Canadian and U.S. courts often award damages that are much higher than $200,000. In fact, injury awards sometimes exceed $1 million. Without Extended Third-Party Legal Liability coverage, you are responsible for paying any amounts above the $200,000 covered by Basic Autoplan. Most motorists feel more comfortable extending their Third-Party Legal Liability coverage to $1 or $2 million.
1)Loss or damage to anyone's property carried in your vehicle
2)Loss or damage to property you own or rent (for example, your house)
3)Assessments, penalties or premiums owed under the Workers Compensation Act
4)Operation of attached equipment at a work site (for example, a crane attached to a truck)
There are hundreds of circumstances that could cause you to cancel your trip, return home early or force you to seek emergency medical treatment while traveling.
To demonstrate the importance of purchasing travel insurance, and emergency travel services, here are 10 common examples of what could go wrong.
1. It's 10 p.m. and your family arrives at the airport for a connecting flight, only to find that your flight has been cancelled. How do you get your family home?
2. Your traveling companion's bag was lost with his insulin inside. He needs help to locate his bag as soon as possible and his emergency prescription filled. Who do you call?
3. Your first visit to Europe, and your passport and wallet are stolen. Where do you turn for emergency cash, and how will you get your passport replaced?
4. Your spouse is involved in an accident and adequate medical treatment is not available. Who will help arrange and pay for a medical evacuation?
5. If your sister-in-law becomes seriously ill and you choose to cancel your trip, what happens to your non-refundable deposits or pre-payments?
6. You arrive in Jamaica and your luggage doesn't. If it's lost, who will help you find it? If it's delayed, who will pay for your necessities? If it's stolen, who will pay to replace it?
7. Your cruise line, airline or tour operator goes bankrupt. Who will pay for your non-refundable expenses? Who will help get you to your destination?
8. You're walking down a street in Rio and twist your ankle. Who can help you find an English-speaking physician?
9. Three weeks before your scheduled arrival, a terrorist incident occurs in the city to which you are planning to visit. Who will pay if you want to cancel your trip?
10. You are at a beach resort in North Carolina, and you are forced to evacuate due to an approaching hurricane. Who will help you evacuate and who will reimburse your lost vacation?
Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.
If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.
