Condominium basics - Part 1

This is the first of four newsletters on the condominium, a popular topic that affects many people. Condominium living raises insurance issues that this series attempts to clarify.


Protecting your employees in the event of an illness or accident

The majority of employers consider long term disability (LTD) to be the most important benefit offered through a group insurance plan. LTD generally protects employees up to age 65 from a loss of income in case of an illness or accident.

Essential insurance for a construction site

Preparing a construction site? Consider getting insurance suited to this type of project. Wrap-up liability insurance covers damages to third parties arising from construction, installation or renovation work for a particular project.

Are your archives susceptible to water damage?

There’s no need to remind you. A burst pipe or the triggering of a sprinkler system is enough to cause considerable damage to the hard copies of archived files. And since precious documents often end up in the basement, they find themselves directly underneath a number of water pipes. Since water obeys the laws of gravity, it finds its way through several floors to ultimately reach your archives.

Resolution for 2016: Compliance with the VRSP Act

Along with health and happiness, prosperity is one of the wishes most often mentioned for the start of a new year. But unless you hit the jackpot, prosperity is very often the result of what you are able to save. Yet, almost 50% of Quebec workers do not have a pension or retirement plan provided by their employer. This makes it somewhat of a challenge to save enough for retirement! To address this issue, the Voluntary Retirement Savings Plans (VRSP) Act came into effect on July 1, 2014. Some companies will have to comply with the Act by December 31, 2016. Is yours one of them? Read on to find out.

Impact of Bill 28 on group insurance plans in Quebec

Effective October 1, 2015, the rules concerning the reimbursement of brand-name drugs in plans with a generic substitution clause were changed. This means if your insurance plan contains a mandatory generic substitution clause, the insurer can limit its reimbursement of brand-name medications to the cost of the least expensive generic equivalent. In other words, if you choose to purchase a brand-name drug for which there is a generic equivalent, you must pay a greater share of the cost. Of course, if your plan does not contain a mandatory generic substitution clause, you will not be affected.

Employee assistance programs: an essential investment

Everything is changing. Each day, new technologies appear that should make our lives easier. However, as we are constantly connected through our laptops, tablets or smartphones, we are solicited from all sides as we try to somehow balance our work, relationships, children, elderly parents, etc. We lead lives that are ever more demanding and stressful.

Extinguish factory fire risks

In an effort to promote sound risk management, Ve zina and its partners want to help you prevent fire-related hazards. The impact of a fire on plant workers is very real: injuries, lost wages due to a production stoppage, even death. Fortunately, this type of disaster can easily be avoided by taking simple preventive measures:

Vezina Risk Consulting Services

Insurance is an essential part of an organization’s risk management program, but is only one component of its total cost of risk. Effective risk management provides broader value to the organization; protecting and supporting the key organizational objectives no matter what. Vezina’s specialists provide our clients with focused risk management strategies that include risk identification, analysis and cost effective guidance for opportunities to further mitigate exposures. Our solutions ensure that clients are actively mitigating their risks, from enhancing their preparedness, to ensuring adequate recovery from a claim.


Accidental Death and Dismemberment insurance protects against the vagaries of life

You have probably thought about what would happen if you were the victim of an accident involving serious injury or what your family would do if you were to suddenly die. No one is immune to such unfortunate events. This is why it is important that you take measures to ensure your well-being and that of your loved ones.

Bill 28 and its impact on the Act Respecting Prescription Drug Insurance and Health Insurance Act

On April 20, the Government of Quebec adopted Bill 28. This very large bill will bring significant changes to numerous laws and regulations and is worthy of attention. Without providing an exhaustive summary, we want to highlight the changes that will affect your insurance plans and their costs. Of particular interest are the changes made to the Act Respecting Prescription Drug Insurance and Health Insurance Act, since these new measures will alter the rules governing group health insurance and drug plans.

Are we protected from identity theft?

The ubiquity of technology has led to a sharp increase in the risk of identity theft. No company, even the most reputable, is immune to a potential breach in the security of their data. Consider the retail giant Target, which confirmed last year that the credit or debit card accounts of some 40 million of its U.S. customers had possibly been compromised by a cyber-attack.

Water damage: preventable events

Water that seeps in through the roof or the foundation; pipes that crack open or freeze and burst; dishwashers that drip; toilets that overflow; water heaters that leak… damage caused by water is the primary reason for claims by residential property owners and represent almost half of the home insurance settlement amounts paid out in Quebec. The good news is that we can prevent such unfortunate damage with a few precautions. To get a clearer picture, let’s take a tour around the house!

Which motor vehicle replacement cost insurance is right for you?

In the event of a theft or total loss of your vehicle, replacement insurance allows you to replace it with an equivalent model. What you should know is that there are two types of replacement cost coverage. To help you decide which one is right for you, we have listed the main differences between the two in the table below. Keep in mind that, despite their differences, the cost is about the same.

Health and wellness program: A profitable investment

For several years, there has been a significant increase in illnesses related to physical inactivity and poor hygiene, such as diabetes and coronary diseases. The same holds true for mental health issues, such as stress, burnout and depression. The incidence of those illnesses, which now represent the main causes of absence from work, undermines companies’ productivity and leads to a sharp increase in medical costs. To prevent this, an increasing number of companies are introducing workplace health and wellness programs.


Adoption of Bill 39 – The Voluntary Retirement Savings Plan (VRSP).

The Quebec government tabled its new Bill 39 in May 2013, which was finally adopted last December. As such, the Voluntary Retirement Savings Plan (VRSP) will take effect on July 1st, 2014. This initiative aims to encourage a greater number of employees, particularly from small and medium companies, to save for retirement.

Travel with Peace of Mind

A short trip across the border or a trip of a lifetime can become a nightmare without the proper Travel Insurance. Contractual exclusions can leave you high and dry! Let an insurance expert worry about your coverage so you can travel with peace of mind.

Preventative maintenance for your air conditioning

With the arrival of summer, we wish to draw your attention to the many risks air conditioning and refrigeration units / systems are exposed.

How to counter increases in drug prices

The increase in the cost of medications has slowed in recent years, notably through the introduction of generic equivalents. However, the development and manufacture of new drugs, such as biological drugs and treatments against cancer, may once again increase average prices. To avoid an excessive impact on drug insurance premiums and preserve access to insurance plans, it’s important to immediately implement measures to control costs.

Environmental liability insurance: Necessary and accessible protection

Whether it's a hazardous material spill, the contamination of a site or damage to a natural habitat, companies are exposed to numerous environmental risks. What's more, the consequences of a disaster can be significant, both for the environment and the company.

Cyber-insurance: Protect your virtual assets

Picture this: a computer hacker steals your clients’ data, including credit card information. Such an attack could entail numerous costs for your company and even disrupt your operations.

New requirements for building owners

Do you own an apartment building, health care facility, retirement home or car park ? Since March 18, 2013, you must meet new standards and requirements concerning the operation, maintenance and inspection of your building.


Your operations outside Canada’s borders

Today, the reality of globalization is mainly companies operating in several countries. In the past, companies were unaware of or cared little for regulatory requirements for insurance in the jurisdictions where they did business.

Employment Practices Liability Insurance

Are you well equipped to deal with one of the following situations should it occur within the employer-employee relationship?

Bill No 39 – The Voluntary Retirement Savings Plan (VRSP).

Last May 8th, the Quebec government tabled its new Bill 39. This Bill establishes the rules and provisions of the new Voluntary Retirement Savings Plan (VRSP). Planned to come into force on January 1st, 2013, the introduction of the Voluntary Retirement Savings Plan was postponed for a few months but should it be adopted, will take effect on January 1st, 2014.


Preventive maintenance for your air conditioning

With the arrival of summer, we wish to draw your attention to the many risks air conditioning and refrigeration units / systems are exposed.

Surety Bonds

More and more companies in the construction industry or goods and service companies do business with clients requiring financial guarantees.

Legislative change: Employer contributions to group sickness or accident insurance plans and the Federal Budget of March 29th, 2012.

Bill C-45 on the implementation of the provisions of the federal budget proposed on March 29, 2012 was adopted on December 5th.


Managing Catastrophic Risk

Whether directly or indirectly, we have all experienced a crisis, be it in business or in our personal life. Imagine a catastrophic situation similar to what is happening with the nuclear installations in Japan. Do you think that the government authorities or the nuclear plant operators have shown diligence in their PREPARATION, or in their REACTIONS to these events? The answer is almost evident in the questioning…


Cyber Risk & Privacy Insurance - An essential tool to consider for your insurance portfolio

Nearly all companies must process information that is confidential or personal in some way, notably client credit or other sensitive information obtained through suppliers. All these companies are exposed to potentially devastating lawsuits should the information fall into the wrong hands or be leaked to the public.

Insurable Value ... What is the RIGHT amount of insurance ?

The concept of the word value is understood most clearly when it is combined with an adjective to define its scope. In doing so, we can differentiate the distinct applications of this terminology such as book value, market value, sentimental value and insurable value.

Errors and Omissions Liability Insurance – an oversight that could be costly!

Traditionally, Errors and Omissions Liability Insurance was aimed primarily at professionals such as lawyers, engineers, architects and other liberal professions. Today, coverage is available for a wide variety of professions and industries, from simple consulting, to construction and manufacturing.

Evolution, innovation & service!

In July 2008, we celebrated our 30th Anniversary with a name change to Vezina assurances inc. But Vezina is not about cosmetic changes and we do not wait to effect change.


Directors’ & Officers’ Liability Insurance Covering the Financial Consequences of your Decisions

As a productive member of society, you wear many hats and assume numerous responsibilities. Every day, your personal and professional actions and decisions have an impact on your life and the lives of others, and they also have a potential for causing harm to those involved.

Business interruption insurance - Protecting the intangible

Property insurance exclusively covers direct damage to insured property resulting from perils insured under the policy. But your business patrimony does not only include tangible property! It is precisely for this reason that there is a need for specific insurance to cover financial loss resulting from direct damage. This essential product is known as ―Business interruption‖ insurance.

Credit insurance - How to survive in an unstable economy!

We have all seen the deterioration of financial markets, the deepening financial crisis and the fears (now a reality) of recession. Because of these very real dangers to your company’s bottom line, we think that you should consider whether Credit insurance could be a useful weapon in your insurance arsenal.

The co-insurance clause... The hidden danger!

You own a quality property, built with the most solid and least flammable materials. It can be tempting to reduce operating costs (premium) by declaring an insurable value that is less than its replacement cost since, in the event of a loss, the building is less likely to sustain major damage or be declared a total loss. Sounds logical, right? Not from the insurer’s perspective! If this practice were widespread, insurers would have a serious problem because premiums paid would be insufficient to cover their loss exposure.


Welcome to our new quarterly newsletter ''Vézina Flash''

We are pleased to present the newest addition to the Vézina family, our quarterly newsletter « VÉZINA FLASH ». This new communiqué was designed to reply to our clients’ needs, both for pertinent information concerning insurance and to be advised of changes at Vézina. Our intention is to provide useful articles in a clear and concise package.

Vezina expands its international insurance capabilities providing regional service with global reach

Vezina has undertaken many challenges during our 30th Anniversary year. We have progressed and evolved on numerous fronts in order to provide our clients with the best combination of products, professional service and advice available in the marketplace.

Late reporting of insurance claims... What are the consquences?

The possibility of coverage or other claims issues due to late reporting exists in every type of policy. The consequences will vary according to the type of coverage involved and the importance of the delay. Was the insurer prejudiced because of the delay? Did the delay cause an aggravation of damages? Are there certain conditions in your policy which, in the event of late reporting, may limit or eliminate your claim?

Marine insurance - Do I really need it?

Is your property in transit well protected? Is the “Property in Transit” coverage under your commercial lines property policy sufficient for your needs?

Important notice! Danger of collapse! Importance of snow removal from building structures and roofs

We wish to bring to your attention a potentially dangerous situation which could impact your business.