Coverage details and definitions
Contents
This provides coverage for loss or damage due to fire, theft, smoke, windstorm, or water damage etc. It covers your Business contents including equipment and stock and any building improvements that you may have done at your own expense to the rented store location(s).
Property Extensions - Basic and Enhanced
Various Property Coverage Extensions are available as listed below. In the event of a claim, the limit specified for each coverage extension is available in addition to the Contents Limit purchased under the policy.
Basic (Included) Enhanced (Optional)
Temporary Locations $25,000 $50,000
Property in Transit $25,000 $50,000
Building Damage by theft $10,000 $10,000
Accounts Receivable $25,000 $50,000
Extra Expense $25,000 $50,000
Fire Department-
ServiceCharge $25,000 $25,000
Office Computers $25,000 $50,000
Professional Fees $25,000 $50,000
Signs $10,000 $10,000
Valuable Papers $25,000 $50,000
Glass Included Included
Mechanical/Electrical
Breakdown of Electronic-
Data Processing Equipment $25,000 $50,000
AND MORE….
Business Interruption
Business Interruption coverage is included in our Package and it covers the loss of profits during the time it takes to restore business operations after a temporary closure due to an insured property loss such as fire, burglary, smoke damage, etc. Coverage is provided on an Actual Loss Sustained basis. The coverage period is up to 12 consecutive months after the date of a covered loss.
Equipment Breakdown
Equipment Breakdown Coverage is to replace or repair your equipment that is damaged due to a mechanical or electrical breakdown.
It applies to equipment such as air conditioning, refrigeration, furnace , boiler and pressure vessel, etc.
It will cover the:
- cost to repair or replace the equipment
- loss of perishable stock that spoils solely as a result of the Breakdown and
- Business Interruption/Extra Expense which results solely from the Breakdown (if business interruption coverage has been purchased as part of your package)
The limit of coverage available in the event of a claim shall be up to 100% of the Contents limit.
Crime
Crime coverage can protect your business from losses due to employee dishonesty and fraudulent activity such as :
- Stolen money from register or a night deposit bag
- Counterfeit cash or money orders
- Stolen and cashed business cheques
- Credit card, debit card or automated teller card fraud
Commercial General Liability (CGL)
This is designed to cover bodily injury, property damage and personal and advertising injury to others. This coverage protects you in the event that someone injures themselves while at your retail store.
Tenants' Legal Liability
Should a tenant or a tenant’s employee damage the premises occupied by the tenant; the tenant could be held responsible for such damages. If the building owner ensures the building and the owner’s insurer repairs the damages, the owner’s insurer may subrogate for the damages paid from the tenant. In that case, Tenant’s Legal Liability will cover the insured if he/she is legally liable for such damages as a Tenant.
For example, if the insured left the water running and it flooded the whole unit overnight, the tenant may be held liable for such damage, which would be covered under Tenants’ Legal Liability coverage.
Non-Owned Auto Liability
This covers bodily injury and property damage caused by a vehicle you rent or hire (including rented and borrowed vehicles) or caused by non-owned vehicles (vehicles owned by others including vehicles owned by your employees).
SEF 94 - Legal Liability for damage to hired automobile
This covers physical damage to the vehicle you may hire or rent. For example, you rent a car for a week for a business trip and its front bumper and headlights get damaged in a collision. SEF 94 will cover the damage to the vehicle up to a maximum $50,000.
Forest Fire FIghting Expense
This would cover any costs and expenses for controlling and extinguishing forest fires which you are legally obligated to pay under the provisions of any applicable provincial or territorial law, ordinance or regulation.
It will also cover any fines or penalties for which you are liable due to failure to comply with any statute, permit, rule or regulation.
Limited Pollution (120 Hour)
It covers third-party bodily injury, property damage and clean up costs incurred due to both gradual and sudden pollution events that occur on a covered job site.
What is 120 Hour clause?
It imposes a condition that in order for this coverage to respond"
- the pollution event (spill, escape, seepage, leakage of a pollutant) is detected within 120 hours of its commencement AND
- the pollution event is reported to us within 120 hours of it being detected.