What Does All Risks Insurance Cover In Canada?
The insurance industry is known for it’s jargon, abbreviations, acronyms etc. and insurance professionals like those at the commercial insurance brokerage ALIGNED Insurance use it as a form of short hand to help communicate more clearly and efficiently with insurers, adjusters and other insurance professionals. However, the more insurance “short hand” you know the more you tend to use it and the more you tend to assume others know what you are talking about (which is not good)! One commonly used insurance term is all risks or all risks insurance cover, but it’s important to pause an ask the questions what does all risks insurance cover in Canada?
Why It’s Important To Ask What Does All Risks Insurance Cover In Canada?
The problem with insurance terms like “all risks insurance cover” is that they are very misleading as there is no insurance policy that covers all risks and never will be for a number of reasons including:
- Insurers silo their risk into different buckets by products to create separation and clarity on where things are covered, set capital reserves, build different policies, procedures etc.
- The pricing and actuarial models for each risk differs dramatically.
- All insurance policies include exclusions which need to reviewed carefully as they ultimately determine what’s not covered and occasionally will also affirmatively bring coverage back in.
So…What Does All Risks Insurance Cover In Canada?
Ultimately what all risk insurance cover means is that something is covered unless it’s specifically excluded. However, not many business insurance policies are written on this basis and commercial property insurance and directors and officers insurance are the two most common.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves over 1,400 clients across the country. As experts in delivering business insurance Canada solutions and consistently recognized as one of the best business insurance brokers in Canada, ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED business insurance brokers create, negotiate and deliver the best business insurance and risk management strategies/solutions to organizations like yours. As one of Canada’s fastest growing insurance brokerages, we invite you to learn more about us and connect @ALIGNEDonRisk, on Facebook or LinkedIn.|