Condo living is the ideal way for many Canadians to own a home – whether you’re a first-time homebuyer or looking to downsize.
Based on in-depth discussions with customers and brokers, we know that some of the most common questions condo owners have are about water damage. So this guide has been developed for condo buyers or owners, with useful information, tips and important questions for a better understanding of the subject.
Before you buy…
It’s important for you to understand how much protection you have under your condo corporation’s insurance policy and your own policy. Here are some questions you can ask your real estate salesperson, lawyer or property manager:
- What does the corporation’s insurance cover and, more importantly, what does it not cover?
- Does the corporation’s policy cover just the structure and common areas of your building or complex, or more? (e.g. damage to your unit’s walls)
- If there is major damage to your building, is it possible that you would have to make an additional contribution to cover the deductible of the condo corporation’s insurance policy?
- What is the deductible in the corporation’s insurance policy?
- Are you responsible for the full cost of repairing damage to another unit or for the full deductible on the corporation’s policy if, for instance, your dishwasher leaked or your bathtub overflowed and ruined the ceiling and contents of the condo below?
- How is a “standard unit” defined by your condo corporation? Does it cover things like fixtures, ceilings and floors?
Once you’ve moved in…
- in most cases, you are responsible for insuring any improvements within your unit, as well as contents such as furniture, clothes and electronics.
- In the event of a water leak in the building, who is the condo contact person and what phone number should you call?
You may also want to ask your condo board proactive questions which can help everyone in the building to better handle water damage related issues, such as:
- Has an emergency plan been prepared?
- Would it be worthwhile to do a risk management assessment for the building or complex?
- Does the building’s management routinely inform all on-call staff regarding the location(s) of the main water shut-off(s)?
Water damage prevention checklist
- Contact a professional when your plumbing needs repair or replacement.
- Avoid distractions to prevent water overflows.
- Make sure your washing machine is shut off when not in use and check that your washer’s discharge hose is fastened firmly in place.
- Don’t turn on your dishwasher and leave your unit while it is still running.
- Garbage can clog your toilets, so be sure you never dispose of waste such as kitty litter or grease in them.
- Drop some food colouring into the toilet tank to check for leaks – if the colouring appears in the bowl, there’s a leak.
- Ensure the toilet is not running whenever you leave your home.
- Leave your key with your building security office or ask a trusted neighbour to check your home every few days when you are away.
In the event of a water leak
- When a leak or burst pipe occurs, quick response is essential. Call the emergency phone number to inform your building management team even if it’s 3:00 a.m., and have a professional contractor come in immediately.
- Fast and proper water removal can help minimize your losses and prevent mold.
- Do not touch electrical wires, appliances or devices.
- You will need an inventory list separating damaged property from undamaged property for filing a claim.
- Take photographs of your damaged property. If the property is covered, RSA will also reimburse you for the cost of developing the photos.
- Keep your receipts for any cleanup costs incurred (e.g. wet/dry vacuum rentals, cleaning supplies, etc).
This article is for informational purposes only and is the property of Royal & Sun Alliance.
Be Prepared for the Unexpected – Check This List Before Every Trip
Lifejackets – Wear Them!
- Carry a Canadian-approved lifejacket for everyone on board.
- Make sure they are in good condition (check the zippers, buckles, fabric, seams, etc.).
- Check that they are properly sized to fit each person on board.
Operator Competency – Are You Ready to Head Out on the Water?
- Take a boating safety course.
- Keep your Pleasure Craft Operator Card or other proof of competency on board.
Weather – Check and Monitor the Marine Weather Forecast
Sail Plan – File Your Plan Before Heading Out
- Tell a person you trust where you are going and when you will be back.
Safety Equipment – Required by Law and Essential for Safety
- Make sure all equipment is on board, in good working order and easy to reach.
- Carry a first aid kit, basic tools and spare parts.
Charts, Compass and Local Hazards – Know Where You Are at All Times
- Make sure you are aware of all local hazards, water levels and tides.
Fuel – Check Your Tank and Remember: 1/3 to go, 1/3 to return, 1/3 reserve
Boat Condition – Should Your Boat Leave the Dock?
- Check the hull for cracks or other damage.
- Check the electrical, fuel, propulsion and cooling systems.
- Make sure the throttle and steering work well.
- Check the oil.
- Check all hoses and lines for leaks or cracks and replace if necessary.
- Make sure all clamps and belts are secure and in good shape.
- Inspect, clean and replace spark plugs if necessary.
- Check and change oil and water filters if needed.
- Check the battery’s charge.
- Make sure the drainage plug is in place.
- Carry spare plugs for all through hull fittings.
- Make sure the load on your boat (gear and occupants) is well distributed.
- Run the blowers for four minutes before starting the engine(s) – check for airflow.
Safety Briefing – You Are Legally Responsible for Your Guests
- Show everyone where the safety equipment is located and how to use it.
- Make sure the communication equipment works and everyone can use it.
Transport Canada Office of Boating Safety
Copyright Her Majesty the Queen in Right of Canada, represented by the Minister of Transport, 2007
The Public Health Agency of Canada has provided an important guidance on how to reduce the spread of the H1N1 flu virus on planes, trains, ferries and inter-city buses.
“Everyone has a role to play in reducing the spread of the H1N1 flu virus,” said Chief Public Health Officer, Dr. David Butler-Jones. “If you are sick you should postpone your travel plans until you feel well enough to participate fully in all regular activities.”
Guideline recommendations include:
- passengers and crew members should stay home if they are sick;/li>
- travel companies, airlines, bus lines and others who operate public conveyances may wish to develop policies that facilitate the easy re-booking of travel due to illness, if such policies do not already exist;
- operators should consider posting preventive measure signs advising travellers to wash their hands frequently with soap and water or alcohol-based sanitizer, and to cough and sneeze into arms, and not their hands;
- travel companies should ensure that facilities for hand washing are readily available for passengers;
- regular cleaning of common surfaces in transportation vehicles according to cleaning and disinfection procedures developed by Health Canada;
- crew members should avoid using gloves, masks, facemasks, and eye protection in most situations.;
“You should always have travel insurance — and H1N1 is no different than anything else,” Andrew Hopkyns, director of business development at AMA Travel, said to Reuters, published on canada.com. “Travel insurance remains the best way for consumers to protect their financial and health interests,” said FlightNetwork.com president and CEO Naman Budhdeo. “Considering that travel insurance covers injury, cancellation due to illness or any travel advisories against a destination and is available at a fraction of the cost of your trip, it’s the best way to protect you and your family.” Many insurance plans provide cancellation options as well as medical coverage in the event a client falls ill while away from home.
Public Health Agency Press Release: http://www.phac-aspc.gc.ca/media/nr-rp/2009/2009_1028-eng.php
Public Health Agency Guidance Document: http://www.phac-aspc.gc.ca/alert-alerte/h1n1/conveyances-transport-eng.php
Travel Insurance Centre: http://travel.insurancebroker.ca/
First, Newfoundland and Labrador did it, followed by both Nova Scotia and Quebec. The trend to ban cell phones and hand-held devices while driving continues to make its move westward in the fall of 2009. Ontario’s Bill 118 prohibits taking or making calls while driving (along with using other hand-held or entertainment devices).
What will be banned?
According to Ontario’s Bill 118, the following is not allowed unless the vehicle is pulled off the roadway (not impeding traffic) or is legally parked:
- Using hand-held wireless communications devices such as cell phones and smartphones
- Using hand-held electronic entertainment devices such as iPods, MP3 players or portable games
- Texting and emailing
The Bill also prohibits display screens if they are visible to the driver and are unrelated to the driving task (like DVD players and laptops).
What will be allowed?
Like everything else, there are a few exceptions. For example:
- Calls to 9-1-1
- Using hands-free wireless communications devices with an earpiece or Bluetooth device
- The use of hand-held devices by emergency services personnel in the course of the normal work duties
- Viewing display screens of
- devices that provide GPS information in a hands-free mode
- collision avoidance systems
- an instrument, gauge or system used to provide information regarding the status of the motor vehicle’s various systems
- logistical transportation tracking devices used for commericial vehicles
What does it mean?
When Bill 118 comes into effect, drivers who text, type, email, dial or chat using a hand-held device could face a fine of up to $500.
Make note however, that hands-free devices haven’t escaped notice. If while using a hands-free device you place others at risk, you can be charged with careless driving and face fines of up to $1,000 and get six demerit points. A driver can also receive possible jail time and in some cases a licence suspsension of up to two years.
Still think taking that call is worth it?
The scenario: With the help of Kanetix.ca’s auto insurance quote comparison service, we can create a scenario to see how a driver’s car insurance rate might be affected.
Let’s say you’re a 35-year old driver in Toronto cruising around in your 2-year old Toyota Corolla when you’re pulled over by the police for chatting on the phone. Up until now, your driving record has been spotless, but with your upcoming auto insurance renewal you want to know what you might be in for. So you enter your driving details into the Kanetix.ca auto insurance quote comparison service with what will presumably be considered a “minor” ticket (although the $500 fine is anything but minor to your bank account.) Then you modify your information to include your most accurate and up-to-date information which unfortunately now includes a ticket.
The results part I: Most of the quotes you obtained after including your new ticket are now higher than those great rates you saw from the 11 insurance companies that provided you a quote the first time around. In fact, the lowest quote with the ticket is 6.1 per cent higher than the lowest one you got with your previously spotless record!
Ouch. That’s one expensive phone call.
Now, let’s see what happens if you’re charged and convicted with careless driving while using your hands-free device because it’s determined that you placed others at risk.
The results part II: Compared to your once clean driving record, the best quote you get is now 383 per cent higher. Surely, no phone call is worth this price tag.
Don’t be a “chatty Cathy”
As your driving instructor used to say, keep your eyes on the road and your hands on the wheel. Of course nowadays they might add, “and let it go to your voicemail”.
Give the Kanetix.ca auto insurance quote comparison service a try to see how much a phone call might end up costing you. Visit www.kanetix.ca today to compare. It’s free, quick and anonymous, and allows everyone to see how much their actions might cost.
Looking for more articles on cars, driving safety and your insurance?
Copyright © Since 1999 Kanetix Ltd. (www.kanetix.ca). Reprinted with permission of Kanetix Ltd. All reprint rights reserved.
The ongoing economic recession and environmental concerns – these two issues make it more challenging for small and mid-size businesses in Canada not only to succeed, but in many cases to survive.
Did you realize that the Government of Canada developed and implemented a unique program to help small and mid-size businesses operate successfully?
The SR&ED tax incentive program is a great “war chest” resource, especially during the current economic downturn.
Each year, the SR&ED program provides over $4 billion in refunds and tax credits to over 18,000 claimants. Of these, approximately 75% are small businesses.
Naturally, there are questions you might be asking yourself now. Some of those could be:
Your Question: What is the SR&ED program?
Our Answer: The Scientific Research & Experimental Development (SR&ED) program is a Canada Revenue Agency (CRA) initiative that provides incentives in the form of refunds and tax credits to Canadian businesses of all sizes, and in all sectors for R&D conducted in Canada.
Your Question: How does my business benefit from this program?
Our Answer: The SR&ED program helps you to:
- fund technological and environmental advances that keep your company competitive: http://www.sredunlimited.com/environment.html
- maximize the return on your investment for the above initiatives
- better position your company for future R&D and experimental projects
Your Question: How much do I get?
Our Answer: Typically, SR&ED refunds range between $20,000 and $500,000.
Here is an example: Assuming your company spent $ 100,000 on salaries and $ 60,000 on consulting fees, and 75 percent of the labour and consulting fee was attributed as Experimental Development expenses, your claim size is as follows:
100,000×0.75×0.685 + 60,000×0.75×0.415 = $ 70,050
Have a look at some case studies here: http://www.sredunlimited.com/testimonials.html
Now it’s our turn to ask you: Are you interested in getting $20,000- $500,000?
If yes, do you qualify for the SR&ED refund?
To qualify for the refund, you must:
- be an incorporated Canadian company
- have a payroll (the salary paid through T4), or consulting fees
- have production (it can be anything — software development, bakery, printing, metal forming, chemical manufacturing, etc.)
To determine if you qualify for an SR&ED refund, contact us: http://www.sredunlimited.com/contact.html
Author: Dmitry Brusilovsky
Founder & Technical Director at SRED Unlimited
LinkedIn profile: http://www.linkedin.com/pub/dmitry-brusilovsky/1/68/3bb
Follow SRED Unlimited on Twitter: http://twitter.com/SREDUnlimited
Awning incidents are the most frequent claims reported. As your leisure and lifestyle insurance specialists, here are some tips for awning care that we think will help you stay safe and avoid any inconveniences while enjoying your Recreational Vehicle.
- Use a tie-down kit to help withstand sudden strong winds.
- Lower one end of awning 2 to 4 inches to allow water runoff.
- When travelling, place velcro strips or bungee cords around the arms as extra security to prevent the awning from accidentally opening.
- Remember to roll up your awning when leaving your RV for an extended period of time.
- Keep in mind awnings are designed as a sunshade, and not as a shelter from rain.
This article has been reprinted with the permission of Aviva Canada.
Many homes across Canada use oil tanks as a source of heat, although oil tanks are more common in Eastern Canada. Oil tanks can be installed above ground or below ground.
Insurance Issues
Oil tanks can rust, deteriorate, and leak oil resulting in an environmental cleanup that can thousands or hundreds of thousands of dollars. Most spills have occurred from oil tanks that are 15 years of age or older. An insurance company may insure oil tanks that are less than 25 years old provided the tank has been inspected by a Technical Standards and Safety Authority (TSSA) inspector. If your oil tank is more than 25 years old, an insurance company may require you to replace it with a gas or electrical furnace before they will provide you with homeowners insurance coverage.
Tip
If you are considering purchasing an older home, you should consult your insurance broker to see what kind upgrades may be required before obtaining homeowners insurance coverage. You will be able to factor the upgrades into your offer price and you will avoid any unpleasant surprises later on.
Any person, firm or corporation designated in the policy by name as the insured, as opposed to someone who may be covered by the policy but is not specifically named. For example, the registered owner of a house would be the named insured on a home insurance policy. Members of the family while living under the same roof may also be covered under certain circumstances. The named insured is shown on the policy declaration page. However, in some cases such as large commercial insurance account, there may be many named insureds and are listed by way of endorsement.
Home insurance can be confusing. The following are some of the most common misconceptions about home insurance in Canada to help you weed through what’s fact and what’s fiction.
You have to have home insurance
Not necessarily. If you have borrowed money to buy your home, chances are your lender will require that you purchase home insurance coverage and maintain coverage for the length of time you owe them money. However, if you own your home outright, you are not obligated to have coverage. Not having home insurance however, is risky and could be financially catastrophic should something terrible happen like a fire.
All homeowner’s insurance policies are the same
False. According to the Insurance Bureau of Canada, there is no such thing as a “standard” home insurance policy. While policies across companies may have overlapping or similar coverage options, there is no one policy that is considered “standard”. As a result, coverage may vary significantly from one insurer to another.
Damage caused by an earthquake will be covered
Maybe. Homeowner’s insurance policies do not automatically include earthquake coverage. You can however, have this coverage option added to your policy. If you live in a part of Canada that is prone to earthquakes, like some areas of Quebec and British Columbia, you will need to speak with your insurer to request this additional coverage be included in your policy.
Damage caused by a flood will be covered
Afraid not. Flood damage is not covered under your home insurance policy. What may be covered, if you have opted to include it in your policy, are back-ups into the house originating from sewers, septic tanks, eaves troughs or downspouts. Leaks or seepage through the foundation of your home are not.
If your television is stolen, the money you get back from a claim will cover the cost to replace it
It depends. If your policy insures your contents for replacement cost, then yes. If your policy insures your contents for actual cash value, then depreciation will be factored into the amount you get towards buying another television.
If your television is stolen, the money you get back from a claim must go towards buying another television
Nope. You can spend the money you get back from your claim any way you see fit.
Damage caused by insects or rodents will be covered under your home insurance policy
Unlikely. Most policies do not provide coverage for damage caused by termites, squirrels, mice, rats and even raccoons. Keeping these pests out of your home and away from damaging it, falls under maintenance and is preventable. Your home insurance will not likely cover damage caused by any of these critters.
Damage to your lawn or garden is covered under your homeowner’s policy
Probably not. Most home insurance policies will not provide coverage for the loss of plants or your lawn. Homeowner’s policies typically only cover structures and content.
Jewelry is covered under your homeowner’s policy
Yes and no. Most homeowner’s insurance policies include coverage for jewelry and other valuables like furs, art and electronics, however there will be a policy limit. A common limit is $5,000, although limits do vary from company to company. If you have valuables that are worth more than what your policy allows consider “scheduling” these items into your policy.
Home businesses are covered through your home insurance policy
Depends. Does your insurer know you operate a home-based business? Many people have the mistaken belief that a home-based business is insured under the liability and contents coverage of a home insurance policy. It is not, unless your home insurer knows you operate a business out of your home. While an extension on your home insurance policy to include your business is better then no coverage at all, a business insurance policy is really the way to go.Get a business insurance quote.
The belongings of a roomer or boarder are covered under your home insurance policy
Not necessarily. If you have people living with you like a roomer or boarder, do not assume their belongings are automatically covered under your policy. Chances are it is not.
Home insurance rates will be the same, regardless of the insurer.
False. Home insurance rates vary considerably from company to company. That’s why it is important to shop around and compare home insurance quotes. Not only will you find a policy that provides you with the coverage you need, but you’ll get it at the best available price.
Looking for more information on buying a home in Canada or home insurance?
Check out the following Kanetix® home insurance articles:
Copyright © Since 1999 Kanetix Ltd. (www.kanetix.ca). Reprinted with permission of Kanetix Ltd. All reprint rights reserved.
If you have a professional liability (errors & omissions) policy, lapsing your policy for even one day can leave you open to a potentially devastating lawsuit down the road. Most E&O policies are written on “claims made” basis. This means that the policy covers claims that are reported druing the current policy period, even if the claim happened in the past. However, there are two criteria that need to be met in order for the insurance company to respond to the claim. First, you must have a E&O policy in force at the time a claim is made. Second, you must have had continuous E&O coverage from the time of the incident to the time the claim is reported.
The starting date of your continuous coverage is called the retroactive date which is the earliest date an event would be covered. Usually, this is the date you first started your E&O policy. However, should you lapse your policy for any period of time, and then start another policy at a later date, your retroactive date is reset to the date the new policy started. So, if you let your E&O policy lapse, you will not be covered for claims that occurred prior to your new retroactive date, even though you had insurance at that time.
As an example, suppose you had an E&O policy in force for 5 years. In your 6th year, you let your policy lapse due to financial reasons. Sometime after that, your policy is reinsated. In your 7th year, you receive a letter from an attorney representing a former client. Apparently, the former client is unhappy with some work you did 4 years ago and is suing you for $100,000. You submit the claim to your insurance company and are shocked to hear that the claim is being denied, even though you had insurance at the time you did the work for the client. Due to the lapse in your policy and subsequent re-instatement, your retroactive date is now the date of the re-instatement and not the date your first policy started 7 years ago. As a result, you may be personally liable for the suit of $100,000 plus defence costs.
Here are a few thing you can do to prevent your E&O policy from lapsing.
If cost is an issue, find a broker that specializes in professional liability insurance who can shop for a premium that you can live with. Remember that retroactive dates are portable and will follow you even if you change insurance companies.
Set up a renewal reminder notice using your calendar or contact management system. You should allow sufficient time (1 to 2 months) to budget for the premium or allow your broker to shop for a better rate.
To find out more about professional liability insurance and purchase insurance, visit the Professional Liability Insurance Centre.