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Newsletter
2006 Edition
Contents
• A Message From the President
• Critical Illness Insurance
• Claims Protection
• What Is the SVMIP and Does It Affect Me?
• Are You Planning Any Special Events?
A MESSAGE FROM THE PRESIDENT David Caswell
I would like to thank all of the clients who have supported our brokerage over the years. I take a great deal of pride in the strength of our staff that has brought us this level of support.
Going forward, Adam Caswell, who has been working in the business for about 13 years and was a member of the board of directors for the Insurance Brokers Association of Ontario for a term, will be the President. Dan Caswell, who heads up our Financial Services division, will be Vice President. Leslie and I will remain as members of HRC's board of directors.
Both Leslie and I will continue to work for the foreseeable future, although in a reduced capacity. The stress of management will be transferred to the new management team. This will leave Leslie and I with the more pleasant task of dealing with customers.
The future of the firm is now assured with younger energetic management. I am sure that the next 30 years will be better than the last 30 as they will bring innovation that will continue to improve the level of service that you have come to expect from Hutcheson, Reynolds and Caswell Limited.
CRITICAL ILLNESS INSURANCE Daniel Caswell
Critical Illness Insurance is designed to finance the special needs you may have should you suffer and survive a critical illness such as Heart Attack, Cancer, Stroke and a number of other specified illnesses.
One in four people will suffer a Critical illness before retirement, usually being detected in our prime income earning years.
The majority of us will spend tens of thousands of dollars in the process, jeopardizing or destroying plans for our families and ourselves. A number of us will not recover because we were not able to get timely, or the best treatment in Canada, and did not have the financial resources to access the best medical treatment which may be available elsewhere in the world.
Some of these illnesses are:
| • Heart Attack | • Cancer | • Stroke |
| • Kidney Failure | • Major Organ Transplant | • Paralysis | • Loss of Independence | • Parkinson's Disease | • Loss of Limb |
| • Bacterial Meningitis | • Coronary Artery Bypass Surgery | • Multiple Sclerosis |
Contact Dan Caswell for a quote 705 789 0101 or email: dancaswell@hrcinsurance.com
CLAIMS PROTECTION Angie Scott
To our clients who have been accident free and continuously licensed for more than 6-9 years as a Principal Operator, our Insurance Companies are pleased to offer Claims Protection.
Claims Protection, protects the driving record of the Principal Operator of the insured vehicle from a premium increase for the first at fault accident, providing there are no major or serious convictions, policy violations, or rating class change associated with the loss.
The premium for Claims Protection is approximately $35.00 - $50.00 per year, depending on the Insurance Company.
Example # 1
Based on a client who has a 9 star driving record, with claims protection, is involved in an at fault accident. On renewal his/her merit rating will remain the same at a 9 star driving record, his/hers premium will not be increased for this at fault accident.
Example # 2
Based on a client who has a 9 star driving record, with NO claims protection, is involved in an at fault accident. On renewal his/her merit rating will drop to a six star driving record.
The annual premium as of current term with no accident is $1,328.00. On renewal, now rating for the accident, the policy will increase to $1,631.00. This is a $303.00 per year increase. Therefore, this works out to be an additional cost out of your pocket of $2,727.00, over the next 9 years, before you (the client) can qualify for the claims protection again.
As you can see, from the above example, by purchasing the claims protection, it will pay for itself, with your first at fault accident.
Please contact our office and any of our Brokers will be glad to discuss claims protection with you.
WHAT IS THE SVMIP AND DOES IT AFFECT ME? Adam Caswell
What is the SVMIP and does it affect me? The SVMIP is the Small Vessel Monitoring and Inspection program, and it applies to all marine vessels under 15 gross tonnes, which carry no more than 12 passengers.
So how does this effect you? Well, if you own a boat that you use to carry passengers, you fall into this category. If you own a resort or work at one that has a pontoon boat, and you take people out, you need to adhere to the rules and regulations. If you are a real estate agent, and you have a boat that is used to take clients to prospective cottages or to look at land, this program applies to you. As well, if you are a contractor using your boat to take materials or workers to a job site, you fall into this category. How this effects you is that you now have to have an inspection for your boat, which has to be done yearly. You can do these inspections, and have the annual inspection report sent into Transport Canada. As well, there will be spot checks by TC inspectors around the province.
There are also minimum insurance requirements for liability for your commercial vessel. Owners have a maximum liability of $350 000 per passenger, so if you take that pontoon boat that holds 12 passengers, you will be required to carry $4 200 000 in liability. These are the requirements that have been set out by the Marine Liability Act.
As you can see, this program has far reaching effects for all boat operators and owners. Please contact our office to discuss your individual needs.
ARE YOU PLANNING ANY SPECIAL EVENTS? Joan Wager
Are there any special events you will be organizing? We offer a range of products for a variety of events.
HOLE-IN-ONE - For as low as $73 you, your company or your charity can sponsor a HOLE-IN- ONE. You chose the prize value and premium that suits you best. Prize values can be as high as $1,000,000. Let us help you make your golf tournament an exciting and memorable success.
PARTY ANYONE? - Changing legal attitudes toward those hosting events has resulted in a need to protect you or your organization with liability protection. Coverage is available from $1,000,000 to $5,000,000 and covers a variety of events including ball tournaments, stag & does, reunions, wedding receptions and even house parties.
If you are planning a special event, make Hutcheson Reynolds & Caswell your first call.
Joan Wager, CAIB, CIP