Business

Theft and vandalism

Your insurance policy protects you in case of theft or vandalism. However, your insurer will indemnify you according to your policy coverage amount.

Did you know that certain stolen items like bicycles, jewellery, works of art or wine are often subject to maximum reimbursement limits? Your insurer will therefore factor in this (limit) when reimbursing certain categories of items.

Property for which coverage is limited under most insurance policies, regardless of the type of loss covered.

Animals $1,000 to $2,000
Boats $1,000 to $2,000
Gold or silver bars, bank notes and cash $200
Software $1,000 to $2,000
Lawn tractors, equipment trailers $5,000
Securities $1,000 to $2,000
Personal property used for professional activities $2,000

Replacing destroyed or damaged items

First, your insurer will repair damaged items that can be repaired.

If items must be replaced, your insurer will replace them with new items of the same type and quality if you chose this settlement option when you purchased your policy. If not, your insurer will indemnify you based on their actual cash value.

Your insurer’s obligation

Your insurer is required to return your belongings to the state they were in prior to the loss.

If your laptop was stolen, your insurer will reimburse you for a laptop of the same size.

Your insurer also has to pay you for the damage within 60 days of receiving your claim or any information or supporting documents it may request.

Repairing your building

And if your building is damaged, a plan will have to be drawn up to evaluate the cost of rebuilding the damaged premises. Your insurer will have the damaged portions repaired. If you opt not to have your business repaired or rebuilt, your insurer will reimburse you an amount of money based on its actual cash value.

Theft off the premises

Was your business equipment stolen from your car? Depending on the coverage you chose, you’re covered under your insurance policy, but there could be a limit: 10% of the total personal property coverage. In other words, if the coverage for your personal property is $50,000, the maximum you can claim is $5,000 for items stolen off the premises.

Choosing a supplier or contractor

You can use a supplier or contractor of your choice to repair or replace an item. However, discuss it first with your insurer so that you can agree on the amounts paid.

Deductible

And remember: you’ll have to deduct the amount of your policy deductible from the indemnity amount you receive from your insurer for each claim you make.

Property for which coverage is limited under most insurance policies, regardless of the type of loss covered.

Animals $1,000 to $2,000
Boats $1,000 to $2,000
Gold or silver bars, bank notes and cash $200
Software $1,000 to $2,000
Lawn tractors, equipment trailers $5,000
Securities $1,000 to $2,000
Personal property used for professional activities $2,000
A movie
or music buff?

A movie or music buff?

If you own a large movie or CD collection, you should know that, in case they’re stolen, most policies include a maximum indemnity amount.

Learn More