Buntain Insurance Spring eNewsletter
Buntain Gives Back
Buntain Insurance recognizes the importance of giving back to the community and has chosen to develop a 4 Pillars Community Model that includes:
- Amateur Sport
- Art, Music, and Culture
- Community Events
- Child and Youth Development and Health and Education
We are getting excited about the many local events that we will be participating in over the next few months. Come meet our team and help support some amazing causes:
- Vancouver Heritage House Tours – June 2, 2013
- St. Georgia’s Stancombe Invitational Golf Tournament – June 17, 2013
- Point Grey Fiesta – June 21-23, 2013
- UBC Grand Prix – July 9, 2013
- Glotman and Simpson Cypress Challenge – Ride to Conquer Pancreatic Cancer – August 2013
For a full list of organizations that we support please visit our website at: www.https://buntaininsurance.com/community.
Forerunners Share their thoughts on Commercial Insurance
Buntain is all about community. We strive to support local events, charities and of course design insurance packages to meet our clients’ needs.
For our April Newsletter edition we wanted to highlight another community-based business that we have had the privilege of insuring for several years. Forerunners was founded in 1986 by Peter and Karen Butler after they identified the lack of personalized service in the running shoe/apparel market.
Forerunners mission is to ensure that no matter your age or skill level, whether you intend on running or walking, that you are provided with the shoes that will support you to enjoy your active lifestyle. Forerunners participates actively in the community by supporting programs such as the “Used Sneaker” collection program, the First Half Half Marathon, as well as sponsorship of local clubs and events.
We were able to catch up with some of the staff from Forerunners to ask them what kind of advice they can give to other businesses about Commercial Insurance. Here is what they had to say – “Although price is something that we consider, the most important thing for us to know is that we are covered for the exposures that affect our business.” One of these coverages that is of particular important to us is Business Interruption Insurance. We make sure that we carry all of these coverages with Buntain.
For more information on Forerunners, visit their website at: www.forerunners.ca
“Like” Buntain on Facebook Contest
Here is your chance to get active in our community! All you need to do is “like” Buntain Insurance on Facebook and you will automatically be entered into a draw to win a $150 gift certificate to Forerunners.
Check out our Facebook page – www.facebook.com/BuntainInsuranceAgenciesLtd
Earthquake Coverage in B.C. is seeing some major changes in 2013
With the growing number of earthquakes occurring in and around B.C.’s coastal areas, Insurance Companies are taking the necessary steps to re-evaluate their exposures to earthquake to ensure they can continue to offer coverage on a long-term basis. As part of this re-evaluation process, Insurance Companies are making changes in the following ways:
- Limiting the amount of earthquake coverage available in the marketplace
- Increasing earthquake deductibles to 15-20% (of the Dwelling Limit)
- Increasing premiums of up to 50% on property coverage
The increase in earthquakes along B.C.’s coast and the catastrophic earthquakes that occurred in Japan, New Zealand and Chile resulting in major disasters are all contributing factors to B.C. being the focus and the re-categorization as a ‘higher-risk’ earthquake area by the global reinsurance industry. The outcome of such incidents has resulted in the insurance industry having to critically analyze their ability to maintain the ‘insurance promise’ to deliver coverage after a catastrophic event. For these reasons, we are not only seeing a dramatic increase in rates but we are also experiencing insurance companies completely withdrawing earthquake coverage in certain areas of B.C.
Understanding the dollar impact of an increased earthquake deductible (the portion that you the insured are responsible for paying in the event of an insured loss) can be confusing and can vary from Insurance Company to Insurance Company. Please do not hesitate to contact any of our offices if you would like to review your policy in further detail.
Intact Insurance (March 7, 2013). Changes to our earthquake product for Commercial Lines. Bulletin Board.
Rothon, G. & White, C. (2012, November). Seismic Shift. Canadian Underwriter, 16-19.