We're considering doing some business into the US and our Canadian liability insurer has indicated that there will be a ridiculous premium increase to cover our US sales. I'd like to consider insuring from the other direction i.e. are there US insurers that have less problem with a large volume of Canadian sales vs. the other way around?
Any suggestions on which company/agent I might consider?
I think it would be kind of hard for a US company to know what a US insurer would charge for a Canadian company or even which insurance companys would insure a Canadian company. Do you have Hartford up there? I know they're a pretty big company and they used to issue policies for alarm companys. Isn't there a Canadian National association? You could ask them.
CANASA (the Canadian alarm association) has insurers that they recommend and even provide a discount for members so I was hoping that there might be something similar in the US and I was thinking those US insurers might be less concerned about covering sales in both US & Canada. I'm not imagining anyone would know what premiums might be involved, I'm simply looking for suggestions on which brokers and/or insurers do "failure to operate" insurance for alarm companies south of the border. So if you carry liability insurance that includes "failure to operate", who's it written with is all I was asking so that I can make some phone calls and see if they would consider a policy with a significant amount of Canadian exposure and what the premium might be.
CANASA (the Canadian alarm association) has insurers that they recommend and even provide a discount for members so I was hoping that there might be something similar in the US and I was thinking those US insurers might be less concerned about covering sales in both US & Canada. I'm not imagining anyone would know what premiums might be involved, I'm simply looking for suggestions on which brokers and/or insurers do "failure to operate" insurance for alarm companies south of the border. So if you carry liability insurance that includes "failure to operate", who's it written with is all I was asking so that I can make some phone calls and see if they would consider a policy with a significant amount of Canadian exposure and what the premium might be.
Contact the ESA via their website at
Regards, Russ
I just thought I'd post a followup for future reference if any other companies are considering this...
I checked out ESA and they indeed have some liability insurers that they recommend. I contacted them and determined that they are not licensed to do provide coverage in Canada. Bottom line...we would need to hold two policies - the one we currently carry covering our Canadian exposure with a CDN underwriter and one covering our US exposure with a US underwriter. Minimum retained premium for the US coverage - US$750 for 1 million limit, 2 million aggregate.
So thanks Russ and others...I got the information that I was looking for and can now make a decision on how to proceed.
Reg
You're welcome Reg, and good luck....
Russ
Thanks for the feed back. Now we'll know what to tell others who may inquire in the future.
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