At some point in time as a business owner you have had to decide how much insurance coverage you feel you need on buildings, equipment or stock that you own or are responsible for. Hopefully the following will help you make an informed decision.
Most property insurance polices contain a “Co-Insurance Clause”. The word in essence means that both parties, yourself and the insurance company can become partners in payment of an insured loss. Most insurance claims to buildings, equipment or stock tend to be partial losses and not total losses and an insurance company needs to collect enough in premiums to cover all losses and expenses. It is impossible to know who is going to have a partial loss verses a total loss, so to stop businesses from only insuring a portion of the value of a given building, equipment or stock a “Co-Insurance” penalty is contained in the contract wording. In simple terms this clause states that insured losses are settled on the basis o ...
Commercial General Liability insurance, commonly referred to as a CGL policy, is the most important insurance coverage a business owner can have. This insurance coverage ensures that the business, and business owner, is protected in the event of injury to a person, or property damage caused by the insured, in an area associated with the business.
The commercial general liability policy includes various different coverages as follows:
Bodily Injury and Property Damage Liability – For example, if a client slips and falls on your property because you did not salt or sand properly, or you are plowing a client’s property and cause damage to part of the property, these things would be covered under this policy coverage.
Personal Injury Liability – This coverage includes coverage for false arrest, wrongful eviction of a person from your property, or oral slander or libel. For example, if you wrongfully detained someone on your premises because you believe they were stealing on ...
The Digby Volleyball Club, sponsored by Fairway Insurance, captured 2 Provincials medals this past weekend. Gold in the 16U Tier 2 Blue and Bronze in the 15U Tier 2 Category.
We would like to congratulate the teams and coaches on their accomplishments.
The principals and staff of Fairway Insurance would like to take a moment to congratulate our recent Canadian Accredited Insurance Broker (CAIB) graduates and award recipients from the Insurance Brokers Association of Nova Scotia’s, graduation and Aspire Awards ceremony. This year we were very proud to have 5 CAIB graduates and 2 awards winners recognized.