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Your clients have been renting a unit in a condominium high rise building and have a Tenants Comprehensive policy through your office. They have just purchased a similar condominium unit and will soon move in. What should you do to change their insurance coverage? Get full details of the security arrangements and alarm systems in the building. You will then be able to recommend how much fire and theft insurance they should carry. Transfer the entire policy to their new address as they do not need any other coverage. Cancel the entire policy. They no longer have any need for insurance as the Condominium Corporation is required by law to insure all insurable exposures for the owners of every unit. Cancel their Tenants policy and replace it with a Condominium Unit Owners policy.

Your clients have been renting a unit in a condominium high rise building and have a Tenants Comprehensive policy through your office. They have just purchased a similar condominium unit and will soon move in. What should you do to change their insurance coverage? Get full details of the security arrangements and alarm systems in the building. You will then be able to recommend how much fire and theft insurance they should carry. Transfer the entire policy to their new address as they do not need any other coverage. Cancel the entire policy. They no longer have any need for insurance as the Condominium Corporation is required by law to insure all insurable exposures for the owners of every unit. Cancel their Tenants policy and replace it with a Condominium Unit Owners policy.

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Your clients have been renting a unit in a condominium high rise building and have a Tenants Comprehensive policy through your office. They have just purchased a similar condominium unit and will soon move in. What should you do to change their insurance coverage? Get full details of the security arrangements and alarm systems in the building. You will then be able to recommend how much fire and theft insurance they should carry. Transfer the entire policy to their new address as they do not need any other coverage. Cancel the entire policy. They no longer have any need for insurance as the Condominium Corporation is required by law to insure all insurable exposures for the owners of every unit. Cancel their Tenants policy and replace it with a Condominium Unit Owners policy.
Transcribed Image Text:Your clients have been renting a unit in a condominium high rise building and have a Tenants Comprehensive policy through your office. They have just purchased a similar condominium unit and will soon move in. What should you do to change their insurance coverage? Get full details of the security arrangements and alarm systems in the building. You will then be able to recommend how much fire and theft insurance they should carry. Transfer the entire policy to their new address as they do not need any other coverage. Cancel the entire policy. They no longer have any need for insurance as the Condominium Corporation is required by law to insure all insurable exposures for the owners of every unit. Cancel their Tenants policy and replace it with a Condominium Unit Owners policy.
Your insured and his wife hire a babysitter on a regular basis. Part of the compensation to the babysitter is an arrangement that he/she will be picked up and returned to their home by the insured. Since this can be construed as receiving compensation, how would you ensure your client is protected against claims made by the passenger for injuries? Add the change form "Permission to Carry Paying Passengers". Add "Passenger Hazard" change form. No endorsement is necessary, coverage is included in the O.A.P. 1 Owner's Policy. Reclassify the risk for business use.
Transcribed Image Text:Your insured and his wife hire a babysitter on a regular basis. Part of the compensation to the babysitter is an arrangement that he/she will be picked up and returned to their home by the insured. Since this can be construed as receiving compensation, how would you ensure your client is protected against claims made by the passenger for injuries? Add the change form "Permission to Carry Paying Passengers". Add "Passenger Hazard" change form. No endorsement is necessary, coverage is included in the O.A.P. 1 Owner's Policy. Reclassify the risk for business use.
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