Car insurance
Yes. In Quebec, the law requires you to insure your vehicle. While the minimum insured requirement for liability is $50,000 on the liability. Limits of $1M and $2M are more common as we recommend broader coverage to protect against responsible accidents, fire or thefts.
Under the no-fault insurance system, you skip the hassle of pursuing the at-fault driver’s insurer to get compensation. Instead, the SAAQ pays out your benefits, which in turn means you get quicker and more convenient service. This said, a determination of who is at fault in an accident still matters. If you are found to be at fault, this determination appears on your record and your insurer could raise your premiums.
If your child or spouse (or any other person) drives your car - occasionally or regularly, you must inform your insurance broker. For example, if he or she uses your car to go to work, to school or simply to go out for errands, you must inform us. Otherwise, you may be denied insurance coverage or the compensation for such loss may not be complete.
Your friend will usually be covered by your insurance if they borrow your car. In the event of an accident, it is therefore your insurance that should cover the damage according to the terms of your contract. Conditions of the contract may however apply. It is therefore important to declare all the people to whom you lend your vehicle so that your damage insurance broker or agent is able to confirm whether your protection is complete and that they can offer you solutions. For example, depending on how often your friend borrows your car, you may need to report him as an occasional driver (see question 5).
Was your friend involved in an accident while driving your car for which he or she is not responsible? If so, you should be reimbursed for the damage suffered, even if you only purchased civil liability protection (chapter A).
What if your friend is responsible for the accident? In order to be compensated, you must have insurance against damage to the vehicle (chapter B). But if you do not have it this coverage and your friend added FAQ rider # 27 to his or her own insurance policy, you could be indemnified under this rider (see question 6 for more information about rider FAQ n ° 27).
Be aware that if your friend is driving your vehicle at the time of the accident, he or she is considered the "caretaker" of the vehicle. The accident will, therefore, be entered on his or her driver file in the Central Automobile Claims Register, even if he or she does not have automobile insurance. So, to the extent your friend wants to obtain insurance one day, he or she must know that this accident will have been entered in his or her file and that it could be taken into account when requesting an insurance quote. All this said, make sure you provide full disclosure when speaking to your insurance broker!
If your long-term lease contains a variance guarantee clause, as is usually the case, you do not have to assume the variance of $5,000. You just give the keys to your rental company and the $15,000 paid by the insurer. Hence the importance of verifying that this clause is included in the long-term rental contract!
Home insurance
“Neuf value”, otherwise referred to as “replacement value”, is the actual cost to restore your loss to new condition or to entirely replace the asset if it is not repairable. For example, in the event of a claim for a burned house, the insurer will prioritize the use of new materials for the repair of the building or, if necessary, its reconstruction, up to the amount of the insured value. Most contracts for this loss provide for replacement value.
In a “day-to-day value” option, the insurer takes into account the depreciation of the asset due to wear and tear and grants an amount less than the replacement value.
From the moment you start bringing goods into the new home, the insurance contract covers the old address and the new one for 30-day periods. You should, therefore, always inform your insurance broker as soon as you know your new address, regardless of whether you have permanently moved in or not.
When considering your insurance options as a tenant, you should take into consideration the cost of replacing all of your property, if, for example, a fire destroyed your accommodation. By taking inventory of your belongings, you may be surprised by their quantity and value, hence the importance of protecting them with home insurance. In addition, "liability" insurance is usually included in a home insurance policy. For example, if you forget to turn off the water tap in your bathtub and the water flows into the apartment on the lower floor, you could have to personally assume the damage caused to your neighbor. These amounts can climb very quickly. Ask your insurance broker for a quote.
Yes, since you work from home (professional activities), exclusions or limitations may apply to your insurance contract. Additional information is necessary to ensure adequate protection for your property and your civil liability.
Yes, this information is necessary, and changes must be made to your insurance policy. To ensure that the installations are compliant and safe, an inspection may be carried out by the insurer.
Business insurance
The accomplishment of opening your dream business takes a great deal of time but often also a big financial investment. As a small business owner, you recognise the importance of keeping your expenses as low as possible. This is even more so if you are starting a new business. We realize that you are doing your best to be cost-effective, and insurance protection may drop to the bottom of your to-do list, but the lack of proper coverage can be very dramatic in the event of a loss. Having a small business insurance package policy might save you and your business from closing following a costly loss in the early phase of your start-up. Otherwise, you may not be able to assume the financial costs to keep your business alive. A small business policy is affordable and it offers a complete package of coverage to protect your business at very low cost.
Commercial general liability insurance also known as CGL insurance, is designed to protect your business for bodily injury for injuries that may happen at your business premises and property damage caused by the business operations or product. CGL insurance should be a fundamental part of your insurance policy.
Bodily injury:
Slips and falls are a good example of bodily injury that would be covered by CGL inurance. These accidents happen when the steps or the floor surface of your business are wet, slippery, icy, or blocked by an object. The injured person will usually sue the business for damages such as lost wages, benefits, prescription medication payments, personal attendant care, and others.
Property Damage:
Covers damage to tangible third-party property. For example, a plumber is changing the piping in a new bathroom. Unfortunately, he forgets to shut off the water and it floods the whole house. The third party sues the plumber for $250,000 in damages.
In this example, the insurance company would pay for the cost of the lawsuit up to the limit of your general liability policy, would also cover the legal fees necessary to defend your business until the final judgement of the case. In certain cases, disputes are settled before that point, when both parties voluntarily agree on an amount of damages out of court. One of the benefits of having insurance is that the insurance company often helps businesses settle their lawsuits, which allows for a less costly and time-consuming process for everyone.
Professional liability insurance protects your business against the risks you might face in delivering your professional services or projects. This coverage is also known as errors and omissions insurance (E&O insurance) and protect professionals from their liability risk while at work. These professionals frequently get sued by a client for an error, negligence, or failure to deliver a project up to standard, etc.
You should consider E&O coverage if your business is in one of the following fields:
- IT company
- Architects & Engineers
- Media company
- Employment Agencies/Recruiters
- Property managers
- Or any other business that designs, consults, or provides advice
While most businesses have commercial general liability insurance, cyber insurance is generally excluded from a general commercial insurance policy. Your standard business insurance policy will most likely exclude data breach due to a hacker’s attack, notifications cost (expenses to notify affected third party due to data breach as per legal requirements) or cyber extorsion and threat from hackers to release confidential data unless you pay a specified sum.
Cyber insurance cannot stop a data breach from occurring. However, cyber insurance protects your business against financial loss in case a breach takes place.
The reality is that a lot of businesses should strongly consider including business interruption coverage. Unforeseen losses can stop or slow your business at any time, putting it in a very difficult financial position. Sudden loss may occur in various different ways and business owners may suffer damages to their property and have to spend valuable time repairing and replacing their loss while continuing to pay employees wages, standing expenses and other fees. This is even more traumatic when your business is not making income. Therefore, having this coverage is crucial for the survival of every business.
File your claim
We understand that a claim is never pleasant. At LMBF, we guarantee a simple and reassuring claim process.
We are available by telephone at 1 (855) 333-4630 or by mail at claims@lmbf.ca
Emergency contact information 24/7
In case of an emergency, a 24/7 claims service is available with all of our insurance companies
