When explaining the coverage details of the Commercial Lines offering to your customers, it’s easier to highlight the impact of the coverage in specific claim examples. We’ve illustrated common claim examples and how the new coverage options will apply.
Acme Chairs produces office chairs for commercial purchase. Over the weekend, vandals broke into the facility and damaged existing equipment, as well as manufacturing equipment that hadn’t yet been installed. Acme had also just finished a short run of its new, ergonomic chairs that the company was planning to sell at a tradeshow the following week, but the ergonomic chairs were damaged during the break-in.
With its EDGE Complete policy, Acme would be covered for the equipment (new and older), as well as the replacement cost for the unsold stock they had on hand. Plus, if the older equipment needed to be replaced by new models, its policy would cover the extra cost of that upgrade. Since Acme knew they would be reimbursed for the damaged stock, they were able to produce new ones to sell at the tradeshow.
YouFly is an online/store front travel agency booking large commercial travel. The agency has a front office and call centre. Overnight, a fire broke out at the office building where the call centre is housed, damaging expensive telephony equipment, computer systems (including accounts receivable records) and furniture.
With EDGE Complete, YouFly is covered for the cost to replace the damaged call centre equipment; the extra costs to replace the computers and general office content, and expenses to reprogram the computer systems. With EDGE Complete’s coverage of accounts receivable, YouFly could be reimbursed for the sums it was unable to collect because of damage to the system.
Snow load causes the roof of Handmade Mittens retail store to collapse, which damages stock and digital point-of-sale systems. The building is deemed non-salvageable and the entire policy limit must be used to re-construct the building.
With EDGE Complete, Homegrown Goods has additional coverage for debris removal expenses and expenses related to reprogramming and replacing the information in its point-of-sale system. Plus, because the loss happened during Handmade Mittens’ peak season, coverage extended to cover the additional stock on hand.
While on an urban job site, one of Reliable Contracting’s trucks was broken into. The truck was damaged and $5,000 worth of tools was stolen – including a specialized drill for this particular job. Due to the theft, Reliable Contracting wasn’t able to complete the job on time, which resulted in additional fines.
With the Contractor’s Extension package, Reliable Contracting would be covered for the loss of tools up to the full $5,000, as well as for any rental expenses to acquire tools to complete the job and for the fines levied due to the delay.
A fire causes damage to the building and contents of Ace Property Management’s 17-unit condominium building, including two unoccupied units and their on-site office.
With EDGE Complete, Ace Property management was covered for the costs to repair the condominium complex, replace contents and their office equipment. Plus, their policy will help cover green upgrades or any additional costs related to changes in building by-laws.