Earthquake Deductible Buy Back Insurance

Every Lloyd’s policy has the communicable disease endorsement on it now. It basically means we willnot be paying for any damage caused or created by communicable diseases, such as COVID-19. It’shighly irrelevant for the earthquake deductible policy, but we are still required to include it on thepolicy.

• As this clause is standard on every insurance policy, we encourage you to read the wordings. Please letus know if you require a copy of the wordings.
• For this policy, it means InsureBC is always the last to pay. After all the other policy limits have beenexhausted is when this one would be applied.
• The deductible is another clause that limits the amount payable.

Under the definition each and every occurrence would include tremors within 72 hours of theearthquake. This is similar to other earthquake policies.

No, it is not. Please ensure you submit your applications in a timely manner. If you cannot get a signedapplication from the client, you can submit the unsigned application for binding in the meantime. Signedapplications just need to be submitted within 60 days.

The intent of the InsureBC EQDB Deductible program is to provide options for residential and small commercial clients to finance their Earthquake risk. If you are unsure if your client would be eligible, please send a completed application to eqdeductible@insurebc.ca and ask them to review the request. We will advise if they are a fit for the program.

Yes, they can.

The policy itself will list all claim details on it. All claims would be reported directly to: claims@insurebc.ca

They are Agency Bill. Our Accounting Team would send your office a monthly bill.

If there is an earthquake and the base policy pays out and the insured pays our deductible then ourpolicy will pay out. The fact that it is vacant and there has a claim is not pertinent; the key is the primarypolicy has to pay out first and we (InsureBC) are given the proof of payment.

Yes, We usually only prorate once as a one-time exception to match the underlying policy and proraterequests need to go through our team.

• No, the amounts on the application are the amounts we are authorized through to bind. (e.g. 75k is noton the list – you can choose either $50k or $100k.). There is no customization and no stacking.
• Coverage over $500k is not available at this time, even on request.

This product is not intended for commercial strata. Individual owners of units with strata can purchase the EQBB insurance so long as they have underlying coverage, but we don’t offer coverage for commercial strata.The Strata can offer the application to the unit owners and the individual owners can apply directly. This is a per unit policy.

Yes, we require the copy of underlying insurance or land title to process.

• Yes, we can increase mid-term. Please send your request to: eqdeductible@insurebc.ca
• For decreases, this is subject to approval and must be submitted with the underlying policy OR signedacknowledgement of policy change from the client.

Yes, we can definitely transfer the policy, so long as they still meet all the underwriting requirementsand that information is provided in writing. Please email eqdeductible@insure.bc with the followinginformation:

• What date the change is effective.
• New address.
• Year Built.
• Construction Type (from drop down menu on app).
• Primary Policy Type (from drop down menu on app).
• Fire Protection (from drop down menu on app).

One policy per location/unit/address. This applies even if multiple units/locations/addresses are listedon the underlying policy.

They would be responsible for our $5k deductible plus any deductible not covered under their primarypolicy. If they did not purchase enough to cover the full deductible amount on their primary policy, theywill only be reimbursed up to the amount they purchased through InsureBC, less our deductible.

• For example, if they have a $76k deductible, they can choose to over-insure at $100k or underinsure at $50k.
• If opting for less coverage, they would be required to pay our $5k deductible + any amount notcovered under our policy.
• If opting for extra coverage, they would just be responsible for our $5k deductible.

• Client pays deductible on primary policy.
• Primary policy pays out.o Proof is provided to InsureBC that primary policy paid out.
• Our policy will reimburse the deductible from primary policy.
• Our policy will pay the remainder, less the $5k deductible, as long as they purchased enough coverage.
  • If they did not purchase enough coverage, they would be responsible for the $5k deductible,plus any amount not covered under our policy.

Yes, so long as they purchased enough coverage to cover the entire deductible.

When a condo owner buys Earthquake Deductible Buyback coverage, it covers the Assessment that theStrata Corporation will levy and also the deductible they face under their condo owner's policy.

First, the earthquake policy the insured has on their own condo pays for the damage to their insured contents, less the amount of their deductible.

Second, our buyback policy reimburses them for that deductible, and also pays the Assessment Amount the Strata levies against them, less the $5,000 deductible on our policy.One deductible will apply per loss. These would be considered one loss if they originated from the same earthquake.

Commission is 15%.

No. The insured must be domiciled in Canada, and the risk location must be in BC.