All Risk Insurance Coverage In Canada

Explainer | What is all risk insurance coverage in Canada?

Insurance terms are highly specific. And that’s why it’s particularly important to work with an insurance broker who has commercial insurance expertise.

All risks insurance coverage is a term that needs to be explained. On the surface, “all risks insurance coverage” sounds somewhat like a magic bullet or panacea insurance product that can take care of all risks an individual or an organization might face. 

However, the reality is that all risks insurance coverage is actually a very specific term used to describe the scope of coverage provided by a commercial property insurance policy. 

It’s all about the risk definition

Knowing what your coverage will deliver is fundamentally important. The commercial insurance experts at ALIGNED take the time to understand your specific business risks and match them with the best possible coverage options. In the case of commercial property insurance, policies there are several options.

Your personal property insurance can be written in several ways including all risk, named or specified perils. 

The difference between all risk insurance coverage (also commonly called all perils insurance) is that all perils causing property damage are covered unless they are excluded.

In complete contrast, specified or named perils commercial property insurance policies only cover the perils that are specifically listed in the policy wording.

So how do you effectively get all risk insurance coverage for a business?

If you are looking for all risks insurance coverage and effectively want to insure yourself and your organization from as many risks as possible, we can help.

ALIGNED Brokers are specifically trained to identify risks and help you prioritize those that you and your organization may be facing.  Once identified and prioritized, ALIGNED Insurance advocate will work with the more than 65 top Canadian insurance companies to secure insurance coverage for all risks that you would like to insure.

Unfortunately, no such thing as an all risk coverage insurance policy that covers any/all types of losses exists in the Canadian marketplace.

However, when you work with an ALIGNED Insurance advocate, you will be working with a commercial insurance expert. They can help you understand how some or all of the insurance products listed below can get you as close as possible to all risks being covered.

Here are just some of the commercial insurance products we can align for your business…

Related Matters: Full coverage – do you really have it?

The International Risk Management Institute (IMRI) defines full coverage as “Any form of insurance that provides for payment in full (e.g., without a deductible or coinsurance limitation) of all losses caused by the perils insured against.”1

IMRI also confirms that total insurable value is “A personal property insurance term referring to the sum of the full value of the insured’s covered property, business income values, and any other covered property interests.”2

Total insurable value – also known by the acronym TIV – is typically used in property insurance policy for businesses and other organizations that insures against damage to an organizations buildings, contents to a covered cause of loss, such as a fire, flood, windstorm etc.

A commercial property insurance policy may also cover loss of income or increase in expenses that result from the property damage. Keep reading about full coverage and total insurable value.

We’re about much more than just business insurance…

Since day one at ALIGNED Insurance, we’ve taken pride in delivering a different insurance experience to Canadian business. 

Our focus on providing important insurance insights here on our website, through our e-newsletter ALIGNMENT Matters and our social media channels will always be a cornerstone of our business. 

100% Canadian owned – we’re ALIGNED Insurance advocates

First and foremost, we believe that aligning insurance experts to business insurance needs is one of the most important things an insurance advocate can do to support their clients. We are proud to be a premiere insurance brokerage that currently serves more than 1,600 clients across this country.

In addition to a national operations centre in Cambridge, Ontario, we have offices in Toronto, Ontario; Calgary, Alberta and Vancouver, BC.

Since day one, we have been in growth mode, most recently acquiring Precept Insurance & Risk Management. Three well-established brokerage firms (with roots going back to 1912) came together in 1998 to found Precept. We are proud to align with our past, present and future as insurance advocates in Canada. We are in this together.

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