Insurance Definitions

Replacement Value - the true replacement cost of a home will reflect the costs to demolish the remainder of the structure, remove the debris and rebuilt the structure with a new structure of 'similar kind & quality'.

Broad - All Risks on Buildings subject to policy exclusions, limitations and conditions and Named Perils on Contents. Named Perils are: Fire & Lightning, Explosion, Smoke, Falling Object, Impact by Aircraft or Land Vehicle, Riot, Vandalism, Limited Water Damage, Windstorm or Hail,Transportation, Theft, Escape of fuel oil and Damage from artificially generated electrical current.

Comprehensive - All Risks on both Buildings and Contents subject to policy exclusions, limitations and conditions.

Approved / Unapproved Solid Fuel Devices - solid fuel devices (e.g. wood stoves) must have been installed by a qualified installer and should have been recently inspected. Homes which have unacceptable devices may be surcharged or declined coverage.

Monitored Burglar / Fire Alarms - alarm systems which qualify for these discounts must be C.S.A. or U.L.C. approved and professionally installed to qualify. These systems must be monitored by a certified alarm company 24 hours a day.

Local Burglar Alarm - these type of systems sound only at the premises protected and are not connected with an external monitoring station.

Fire Protection - there are generally three rating levels for property insurance:

• Table 1 - within 1000ft of a fire hydrant and within 8km (by road kept open all year round) of a responding fire hall.
• Table 2 - within 8km (by road kept open all year round) of a responding fire hall.
• Table 3 - no fire hall protection or beyond the 8km (by road kept open all year round) of a responding fire hall.