WCR
W. CLYDE ROBERTSON INSURANCE LTD.
W. Clyde Robertson Insurance Ltd.
5805 Whittle Road, Suite 204
Mississauga, Ontario L4Z 2J1
(905) 890-6202
"The Only Source of Knowledge is Experience."
Over 50 Years in Business
Frequently Asked Questions
Remember, this is intended only as a guide.
Quick Insurance Category Navigation
Auto Insurance Questions & Answers
Residential Insurance Questions & Answers
Other Types of Residences Questions & Answers
Auto Insurance Questions & Answers
Q. What is "No Fault Insurance"?
A. The term "No-Fault" applies more to the insurance companies than to you and I driving along the road. Once there is an accident, your insurance company will pay for your damages and the other person's insurance company will pay for their damages. This ensures your vehicles are promptly repaired and the insurance companies do NOT delay the claim while they try to determine who is at fault for the accident. For every accident, someone is deemed to be at fault and the driver responsible for the accident will have the "at-fault" accident assigned to their driving record.
Q. What is the minimum amount of insurance that I must have to carry on my car?
A. By law, Ontario motorists are required to carry a basic minimum of $200,000.00
of "Third Party Liability" coverage for bodily injury or property damage you may cause to someone else in the course of operating your automobile. It is important to note however, that at least $1,000,000.00 of liability coverage has become more the norm and anything less is considered to be inadequate, given today's legal environment. This is why you should carry higher limits than the basic minimum.
If a vehicle is leased or financed, then you must also carry collision and comprehensive coverage on the vehicle.
Also, included in your automobile insurance policy are the "Standard Accident Benefits" coverage. These are benefits to protect you in the event you are injured in a motor vehicle accident. As there are many options within the accident benefits coverages and they can be increased to suit your personal needs, you need to speak with your insurance broker to determine what coverages best meet your requirements.
Residential Insurance Questions & Answers
The residential insurance market is made up of several types of living accommodations. The two principle forms are single family dwellings and apartment buildings. With today's modern times, we also have condominiums, seasonal dwellings
and the newest form of residences - Life Leases.
Once again, remember that this is intended only as a guide.
Q. "I paid $300,000.00 for my house. How much insurance coverage do I require?
A. Regardless of the amount you paid for your house, your broker will discuss with you the features of your home and use an insurance industry evaluation tool to calculate the replacement cost amount for your home. Many factors are included in the calculation
of the replacement cost. They include; square footage, year built, # of stories, type of construction, # of bathrooms, type of flooring, type of basement, decks, garages etc…Plus, the replacement cost figure also factors in contractor and architects fees, debris removal costs and even building permits.
Q. "What types of policies are available?
A. Typically, there are two types of homeowner's insurance policy wordings available, the "Broad Form" and the "Comprehensive Form". The "Broad Form" policy offers "All Risk" coverage on your house and outbuildings and "Named Perils" coverage on your household contents. The "Comprehensive Form" policy offers "All Risk" coverage on your house, outbuildings and contents.
Q. Are there other coverages available that I may require?
A. Absolutely. The policy provides coverages that meet the requirements
of a mortgage company, but the standard coverages do NOT fully insure your home or contents. There are many additional coverages to insure specific items (one very important coverage today is water damage/sewer back-up - these types of water claims are now more common than fire losses).
Again, speak with your broker to discuss your individual insurance needs.
Other Types of Residences (Apartments, Condos, Life Leases & Cottages)
Q. What coverage does someone require for these types of residences?
A. The coverages are all very similar. The coverage variations primarily do not
include the main structure (with the exception of a cottage). Apartments are the most
basic form. The policy required is a "Tenants Package" policy – which covers your household contents, personal possessions and liability insurance. Most landlords of rental properties require the liability coverage be included along with the insurance on your personal possessions. This insurance provides you with protection in the event of an occurrence for which you could be held legally liable.
Speak with your broker to discuss your individual insurance needs.
The cottage is just a secondary home and the coverages are very similar to a homeowner's policy. However, some cottage insurance policies have more exclusions and may not offer guaranteed replacement cost coverage – which means you must continuously review the building value to ensure the cottage is insured to the proper amount.
Condos and Life Leases have created a new 21st Century living concept. With condominiums, you not only have to insure your personal belongings, you must also insure any improvements/betterments made to the condo unit. PLUS, you must know exactly what the condo corporation's master insurance policy covers – as you may also need to insure items such as your kitchen cabinets, all the plumbing fixtures, the flooring, etc….
You really need to speak with your broker about the proper insurance coverages required for your condominium policy.
If you have any questions please contact our office