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Building Insurance

Structural coverage for dentists who own their own dental practice buildings

TripleGuard™ Insurance includes protection for your dental office contents (insuring items such as your dental equipment, furniture and furnishings). Beyond office contents coverage, Building Insurance provides protection against damage from insured perils to your building’s structure, such as the walls and roofing.

Available for an additional premium to those covered by the TripleGuard Insurance plan, Building Insurance is a convenient choice if you’re a dentist who owns the building in which you practise. From a single source, you can protect the structure and contents of your practice in an integrated way.

The CDSPI Advantages

  • Coverage for your building's structure, additions and extensions against insured perils such as fire and water damage
  • Special coverages available for glass and signage, earthquake, flood, sewer back-up, building by-laws and replacement cost
  • Attractive options to augment your coverage—including the Extended Rental Income Option
  • A choice of deductibles to economize on premium
  • Save with available premium reductions

How the Building Insurance Option Protects the Structure of Your Dental Practice

COVERAGE FOR YOUR BUILDING’S STRUCTURE

Building Insurance under TripleGuard Insurance provides coverage against insured perils such as fire and water damage for your building’s structure (e.g. walls and roofing). Additions and extensions (e.g. garages), permanent fittings and fixtures (e.g. garage doors and awnings), maintenance materials, equipment and supplies on the building premises (e.g. lawnmowers and sprinklers), and growing plants, trees, shrubs or flowers inside the building are also covered. (Outbuildings and any other fully detached buildings are not covered unless they are listed on your Memorandum of Insurance.)

If your building is 40 years old , or more, in order to provide a quote, the insurer will require that the building has been updated (electrical, heating, plumbing, roofing) in the last 20 years. The insurer will also require a copy of a current Replacement Cost Appraisal/Inspection from within the last year.

If your building is deemed a Historical or Heritage building, the insurer will instead require a copy of a Heritage /Historical Appraisal of Replacement Cost.

Market value appraisals will not be accepted .

INFLATION FIGHTER AUTOMATICALLY INCREASES YOUR COVERAGE

To help protect your building coverage against inflation, the TripleGuard Building Insurance plan insurer automatically increases your coverage each year to help keep up with inflation. However, it’s always wise to purchase additional coverage above this amount if you need to do so.

INCLUDES COMMERCIAL GENERAL LIABILITY COVERAGE

Building Insurance provides up to $5-million per claim (subject annually to a $10-million general aggregate limit) for your liabilities as building owner, such as paying legal costs and damages if others are injured (excluding malpractice) or their property is damaged due to an incident in your dental practice building.

CO-INSURANCE CLAUSE

Your insurance policy contains a co-insurance clause. This means that if you suffer a partial loss and you are not insured to at least the co-insurance percentage amount of the actual cash value of your building, there will be a penalty imposed on your claim.

We recommend you insure 100% of the replacement value of your building. This can help avoid a situation where your insurance coverage limit is insufficient to replace the full value of a loss.

CHOOSE YOUR DEDUCTIBLE

You’ll also be asked to select a deductible at the time of application (the pre-agreed amount that you are responsible for paying in the event of a loss before the insurer makes any claim payments). You can choose one of four deductibles: $1,000, $2,500, $5,000 or $10,000. Selecting a higher deductible will reduce the building insurance premium that you pay.

PREMIUM REDUCTIONS AVAILABLE

You will receive a 10 per cent premium reduction on your TripleGuard Insurance when you add Building Insurance or insure multiple office locations under your coverage. In the case of insuring multiple office locations, the premium reduction is applied to coverage billed under the same account.

COVERED ELSEWHERE, BUT LOOKING FOR A COMPETITIVE QUOTE IN THE FUTURE

If it will be several months until the building insurance coverage that you have elsewhere will be due for renewal, you can contact CDSPI Advisory Services Inc. today and tell us your renewal date. That way, we can send you a Building Insurance application within 60 days of your renewal date.

Options

EQUIPMENT BREAKDOWN OPTION

The standard Building Insurance coverage protects your electrical, mechanical and other building equipment against loss or damage from incidents such as fire and flood, but not damage resulting from breakdown of equipment. However, you can gain additional protection for equipment and your building by adding the Equipment Breakdown Option, which is available for an extra premium.

The Equipment Breakdown Option covers against loss or damage due to sudden and accidental breakdown of boilers, pressure vessels, mechanical and electrical equipment, air conditioning units and refrigerating units, and data processing, computing and electronic equipment.

With this option, property losses are paid up to the amount of your building insurance limit subject to a deductible. If equipment breakdown results in a loss of income, you are compensated up to the limit specified on your Memorandum of Insurance.

EXTENDED RENTAL INCOME OPTION

If you rent out part of your building, consider adding the Extended Rental Income Option, available for an extra premium. It protects you when damage from insured perils, including fire and vandalism, result in a loss of rental income. The Extended Rental Income Option provides coverage up to the amount stated on your Memorandum of Insurance to cover up to 100 per cent of the gross annual rental income you receive, as well as the fair rental value for the proportion of the building that you occupy.

For insured perils, the Extended Rental Income Option may provide special coverage for rental income losses stemming from earthquake, flood and sewer back-up (depending on whether these coverages are available to you, based on the risk assessment for your building). Your Memorandum of Insurance will

indicate whether you are insured for these coverages under your Extended Rental Income Option and will list the limits of your coverage and deductibles that apply.

Additional Protection — At No Extra Cost

You also receive coverage for the following special categories of risk:

  • Removal (provides coverage for up to seven days for property which has been removed from the insured location in order to prevent loss or damage or further loss or damage to it)
  • Debris Removal (up to 25 per cent of the total loss amount payable is provided to cover expenses incurred in the removal of debris from the insured property following an insured loss)
  • Removal of Windstorm Debris (covers expenses incurred to remove debris or items that have been blown onto the insured property by a windstorm)
  • Growing Plants, Trees, Shrubs or Flowers In The Open (up to $500 is provided for each damaged item including debris removal expense)

SPECIAL COVERAGES—GLASS, SIGNAGE, EARTHQUAKE, FLOOD, SEWER BACK-UP, BUILDING BY-LAWS AND REPLACEMENT COST

Subject to insurer approval, your Building Insurance may include the following special coverages, which are explained below. Your Memorandum of Insurance will indicate whether your building is insured for these coverages and list the limits of your coverage and deductibles that apply.

  • Replacement Cost — your damaged property will be replaced with a similar kind and quality without any deduction for depreciation
  • Glass and Signs — covers loss or damage to exterior glass due to breakage or chemicals being accidentally or maliciously applied and provides coverage for expenses to board up damaged openings. Includes coverage for loss or damage to signs you own
  • Building By-laws — covers any increase in cost to repair, replace, construct or reconstruct the insured building on the same site or an adjacent site in order to meet minimum by-law requirements that are in force at the time of the insured loss
  • Earthquake — insures against damage caused by earthquake, or other earth movements occurring concurrently with and directly resulting from an earthquake shock
  • Flood — covers loss or damage caused directly by flood, such as from tidal waves or the breaking out of any body of water, natural or man made
  • Sewer Back-up — protects against loss or damage caused directly by the backing-up of sewers, sumps, septic tanks or drains

APPLY FOR BUILDING INSURANCE:

When you return the completed application, if you are approved for coverage, you will receive a no-obligation quote within two to three weeks after your completed application is received. The quote is valid for up to 60 days after it has been delivered to you. If you accept coverage for the premium quoted, you will be invoiced subsequently. Coverage will not become effective before the receipt of the insurer’s approval and your acceptance of the premium quotation.

Conditions and Limitations

Coverage does not apply to claims arising from damage to or misuse of data, or to claims arising from terrorist acts or activities to prevent or respond to such acts. Mould/fungi, asbestos, cyber risks, contagious diseases and other exclusions also apply. Additionally, if you purchase the Building Insurance option and your building contains any fire detection or extinguishing systems or intrusion detection systems, you are responsible for notifying the insurer immediately about any known interruptions, flaws or defects or any cancellation or non-renewal of monitoring or maintenance contracts for these systems. The insurer will not provide coverage for practices or buildings that are vacant more than 30 days.

Eligibility

In order to obtain Building Insurance, you must be insured under the TripleGuard Insurance plan (or under the TripleGuard Insurance Associate Package), or apply for that coverage at the time you submit your Building Insurance application.

You are eligible for TripleGuard Insurance if you are a licensed dentist resident in Canada who is a member of the CDA or a participating provincial or territorial dental association. (As the Quebec provincial association does not participate, Quebec dentists must be members of the CDA to apply for or increase coverage.)

Please note: Coverage cannot be provided if the building has aluminum or knob and tube wiring and/or galvanized and polybutylene plumbing.

TripleGuard™ Insurance is underwritten by Zurich Insurance Company Ltd. (Canadian Branch)

The information contained here is a summary only. A full description of coverage and eligibility, including exclusions, restrictions and limitations can be found in the Policy Terms and Conditions governing each plan.

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