IBC: Homeowners’ insurance may soon contain a COVID-19 exclusion

IBC: Homeowners

The Insurance Bureau of Canada[1] (IBC) is reminding homeowners that their insurance policies may soon carry exclusions for communicable diseases, like COVID-19.

At present, only one insurance company has added the communicable disease exclusion to a home insurance renewal policy, but IBC believes more insurers will soon follow suit.

Speaking to CBC News, IBC Atlantic vice-president Amanda Dean explained that the exclusion will protect insurance companies from claims related to the pandemic.

“Generally, pandemic risk is not an insurable thing, as the insurance industry is unable to provide protection for losses of this nature because there’s no way to diversify the risk due to it affecting the entire world at the same time,” Dean said.

Dean added that the exclusion reflects the changes being made by international reinsurance companies, from which primary insurers purchase their insurance. Reinsurers have added the exclusion to their agreements with insurers, which means insurers in turn must add the exclusion to homeowners’ policies.

“So what we’re seeing is insurance companies starting to make the decision to add that to those home insurance policies,” she said.

The bureau vice-president noted that pandemic insurance is typically not available, because the risk is diversified when it can exist anywhere around the world and can appear in any community at any time. She also advised homeowners to speak with their insurance representative for any clarification about the exclusion.

“Like any change at this point in time, it can be a bit unnerving because we’ve all gone through an awful lot in the past number of months.”

References

  1. ^ Insurance Bureau of Canada (www.insurancebusinessmag.com)

Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.

Share