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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

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..

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

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Commercial Surety Bonds – BC and Ontario

Are you looking for surety bonds for following business? Then please contact us to meet your bond demand with competitive price.

A. Here are typical bonds under $50,000

  • Canada Customs
  • 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)

B. Fiduciary Bond

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

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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
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Home Insurance Shoppers – Let us do it.

If you’re shopping for home insurance, condo insurance or tenant insurance, please let us do it for you. You can have the best possible coverage with very competitive price. That is different from dealing with an insurance agent representing one insurance company or an insurance broker that has contracts with a few insurance companies. We are representing about 10 insurance providers. No rush we take a time for you to find the best possible coverage.

Condominium_Owners
  1. We have access to many different underwriters and quotes.
  2. We work for you as your insurance broker.
  3. You receive personal advice from us for your best interest not for insurance companies.
  4. You get individual attention from our brokers.
  5. We take time for you and understand your concerns.
  6. Our quotes are checked by our specialist not just the calculation system or AI.

Contact us for a quote!

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Daycare insurance and student rental home insurance

Daycares:

  • Bespoke wording – providing Property, CGL, with Abuse and E&O offered for most facilities and risks.
  • As low as $350 for Home Based Daycares, Min $500 for Licensed facilities.
  • Stand-alone, no requirement for supporting policies.

Student Rental Home or House :

  • Available on instant quotes + policy issuance through an online system
  • Various discounts available – occupied by owner’s child or multi- locations
  • Broad Form, Replacement Cost often available
  • $1 or $2 Million Liability
  • Optional coverage for rental income
  • Financing available

Call us for details.