Contrast Joins the IBANS Board of Directors

10/23/2019

EXCITING NEWS FOR CONTRAST INSURANCE

In late September Matt Davison of Contrast Insurance accepted a seat on the Board of Directors for the Insurance Brokers Association of Nova Scotia.

2019-2020 IBANS Board of Directors

The Broker Association of NS (often referred to as "IBANS" for efficiency) is celebrating it's 70th Anniversary this year and we're honored and excited to help the association meet and exceeds its goals.

What is IBANS?

'IBANS' is the Broker Association specifically for NOVA SCOTIA.

There's also 'IBANB' (NEW BRUNSWICK) 'IBAN' (NEWFOUNDLAND) 'IBAO' (ONTARIO) and the list goes on. Each province has specific issues and legislation to deal with, so they have their own regional associations all of which roll up under the NATIONAL BROKER ASSOCIATION 'IBAC' - The Broker Association of CANADA.

While you may not be too familiar with IBAC it's likely you've seen their TRADEMARK BIPPER LOGO around. Last year he underwent a very Barry Bonds like transformation. Don't believe me? You be the judge.

Here's a BEFORE and AFTER:

Here he was BEFORE the serious off-season in the gym.

You'll notice he built a little more for speed and wearing his popular throwback pinstripe jersey.
(it's actually a blanket.)

The New Bipper.

Note the larger frame and obvious increase in hat size.
He's ready to hit 73 HR's this season.

Setting the jokes and baseball aside IBAC is doing a great job laying out the benefits of buying coverage through a broker and promoting the #BrokerAdvantage.

Here's one of their ad spots from their recent 'BEFORE THE QUOTE' campaign:

We're really excited and proud to be a part of the IBANS team, and look forward to helping in any way we can.

Thanks for reading.

-Matt D

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Add INSURANCE to the 'Back to School' shopping list

9/2/2019

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Schools BACK!

Just when you thought you were finished shopping...we're adding INSURANCE to the list.

HAA. Remember REAL books?

IF YOU'RE IN ANY OF THE BELOW SITUATIONS, TAKE STEPS TO MAKE SURE YOU'RE PROPERLY COVERED.

1. They're off to school & TAKING A CAR with them.

DOWNSIDE TO NOT MENTIONING IT - POTENTIAL DISASTER.

This info can be CRITICAL for coverage to remain intact. If you fail to mention it you're treading in 'MATERIAL CHANGE IN RISK' territory.

Your auto policy references a few "mandatory conditions" and this is one of them.

TRANSLATION - you need to promptly notify your company if your insurance situation changes, or the coverage may not be there when you need it.

If one of your vehicles is being regularly driven and stored somewhere new, update your broker.

2. They're off to school & NOT taking a car with them.

DOWNSIDE TO NOT MENTIONING IT - OVERPAYING FOR NO REASON.

You may qualify for a significant discount when you have a CHILD AWAY AT SCHOOL.

Bonus: The child continues their positive insurance history while they're away!

If your insurer DOESN'T have this it's still likely the vehicle usages are changing, leading to some premium savings.

3. They're staying ON campus

Your PROPERTY policy likely has an extension for students away at school.

TRANSLATION - your content coverage follows them to their new place.

Make sure you Check with your broker to see if there is a limit though.
i-phones, laptops and Playstations can add up fast!

4. They're staying OFF campus

Consider getting them a tenant policy.

At around $200 for the year, it's affordable.

THE WIN HERE IS THE LIABILITY COVERAGE....not coverage for their BLU-RAY collection.

If junior 'falls asleep' at 2am while filling the bathtub, that insurance policy is going to seem really smart.

SIMPLIFY YOUR INSURANCE by having a relationship with your broker and keeping them in the loop.

A simple text or email saying:
"Jenny is going back to school at Mt. A and is taking the Corrolla" could save you from a denied claim.

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Property Claims 101

3/20/2019

1 Comment

Property Claims are on the rise.
Learn what to do when they happen.

This past weekend I had both a friend and a client encountering their first property claims. Water pouring into their basements along with the terrible feeling of not knowing what to do about it.

With more young people buying homes in Nova Scotia....and our weather events getting more extreme, I suspect most policyholders could use some info on what to do with a property claim.

Every insurance claim is unique in its own way, but I can still pull out some BEST PRACTICES to give the people some easy takeaways and maybe some insights to claims they hadn't considered.

Some Advice from a former Claims Adjuster.

1. IT'S YOUR PROPERTY SO LIMIT THE DAMAGES.

If water was pouring into your home, and you DIDN'T have insurance what would you do first?

Probably try to stop the problem right? Yes. Try to stop things from getting worse.

Turn off the water if it's a broken pipe spraying in your living room.
Cover the pot that just burst into flames. (The number of people who make fries on their stove is ASTONISHING to me.) Lift things off the floor that water is moving towards. Use towels/shop vacs...do something to try and stop damages from happening.

These sound obvious, but when people are in a panicked situation sometimes common sense goes out the window.

Buried in the fine print of your policy are 'STATUTORY CONDITIONS'.
These layout requirements for an INSURED (that's you) to at least try and 'mitigate a loss'. That's a fancy way of saying, preventing more damage from happening if you can.

Bottom line here is you can't notice your flooded basement and say
"WOW. Good thing I bought insurance! I'll be at my mom's if you need me."

2. IF IT'S STORM RELATED, YOU'RE ONE OF MANY. 

The worst part about claims is that they often come in bunches. If it's a WINDSTORM, or RAIN EVENT, there's a good chance tons of other people are in the same situation. This means the contractors and adjusters servicing the area are busier than you can even imagine.

In the very moment you NEED one these companies to help you....they are balancing a list of 20 more visits that day, and maybe 200 more in line behind that. Most of the adjusters and Project Managers still provide great service, but often it may not be what a first time claimant is hoping for.

If you call in a claim to your broker, or insurer on a weekend....usually the first person to contact you is from a contractor, or restoration company dispatched by that company. Their priority is to stop the bleeding so to speak. Often they aren't in the position to tell you if there is coverage right away , but they CAN take some steps to temporarily repair damages. Things like patching a roof/or repairing the broken pipe). If you're not handy, this service is a lifesaver regardless of coverage.

3. EXPECT IT TO TAKE A WHILE.

Getting you back to where you were before the incident happened can take some time, so temper your expectations on a quick fix. Claims drag on, and can wear you down if you've not been through them before.

EXAMPLE: A flooded (finished) basement.

It will take a week or more to get it dried out.
Then a week or more to agree on the scope of the damages.
Then who knows how long to collect repair estimates and decide on a contractor.
Then the repairs to be completed.
Replacing, or settling the damaged contents.

AT BEST it's a few weeks.
On average a couple months.
AT WORST, well let's just hope it's not the worst.

4. DON'T GO AT IT ALONE.

Claims are a whole subset of insurance industry knowledge. It's not something you'll want to just Google when you need it. People who adjust claims, and work in claims departments spend their entire lives immersed in them. They still come across new circumstances every day so believe me when I say two hours on Wikipedia won't have you operating on their level.

I'm always promoting
'the benefits of brokers'
but CLAIMS is where this
should be paying off.

You should be able to email, text or call them, and know they'll make time to guide you through the process.

They should be able provide insight on what to expect, follow up with vendors/adjusters when necessary, and give you reassurance that the decisions you're making are in your best interest. It's like taking your own car sales manager with you to buy a new car.

Direct insurance companies are sometimes the lowest price but it's just you and them when it comes to making a claim. I'd be interested to know what the average policy holder leaves on the table or forgets to add to their claim because they had no help through it.

Get a broker BEFORE you have a loss. Once you've made a claim, you're stuck there for awhile until other companies are willing to consider you.

- MD

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THE FINE PRINT.

Contrast Joins the IBANS Board of Directors

EXCITING NEWS FOR CONTRAST INSURANCE

Add INSURANCE to the 'Back to School' shopping list

IF YOU'RE IN ANY OF THE BELOW SITUATIONS, TAKE STEPS TO MAKE SURE YOU'RE PROPERLY COVERED.

1. They're off to school & TAKING A CAR with them.

2. They're off to school & NOT taking a car with them.

3. They're staying ON campus

4. They're staying OFF campus

Property Claims 101

Property Claims are on the rise.
Learn what to do when they happen.

Some Advice from a former Claims Adjuster.

About the author

Categories

Archives

THE FINE PRINT.

Contrast Joins the IBANS Board of Directors

EXCITING NEWS FOR CONTRAST INSURANCE

Add INSURANCE to the 'Back to School' shopping list

IF YOU'RE IN ANY OF THE BELOW SITUATIONS, TAKE STEPS TO MAKE SURE YOU'RE PROPERLY COVERED.

1. They're off to school & TAKING A CAR with them.

2. They're off to school & NOT taking a car with them.

3. They're staying ON campus

4. They're staying OFF campus

Property Claims 101

Property Claims are on the rise.Learn what to do when they happen.

Some Advice from a former Claims Adjuster.

About the author

Categories

Archives

Property Claims are on the rise.
Learn what to do when they happen.