Lareau Blog - Insurance brokers

Statutory conditions

Marc Hupé Auteur Lareau - Marc Hupé

After a large claim that is covered, a fire for example, it is not uncommon for the insured to be faced with the issue of rebuilding his home according to the new building standards required by the Régie du bâtiment or the municipality. These new standards are also called statutory conditions, zoning by-laws, or by-laws. So, if a loss were to occur and you had to rebuild a section of your building, who will pay for the part that isn’t damaged if the city requires it to be demolished because the building no longer respects the mandatory distances? Who will pay to tear down this part? And finally, who will pay for the difference between the initial estimated costs and the costs under the new standards? You’ve guessed correctly… it’s the client! In terms of insurance In order to benefit Lire la suite…

I’ve never had to file a claim, therefore I will never have to.

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

My Cegep philosophy classes are long behind me. Most of what I had learned back then is a complete blur. Thankfully, I remember bits and pieces of it once in a while. We had studied sophisms, a concept that is pretty vague when you’re 17 years old. But with time, the concept became clearer. To refresh your memory, sophisms are false arguments, a confusing or slightly incorrect argument used for deceiving someone. We’ve all had this kind of reasoning, including myself. However, that type of thought process should be avoided. Today, I will be doing a risky exercise to tie philosophy and insurance together. “Because it has always been this way, it will always remain this way” is a sophism. A sophism takes into account the past by affirming that something that had always yielded a positive result in the past will Lire la suite…

Equipment Breakage Insurance

Claudia Lahaie Auteur Lareau - Claudia Lahaie

The additional Endorsement for Equipment Breakage can supplement your basic insurance coverage, which may exclude boiler explosions, electric arcs and compressor failure, among others. In addition to covering pressure devices (e.g., boilers), mechanical equipment (e.g., compressors) and electrical equipment, this protection may also be extended to production machines and electronic devices. It can even be extended to cover your perishable goods in the case of an accident involving the assets mentioned above. Why would I need such a protection? After a compressor failure, your stored vegetables may suffer serious damage from this sudden rise in temperature. The Equipment Breakage protection would then allow you to be compensated not only for the faulty compressor, but also for the value of the vegetables you have lost. Ultimately, it would also cover losses resulting from business interruption. It is important to know that Lire la suite…

Flooding… Long-term Preventive Measures and Precautions

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

We are in the middle of the flood season. And this year, it has been hitting us hard. Flooding occurs more and more often and this means that we need to redouble our efforts when it comes to taking preventive measures … and adopting certain long-term precautions. Two reasons explain why flooding is happening on an increasingly frequent basis: More sudden and heavy rainfalls, as a consequence of climate change. The deforestation and filling of wetlands, which serve as natural sponges. What can be done to prevent this? Not much … water will overflow if it has to … but what we can do is take precautions. Actually, you may still benefit from these measures even if you don’t own a waterfront property… Here are ten tips that are both affordable and easy to put in practice. Most of these Lire la suite…

Release form: do I sign or not?

Lori-Ann Yelle Auteur Lareau - Lori-Ann Yelle

It’s 7 a.m. on Sunday and the phone rings. My best friend asks me if I want to replace her colleague at the trendiest obstacle course that has just opened. The catch: the event is in two hours. No problem; after all, you only have one life to live! On site, I am asked — required rather — to sign a release form in the event of injury, dismemberment, and even death. Two thoughts come to mind: Is the obstacle course made up of flame throwers and crocodiles? Am I required to sign? A legal matter First off, under Article 10 of the Consumer Protection Act, a merchant is prohibited from being liberated from the consequences of his own act or the act of his representative. Thus, this law disallows the merchant from being discharged of all liability. Furthermore, Article 1474 of the Lire la suite…

Breakdown of what?

Julien L'Heureux Auteur Lareau - Julien L'Heureux

Let’s look at a section of your commercial insurance that is probably not very clear to you. Have you ever noticed a coverage called Equipment Breakdown in your policy? Have you ever realized that this coverage’s limit is equivalent to the total amount of your property coverage as well as the amount payable for business interruption? This protection aims to cover risks that are excluded from your property coverage. It can be divided into two types of risks: live appliances and pressure vessels. The resulting damage must have been caused by an accident. Therefore, the damage cannot have resulted from corrosion, erosion, dewatering, deterioration, wear and tear, valve leakage, vibration, misalignment or cracking of any part of a gas turbine exposed to the products of combustion. Several elements of your microbrewery are affected by this coverage. Let’s consider, for example, Lire la suite…

Sugar rush in Quebec

Vanessa Fortin Auteur Lareau - Vanessa Fortin

In Quebec, sugaring-off season will begin shortly — a sign that winter will be over soon enough! It’s well-known that springtime every year is characterized by the collection of maple sap, a real goldmine for Quebec. It’s true, maple syrup is the only food product with which we dominate the market, representing 71% of its shares. The industry is comprised of close to 13,500 maple syrup producers and generates around 5,000 jobs. Year after year, maple syrup is growing in popularity. Its syrup is a natural sugar, which is composed of over 50 beneficial compounds, namely one named “quebecol” in honour of its biggest global producer, Quebec. Maple syrup is obviously an integral part of our culture and our recipes since it’s a product that is readily accessible to all those who live in the province. It is more than likely to find Lire la suite…

Repairing or replacing a windshield. What to do?

Clifford St-Rémy Auteur Lareau - Clifford St-Rémy

The windshield is an important element of your vehicle: it fits into its structure, as much as the roof and doors. The windshield prevents the roof from caving if you roll over, allows the airbags to deploy in the right direction to protect the passengers and stops you from being thrown out of your car if a serious crash occurs. A tiny chip in your windshield can seem meaningless but think again. The question you have to ask yourself is whether to fix it or replace it. Repairing your windshield Your windshield that needs to repaired because of a star break or a chip is covered by your insurance company — without you having to pay a single penny — if you are protected by Chapter B3 (Comprehensive coverage), commonly referred to as “fire, theft, vandalism”. On top of being Lire la suite…

Your home-based business: is it insured?

Marie Claire Dansereau et Kim Wesley Auteur Lareau - Marie Claire Dansereau et Kim Wesley

You’ve decided to follow your instinct and become an independent worker. You’ve invested your time and money to make your dream a reality. After several weeks of planning, your business is finally up and running… from your home! You’ve notified your clients, your suppliers — you’ve thought of everything… well, almost everything. Have you called your insurance broker to communicate this change to him? You should know that in case of a loss, not having reported your business to the insurer could invalidate your claim. What does “business” refer to? Any continuous or regular pursuit undertaken for financial gain including a trade, profession or occupation. If you’re a hairdresser, an accountant, a interior decorator and you welcome your clients into your home a few evenings a week to offer them personalized services, your broker must be made aware of this. Lire la suite…

My work, my passion

Danielle Ouellette Auteur Lareau - Danielle Ouellette

It happened on a Wednesday, on May 16, 1984, to be precise. Everything was set into motion on that day. Here is how my story began. At the tender age of 21, I had gotten an interview to find a job in insurance — even though this was an industry I knew nothing of. The month of May is a very busy one for all insurance firms so you can only imagine what I was getting into… I arrived for the interview with my head held up high on my 5 feet 6 inches frame. As the interview progressed, I saw my chances fade away because I had no insurance knowledge. At the end of my interview, I took my biggest gamble to date — I offered my services for free for the next two days, which were Thursday and Friday. To my Lire la suite…

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