Vicarious Liability: Is The ALIGNED Insurance Term Of The Day
Vicarious Liability – What It Means Vicarious liability is defined as the liability of a principal for the acts of its agents. Vicarious liability can result from the acts of independent agents, partners, independent contractors, employees and children. To learn more about vicarious liability and other legal responsibilities that your business has, speak to ALIGNED. An ALIGNED Advocate can provide […]
Umbrella Liability: Is The ALIGNED Term Of The Day
Umbrella Liability Insurance Explained An umbrella liability policy is designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies and employers liability coverage. The umbrella liability policy serves three purposes: It provides […]
Advisory Board Insurance Discussed
Advisory Board Insurance A recent article in the Financial Post entitled “Advisory boards boost Canadian small businesses, but only 6% use one, study says” highlights the benefits of having an advisory board. The potential upside does seem clear, but one of the reasons only 6% take advantage of this concept is that it can be difficult to attract, retain and compensate […]
Tail Coverage: Is The ALIGNED Term Of The Day
Tail Coverage – A Definition Tail coverage is a provision found within a claims-made policy that permits an insured to report claims that are made against the insured after a policy has expired or been canceled, if the wrongful act that gave rise to the claim took place during the expired/canceled policy. It often requires that the […]
Belleville Flooding: Our Thoughts Are With Those Affected
Belleville Flooding Overview Our thoughts are with all the families and businesses affected by the flooding and other areas affected including parts of Quebec. Belleville Flooding In The News “Environment Canada says much of southern Ontario is in for a good soaking over the coming days — including the City of Belleville, which is already […]
Self-Insured Retention vs. a Deductible
Self-Insured Retention – What it is & isn’t Are you wondering about self-insured retention in Canada? It’s important to start by understanding exactly what this insurance term means. Self-insured retention (also known as SIR) is defined as a dollar amount specified in a liability insurance policy that must be paid by the insured before the […]
Heartbleed Bug Protection
Heartbleed Bug Protection Click Here For A Cyber Insurance Quote or Call us toll free at 1-866-287-0448 In a recent article the Canada Revenue Agency advised that 900 SINs were stolen in the cyber breach they experienced due to the “Heartbleed Bug” which shut down their website for days. This breach is a good reminder that breaches […]
Quid Pro Quo: Is The ALIGNED Term of The Day
Quid Pro Quo – What It Means For Employers Quid pro quo is Latin for “this for that.” This term pertains to the exchange of values by both parties to form a valid contract. In workers compensation, quid pro quo means that employees trade their right to sue their employers in exchange for no-fault benefits. This is considered the […]
Occurrence: Is The ALIGNED Term Of The Day
Occurrence – What It Is Occurrence is defined in a commercial general liability (CGL) coverage form, an accident, including continuous or repeated exposure to substantially the same general harmful conditions. General liability policies insure liability for bodily injury (BI) or property damage (PD) that is caused by an occurrence. See also accident. What Does an Occurrence […]
Named Insured: Is The ALIGNED Term Of The Day
Named Insured Explained Named insured is defined as any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an “insured.” See also additional insured; additional named insured. The Importance Of A Having A Correct […]
Major Shareholder Exclusion: What is it?
Major Shareholder Exclusion – What It Means A major shareholder exclusion is defined as an exclusion contained in some directors and officers (D&O) liability policies that precludes coverage for claims made by individuals who own a large percentage of the insured entity’s stock (typically more than 5 to 10 per cent). Why Do Some Insurers Impose A […]
Loss Control Offered By Insurance Brokers Explained
Loss Control Offered By Insurance Brokers Explained Loss Control def: A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Loss control is also known as risk control or safety. Driver training programs are loss control programs that seek to reduce […]
Captive Insurance Strategies For SME’s
Captive Insurance Strategies For SME’s – Why It Might Suit Your Business Captive insurance strategies are not just for Fortune 500 companies. Captive insurance strategies for SME’s are possible and ALIGNED works with each client to find a customized way to best protect their balance sheet, cash flow and profitability. Solutions often involve purchasing traditional insurance, but in some cases alternative […]
Kenney Ratio Is The ALIGNED Term of The Day
Kenney Ratio Is The ALIGNED Term of The Day The Kenney Ratio is a rule of thumb developed by Roger Kenney that sets a 2-to-1 target ratio of gross premiums written to policyholder surplus. The Kenney Ratio applies to insurers that write strictly property insurance. For companies that also write liability insurance, the Kenney Ratio […]
Tim Hudak with Andrew Clark of ALIGNED Insurance
Tim Hudak with Andrew Clark of ALIGNED Insurance Click Here For An Insurance Quote or Call us toll free at 1-866-287-0448 Andrew Clark, President and CEO of ALIGNED Insurance shared: “It was good to see Tim Hudak last night and hear more about his ‘Million Jobs Act’ and his plans “to get Ontario working again” if […]
