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Did You Know?

COMMERCIAL
INSURANCE

When seeking insurance, voluntary sector organizations are classified the same as commercial enterprises such as for-profit corporations, and have access to commercial insurance products.

EXCLUSIONS AND
ENDORSEMENTS

If your standard property insurance policy excludes sewer backup, and you decide you need this coverage, you can buy an endorsement to have it added to your policy.

 

• Basic Terms
• Common Questions
• Liability Concerns
• Types of Insurance
• Volunteers and Insurance
• What is a Certificate of Insurance

Insurance Policy

An insurance policy is a legal contract between your organization (the insured) and your insurance company (the insurer). The policy details the specific types of coverages that are included. Different kinds of insurance cover different kinds of losses; for example, losing your office to a fire requires different coverage than being sued by someone who hurts themselves during one of your programs.

Premium

A premium is the money you pay your insurance company to have insurance coverage.

Deductible

A deductible is the amount your organization has to pay when you have a claim before the insurance company will pay its share. Usually, a higher deductible means your premium will be lower.

Exclusion

All policies have exclusions that detail the items that are not covered and the risks that are not insured. For some excluded items, it is possible to buy a separate endorsement that provides coverage. However, there are some risks that are never covered such as insurance coverage for mould and terrorism.

Endorsement

An endorsement is a form that allows you to amend the coverage provided
by your policy. This is also referred to as a rider or amendment.