Risk & Business Magazine Gillons Risk & Business Magazine Summer 2017 | Page 7

COTTGE COVERAGE “Seasonal residences and the properties that are related to them bring a lot of exposures that most people don’t even realize exist.” BY: TONYA KORBA-NYBERG, CAIB, CSIP, PERSONAL LINES MANAGER WEST going to be covered in the event of an accident like hitting a reef? What if someone gets injured while you are steering? Do you have liability coverage? • Did you know that if you have a woodstove and your insurance company doesn’t know about it, they may be able to deny your claim if that woodstove causes a loss? Seasonal residences and the properties that are related to them bring a lot of exposures that most people don’t even realize exist. A lot of these are being passed down through families or otherwise inherited. Without the knowledge of a broker at Gillons to help guide coverage, you could be left with a significant risk for a loss. It may seem like an impossible task, but “expecting the unexpected” really is the name of the game when it comes to cottage coverage. Often, the ancillary costs of replacement or liabilities are the ones that truly cost the most. Those are precisely the areas of coverage which are left unattended by individuals who are caught unaware. Take the time to speak with a professional for a review of your coverage before it’s too late. For more information, contact me at [phone] ext: 3501 or Tonya. [email protected] for more information and to get started today. + At Gillons, we have access to new, innovate insurance products for Cottage Owners that are tailor-made for Northern Ontario: • Cottages with multiple owners • Cottages owned by an incorporated business • Liability for watercraft used in Ontario, Manitoba, and even the United States • Watercraft used for fishing tournaments or other for-profit ventures • Wood heat – no problem! • Log homes • Replacement cost on islands or hard to access areas • High value cottages with distinctive characteristics and unique contents • Part-time renting of the property DID YOU KNOW: After a loss, the majority of all of the cottages cannot be replaced with the amount of coverage listed on the policy. • More than 10% below replacement cost value = 66% • Insurance coverage within 10% of actual replacement cost = 28% • Over-insured by 10% or more = 6% 28% 66% 6% *Pascal Institute Canada (2016) Are you fully covered? Gillons has a replacement cost calculator to help determine if you are underinsured. 7