When the big one hits, we'll make sure you can repair or rebuild your commercial property. Ask us how to stay protected against the unknown.
What are the odds of a big one?
The odds of a really big one, as in a magnitude 9 event similar to the megathrust earthquake and tsunami near Japan in 2011, was estimated by a BC auditor general’s report to be one-in-10 over the next half-century. The last big quake in BC was in 1700.
Why would I buy earthquake insurance if my deductible is so high?
Primarily, to be covered for catastrophic events that result in losses that your business cannot afford. The financial impact of an earthquake to a business can be devastating.
With that in mind, earthquake insurance can mean the difference between financial survival or not, and a 10-20% earthquake deductible can present serious financial challenges for any company. Commercial property insurance earthquake deductibles vary depending on factors such as insurer capacity, building age, building construction, and location. With Metro Vancouver’s cost of real estate, the stakes are high.
Do I qualify for earthquake deductible buydown coverage?
- Most businesses qualify for coverage as long as you carry earthquake coverage on your primary policy.
- Each contract can only cover one location therefore if you own multiple locations, you may need to purchase multiple contracts.
Reduce your deductibles
An example: if you had a $10,000,000 building with a 20% earthquake deductible, you’re responsible for $2,000,000 as your deductible. If you bought the deductible down to 5%, you would only be liable for $500,000 and the buy-down coverage would pay the difference of $1,500,000 in the event of an earthquake claim.
There’s a solution for that and it’s earthquake deductible buy down insurance. With this product, you can buy your deductible down to as low as 3%. Cost-effective options are available for reducing your earthquake deductible to 10%, 5% or 3% to help protect your financial security and survival..
Reliance offers a risk analysis
Take stock of your risk ratio before buying earthquake insurance. Review with your Reliance Insurance Advisor what your property policy covers. Be aware that damage that occurs after an earthquake such as a fire from broken gas lines may be covered by the standard property policy.
We will help you:
- Size up your risk.
- Assess the damage or replacement cost.
- Mitigate the damage before the big one.
- Read the fine print.
Call your commercial insurance advisors to learn more about Commercial Earthquake Buydown at 604-255.4616.
You may need:
Building Equipment & Stock
Your livelihood is dependent on the survival of your business. Protect it against any potential threat.
Business Interruption
Prevent loss of income if your premises are damaged.
Cyber Security
Protect your digital and financial assets against cyber attacks.
Environmental Liability
Environmental liability policies protect against pollution exposures on your premises.
We have been very pleased with our insurance service provided Reliance Insurance. They have offered us prompt service and professional advice on our insurance needs for the past 9 years.
— President, Courtney Agencies
Discover Expert Advice to Protect What Matters Most!
April 12, 2024
Shielding Small Businesses:
Why Directors and Officers Insurance is Essential
There are many good reasons to incorporate a business: better access to financing, ease of transferring or selling shares, lower tax rates, and increased credibility. […]
February 26, 2024
Breaking down the complexities of a co-insurance clause for commercial property owners
Co-insurance is a crucial concept frequently encountered in property insurance policies. It is essential for property owners in Canada to grasp the implications of commercial […]
February 6, 2024
The Walking Negligent: Liability insurance for businesses in an era of distracted pedestrians
In an era where distracted walkers are increasingly common, businesses must ponder the impact on their liability insurance. The question arises: who is responsible if […]
