You are an individual. Sure, you may enjoy the same sports as your peers and love the same seasonal drinks as millions of other people, but your life is entirely different from other people's lives. So why settle for standardized insurance protection? Whatever your insurance needs are, you can count on your Morison Insurance broker to find an appropriate insurance endorsement.
Standard policies provide a certain level of protection, but what if you need more to ensure your personal vehicle, home, valuables, or business are properly protected? By getting specialized endorsements in insurance policies, you can be sure you have the financial protection you need in the face of floods, earthquakes, and other insured events.
A common misconception that many insurance seekers have is that insurance policies are catch-all, be-all, providing you with loss and damage protection for every event under the sun. But that's not the case in the realm of insurance. While there is some basic protection that every policy contains, such as third-party liability protection in auto insurance, which protects you should you be found liable for causing bodily harm or property damage due to an accident, insurance endorsements allow you to tailor your protection. Also known as an insurance rider, they can broaden or restrict your insurance coverage, or act as a clarification of what your base insurance policy entails. So, essentially, an endorsement is a way to enhance the coverage on your insurance policy. Speak to your Morison Insurance broker to learn how insurance endorsements can improve your original policy's coverage and limits.
Because insurance is meant to protect you, most types of insurance policies contain standard coverage to protect you and any impacted parties from losses and damages as a result of an incident or unexpected event, up to your coverage limits. However, they don't cover every possible scenario, and depending on where you live and your activities, you may need additional or specific types of coverage.
A good example of this is getting home insurance for a traditional two-story home vs. a condo in a high-rise building. The types of buildings are very different, and so are their occupants' associated lifestyles. As a result, they will need policies tailored to their unique circumstances and needs. But even if you and another person each own the same type of home, differences in area can also impact your insurance needs. That's when you need an insurance endorsement, meaning more tailored protection, to ensure you are properly protected.
Getting insurance endorsements added to your Ontario insurance policies is easy: Just speak to the experienced brokers at Morison Insurance. Our team will be more than happy to ensure you get the personalized protection you need with insured endorsements.
Keep in mind, though, that the endorsement meaning in insurance refers to additional coverage or changes in coverage. As a result, getting insurance endorsements will come at an additional cost. However, while your insurance rates will go up, you'll have access to that additional protection when you need it.
Once approved, any insurance endorsement you include in your policy will remain part of your policy for its entire duration, unless otherwise specified in your policy. They can be added at any time during the policy period, including when getting it, during the coverage term's duration, or at renewal time. Insurance endorsements are generally listed under the policy's declarations or in the coverage form section, as well as the cover letter provided by your insurance provider, so it's important to carefully read through your insurance documents so you understand where you can find the insurance and what type of coverage you have.
It's also important to keep in mind that different insurance providers offer different types of endorsements at different costs. Make sure you ask your experienced insurance broker about these differences to ensure that your insurance company provides the insurance endorsement options you need.
Standard homeowners insurance policies provide coverage for damage done to your residential property, medical costs associated with insured incidents, coverage for items and personal belongings, and additional living expenses if you are unable to live there due to an insured event. However, depending on the type of home you live in, where you live, and other factors, you may want additional protection. Some common home insurance endorsements include:
Documented under Ontario Policy Change Forms (OPCFs), car insurance endorsements are the most common types of endorsements Ontario residents know about. Some common endorsements include:
No two businesses are exactly alike, so why would you settle for just a standardized business insurance policy? Some common insurance endorsements that Ontario business owners can get include:
Skip that online search for "endorsement meaning in insurance." When you have questions about what an insurance endorsement is, just call your friendly, expert brokers at Morison Insurance. As your local insurance experts, we understand what coverage you need, whether it's for commercial insurance or personal insurance, and can help you get the right coverage in your broader insurance package.
Give us a call today at 1-800-463-8074, or fill out our online form by clicking the link above to learn what additional coverages you can get with the right insurance endorsements.
