Martin Merry & Reid Limited - Services & Products

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Services & Products

Personal Insurance Protection MMR offers a full range of Personal Insurance Products tailored to reflect your individual needs. Our Professional Insurance Advisors are happy to work with you in managing the following insurance protection. Distinctive and Custom Properties (Specialty Risk Program) Homeowner Insurance Secondary Residence Condominium Insurance Tenants Insurance Knob and Tube Residential Electrical Wiring Program (Specialty Risk Program) Home Based Business Oil Tank Residential Property Program (Specialty Risk Program) Seasonal Residences Rental Properties Watercraft Insurance (Specialty Risk Program) Excess Liability Insurance ("Umbrella Policy") Automobile Insurance Motorcycle Insurance Recreational Vehicles Travel Insurance If you would like to receive an estimated quotation on one of the above products please complete a quote request.
Homeowner Insurance Home insurance offers protection for your (owned) building as well as its contents. A typical policy will ensure your belongings will be replaced in the event of fire, vandalism or theft. It is customary to offer the public a "comprehensive" homeowner package, which is the most extensive protection available. The "standard" or "broad" policy packages contain a larger number of exclusions and limitations. Often, people tend to under-value the belongings they have gathered over the years and are usually quite surprised when they do an inventory and begin to appreciate the *replacement cost of their possessions. Therefore, we recommend that an inventory be completed. You may also wish to †schedule jewellery, furs, collectibles, fine arts and antiques, which are all subject to specific sub-limits. As a homeowner, you should consider adequate liability protection in the event you are held liable for accidents that people may have while in your home or on your property. This coverage will also protect you if you accidentally damage other people's belongings whether in your home or elsewhere. Most property policies in Ontario will automatically include a minimum Third Party Legal Liability limit of $1,000,000. Ask our Professional Insurance Advisors to explain these coverages and any other options that may be available to you in your Homeowner's Policy. Don't forget to inquire if you are eligible for one or more of the following discounts: ◊ Burglar and/or Fire Alarms ◊ Claims Free ◊ Non Smoker ◊ Loyalty Discounts ◊ New Home Discount ◊ Mature Policyholder ◊ Mortgage Free Homes ◊ Renewal Discounts ◊ Two Policy Discounts
Secondary Residences A secondary residence may qualify for similar "comprehensive" protection as your principal residence. Several of the insurance companies we have partnered with understand and appreciate that your vacation property(ies) may have similar exposures as your principal home and, therefore, you need peace of mind and protection. Some of the questions asked to ensure your vacation property is a secondary residence and not a seasonal are: Do you frequent the property all year round? Is the property unoccupied for more than 60 days at any one time? Please speak to our Professional Insurance Advisors to ensure that you carry appropriate and adequate insurance protection.
Condominium Insurance When you purchase a condominium, you own your "unit" and share ownership of the common areas, such as the roof, basement, elevator, heating room, lobby, swimming pool, parking garage, or garden. As a condominium owner, you may be held responsible for damage you may cause to any part of the building, or to others who live or visit the complex. A condominium policy offers several areas of protection: Your own insurance policy provides coverage for personal property, structural improvements to your unit and out-of-pocket expenses in the event of fire, theft or vandalism. As a condominium owner, you may be obligated at some point by the Condominium Corporation for a Unit Assessment. This is in addition to your regular condo fees. These fees are typically referred to as Unit Assessment. For example, the Condo Corporation may apply for an assessment from each condo unit owner for resulting fire damage (usually the common elements, i.e. pool, stairs, party room, etc.) in the building. This "assessment" may be very large, depending on the loss. For additional peace of mind, condominium insurance policies extend Contingent Insurance Protection. This coverage provides insurance for damage occurring to your unit, for which coverage from your Condominium Association Policy does not provide or is inadequate.
Tenants Insurance It is wise to take out a tenant insurance policy if you are a tenant or renter in someone else's premises. It protects both your contents and your third party liability exposure. As with every aspect of our lives, you are responsible for harm you may negligently cause to any part of the building or to others who live or visit there. Eg. if you forget to turn off the water in the bathtub and you flood your neighbour's unit, you may be held liable for any resulting damages.
Home Based Business Insurance for a home-based business is often forgotten. Most people who run a business from their home assume that their homeowner's policy will cover their business activities. In most cases, it does not. Coverage you may wish to consider when purchasing insurance for your home-based business is: Business Property Loss of Income Business Continuation Legal Liability
Seasonal Residences A seasonal residence is defined as a dwelling owned and occupied by you as a vacation-type residence. Coverage is usually more limited than that for dwellings occupied year round, so it is important to obtain additional coverage for such things as boathouses, guest cottages, docks, etc. Most insurance policies have exclusions for renting out your property – even temporarily. It is important to contact your insurance professional to discuss any potential leasing, lending or renting of your cottage or seasonal residence to avoid any unnecessary or accidental gap in insurance. Coverage may be arranged for renting out your cottage once the insurance company is provided with the necessary information. Speak to our Professional Insurance Advisors about certain considerations for seasonal residences and ensure that you understand the policy's limits prior to purchasing an insurance policy. Examples: A burglary claim will be insured if signs of forcible entry and/or exit are evident. Burglary is not included with all policy forms Vandalism and malicious acts are not automatically covered A collapse of a roof caused by weight of snow would not be covered If your seasonal residence has many of the features of a principal residence (your home), you may be able to obtain broader insurance protection if the property is occupied more than seasonally. Please see Secondary Residence.
Rental Properties In addition to your primary residence, you may have an additional property that you rent out. You need to consider purchasing insurance protection for the building and any "landlord" contents (i.e. appliances, patio or other furnishings, etc.) that may be in the home. A Rental Property policy may also provide coverage to protect you for any lost rental income resulting from an insured loss.
Excess Liability Insurance Excess Liability Coverage ("Umbrella Policy") is crucial in today's society for many people. The basis for obtaining umbrella coverage is to protect the financial future of your family and hard-earned belongings, in the event you are ever held financially liable for an accident that results in critical injury or loss of life. In today's litigious society it is not unusual for injured persons to claim damages in excess of $5 million. A lawsuit against you could be devastating. An Excess Liability Policy could protect you from having to sell some or all of your hard-earned assets to pay for any additional damages. People sometimes make the misguided assumption that if they have "little to begin with" then there is little to take. Many have tragically learned that losing everything you have, regardless of the amount, may have life-long consequences. This extra coverage typically costs from $280 to $470 per year.
Automobile Insurance The Automobile insurance policy is standard as the government regulates both the cost and much of the coverage. However, you can go beyond the basic coverage and purchase options that are designed to enhance your protection. Policies can be customized to ensure you have the specific protection you need. In Ontario, all automobile operators are required to carry *Third Party Legal Liability, †Statutory Accident Benefits, ‡Uninsured Motorist Protection and ††Direct Compensation for Physical Damage. When you purchase your automobile insurance you will receive a 'pink slip', which is your Motor Vehicle Liability Insurance Card. This is proof that you have the required automobile insurance coverage and it is a good idea to carry your pink slip with you at all times. You will be required to produce your original pink slip in the following instances: When a police officer requests it When you register your vehicle Each year when you renew your license plate sticker You are not required by law to purchase insurance to cover damages to your own automobile. However, if you have a newer automobile, you may want to consider this coverage to protect your financial investment. If your vehicle is leased or financed, the leasing company or financial institution will require (physical damage protection) Collision and Comprehensive insurance coverage. A leasing company or finance company must be listed on the policy documents as an additional named insured. Naming them on the policy automatically extends some policy rights. The territory limitation for automobile insurance is anywhere in Canada and the Continental United States.
Motorcycle Insurance Motorcycle insurance is similar to car insurance in that a basic, minimum amount of coverage is required. You can customize the policy to suit your needs. Once purchased, you will receive your 'pink slip', which is your Motor Vehicle Liability Insurance Card. This is your proof of insurance and you must carry this with you at all times. You will be required to produce your pink slip in the following instances: If a police officer requests it When you first register your motorcycle Each year when you renew your license plate sticker The territory limitation for motorcycle insurance is anywhere in Canada and the Continental United States.
Recreational Vehicles Recreational Vehicle Insurance provides coverage for your motor home, camper unit, snowmobile, vacation trailer, tent trailer, etc., in the event you are held liable for damage or injury to another person or to property of that person. You may also purchase physical damage protection for your recreational vehicle such as collision, fire and theft. Liability Insurance extends protection in the event you are held legally responsible for an accident that injures another person or damages their property.
Travel Insurance Purchasing travel health insurance is a wise idea if you travel outside the country for business or pleasure. Because you never know when you are going to get sick or require emergency medical care, without proper insurance you could be subject to huge financial losses. The provincial medical plan will most likely provide adequate coverage while you are in Canada, however once you leave the country, unexpected medical bills can add up quickly. Having to spend a few days in a foreign hospital could cost thousands of dollars and without proper travel insurance you could end up paying for unexpected medical costs for years. In some cases, these costs will have to be paid up front. Most travel health insurance packages will cover emergency medical treatment plus emergency ground and air ambulance costs, hospital inpatient care, medication, outpatient services, doctors' fees and any emergency-related travel expenses.