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Residents Lack “Over Land” Water

Residents Lack “Over Land” Water

Have you heard about the Overland Water coverage that was introduced this past year in Ontario? The article below is a great reason why the new coverage is so important.

 

The heavy rains last Tuesday have caused many residents in Newfoundland and Labrador to file for claims for flooded basements, but the region’s insurance association reveals that many lack proper coverage to deal with the water damage.

“I don’t know what the percentages are, but a lot of people don’t have the coverage, let’s put it that way,” Insurance Brokers’ Association of Newfoundland and Labrador (IBAN) president Kent Rowe told CBC News.

The insurance industry classifies the flooding of basements due to rising water levels on rivers, streams, brooks, ponds and lakes as “over land water damage.” There is a specific coverage for this type of damage, but Rowe pointed out that many homeowners lack the added coverage.

“The over land water flood protection has only been available in this province in the past 12-18 months,” Rowe explained. “Not every insurance company offers it.”

According to Rowe, over land water damage coverage was created in response to the increased frequency and severity of significant rainfalls over the past few years.

“Water damage claims are the number one source of claims in our industry right now,” he said. “It used to be that fire was. Water is the new fire.”

Although many initially missed out on the insurance feature when it first came out, last week’s flooding has convinced several homeowners to finally opt for over land water damage coverage. Rowe said that while it may be a little too late for some, this is a good development—more people are likely to be protected the next time flooding occurs.

CBC News reported that the added coverage could cost $60 to $90 a year in low-risk zones. High risk zones could see costs as high as $2,500 a year. Those who opt for over land water damage coverage should expect higher deductibles, as well.

Call Moller Insurance today to speak to one of our brokers to make sure you have the right coverage! (905)642-2745 or 1(800)603-4279

Source:
Adriano, Lyle. “Residents Lack “over Land” Water Damage Coverage.” Insurance Business. Insurance Business Canada, 17 Oct. 2016. Web. 17 Oct. 2016.

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Yahoo Hack Steals Personal Information

Yahoo Hack Steals Personal Information

Yahoo hack steals personal info from at least 500 million accounts.

SAN FRANCISCO – Computer hackers swiped personal information from at least 500 million Yahoo accounts in what is believed to be the biggest digital break-in at an email provider.

The massive security breakdown disclosed Thursday poses new headaches for Yahoo CEO Marissa Mayer as she scrambles to close a $4.8 billion sale to Verizon Communications.

The breach Thursday dates back to late 2014, raising questions about the checks and balances within Yahoo – a fallen internet star that has been laying off staff to counter a steep drop in revenue during the past eight years.

At the time of the break-in, Yahoo’s security team was led by Alex Stamos, a respected industry executive who left last year to take a similar job at Facebook.

Yahoo didn’t explain what took so long to uncover a breach that it blamed on a “state-sponsored actor” – parlance for a hacker working on behalf of a foreign government. The Sunnyvale, California, company declined to explain how it reached its conclusions about the attack, but said it is working with the FBI and other law enforcement as part of its ongoing investigation.

MOST ACCOUNTS EVER STOLEN

“This is a pretty big deal that is probably going to cost them tens of millions of dollars,” predicted Avivah Litan, a computer security analyst for Gartner Inc. “Regulators and lawyers are going to have a field day with this one.”

Litan described it as the most accounts stolen from a single email provider.

The stolen data includes users’ names, email addresses, telephone numbers, birth dates, scrambled passwords, and the security questions – and answers – used to verify an accountholder’s identity.

Last month, the tech site Motherboard reported that a hacker who uses the name “Peace” boasted that he had account information belonging to 200 million Yahoo users and was trying to sell the data on the web.

Yahoo is recommending that users change their passwords if they haven’t done so since 2014. The company said the attacker didn’t get any information about its users’ bank accounts or credit and debit cards.

THE VERIZON IMPACT

News of the security lapse could cause some people to have second thoughts about relying on Yahoo’s services, raising a prickly issue for the company as it tries to sell its digital operations to Verizon Communications.

That deal, announced two months ago, isn’t supposed to close until early next year. That leaves Verizon with wiggle room to renegotiate the purchase price or even back out if it believes the security breach will harm Yahoo’s business. That could happen if users shun Yahoo or file lawsuits because they’re incensed by the theft of their personal information.

Verizon said it still doesn’t know enough about the Yahoo break-in to assess the potential consequences. “We will evaluate as the investigation continues through the lens of overall Verizon interests, including consumers, customers, shareholders and related communities,” the company said in a statement.

DELAY OF ACQUISITION?

At the very least, Verizon is going to need more time to assess what it will be getting into if it proceeds with its plans to take over Yahoo, said Scott Vernick, an attorney specializing in data security for the law firm Fox Rothschild.

“This is going to slow things down. There is going to be a lot of blood, sweat and tears shed on this,” Vernick said. “A buyer needs to understand the cybersecurity strengths and weaknesses of its target these days.”

Investors evidently aren’t nervous about the Verizon deal unraveling yet. Yahoo’s stock added a penny Thursday to close at $44.17. But the Verizon sale represents a sliver of Yahoo’s total market value, which primarily consists of a stake in Chinese e-commerce leader Alibaba Group currently worth $42 billion.

 

 

Contact a broker at Moller Insurance Ltd. today to learn more about cybersecurity and how to protect your personal information.

Source:

Liedtke, Michael. “Yahoo Hack Steals Personal Info from at Least 500 Million Accounts.” Canadian Underwriter. Associated Press, 23 Sept. 2016. Web. 26 Sept. 2016.

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Young Drivers: Emoji Road Signs

Young Drivers: Emoji Road Signs

It’s a sign of the times: younger drivers better understand road signs in emoji form over the traditional ones. This was revealed in a survey of 1,000 young drivers by insurer more than a subsidiary of RSA.

More than six in ten (61%) of drivers aged 17-25 understood emoji road signs better, showing how embedded emojis are in the current lexicon of millennials.

The surveyed drivers had difficulty correctly identifying the standard road signs for zebra crossings, ring roads, no bicycles and steep hills—but had no problems understanding road signs that indicated emojis. In fact, 37% of young drivers would be open to having emoji signs on the UK’s roads and highways.

Young drivers’ misinterpretation of real-life road signs is a cause of concern. The sign for a ring road was mistaken by 27% of those surveyed as a sign for a ‘carbon neutral road’. Meanwhile, 25% thought that the sign for ‘no vehicles carrying explosives’ was a warning of spontaneously combusting traffic.

According to Kenny Leitch, director of telematics for more than: “Emojis have changed the way the younger generation converses, so it’s understandable they can comprehend these symbols with ease. However, emojis have no place on our roads. Thankfully, there is little prospect of official road signs ever becoming like emojis, but we still find ourselves in a situation where a significant number of young drivers do not understand the meaning of authentic road signs.”

The 63% of those who disagreed with using emoji road signs cited that they were too frivolous, confusing for older drivers, or would encourage use of mobile phones while driving.

The last reason is particularly problematic, as 32% of those surveyed admitted to using their phone behind the wheel, and one in 20 (5%) had an accident or nearly missed one due to being distracted by their gadget.

 

Source:

Olano, G. (2016, May 20). Young Drivers “Understand Emoji Road Signs Better Than Real Ones” Retrieved September 22, 2016, from http://www.insurancebusiness.ca/news/auto/young-drivers-understand-emoji-road-signs-better-than-real-ones-207660.aspx?keyword=telematics

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Airbnb Insurance Even More Essential

The sharing economy is growing and Airbnb is one of the most popular in the industry. However, the following article might make you think twice about renting out your own place.

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Samia Bendhamane only found out that her apartment had been robbed by her Airbnb renter when she received a call from police last Friday, Aug. 12. Bendhamane assumes that the robbery took place between Thursday and Friday of last week, with the robber making off with a Canada Goose jacket, a Louis Vuitton purse and a games console.

Anyone who’s been the victim of a robbery knows how awful it feels; it’s not just the loss of material goods – it runs deeper.

But for Bendhamane, things then got weird. On Saturday she discovered that her cousin, Othmane Zniber, had also been robbed… by the same renter.

“Airbnb had hours to alert us to let us know that this guy had robbed my cousin – to let me know and anyone else know that he was a thief. And they did nothing,” Zniber told CBC Montreal’s Daybreak.

Zniber said he is charging Airbnb $8,000 for his valuables and loss of income incurred after having to cancel a visitor who wanted to rent his apartment for 20 days.

It’s just the latest in a string of sharing economy stories that has insurance implications.

“It’s a challenging space for brokers, because most insurance companies are reluctant to insure clients’ homes if they’re renting it through Airbnb,” explains Daniel Mirkovic, President at Square One Insurance. “In most cases, the broker needs to direct the customer to a commercial insurance provider. We do insure homeowners that participate in Airbnb but we don’t resell that product, we sell directly to consumers. There is a higher deductible for crime related losses.”

Mirkovic believes brokers have a responsibility to remind their clients about informing their home insurance provider if they intend to rent their property, otherwise the policy could be void. He also sees a couple of major insurance challenges in the short-term rental space. “There is an Airbnb Host Guarantee, but it’s unclear what type of protection it provides: how does it work with what a client’s home insurance provides – should it replace it?” he says. “The reality is that the Host Guarantee is meant to supplement home insurance and pick up where it leaves off. Home insurance is there to protect against sudden and accidental loss and damage caused by you or your renters. The Host Guarantee kicks in if there is intentional damage by a renter.”

So, in the case of the two unfortunate hosts in Montreal: are their losses covered? “I suspect they would be covered because this was an intentional act by a criminal,” Mirkovic says.

 

Contact a broker at Moller Insurance Ltd. if you want further information on how to protect yourself, your home and your belongings.

Phone: (905) 642-2745

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Virtual Craze Opens Up Real World Risk

Virtual Craze Opens Up Real World Risk

Pokemon GO – Gotta Catch ’em All…Carefully

“Third-party liability coverage – I choose you” are words that have been hopefully uttered by Pokemon Go developers, as today’s hottest virtual app can lead to real world dangers.

Pegged as the first augmented reality experience, the new app – which utilizes a smartphone’s location tracking, GPS and digital image camera overlay – sends users on a digital monster hunt in their immediate surroundings. That means thousands are literally taking to the streets – often with gazes glued to their phones – to seek out Pikachu in the digital flesh.

Along with the app’s overnight popularity – Nintendo’s stock has soared U.S. $7.5 billion in the days since launch – safety concerns have been mounting, with images of game-induced injuries being uploaded on social media.

As well, the game has designated certain buildings, landmarks and businesses as Pokemon ‘training gyms’, without the knowledge or consent of owners, driving thousands of unwanted visitors to trespass or disrupt businesses. Criminals have also taken advantage of the game’s potential, with three St. Louis men allegedly using it to lure unsuspecting players with the intention of robbing them.

All said, Nintendo and app developer Niantic Inc., had better have air-tight liability coverages – an area often overlooked by smaller developers and businesses when launching new technology says an underwriting expert.

“Consumers use apps in ways that one cannot always predict and thus claims are brought that insureds cannot always predict,” stated Charlie Murray, technology underwriter at CFC Technology limited in a previous interview with Insurance Business. “Therefore, app developers should be seeking a broad E&O wording, covering exposures such as user generated content, bodily injury, property damage, breach of contract and civil liability, which can give insured’s peace of mind and balance sheet protection in the event an allegation is made against them.”

He adds that given the rapid growth enjoyed by some apps, insurance is an immediate need for any developer bringing a new app to market.

“It doesn’t always post a problem to small businesses when not purchasing insurance from the offset; when very small the exposure to a business is generally minimal. However, the growth you see in the Tech sector is profound, they can go from zero users to widespread adoption almost overnight, and so insurance should be sought from day one.”

While it’s unclear what type of coverages Nintendo and Niantic currently have, the latter web developer has taken extensive protections via disclaimer in the past. Niantic’s earlier game Ingress, upon which the location and gameplay technologies of Pokemon Go are based, urged players to be aware of their surroundings, not to trespass while in gameplay, and protected the developer from all liability for injuries or losses incurred during gameplay.

Just goes to show – when it comes to liability coverages, it’s smart to catch em’ all.

 

 

Graham, P. (2016, July 13). Virtual Pokemon Go Craze Opens Up Real World of Risk. Retrieved July 13, 2016, from http://www.insurancebusiness.ca/news/virtual-pokemon-go-craze-opens-up-real-world-of-liability-210319.aspx

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How to React After an Accident

How to React After an Accident

You just got into a fender bender on your way to run a quick errand. What should you do now?

Stay calm and read on – to learn how to react to make sure that the process goes as smooth as possible.

Get The Facts

Sounds easy, but many people forget to do this after an accident for one reason or another. It is important to get the names, address, and phone numbers of everyone involved. Also gather a description of the car(s) and licence plate number(s), and make sure to get the insurance company and the vehicle identification number of everyone involved when you’re at the scene of the accident.

Auto Accident Reaction Tips

  • Get out of your vehicle and provide assistance to anyone who is injured.
  • Call the police or highway patrol immediately. They can then contact emergency personnel for you, if needed.
  • Take photographs of your damaged vehicle and the scene. Note the date and time that the images were taken.
  • Protect the accident scene by setting up flares, putting up cones or moving your vehicle off the road. Keep these items in your trunk at all times in the event of an accident.
  • Once the police arrive, give them as much information as you can about what occurred. Do not admit fault; simply give the facts.
  • Ask the investigating officer for a copy of the police report, as you may have to submit it with your insurance claim.
  • Note the licence plate number, make, model and year of each car involved. You should also note the name of the other driver’s insurance company and driver’s licence numbers.
  • Write down the name and contact information for all witnesses to the accident.
  • Note the name and badge numbers of the police and emergency personnel who assisted with your accident.
  • Write down as many details as you can remember about the accident, and then call Moller Insurance to report your claim.
  • Keep all records of correspondence that you have regarding your claim, including the date, name and title of the person that you talked to about the accident.
  • Keep a record of any expenses that you incurred as a result of the accident. Depending on your policy, you may be entitled to reimbursement for those expenses.

We do more than just help you to avoid claims and arrive at your destination safely. Contact us today to learn more about all of our insurance solutions for your auto, home and life!

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Advice for DIY Renovations

  Helping You Build Security                                                    ca. 2001 --- Structure Wooden Frame Interior --- Image by © Royalty-Free/Corbis

When undertaking a remodeling project, people often forget to review their insurance needs, too. Whether your additional budget is large or small, you are adding both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

Advice for Do-It-Yourselfers

If decide to go it alone and manage a renovation yourself, you assume all the risks. A review of your homeowners coverage for liability and property is prudent, as you are assuming more risks and exposures than contemplated by homeowners insurance.

Hiring bona fide subcontractors who can provide you with a Certificate of Insurance or copies of their policies showing their general liability and worker’s compensation coverage is mandatory for your legal protection. Otherwise, if you are hiring subcontractors or paying friends to do the work, you could be subject to worker’s compensation laws, should they become injured while working on your home. If a friend or relative helps out as a favour (no money changes hands) and gets injured, your homeowners insurance typically covers the cost of their injuries, up to your policy limits. It’s important to note that a homeowners policy is not designed to provide primary liability protection for these injuries. If a helper is seriously injured, the domino effect can be financially and emotionally difficult for all who are involved. For an extra layer of protection, it’s a good idea to also carry umbrella liability coverage, which kicks in to provide liability coverage above your homeowners limits.

Top Ways to Save on Your Premium:                          DIY                           
  • Consider raising your deductible
  • Invest in a home security system
  • Update exterior locks to dead bolts
  • Install smoke alarms
  • Select an automatic payment method
  • Monitor your credit rating
  • Ask about our multi-policy discounts
Insuring the Real Value of Your Home

Experts estimate that one-fourth of remodeling projects add at least 25 per cent to the value of a home, yet often most homeowners forget to increase their coverage to protect their investment. Most homeowners insurance policies require 100 per cent of the home’s replacement cost, so it’s important to raise your home’s policy limit before your project begins.

Keep in mind that you don’t need to increase your coverage by the same amount as the cost of renovation. Often, a major cost factor in a home improvement project is labour for tearing out something old. Determining this new replacement can be somewhat complex, so contact us for assistance. We have the latest technology available to assist with this process.

Your insurance partner

Adding to your home is exciting, but poses financial risks. Contact Moller Insurance Ltd. at 905-642-2745 to learn more about all of our home, auto and life personal risk management solutions.

 

 

Moller Insurance Ltd. logo

64 Sandiford Dr Suite 1

Stouffville, ON   L4A 7X5

 

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Keeping Your Holidays Safe

Preventing Home Break-ins holidayhome

Home break-ins can be both traumatic and expensive. In addition to replacing stolen or damaged property, break-ins cost insurance companies millions of dollars in claims each year, which, in turn, increases your premiums.

By following these three simple tips, you can potentially avoid a stressful and costly burglary:

  1. Secure the Premises: Locking doors and windows at night before you leave your home is the first line of defence against a break-in. Experts recommend using deadbolt locks for added security.
  2. Use Alarm Systems: Using a 24-hour monitored system is statistically proven to lower your chance of a home break-in. As an added benefit, some systems also detect fire or carbon monoxide.
  3. Protect Your Valuables: Create an inventory of all of your valuables and keep them in a safety deposit box or other secure area.

Most burglaries occur during the day, so it’s important to make your home appear occupied at all times. Ask trusted neighbours, family and friends to keep an eye on your house while you are away.

How to Safely Host a Holiday Party

For many Canadians, the holidays are a time to celebrate. However, those throwing a party this season could be unknowingly exposing themselves to a number of risks—risks they may not have even considered.

ChristmasFood

  • Food Allergies: Shellfish, nuts and dairy are some of the most common food allergies, and these items are often found in popular holiday dishes. To ensure the safety of your guests, ask them to inform you of any allergies, and consider using labels to list ingredients.
  • Over-serving: Alcohol is a staple at most holiday parties. But, when a guest becomes inebriated and drives home, they could cause damage to property or injury to themselves and others. Be mindful of how much your guests are drinking and never let someone drive home if he or she has been over-served.
  • Decorations: Festive decorations like string lights and candles can create great ambiance for any holiday party, but they can also be dangerous. Never leave lights on or candles burning overnight, as this can cause fires. Ensure lights are in working order and that you aren’t overloading outlets.
  • Theft: You may not always know everyone at your party, so it’s important to take precautions when it comes to your valuables. Keep expensive items locked away and out of sight. Ask your insurer about coverage options for your valuables.

By keeping in mind the above tips, you’ll protect you and your guests from harm and ensure that your next holiday celebration is a success.

 

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What do celebrities consider worth insuring?

Daniel CraigClients insure their biggest assets – usually their car or home. But for the world’s most famous and glamorous, what they consider valuable may come as a surprise.

Celebrities depend on their bodies for their income and appeal, so it is only natural that they want to protect that valuable asset. According to Steve Nicastro of NerdWallet, celebrities have insured everything from their legs to their flowing locks.

Here are five of the weirdest celebrity insurance policies:

Dolly Parton: The country singer, songwriter and actress is well-known for her powerful voice, her bright blonde hair and her two ‘biggest’ assets – her famous 40DD breasts – which she first insured in the 1970s for $600,000.

Since then the practice of insuring body parts has become at least a bit more common: Holly Madison and Madonna have had their breasts insured, while Rihanna and Heidi Klum have both insured their legs.

As Parton once told Sunday Magazine: “I’m in showbiz. I look at my boobs like they’re show horses or show dogs. You’ve got to keep them groomed.”

Bruce Springsteen: The New Jersey singer and songwriter, best known for hits like ‘Born in the U.S.A.’ and ‘Born to Run,’ insured his voice with Lloyd’s of London in the 1980s. Springsteen has sold more than 64 million records in the U.S., which makes him the 15th highest-selling artist of all time, according to RIAA.

At age 64, he is still going strong, performing live across the country. If anything were to happen to Springsteen’s voice, he would be set to receive a $6 million payout, according to Time.

Troy Polamalu: The Pittsburgh Steelers’ strong safety is well-known on the football field for both his bone-crushing hits and his long hair, a tribute to his Samoan heritage. Following an endorsement deal with Head and Shoulders shampoo, the company obtained insurance on the eight-time Pro Bowler’s hair for $1 million.

“Head and Shoulders have gone above and beyond by insuring my Samoan locks for a cool $1 million,” said Polamalu. “This reinforces that my full and thick hair is unstoppable.”

Polamalu’s hair is so long that if all his hair was laid end to end, they would span 100 football fields, the company said.

Daniel Craig: The English actor insured his body for $9.5 million while filming ‘Quantum of Solace,’ the 22nd film installment in the James Bond series, according to MSN Money. Since Craig performed most of his own stunts in the film, the insurance policy was taken out for protection against injury.

Craig later starred in his third Bond film, ‘Skyfall,’ which was released in 2012, and has committed to at least two more movies in the series.

Julia Roberts: Roberts is one of the highest-paid actresses in the world, commanding $25 million per film for most of her career. She has been named to People magazine’s ‘50 Most Beautiful People in the World’ 11 times, and in 2011 she made it onto Men’s Health’s ‘The 100 Hottest Women of All Time.’

Hoping that neither her star nor her dazzling smile would soon fade, the Academy Award-winner insured her teeth for $30 million

Steve Nicastro is a financial writer for NerdWallet.com, where he covers topics such as investing, credit cards, mortgages and insurance.

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