News & Blog: Business Insurance

Oct 6, 2017 You Could Be at Risk of a Data Breach

As you’ve probably heard, Equifax, a leading credit reporting company, reported a data breach event that potentially impacts 143 million North American consumers. Equifax Canada has now confirmed that 100,000 Canadians were impacted in this cybersecurity breach and that personal information such as names, addresses, social insurance numbers (SIN) and, in limited cases, credit card numbers, may have been exposed. If you think you may be one of the unlucky people impacted by this, we encourage you to: Read and keep the notice from Equifax Canada If you were impacted by the breach, you should receive a notice in the mail from Equifax Canada. Read it carefully to see what information was exposed and how, and keep this notice for your records. The…

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Sep 29, 2017 Representations and Warranties Insurance – The Seller’s Advantage

The number of Representations and Warranties insurance policies sold has increased sevenfold in the past five years. More and more companies involved in M&A deals are being educated on the benefits of R&W coverage for both the buyer and seller. Part 3 is focusing on the Seller’s Advantage. Sellers Begin to See R&W Insurance Benefits While only about 5% of R&W insurance policies currently sold are Seller’s Side, the number of policies purchased each year is increasing dramatically. The Seller’s Side coverage protects the seller if the buyer sues the seller for a breach of warranty. Advantages to the seller include: Clean exit from a business allows sellers to quickly distribute sale proceeds Reduces the risk of contingent liabilities and is a “sleep at…

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Sep 28, 2017 Representations and Warranties Insurance – The Buyer’s Advantage

The number of Representations and Warranties insurance policies sold has increased sevenfold in the past five years. More and more companies involved in M&A deals are being educated on the benefits of R&W coverage for both the buyer and seller. Part 2 is focusing on the Buyer’s Advantage. Most Policies Purchased are “Buyer’s Side” The vast majority (around 95%) of R&W insurance policies sold are Buyer’s Side policies. The policy is designed to provide coverage for the buyer against financial loss due to a seller’s breach of contractual warranties. There are numerous advantages to the buyer including: Improves their bid when competing with other buyers by lowering the seller’s indemnification provisions by supplementing it with R&W coverage. Helps remove worry that the seller won’t…

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Sep 27, 2017 Representations and Warranties Insurance

Mergers and Acquisitions. The headlines are full of them. A recent check of the Financial Post online showed close to 30 articles about active business Mergers and Acquisitions…and that was just on the first page of over 60 pages. The M&A process has been described as a “minefield” and Canadian law firms which specialize in this area are doing well – very well. Enlisting a well-seasoned M&A legal team is key in helping you successfully close a multi-million dollar, multi-level transaction but there’s an important insurance aspect that you need to know. It’s an insurance coverage which helps make a business more attractive to purchasers and also protects sellers from potential legal action long after both sides shake hands. Why Buy It? The Representations…

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Sep 1, 2017 E-Bonding ─ A Paperless Solution to Construction Surety Bonds

In keeping with the growing trend toward automation, the construction, surety and insurance broker industries continue to explore the use of technology. The capability to create, record, execute, and deliver a digital bond over a paper bond has started. Tenders may include a provision to supply an electronic bond (e-bond) with an electronic tender (e-tender). An e-bond simplifies the process and includes security features that validate the bond; it’s not simply a scanned copy of an executed bond issued the traditional way. The results are enhanced service levels and streamlined administrative practices. There are various platform providers that support the e-bond and e-tender process. Set-up is easy but must be activated before you can start submitting bonds digitally. Speak to your insurance professional to…

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Nov 24, 2016 Locked Vehicle Warranty

Twice over the last couple of months, we have had clients vans, trucks or trailers broken in to and tools stolen. Well, “Broken in to” is a relative term and one that can have big implications in an insurance claim settlement. You see, many business insurance and contractors’ insurance policies have a warranty in the policy, called the “Locked Vehicle Warranty”. A warranty is something that is very important to pay attention to in an insurance policy because it can void your coverage if it is not followed. So, for example, the locked vehicle warranty in one of our insurance companies’ policy reads as such: “Locked Vehicle Warranty : This clause does not apply to property which is under the control of a…

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Sep 9, 2016 E-Signatures

What Are E-Signatures? An electronic signature, or e-signature, is like an electronic ‘fingerprint’ in the form of a coded message. E-signatures, like handwritten signatures are unique to each signer, they securely associate a signer with a document in a trackable recorded transaction. What Are the Benefits of E-Signatures? Electronic signatures allow clients to sign documents electronically on computers, tablets or mobile devices in a single step at any time or place. They eliminate the print-sign-scan process resulting in extremely fast turn-around times. These transactions are fast, secure, verifiable and paperless. What Are E-Signatures Used For? Electronic signatures are used on every sort of document where a signature is needed. A few examples are: Sale contracts, invoices and approval appraisals Fill out…

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Apr 23, 2016 Properly Insuring your Aviation Business

If you operate a flight school, airport, charter flight business or you’re an FBO, you require aviation insurance. Aviation insurance includes many options and your program should be specifically designed for your unique operation. Here’s a brief look at the various aviation insurance products available – let’s see if they fit your operation: AGL (Aviation General Liability) This is a basic form of General Liability insurance which protects your business from third-party claims of property damage and bodily injury. It needs to be an “AGL” product and not just a “GL” product because a standard “GL” carves out aviation-related claims. An AGL specifically fills in this gap. Typically, any business operating on airport property requires this coverage and it falls into three categories: Premises…

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