G20 Toronto Summit

From June 26 to 27, Toronto will be hosting the G20 Summit. Following are a few questions and answers on how your insurance policy may respond.

This information is intended as a general guide only. For more specific information about your own insurance coverage you should review your insurance policy and contact your insurance representative.

The G20 Summit will not modify any insurance protection that has already been purchased, whether it is residential or business.

Although the government is not legally obligated to pay compensation for losses suffered as result of the G20 summit, there are circumstances where compensation has been provided to those impacted by security measures of previous international summits. Visit the Department of Foreign Affairs and International Trade website at http://g20.gc.ca/important-notices/ for more information.

Q & A

Personal Property Insurance

1. Does my insurance remain in force if I vacate my premises during the summit?

Answer:

Yes, your policy remains in force. This would be similar to any other short term vacancy (i.e. summer vacation).

2. If I am ordered to vacate my home for security reasons during the summit is any compensation from my insurer available?

Answer:

There would be no compensation available from your insurer. To qualify for additional living expenses there must first be insured damage to your dwelling.

3. If my home is uninhabitable due to vandalism caused during the summit, am I insured?

Answer:

The damage caused by the vandalism would be insured and you may possibly have a claim for additional living expenses.

4. If a civil authority prohibits access to my dwelling due to vandalism damage to neighbouring premises during the summit, am I insured?

Answer:

Additional living expenses coverage would be available for the time period spelled out in your policy.

5. If that part of my dwelling or detached private structures which I rent or hold for rental to others is unfit for occupancy due to vandalism during the summit, am I insured?

Answer:

You may be insured for the loss of rental income during the period that the part of your dwelling or structure which you rent or hold for rent is unfit for occupancy. There is a maximum time period for the duration of this coverage.

Commercial Property Insurance

1. If I decide to close my business premises during the summit, will my insurance coverage remain in force?

Answer:

Yes, your insurance coverage would remain in force. This would be the same as closing your business for any other long weekend.

2. If I am ordered to close my business premises for security reasons during the summit would my commercial property insurer compensate me for my loss of business earnings?

Answer:

Generally, commercial property policies contain exclusion for loss of market or loss of use or occupancy. The commercial property policy insures against loss or damage to the insured building and contents only and not business earnings.

3. If my commercial building is not fit for business use due to vandalism caused during the summit, am I insured?

Answer:

The damage caused by the vandalism would generally be covered but loss of business income would only be covered under a business income policy.

4. Is business income coverage automatically provided when I purchase commercial property insurance?

Answer:

Insurance coverage for business income is generally purchased separately from insurance on the commercial property.

Commercial Business Income

1. If I am ordered to close my business premises during the summit as a direct result of damage to neighbouring premises, would my insurer compensate me for my loss of business income?

Answer:

Coverage may be provided for such an event if the neighbouring premises are damaged by a peril insured under the business income form.

2. Does the business income policy require that there must be damage to my commercial property before the policy will respond?

Answer:

Yes, other than damage to neighbouring premises as described above, there must be damage to your commercial property. It is the damage to your commercial property that triggers the obligation under the business income policy to respond to a subsequent income loss resulting from business interruption.

Automobile (Commercial or Personal)

1. If my automobile is damaged by vandals during the summit will my policy respond?

Answer:

Your policy will only respond if you have purchased comprehensive or specified perils coverage, subject to your deductible.

Our changing climate

Canada’s home, car and business insurers see first-hand the impact of climate change and the havoc it is wreaking on individuals and communities. As primary bearers of the risk of damage presented by increasing severe weather, insurers know that it is vital for homeowners and businesses to adopt effective strategies to adapt to our changing climate.

In an effort to make our country, our economy and our communities more resilient to disasters, Insurance Bureau of Canada is taking a leadership role and has become a committed champion of adaptation to climate change. IBC has been encouraging governments and individual Canadians to adapt to the effects of climate change by:

• Calling on governments to upgrade water and surface water infrastructure, update land use policies, create stricter building codes and improve disaster management efforts.
• Working with stakeholders to develop a municipal risk assessment tool that will help municipalities to identify infrastructure vulnerabilities and allocate infrastructure dollars strategically.
• Creating the Watershed Awards to recognize forward-thinking communities that are working to identify and eliminate their infrastructure vulnerabilities.
• Offering on-site insurance claims assistance to disaster victims through the Community Assistance Mobile Pavilion (CAMP) program.