British Columbia Earthquake Insurance Coverage Audit Services

British Columbia Earthquake Insurance Coverage Audit Services

British Columbia Earthquake Insurance Coverage Explained. British Columbia earthquake insurance coverage audit services are available through ALIGNED Insurance brokers who work with hundreds of business property owners across British Columbia.  British Columbia earthquake insurance coverage audit services have been designed to ensure that business owners of all sizes have appropriate amount and type of British Columbia earthquake insurance coverage.

British Columbia earthquake insurance coverage can be found in commercial property insurance policies and if it exists it will either be already included as part of an all-perils commercial property insurance wording or added by the addition to a commercial property insurance policy.  British Columbia earthquake insurance coverage definitions vary. but the scope of British Columbia earthquake insurance coverage provided by Intact Insurance, who is Canada’s largest P&C Insurance company reads: “Earthquake” includes snowslide, landslide, or other earth movements occurring concurrently with and directly resulting from an earthquake shock.

Why Are British Columbia Earthquake Insurance Coverage Audit Services Needed?

On the service it seems like British Columbia earthquake insurance coverage is pretty straight forward and it’s either included or it not, and if it is included you are good.  Unfortunately, like many aspects of business insurance it’s not that simple.  There are a number of reasons why audit services like those that ALIGNED Insurance brokers in British Columbia are important and highlighted two of the most common below:

1. Its estimated that nearly 40-%50% of commercial insurance clients are undersinsured which means if you have a loss you won’t receive the funds to fully appropriately repair, replace or rebuild your property to get your business back up and running. Being underinsured also often means incurring significant financial penalties like co-insurance which further and sometimes dramatically limit the payment in the event of a loss.
2. Deductible analysis is another significant component of  our British Columbia earthquake insurance coverage audit services. For example the following common deductible specific to British Columbia Earthquake Insurance coverage reads “Deductible 3% or $50,000. whichever is the greater”.  This seems straightforward, but insurers differ on what the 3% is referring to. Some read that it is related to the total property limit and some read that it is related to the amount of the loss.  This small difference can mean millions of dollars in the event of a claim.