Navneet Saran
RIBO & LLQP Licensed Broker
Coverage that pays for temporary accommodation, meals, and extra costs if your home or rental unit becomes uninhabitable due to a covered loss while repairs are completed.
A pre-set payout amount for a vehicle or item, agreed upon when the policy is issued, rather than its depreciated market value at the time of a claim.
The maximum total amount an insurer will pay for all claims combined during a policy period, regardless of how many separate claims occur.
The person or entity named in a life insurance policy to receive the death benefit when the insured person passes away.
Coverage that replaces lost income and pays ongoing expenses (rent, payroll) if a covered event forces a business to temporarily close.
Coverage that protects the goods/freight being transported by a commercial vehicle against loss or damage in transit, separate from the vehicle's own liability coverage.
A document issued by an insurer or broker confirming that a policy is in force, often requested by clients, landlords, or general contractors as proof of coverage.
A liability policy that only covers claims made (reported) while the policy is active, regardless of when the underlying incident occurred — common for professional liability and E&O insurance.
Insurance for vehicles used for business purposes, covering liability, cargo, and physical damage — required for any vehicle registered to or primarily used by a business.
Optional auto insurance coverage for damage to your own vehicle from non-collision events such as theft, vandalism, fire, falling objects, or weather.
The portion of a home, condo, or tenant policy that covers your personal belongings (furniture, electronics, clothing) against covered perils like fire, theft, and water damage.
A policy that pays a lump-sum benefit upon diagnosis of a covered serious illness (e.g., cancer, heart attack, stroke), which can be used for any purpose — treatment, income replacement, or debt repayment.
An Ontario government registration that tracks a trucking company's safety record (collisions, violations, inspections) — a key factor in commercial truck insurance pricing.
An incident where confidential, sensitive, or protected information is accessed, disclosed, or stolen without authorization — a primary trigger for cyber insurance claims.
The amount you agree to pay out-of-pocket toward a claim before your insurance coverage begins to pay. Higher deductibles generally mean lower premiums.
A mandatory part of Ontario auto insurance where, if you're not at fault for an accident, your own insurer pays for your vehicle damage directly, rather than the at-fault driver's insurer.
A change or addition to an existing insurance policy that modifies its coverage — adding, removing, or adjusting terms without issuing a brand-new policy.
Coverage for mechanical or electrical failure of business equipment (e.g., commercial refrigeration, HVAC, kitchen equipment) — not typically covered by standard property insurance.
Professional liability coverage for claims that a mistake, negligent act, or omission in your professional services caused a client financial harm. Mandatory for RIBO, RECO, and FSRA-licensed professionals in Ontario.
A specific condition, peril, or circumstance that a policy explicitly does NOT cover, listed in the policy wording.
Coverage that protects a business against claims of third-party bodily injury, property damage, or advertising injury arising from its operations, products, or premises.
Upgrades a condo or rental unit owner makes beyond the building's original builder-grade finishes (e.g., upgraded flooring, cabinetry) — often needs to be specifically added to a policy to be covered.
A policy designed for properties rented to tenants, covering the building, loss of rental income, and landlord-specific liability — different from, and required instead of, a standard homeowner policy.
Coverage that protects you financially if you're found responsible for injury to another person or damage to their property.
Coverage for businesses that serve or sell alcohol, protecting against claims related to injuries or damages caused by an intoxicated patron.
Protection for condo unit owners against special assessments charged by the condo corporation when a large claim exceeds the master policy's limits.
Part of a landlord policy that reimburses lost rental income if a covered event makes a rental property temporarily uninhabitable.
The insurance policy held by a condominium corporation that covers the building structure and common areas — does not cover individual units' interiors or contents.
Any significant change in circumstances (e.g., renting out a previously owner-occupied home, starting a home business) that must be reported to your insurer, as it can affect coverage validity.
A policy that only covers losses caused by perils specifically listed in the policy (e.g., fire, theft, windstorm) — as opposed to 'all-risk'/comprehensive policies which cover everything except listed exclusions.
Coverage for owner-operators leased to a carrier, protecting them when driving the truck for personal reasons or between dispatches, when the carrier's policy doesn't apply.
The Personal Information Protection and Electronic Documents Act — Canada's federal privacy law governing how businesses collect, use, and disclose personal information, relevant to cyber insurance and data breach obligations.
Coverage protecting professionals and consultants against claims that their advice or services caused a client financial loss — see also Errors & Omissions.
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation — as opposed to 'actual cash value'.
On a claims-made policy, the date from which incidents are covered — claims related to incidents before this date are not covered, even if the policy is currently active.
See Endorsement — an add-on that modifies a policy's standard coverage.
The set of mandatory benefits included in every Ontario auto insurance policy, covering medical, rehabilitation, income replacement, and other costs after a car accident, regardless of fault.
Mandatory private medical insurance required by IRCC for parents and grandparents applying for a Super Visa to visit Canada — minimum $100,000 coverage, valid for at least one year, from a Canadian insurer.
An option on claims-made policies that extends the period during which claims can be reported for incidents that occurred while the policy was active — important when switching insurers or closing a business.
Life insurance that provides coverage for a specific period (e.g., 10, 20, or 30 years) at a fixed premium, with no cash value — generally the most affordable form of life insurance.
The portion of auto insurance that covers damage or injury you cause to other people or their property — mandatory in Ontario with a minimum of $200,000.
The insurance company that evaluates risk, sets pricing, and ultimately backs (insures) a policy. A broker represents the client; the underwriter is the company providing the coverage.
Mandatory Ontario auto coverage that protects you if you're injured by an uninsured or unidentified (hit-and-run) driver.
A type of permanent life insurance combining a death benefit with a tax-advantaged investment/savings component, offering flexible premiums.
Permanent life insurance providing coverage for the insured's entire life, with level premiums and a guaranteed cash value that grows over time.
Ontario's mandatory workplace injury insurance program for most employers — separate from, but often discussed alongside, commercial liability insurance for contractors and trades.
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