation celebrates its’ 149th birthday July 1st, 2016, Alberta participates in a dual celebration; the birth of our nation and the rebirth of the Uber service to our province.

Controversy and debate seemed to shadow Uber the moment of its arrival in Alberta many months back. One point of discussion was the insurance rules – or lack thereof. Was the driver insured and rated properly? Would coverage be provided to the passenger in the event of a collision/injury loss? Ultimately, this was a contributing factor for their departure.

Now, however, Uber fans can rejoice. The alternate “cab” is back. Effective July 01, 2016 the provincial government, together with the Alberta’s Superintendent of Insurance, have developed and provided Alberta with a new insurance policy for transportation network companies (TNC). Alberta’s participating brokers will be first out of the gate to provide TNC insurance with a policy that provides adequate coverage and will provide benefit to both driver and passenger.

The formula is rather simple, and can be broken down into 3 steps:

  1. TNC driver activates TNC app with no passengers. $1,000,000 liability provided, no physical damage coverage.
  2. The 2nd and 3rd step activated when passenger and fare are established. $2,000,000 liability provided, with optional collision and/or comprehensive coverage.

Are you Uber insured? Enquire about our Uber Insurance today. For more detailed information about the policy, visit here.

A DOLLAR EARNED IS A DOLLAR SAVED

Insurance is costly. For most people or businesses this payment is one of the largest mandatory payments being due monthly or annually. Finding ways to save on your insurance portfolio is helpful for putting cash back in your pocket.

Your broker at ALL insurance can walk you through the ways this works. Here are a few knowledge tips:

  • Be aware that a broker should evaluate your insurance portfolio at reasonable time periods to make sure you are getting the very best rates for the coverage you need.
  • Implement preventable measures for Fire, Theft, and Water Damage. These include – but are not limited to – installing alarm systems, water sensors, main line backwater valves, alarmed sump pumps, and tankless water heaters. These also include performing regular maintenance to your electrical, plumbing, heating systems and roof.
  • Ask about discounts you may be eligible for.
  • Consider raising deductibles.
  • Ask about bundling products for further “multi-policy discounts”
  • If you have multiple vehicles per household, consider – if possible – parking one for a period of time. For example: parking a truck for the winter that is used primarily to haul a travel trailer.
  • Pay your premiums annually to avoid any fees or interest payments you may receive monthly.
  • With regards to commercial auto insurance, avoid hiring drivers with little or no commercial driving experience, and avoid hiring drivers with poor driving records.

It’s well worth your time to find ways to save money on your insurance portfolio. At ALL Insurance we are committed to reviewing your policies with you on a regular basis to make sure you are saving ALL you can.

THE VALUE OF A GOOD BROKER

Insurance is a must have.

It may not be overly exciting to deal with and – more importantly – pay money for, but insurance does provide protection for our most financially valuable possessions. Most people that have had a claim (of any kind) soon realize the value of having insurance. Whether you’ve had a positive or negative experience with that claim, and other insurance dealings, makes all the difference.

A good broker provides not just piece of mind by providing insurance; they also take the time to get to know you, and to build a relationship. When your asset portfolio grows, so does your insurance needs. A good broker checks in on your insurance policies to make sure you have the right coverage, helps you find cost savings, and goes to bat for you when you have a claim.

Let’s look at this example:

I took a look at a friend’s personal insurance policy a few weeks back. In the past year, his family moved into a much larger and much more expensive home. With this new home they also purchased 2 new vehicles, a new gun for hunting, a new expensive watch, and their home came with an in-ground, heated pool. My friend was insured at the time with a direct writer, and was used to dealing with multiple agents working out of a call centre. After reviewing his home insurance, the only coverage that had changed to accommodate these upgrades was the replacement value on the home; it was increased. Everything else was standard from before. The gun and watch were not insured on the policy, and the overall liability limit was standard at 2 Million, even though the pool was enjoyed all summer by multiple visiting children. In addition to all of this, the water damage coverage was still the same amount that was on the old, less expensive home, and would not be sufficient in the event of water damage on the new home.

As you grow up, you acquire things, your exposures change, and your needs change.

Choose a broker that takes just as much pride in protecting your assets as you do enjoying them.

EXCLUSIVE CARGO SECURE PROGRAM

Learn why our Cargo Secure program is the most superior product available on the market!

ALL Insurance is one of the exclusive brokers in Alberta that offers the Cargo Secure Program for Motor Truck Cargo Insurance.

  • WHAT IF…. The freight is very expensive?
  • WHAT IF…. The refrigeration unit failed?
  • WHAT IF…. The load gets contaminated?
  • WHAT IF…. The freight isn’t properly packed?
  • WHAT IF…. The freight went missing?

We answer these questions in a short PDF.
Exclusive Cargo Secure Program

HOME INSURANCE IS ON THE RISE

The fact of the matter is that property rates are on the rise in Alberta. Think about all of the hail damage claims in Southern Alberta; Airdrie was hit really hard this year! Think of the past fire losses in Slave Lake – though it was a few years ago. Insurance companies still have to pay back their reserve, which is essentially the equivalent of a person’s rainy day fund. Think of the flooding in Calgary; this created huge losses as well.

At the end of the day, insurance is about charging a premium which is adequate to the risk associated with insuring certain property. When it comes to Alberta, however, the fluctuation in the weather patterns and catastrophic losses, like those mentioned above, can create very large financial encumbrances for insurance companies. Insured losses for the flood in 2013 were approximately $3.75 Billion. Between 2006 and 2012, the amount of insurance damage resulting from extreme weather in Canada increased by over 650%. Think about how many $1000-1500 home insurance policies a company must sell in order to recoup just a $500 000 home insurance loss.

Essentially, as people are becoming wealthier, possessions and properties are getting more expensive. As such, insurance companies are raising rates to keep up with this trend. It used to be that a $1 Million dollar home was rare. Now, with the current building trend, properties like this are everywhere.

If you purchase sewer backup on your home insurance, which is essentially a must nowadays, this means that you can be covered for damage created by water entry through a sump pump backup, or failure, or if the sewers backup and such water enters the property. Freezing, or rupture from pipes, are also generally covered, subject to exclusions.

Flood damage is not covered, under any standard home insurance wording ever. Even during the flooding in Calgary, damage to the outside of the home was essentially excluded. Sewer backups caused by the flood were, in some cases, covered. Seepage and leakage is another exclusion. Water entry through a window or crack in the foundation is generally a maintenance issue and is thus excluded, as is most wear and tear.

Review your limits with respect to sewer backup coverage, a lot of companies are adding stipulations which limit your insurance for sewer backup to $15 000, or $25 000 in some cases. This limit can be exhausted in a heartbeat if you actually have a loss, and the amount that may have to be paid out of pocket to make good those damages can exceed more than what most people can afford. We have heard horror stories where clients had to pay upwards of $40 000 or more because their former insurance company had low sewer backup limits.

Come into our locations with your policy documents. Even if you don’t buy insurance from us, let us review ALL your coverages.
For more information and myths about water damage, check out this link.