Financial Insurance FAQs

Yes, depending on the insurance company you choose. Some companies may require the equivalent of two months insurance premium be paid when a new policy is issued. They do this so that your insurance premiums are always paid one month ahead.

Your Broker is a licensed insurance professional by the Registered Insurance Brokers of Ontario (R.I.B.O.). Changes to your insurance cannot be bound through email, voicemail, of fax alone. For your protection, coverage is only bound once your change has been confirmed by a licensed Broker of W.B. White Insurance.

When you purchase Business Interruption insurance, you will receive the income earnings your business has lost following an insured claim. The coverage you need is dependent on the exact nature of your business. It is important to accurately declare your business income to your Broker so that your business interruption insurance is adequate if your business were shut down for a period of time.

Risk Management is a structured and thoughtful approach to identifying risks that could have a negative impact on your business and/or service. Identifying and correcting exposures within your business and operations can make your workplace safer and greatly reduce the chance of a claim arising. For example, a Risk Manager might suggest repairing a torn carpet to reduce the chance of a slip and fall injury. Or, the installation of a sprinkler system to reduce the spread of fire. Risk Management advice is intended to help protect others from harm, reduce a business’s liability exposures, and encourage stable business operations.

If the home is updated and well maintained, the age of the home should not be an issue. Your Broker will need to know more information about the home in order to advise you. Some factors to be cautious about with older homes are homes with galvanized steel plumbing, 60 amp electrical service, knob and tube wiring, deteriorated roofs or windows, and a heating system more than 15 years old.

Your Broker will provide you with an Oil Tank Questionnaire that needs to be completed along with photos of the tank. This information is used to determine if the Oil Tank in your home is acceptable based on your insurance company’s guidelines. Generally speaking, any Oil Tank 15 years and older will be monitored by the insurance company and a regular inspection by a Technical Standards and Safety Authority (TSSA) inspector may be required. If an Oil Tank no longer meets the insurance company’s guidelines, the Oil Tank would need to be replaced by a licensed technician.

Everyone benefits when a Tenant arranges proper liability protection. A Tenant and a Landlord can avoid a dispute with one another thanks to the tenant liability insurance. For example, if a tenant accidentally caused damage from a stove top fire, the Landlord could sue the tenant for damage they caused to the Landlords property. If the Tenant carries liability insurance, they are able to report the incident and their liability insurance would cover the costs the Tenant is legally responsible for causing.

Yes. Depending on the scope of your business, additional coverage can be purchased through your home insurance policy. If the business exceeds the protection available by your home insurer, your Broker can arrange additional insurance through our Commercial Lines department.

Yes. Renovations or upgrades that increase the value of your home by $5000.00 or more should be discussed with your Broker. Larger jobs such as finishing your basement or adding an addition may require you to purchase Builders Risk or Course Under Construction insurance to protect your home during the renovation.