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A TRIPEMCO BURLINGTON INSURANCE GROUP NEWSLETTER APRIL 2012

- Why Are My Premiums So High? This question seems to come up each year and around the same time…at renewal!

- Be Aware Of Tow Truck Scams Most tow truck operators provide a fair and valuable service to those in need.

- Home and Business Inventory When it comes to insurance, there are many details and requirements that are not often thought of until you are faced with a crisis situation, at which point it is often too late.

- Antique and Classic Automobiles In the spring, a young person’s fancy lightly turns to thoughts of “let’s go cruising”!

- Don’t Let a Tornado Blow Your Assets Away Wow, What A Wild Wind!

- Joe Bonomo - Associate Partner.

IN THIS Issue

A strong business is built upon a solid foundation of insurance....

“Why Are My Premiums So High?”

•Ifthedriverisunder25yearsofage,the age and sex are determining factors; •Claims(Number‘claimsfree’years differs by each insurance company’s criteria); •Convictionsinthepastthreeyears; •Useofthevehicle(commutetowork, pleasure use only, business use); •Make,modelandageofthevehicle(s); •Coveragesyouhavechosen(Liability, Collision,Comprehensiveand Endorsements).

Depending on your insurer’s offerings, there are numerous discounts that can be applied. It is always important to ask your broker to review all the discounts available to you.

Property InsuranceFactors and trends used to determine property rates are: •Territoryorwhereyourhome,condo or apartment is located; •Distancetoafirehallandfirehydrant; •Buildingmaterialsofthedwelling (concrete,frame,bricketc.); •Useofdwelling(strictlypersonaluse or partial business use); •Uniquefeatureswithinthedwelling (customfinishingversusbuilder’s grade); •Floor,ceilingandwallfinishing (plasterversusdrywall); •Claims(Number‘claimsfree’years differs by each insurance company’s criteria);

•Styleofdwelling(twostorey,splitlevelor high rise versus triplex or townhouse); •Coveragesyouhavechosen(allrisk coverage versus named perils coverage and endorsements).

Again, there are many discounts that can be applied. Ask your broker to review all available discounts to you.

There are other factors as well that are completely determined through each insurance company’s system that your broker can look into for your unique risk.

Don’t be afraid to call your independent broker for clarification. That’s your broker’scommitment to you…to service you and provide sound and educated advice.

Because there are different factors betweenautomobile and property, let’s break this topic into two sections.

Automobile InsuranceFactors and trends used to form automobile rates are: •TerritoryorWherethevehicleismost often used; •Ageofdriversinthehousehold; •Numberofvehiclescomparedto number of drivers in the household;

This question seems to come up each year and around the same time…at renewal! The goal of this article is to assist you in having a better understanding of what goes into determining premiums for personal lines policies, like automobile and property risks.

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THE TRIPEMCO BURLINGTON INSURANCE GROUP NEWSLETTER ISSUE TEN

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Most tow truck operators provide a fair and valuable service to those in need. However, some operators have made side deals with repair shops or storage facilities that pay them a commission for bringing in your vehicle. Not only is this practice unethical, it can result in poor quality repairs and/or hefty storage, administrative and environmental charges if you decide to change shops.

If your vehicle is not drivable after being in an accident, have the tow truck

operator take it to a Claims Reporting Centre (CRC), if one is available in your area. If not, have it towed to the repair shop of your choice. The centre will pay the towing bill on your behalf and

Be Aware Of Tow Truck Scams

One such detail is that you are required to provide a schedule of contents lost or damaged as part of a claim. This schedule requires information such as: •Adescriptionoftheitem(s); •Datepurchasedandwheretheitem(s)werepurchased; •Purchaseprice; •Currentreplacementcost;

On the surface, this seems like a pretty straightforward and simple task, but disasters always have a tendency to strike when least expected. Imagine coming back from vacation to your home or business and findingnothingbutapileofburntrubble.Oncetheinitialstepsintheclaim process have been taken care of, you will now be required to provide a list of items lost in the claim. Where do you begin and how areyougoingtoensurethatyouarefullyindemnifiedforyourloss?Willyouremembereverysingleitemthatwasinsideyourhomeorbusiness?Not likely.

A great preventative measure to help ensure an accurate and prompt claim settlement prior to making a claim is to complete a home or

business inventory. Although initially an inventory does require some work, it is an invaluable tool in the event of a crisis. In addition to ensuring that all contents can be listed and included in a claim, an inventory will ensure that you are carrying an appropriate amount of coverage on your personal property or business contents.

Some quick tips with respect to inventories: •Tosavetime,usedigitalphotosorvideoifavailable. Something is better than nothing. •Makesureyouupdatetheinventoryfromtimetotime, perhapsatrenewaltime.A5yearoldinventoryisnotlikely to be accurate. •Keepaduplicatecopyoffsite.Yourbrokerwouldbehappy tokeepacopyinyourfile.

A sample inventory tool can be found in the consumer resource section at www.myinsuranceshopper.ca/knowyourstuff.

Don’triskfinanciallossordowntime.Completeaninventoryforpeaceof mind.

Home and Business InventoryWhen it comes to insurance, there are many details and requirements that are not often thought of until you are faced with a crisis situation, at which point it is often too late.

Thisdedicationisunrivaled;secondtonone.Youcan’t compare the master of one of these rare vehicles to the owner of a regular car. Of course one expects to pay more for the best; however, it is refreshing for the owner to discover this is not the case when considering specialized insurance for a special interest automobile.

For many years, there have been lengthy discussions as to the difference between antique and classic vehicles. The Ontario Department of Transportation will provide historic (antique)plates for vehicles 30 or more years old. Some believe that the term “classic” refers to selected vehicles that are pre World War II.

Determining the value of any collector vehicle is not as easy as knowing how much someone is willing to pay for a vehicle. Prices should be based on many factors and not only one. Someone who finds their “dream car” maybe willing to pay much more than the vehicle is actually worth – because to them the car is worth any amount they can afford.

If you are thinking of selling your collector vehicle and you want to be certain that you receive a fair price, there are a few steps you can take to ensure you are selling the vehicle for its market value, such as:

1. Check all the sources that are available to you in print, i.e. car magazines, car value guides, etc. See what your car’s model and year are quoted as being worth. If possible, compare othersalepricesvs.theseller’saskingprice.Keepin mind that there can also be increased interest and valuation in autos that are associated with a dedicated car club.

2.Check with an appraiser. Have an appraisal done on your vehicle and do not try to influence the appraiser in anyway. This way you can ensure you will receive fair value for your vehicle in the event of a claim or sale.

When taking precautions for the safe upkeep of your vehicle, one area that antique car owners often overlook is their own garage. Many comprehensive insurance claims occur while the vehicle is in the “safety” of the insured’s own garage. There are many things that owners can do to safe-proof their vehicle and garage to help reduce the likelihood of such claims.

1. Make sure that the actual structure of your garage is in good condition. 2.Considerusingfireretardantroofmaterialsincludingmetalshingles,tile(clayorcement),aswell as slate. 3. In areas where there is snowfall, make sure you keep large amounts of snow off of the roof. Heavy snow can cause leaking as well as the collapse of the roof itself. 4. Install a smoke detector in your garage for firesafety. 5.Keep your garage locked at all times andinstall an alarm if feasible.

Theinsuranceindustryplaysasignificantroleinthe health of this very special hobby. All owners want to ensure that their particular pride and joy has the appropriate coverage which reflects the true value if the need arose for them.

Collectors of antique, classic and special interest cars know they are special! It’s safe to say that the unique admiration for their cars reflects their sense of pride, history, beauty and sheer joy of driving and showcasing these magnificent vehicles.

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THE TRIPEMCO BURLINGTON INSURANCE GROUP NEWSLETTER

provide 24-hours FREE storage. Your insurance company will then authorize a damage appraisal and arrange to have your vehicle towed to a repair facility of your choice.

If a tow truck operator promises you a free courtesy car, additional bodywork at no cost, or offers to pay your deductible, you are likely being scammed. To avoid being a victim, do not sign a Waiver allowing your

vehicle to be towed from the CRC. A reputable towing company will never ask you to sign a waiver.

If you are involved in an accident, call your insurance broker as soon as possible. We will answer all your questions and help get you back to life as usual as quickly as possible.

Joe has been with Tripemco Burlington Insurance Group for 20 years and has been an Associate Partner in our Burlington office since 1995. He takes pride in servicing his client’s needs when it comes to their entire insurance requirements; commercial, home, auto, motorcycle and any other coverage that they may require. Treating all of his clients with awareness that makes each individual feel unique.

Joe has a love affair with classic cars and when Hagerty Classic Car Insurance came to Ontario, he took the bull by the horns and started to join several classic car clubs and going to all the classic car shows to offer the owners of these classics an alternative to what they currently have. “I can appreciate the time and money that these folks put into their hobby and enjoy listening to them talk about their cars”.

Married for 18 years to wife Anna, who also works at Tripemco, they have two boys and are kept busy with attending all their sporting venues; football, soccer, and basketball. Joe also enjoys spending time with his two Labradoodles.

Joe Bonomo Associate Partner

Employee Profile

OnAugust21,2011,thefirstF3tornadoinover15yearshitthelakesidetownofGoderich,Ontario,causingover$75milliondollarsindamage.Likewise,onJune6,2010,anF2tornadowentfromHarrowthroughKingsvilleandLeamington,Ontario,beforedissipatingnearPointPeleeNationalPark,causing$120milliondollarsindamage.

These tornados are a vivid reminder of the threat windstorms pose to life and property, as well as emphasize the importance of having the right insurance coverage. No matter where you live, you need to have therightamountandtypeofinsuranceinordertorecoverfinanciallyafter a natural disaster.

The standard homeowners and business insurance policy covers wind damage including that caused by tornados to the structure of the building and contents including broken windows and removal of debris. However, you should make sure your coverage limits reflect the cost of rebuilding the structure, removing the debris and fully replacing personal belongings. It’s important to make sure you have purchased ‘replacement cost coverage’ on your business policy andyour homeowners’ insurance policy. If you have a business policy, it is alsoimportantthatyoucarry‘blanketbylawscoverage’onyourpolicy.

A homeowners’ policy also provides ‘Additional Living Expense(ALE) coverage’ to pay the costs of living away from home if you

cannot inhabit your house due to damage from an insured disaster. ThepolicyALEprovisioncovershotelbills, restaurantbills, andotherliving expenses incurred while away from your home, while it is being repaired or rebuilt.

‘GuaranteedReplacementCost (GRC)’or ‘AdditionalRebuildingCost(ARC)’ is another homeowner’s insurance coverage that can provideextra coverage, over and above the limit you have on your home insurance policy. For example, let’s say you have your home insured for $400,000–atornadodestroys200homesinyourarea,andbuildingcostsandinflationcausethereplacementofyourhometobe$450,000.TheGRCandARCcoverage’swouldpaythisadditionalamountsubjectto the terms and conditions of your policy. Make sure you review these coverages with your broker.

Damage to cars, trailers, motor homes and ATV’s are covered under the ‘comprehensive optional coverage’ portion of the policy. Marineinsurance policies will usually cover damage to boats from wind.

Please make sure you review your insurance policies with your insurance broker on a regular basis to make sure your assets don’t get blown away, should a Tornado destroy or damage your home and business. With changing weather patterns, your home could be the next target.

Wow, What A Wild Wind!

Don’t Let a Tornado Blow Your Assets Away

THE TRIPEMCO BURLINGTON INSURANCE GROUP NEWSLETTER ISSUE TEN

Antique and Classic Automobiles