Tag: commercial insurance

We’re Hiring!!!

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The time has come to expand our Lomonte & Collings team!

We’re a family owned and operated insurance brokerage located in Bradford. We’ve been providing insurance solutions for families and businesses since 1992 and pride ourselves on our exceptional customer service. We offer an industry competitive salary range, company benefits package and absolutely no cold calling is required.

We are looking for an experienced customer service representative to join our team. Commercial experience is an asset.

Responsibilities and Duties

  • Sales and service of property and auto policies
  • Fielding incoming calls for service and quotes
  • Maintaining and servicing existing customer files including cross selling and remarketing of products
  • Responding to customer or company inquiries in a timely fashion
  • Maintaining comprehensive and accurate activity notes on client files
  • Processing new policies, endorsements and renewals
  • Reporting and following up on claims

Qualifications:

  • RIBO licensed with 2+ years experience as a customer service representative
  • Excellent telephone and email communication skills
  • Proficiency with Microsoft Office Products including Outlook, Word and Excel
  • Familiarity with The Agency Manager, Applied Rating Services and Policy Words are an asset
  • Commercial experience is an asset
  • Ability to organize and prioritize work effectively
  • Strong customer service skills are required
  • Strong work ethic with the ability to work independently and with others in an office environment
  • A willingness to keep learning and expanding their knowledge

Please send your resume and cover letter to Chris at chris@lomonteandcollings.ca or drop it off at our office at 9-126 Bridge Street in Bradford.

Clarifying the Co-Insurance Clause

homeowners insurance policy

The Co-Insurance Clause is a common clause found on property policies that many policyholders aren’t aware of. It’s important because it affects the amount payable in the event of a claim.

The clause states that the policyholder must purchase an insurance limit equal to or greater than a certain percentage of the property’s total value. This percentage typically ranges from 80% to 100% depending on the insurance company and the type of property being insured.

For example, let’s say we have a farmer whose barn’s true value is $500,000. Her policy has a co-insurance clause of 80%. This means she is required to insure her barn for at least 80% of its true value. Since the barn’s true value is $500,000, the minimum required limit of insurance is $400,000.

If a policyholder insures their property for less than the specified co-insurance percentage, they will face a financial penalty in the event of a loss.

Continuing with our farmer, let’s say she has only purchased an insurance limit of $250,000 for her barn, despite the minimum requirement of $400,000. To make matters worse, a small fire has now broken out and damaged the barn. The loss amount is $200,000.

To determine how much the company will payout on a loss, the following formula is used:

Limit Purchased x Loss Amount = Amount Payable
Limit Required

If we take the farmers information and plug it into our formula:

($ 250,000) x $ 200,000 = $ 125,000
($ 400,000)

This means the insurance company will pay $125,000 of the $200,000 loss, and our farmer is responsible for the additional $75,000. Had our farmer purchased a minimum of $400,000 insurance for her barn, the company would have paid out the full $200,000 to cover the loss.

All policyholders should review their policy to determine what co-insurance percentage is stated and whether their property is being insured to its true value. Don’t wait until you’ve had a loss to find out you’re not properly insured. Call your broker today.