How Does COVID-19 Impact Insurance?

Dear Policy Holder,

As the COVID-19 pandemic persists, Canada continues to look for ways to ease the financial burdens for its citizens. Many local news stations have begun to report that auto insurers are implementing policies designed to provide relief for Canadians. At Merit Insurance, we’re aware of this developing news and the potential impact to all of our clients.

While we don’t expect to see a standard flat rate reduction across the auto industry, some insurers have come out with proposed details of their programs. For example, various companies have offered suggestions such as;

• If you are not driving vehicle currently, consider suspending coverage on the vehicle to reduce monthly premium
• If you are no longer commuting or using a vehicle for business use, let us know and we can amend to pleasure use only until you return to work.

For our Business and Commercial clients, if your premises are currently unoccupied as a result of the COVID-19 emergency, please contact us immediately to review your individual policy to ensure coverage is still in place. At this time, during the State of Emergency, there is no consistent approach as to how companies treat locations that are unoccupied or shut down. Most require the owner or a reliable person to attend the property, inside and out, a minimum of every 72 hours, and to proactively maintain a prudent level of care, control, and maintenance of the property including adequately maintaining security systems and utilities.

For customers who are facing material and a substantial drop in business revenues due to the closures brought on by COVID-19, please contact us as it may be possible to endorse your policy mid-term to reflect the up-to-date information as long as your policy term is not expiring within the next three months.

Although nothing is finalized, our management team at Merit Insurance will continue to monitor new information as it arises. We know many Canadians are suffering during this time. Rest assured that we are advocating on your behalf and will communicate any relevant updates relating to the insurance companies we represent as more specific plans develop over the next few days.

That’s The #MeritDifference

Stay safe and healthy.

Sincerely,

Your Merit Insurance Team