"Insurance is an attempt to provide financial assistance when the client needs it most" 
Sir Winston Churchill 

FOOD FOR THOUGHT :: Bare in mind that we can be disabled several times in our life. However, we only die once. It is advisable to have a good health and income protection plan in place.

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A Driver's Abstract is a snapshot of a driver's history. It usually contains a driver's name, license number, class, expiry date, conditions and restrictions, height, date of birth, gender, driver's convictions, suspensions, reinstatements over the past 3 years as well as conviction dates, earliest licensed date available, demerit point total and medical due date.

An insurance agent is committed to a specific insurance company and is limited to the insurance products offered by that company.
An insurance broker is not committed to any particular insurance company and can compare and contrast the different policies, coverage and premiums from a wide range of companies. The broker will do the "shopping around" for you.
When selecting a broker, remember to ask for their credentials, area of expertise and experience. Also, ask for referrals from friends, business associates, accountants, bankers or lawyers.

Automobile insurance is written on a standard policy form throughout the insurance industry. Limits of liability purchased should be given the same careful consideration as general liability insurance. To ensure an adequate level of protection, higher deductibles are generally required for heavier, higher value vehicles.

It is recommended that if hiring drivers for the first time, a thorough investigation of each driver's prior traffic violation and accident/claims be conducted to avoid marketing problems and increased premiums through surcharges, or restriction of coverage.

Loss of Earnings insurance covers events or risks that might interfere with the owner's or company's earnings ability. For example, business interruption insurance, business continuation insurance, overhead expense insurance and key personnel life insurance. This may be an important consideration for self-employed individuals in particular. Remember that the debts and obligations you have entered into continue despite your injury or accident.

Bonding is a common requirement in business depending on the nature of the business. This coverage ensures protection arising from employee dishonesty that occurs at a Client site. Additionally this coverage applies to theft of any intangible properties such as software and data at the client site.

Owned buildings should be insured on a replacement cost basis. Allow for the increased cost that may result from mandatory compliance with a bylaw in the event of future reconstruction.

If building is leased, review the lease to establish the insurance requirements and insure to those specifications. Include the insurable value of the improvements and betterments.

Recommend that buildings/improvements be insured on a broad form (all risk) basis where possible. More nominal cost differential justifies the broader form of protection. The perils of earthquake and flood are usually excluded but are generally available at an additional premium.

Term life insurance provides affordable financial protection for a specific period of time that would help your family in the event of your death. Term plans provide a death benefit only and do not include cash values. The premium for term coverage may change periodically, for example, every 10 years. Most term policies give you the option to change to a policy that provides lifetime coverage, with no medical questions asked.

Permanent life insurance is an excellent choice if you are looking for long-term protection. For example, a universal life insurance plan combines lifetime protection with a tax-sheltered investment fund. Not only will the policy help your family cope when you're gone, but it can also build you another nest egg for your retirement. Based on individuals needs, universal life options can, in some cases, be complex. We recommend you discuss your options in detail with an insurance specialist.

• Ensuring that your family is provided for financially in the event of your untimely death requires an in depth-analysis of any immediate expenses (funeral, paying off mortgage, outstanding debts), the number of years you wish to provide annual income and the current value of your assets and liabilities.

• While each person's financial situation is unique, you may wish to review your current financial situation to help you itemize what you owe and what you own.

• Disability insurance plays an integral part of your family's financial security by paying you an income if you are unable to work as a result of an accident or illness. Your employer may offer some form of disability insurance to you.

What should you look for in a disability policy?

• Make sure that the policy is broad enough to cover a wide range of disabilities and illnesses.
• Find out the length of time from the start of the disability to when you would receive your first payment.
• Find out the length of time that benefits will be paid.