GOLD Product Enhancements
What has GOLD been up to lately? Equipment Breakdown Legal Expense Insurance GOLD Rebranding Expand GOLD into British Columbia edocs for Personal Lines Jewellery and Valuable Articles appraisal thresholds Jewellery and Valuable Articles Blanket per item limit Broker BCP Appraisal GOLD I.D. Infrared Detection service Ontario Auto endorsements Residential wording changes GOLD 2.0
Agenda Introduction Property Changes Homeowners Condominium and Tenants Personal Liability Umbrella GUARANTEE GOLD Valuable Articles GUARANTEE GOLD Guard
GOLD 2.0 Introduction New policy changes Effective September 8, 2014 for new business Effective November 1, 2014 for renewal Liberalization clause effective September 8, 2014 Tools and reference material on the website
Property changes Flexible policy structure - choose from: Single Inclusive Limit or Individual Limits for Dwelling, Personal Property and Detached Private Structures Ability to reduce contents for eligible dwellings of significant value Guarantee Replacement Cost / Basis of Settlement Applies to Dwelling and Detached Private Structures Unlimited Additional Living Expense / Fair Rental Value
Property changes Addressing water and climate related loss activity Uptick in water related losses all year round Targeted and fair response through underwriting, rating, deductibles and risk selection Peril based resources to provide water exposure details at the risk address level New Appraisal and Loss Prevention brochure educating customers of the issues and what they can do to prevent GOLD I.D. detect water damage behind walls/ceilings Clarified water loss exclusions rewrote wording to ensure existing intent would not be misinterpreted Protecting the longevity and performance of the book Automatic water shut-off system coverage $5,000 to install an approved system at time of loss Loss must be $10,000 or more
Property changes Parents in a Nursing Home: Contents increased from $10,000 to $15,000 ALE $15,000 Mass Evacuation $15,000 Students Away from Home Additional Tuition Expense $10,000 ALE $5,000 Mass Evacuation $5,000 Personal Property extension 10% of the amount(s) of insurance for Homeowners 15% of the amount of insurance for Condo / Tenants
Property changes Previous Limit New Limit Lock replacement $2,000 $5,000 Business property on premises $25,000 $50,000 Credit card or debit card forgery $15,000 $25,000 Gravestone $10,000 $25,000 Tree Removal $1,000 $5,000 Identity Fraud Coverage $25,000 $50,000 (no deductible) SPECIAL LIMITS OF INSURANCE Securities $7,500 $25,000 Money, bank notes or bullion $1,500 $2,500 Numismatic property $5,000 $25,000 Jewellery (no special limit for furs) $10,000 $25,000
Property changes Fire Department & Police Department Charges Food Spoilage includes $5,000 for wine Kidnap Expenses $100,000 plus $25,000 for info leading to an arrest Deductible Waiver If the deductible is $10,000 or less and the loss exceeds $35,000 Alarm system must be activated Deductible always applies if sewer backup loss Subrogation clause rewritten Definitions section added new definitions
Property changes Homeowners Assessments $1,000,000 Deductible related losses up to $25,000 Earthquake only covered in British Columbia if EQ on policy Condominium Your Unit (Contingent) Maximum amount payable now up to $1,000,000 Only ensuing losses are covered for Earthquake British Columbia: Earthquake coverage up to $200,000 Condominium Special Assessments (Loss assessments) 2 times the amount of insurance up to $1,000,000 Earthquake only covered in British Columbia if EQ on policy Condominium Corporation Deductible Your Unit Increased from $10,000 to $25,000 Buy up options available Your share of Special Assessments Deductible Increased from $10,000 to $25,000 Buy up options available
GUARANTEE GOLD Valuable Articles A few changes done in the past year: Jewellery We require jewellery appraisals for items valued at $100,000 & above. Jewellery blanket limit per item has increased from $10,000 to $50,000. Fine arts We require fine art appraisals for items valued at $150,000 & above. Fine arts blanket limit per item has increased from $10,000 to $50,000. Wine & Spirits Wine blanket limit per bottle has increased from $1,000 to $5,000.
GUARANTEE GOLD Valuable Articles New wording replacing Personal Articles Floater Fine arts Title for a fine art $100,000 Commissioned artwork expense $100,000 Loan or consignment 25% of total fine art schedule, up to $1,000,000 Jewellery Commissioned jewellery $100,000 Loan or consignment 25% of total jewellery schedule, up to $100,000 150% settlement clause for jewellery & fine arts Newly acquired items increased from 30 to 90 days
GUARANTEE GOLD Valuable Articles Vintage and Reserve Both cover for theft, fire, vandalism and breakage Reserve protects against additional perils including spoilage caused by extremes in temperature, humidity, vibration, light, loss of labels and breakage Blanket or Itemized scheduled coverage Agreed value and cash settlement option Appraisal limit Items valued at $10,000 or more. Coverage for Labels Wine Accessories Coverage for wine in Transit and in Storage Anywhere in the world for up to 90 days
Personal Liability Defence, Settlement, Supplementary payments Increased loss of earnings to $50,000 and deleted the $250 per day limit Voluntary Medical Payments Increased from $10,000 to $25,000 Voluntary Payment for Damage to Property Increased from $1,000 to $15,000 Liability extension to elevators Family Trust, Company or Estate (beneficiaries & trustees) Damage to property you used to own, occupy or lease
Umbrella Rented or furnished automobiles increased from 45 days to 60 days Deleted $500 deductible for Umbrella riders Exclusion Family Trust, Company or Estate (beneficiaries & trustees) Added: damage to property you used to own, occupy or lease
GUARANTEE GOLD GUARD Endorsement annual premium of $90 GUARANTEE GOLD Guard An affordable coverage option that goes beyond a homeowner s policy to protect customers and their families. Air rage Carjacking Child Abduction Hijacking Home Invasion Road Rage Stalking Threat If any of these events leads to a loss of life or injury, GOLD can cover up to $250,000 for covered individuals Enhanced Identity Fraud Coverage
GUARANTEE GOLD GUARD Expenses could include: Medical Expenses Psychiatric services Rest & recuperation expenses Salary lost Residential security expenses Professional security consultant & guard services Temporary relocation Homeowners or covered vehicle s deductible Home and Car Modification
Up next for GOLD GOLD is committed to delivering market leading products and services to you and your customers Broker webinars and training for 2.0 Next session September 19 th Questions? Contact your local GOLD representative or mracha@gcna.com Presentation is available on our website Upcoming GOLD Communiqué Wine collections Valuable Articles GOLD I.D. Infrared detection GOLD App pilot and launch fall 2014 GOLD PleasureCraft Quebec
And now a word from our lawyers This presentation is descriptive only. Whether or not or to what extent a particular loss is covered depends on the facts and circumstances of the loss and the terms and conditions of the policy as issued. Claims examples are based on actual cases, composites of actual cases, or hypothetical situations. Actual coverage is subject to the language of the policies as issued. Presentation is not to be duplicated or replicated unless with the express consent of The Guarantee Company of North America. 2014 GUARANTEE GOLD is a registered trade name of The Guarantee Company of North America. All rights reserved.
THANK YOU 2014 GUARANTEE GOLD is a registered trade name of The Guarantee Company of North America. All rights reserved.