The coronavirus/COVID-19 pandemic and related closures are leading to some very unique situations that could have unforeseen impacts on various types of insurance that Canadian families and businesses rely upon. The insurance industry is working hard to ease the concerns of Canadians, and we’ve compiled a number of resources here to help put Canadians’ minds at ease.
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The coronavirus pandemic, in the short term, is having a downward impact on auto insurance rates in Ontario, but that’s mostly related to people not driving to work. In the longer term, say in the next 3 to 5 years, COVID-19 is likely to drive up insurance rates for everyone, especially for businesses, particularly because of large class action lawsuits against airlines, cruise lines, nursing homes, and insurance companies themselves.
There is lots of news out there about insurance companies offering discounts and rebates to reflect a drop in the frequency and cost of claims. It’s true that insurance companies are doing their best to help their customers save during the crisis, but the maximum savings are only available by removing coverage, and that can be very risky.
The COVID-19 pandemic has brought with it a number of negative effects, including of course the physical and emotional toll on families directly affected by the virus. Beyond that, it has wreaked havoc on businesses, and resulted in millions of Canadians facing considerable financial hardship, either because they’ve been laid off, or possibly because of reduced hours during the pandemic.
There is a common misconception out there that “Acts of God” are never covered by insurance. This belief is founded in the history of insurance, and in fact there have been “Act of God” exclusions in many an insurance policy through the ages.
The reality is that in Canada today, insurance policies do not contain any references to Acts of God. Instead, Canadian insurance policies refer to specific “perils” that may be covered or excluded, depending on the policy. Perils that might be covered in an insurance policy include things like overland flood, lightning strikes, wind etc. As far as COVID-19 goes, if it is covered under any insurance policy, it would be under a peril called pandemics.
COVID-19 is making headlines all over the world, leading to travel bans and the cancellation of major events. If you’re planning your own event, say a wedding, you’re probably wondering if wedding cancellation insurance will cover you if the virus causes you to have to cancel or postpone the event. The short answer is that if you bought insurance before Read more
When universities closed due to the coronavirus outbreak, tens of thousands of students who had been renting houses or apartments near school suddenly up and went back to their parents’ homes. If the crisis causes those properties to be vacant for more than 30 days, the owners Read more
The COVID-19 pandemic is wreaking havoc all over the world, leading not only to severe health challenges and social isolation, but also financial and logistical problems related to closed offices and a badly struggling economy. During this time, it’s still best to keep all your insurance up-to-date, but Read more
As the coronavirus (COVID-19) pandemic continues to impact the health of Canadians, it is also having a substantial impact on many hundreds of thousands of businesses across the country.
We’ve all watched the wildlife documentaries and know what happens when animals get separated from the herd.
Don’t do it we can hear you scream,
there’s a lion hidden in the grass!. Separation from the herd is extremely dangerous in the wild.
With COVID-19 forcing many workplaces to close and others to find ways to protect their staff, a lot of us who have never worked from home are getting used to just that. The Mitchell & Whale team is now just about 100% remote, and as long as the Internet doesn’t fail, we should be able to conduct business as usual, for the most part.