Michael Hobson No Comments

Earthquake Deductible Buyback Insurance in BC

What is it?

Earthquake Deductible Buyback insurance covers earthquake deductibles (EQ deductible) and is available through Bridges International Insurance Services for buildings located in British Columbia.

Prepare for earthquake BC with this insurance, which offers the perfect solution for high EQ deductibles.

Earthquake deductible buyback

Please note that available area is subject to change without notice.

How it works:

An average EQ deductible ranges from 8% to 20% of your home’s insured value.

You may wonder why you should get earthquake deductible buyback (EQDB) insurance if the deductible is high. The reason is that this coverage protects against large or total losses. In the event of an earthquake, having EQDB coverage can help you avoid financial ruin.

Question: Can you afford the earthquake deductible?

For instance, if you have a house insured at $500,000 with a 10% EQ deductible, you would face a $50,000 deductible for earthquake damage claims. However, if you choose to have EQDB coverage, your EQ deductible will be paid by the policy, up to the limit you have bought, with a $5,000 deductible.

Earthquake Deductible Buyback insurance coverage is available for all type of insurance.

  • Homeowners Coverage:
    Protect your homes and personal property by this coverage.
  • Business Coverage:
    Business owners can also protect themselves from significant or complete losses caused by earthquakes.
  • Condo & Strata Deductibles:
    This policy not only covers contents, extra living costs, betterments and improvements, but it can also include the remaining strata loss assessment coverage required for the EQ deductible of the strata building. All of this coverage comes in effect when earthquake coverage is triggered on the required primary insurance policies.

For any questions, updated rates, or comments regarding our EQ deductible buyback product, please contact us through the online quote request form. Additional coverage for $500,000 is now available.

Items to remember (Earthquake Deductible Buyback Insurance):

  • Most locations qualify for coverage as long as you carry earthquake coverage on your primary policy.
  • One location per contract therefore if you own multiple locations, please discuss with us how many policies you should get.

We live in an area of the world where earthquake coverage is necessary.

Additionally, living in an area prone to earthquakes requires having earthquake insurance coverage. Finally, it is crucial to understand that every insurance company applies a separate deductible to earthquake coverage. In other words, your standard home insurance deductible does not apply in the event of an earthquake loss. Therefore, it’s important to ask yourself: Are you prepared?

Remember, the purpose of EQDB coverage is to ensure that you don’t deplete your savings to pay a deductible..

Please note that available area is subject to change without notice.

Bridges International Insurance Services: 1-888-267-4461 or info@biis.ca

Cindy_Lauper No Comments

E-Commerce Insurance

e-commerce-insurance

In the world of e-commerce, safeguarding your business is paramount. One way to ensure comprehensive protection is by understanding and investing in E-Commerce Insurance. This article delves into the intricacies of E-Commerce Insurance, shedding light on its types, necessity, key features, and more.

Types of E-Commerce Insurance

E-Commerce Insurance encompasses various types, each serving a specific purpose. Property insurance shields your business assets, while liability insurance offers protection against lawsuits. Cyber liability insurance is crucial in the digital age, covering data breaches and cyber threats.

When it can help

These insurance policies are necessary if you want to sell online in established digital marketplaces such as Amazon, Skipthedishes, Ubereats, Etsy, Rakuten, etc. You need to have insurance for the protection of your business and for your customers.

Why E-Commerce Businesses need insurance

Operating an online business comes with its set of risks. From potential data breaches to legal obligations, the insurance provides a safety net, ensuring your business remains resilient in the face of unforeseen challenges.

Choosing the right one for your E-Commerce business

Tailoring insurance policies to your business needs involves a careful assessment of risks. By understanding the specific threats your business faces, you can customize insurance coverage for optimal protection.

Companies such as Apollo and Forward offer insurance. Both of which we can refer you to.

We are available for insurance consultation

In conclusion, e-commerce insurance is not only essential for online businesses, it is a strategic investment.
Let us help you choose the best insurance policy for your business. Please feel free to contact us.

For Business Owners

In addition to E-Commerce Insurance, there is Commercial General Liability Insurance to consider. You may be held liable for bodily injury or property damage resulting from your work outside of E-Commerce. Such damage could result from water damage caused by accidentally touching an automatic sprinkler of the building.  Since you have regular income or you have an asset, they can sue you for the income or the asset. Commercial general liability would provide coverage for situations such as these. This is sometimes a requirement to the professional liability insurance.

Michael Hobson No Comments

Commercial Surety Bonds – BC and Ontario

Are you in need of reliable Surety Bonds for your business operations in British Columbia (BC) or Ontario? Look no further! Our agency offers a comprehensive range at competitive prices, tailored to meet your specific business requirements.

Introduction to Surety Bonds


In the realm of business and finance, Surety Bonds play a critical role in ensuring contractual obligations are fulfilled. These bonds act as a form of protection for parties involved in various transactions, guaranteeing the completion of projects or the adherence to legal requirements.

Typical Surety Bonds under $50,000

Here are 20 under $50,000 bonds.

  • Canada Customs Bond
  • Excise – Brewers / Sprits and Tobacco
  • Electrical Contractors License Bond
  • Gas Contractors License Bond
  • Prepaid Contractor Bond
  • Foreign Immigration and Employment Agency
  • Driver Training School
  • Travel Agents Bond BC
  • Direct Sellers
  • Consumer Protection – Collection Agency
  • Consumer Protection – Debt Repayment
  • Real Estate Agent / Broker Bond
  • City Trade Bonds – MB
  • Private Investigators and Security Guards
  • ATA Carnet
  • Auctioneer
  • AMVIC Consignment & Wholesale Bonds – AB
  • Home Inspectors (include a copy of E&O Policy)
  • Insurance Adjusters / Brokers
  • Penal Bond (Other)

Fiduciary Bond

  • Administration, Foreign Executors Bonds
  • Guardianship Bonds / Committee Bonds

Differences Between Direct Insurers and Surety Bond Providers


Unlike direct insurers or traditional insurance agents, our agency operates with a client-centric approach, diligently working to find the best coverage options within the expansive bond markets. We prioritize our clients’ needs, ensuring they receive tailored solutions that match their specific requirements.

How does it work for Clients


Our dedicated team collaborates closely with clients, understanding their business objectives and risk profiles to offer personalized surety bond solutions. We leverage our industry expertise and extensive network to secure the most favorable terms, providing peace of mind and fostering long-term business relationships.

Conclusion


In conclusion, securing the right surety bonds is crucial for businesses operating in various sectors. Our agency offers a diverse portfolio of surety bonds, including commercial and fiduciary options, tailored to meet the specific needs of our clients. With our client-centric approach and extensive industry expertise, we ensure optimal coverage and peace of mind for all our clients.

Please feel free to contact us for more information.

Michael Hobson No Comments

Plumbers insurance – No high rise building

With the latest renewal of our Lloyds contract, we are pleased to announce that we can now consider quoting the plumbing class. As this is a challenging class to write, we do want to highlight a number of eligibility criteria below: 

Eligibility:

  • Minimum Premiums:
    • $1,000,000 – $2,500
    • $2,000,000  – $3,250
    • $5,000,000 to be can be considered
       
  • Receipts less than $1,000,000 + 10% leeway for those accounts slightly over
  • Minimum of 3 years in business
  • Clean accounts only, or accounts with max 1 claim in the past 3 years (not greater than $10k total incurred) to be referred to Underwriters
  • No work over 4 stories, no high-rise building work or work over 4 stories in a high rise building
  • No boiler work
  • No sprinkler work
  • Any works in institutional/industrial buildings (airports, hospitals, schools etc) can be considered
  • Ticketed plumbers only

Coverage – Limits:

  • Max. $2,000,000
  • Limits of up to $5,000,000 can be considered
  • Min. Ded: $2,500 bi/pd ded
  • Min. Ded: $5,000 bi/pd ded w/r/t Water Damage Claims for receipts under $500,000
  • Min. Ded: $10,000 bi/pd  ded w/r/t Water Damage Claims for receipts over $500,000

Subjectivities / Wording:

  • Standard Wordings to apply
  • Burning Welding Cutting conditions to apply
  • Sub-contractor conditions to apply in respect of any work subbed out
  • Total Pollution Exclusion
  • Wrap up liability Exclusion
  • US Exclusion