TripleGuard™ Insurance for Practice Owners Plansheet
How TripleGuard protects your office.
TripleGuard Insurance is designed with the flexibility you need to purchase different insurance amounts that meet your specific coverage needs. TripleGuard for Practice Owners protects you in three important ways:
Protection for your dental equipment, contents and leasehold improvements.
Replacement of lost income from interruption due to practice damage; and
Insurance against commercial liability lawsuits.
All in one convenient, cost-effective package.
You are eligible for TripleGuard™ Insurance if you are a licensed dentist, resident in Canada and a member of the Canadian Dental Association (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.
Participants in the TripleGuard™ Insurance Associate Package must also be an associate when applying for coverage.
To obtain TripleGuard 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.
Practice Interruption Coverage - Protection of your Income
Practice interruption coverage, which is not disability coverage, insures fixed expenses and reimburses you for loss of dental or non-dental related services income (up to a maximum period of 12 months) when your use of your office is interrupted or interfered with for one of the following reasons:
- Fire, theft, vandalism or other insured peril (including computer damage or theft)
- Repairs in progress when your office is being restored after damage or loss from an insured peril
- Lack of access when you are prohibited from entering the premises for a period not exceeding four weeks by order of police, fire department or other government authority when such order is given as a direct result of damage to neighbouring premises that is caused by an insured peril. Subject to a sub-limit of $10,000 and a distance limitation within a 500m radius of the premises.
- Loss or damage to your insured property due to an insured peril that impairs entry to or exiting from the premises. Subject to a limit of $10,000 and a maximum of 4 weeks.
- Damage to or destruction of any premises or equipment within 1 km that are within Canada and located away from your practice, due to an insured peril when the interruption is at least 12 consecutive hours, up to a $100,000 maximum. In the event of a power outage, the practice interruption loss would need to subsist for at least 12 consecutive hours, payable retroactively to the first hour of practice interruption.
- When a property (not owned or not operated by you but which supplies, contracts with or assists your practice in any way) suffers loss or damage due to an insured peril which affects your practice or wholly or partially prevents the acceptance of services you provide (up to a maximum coverage of $100,000 for any one occurrence)
- Insect or vermin infestation that causes the practice to close for four continuous normal working hours for fumigation and/or other pest control services, up to a $2,500 maximum
Benefit Immediately When Your Practice is Interrupted
- Unless specified, there is no waiting period for this coverage, and as soon as your practice is interrupted, covered losses are insured.
Commercial General Liability Coverage
$5-Million Coverage For Injury or Property Damage to a Third Party
- Commercial general liability coverage covers up to $5-million per claim (subject annually to a $10-million general aggregate limit) in legal costs and damages if bodily injury to others or damage to a third party’s property arises out of your dental practice (excluding malpractice).
Benefit From Legal Representation
- The insurer provides legal representation for the insured and covers all approved legal costs.
Protect Your Personal and Company Assets
- If your practice is incorporated, your insurance covers both you and your company (it should also be named in your application) up to a combined total equal to your coverage limit, if named in a lawsuit.
Receive Up To $1-Million in Pollution Liability Coverage
- If you are named in a liability lawsuit alleging bodily injury or property damage due to an incident where pollutants are released from your dental practice, TripleGuard Insurance will provide up to $1-million (aggregate annual coverage limit) toward legal fees and damage awards. For the coverage to apply, the release of pollutants must have been unexpected and unintended and must not have occurred in a quantity or quality that is routine or usual to your business. The pollution incident must be discovered within 120 hours of the commencement of the discharge and reported to the insurer within 120 hours of discovery.
Office Contents Coverage
BROAD COVERAGE FOR YOUR OFFICE CONTENTS
Office contents coverage offers protection for items in your office that are stolen, or damaged by fire, vandalism, or other insured incidents. (All dental equipment, leasehold improvements, drugs, supplies, furniture, fixtures, interior and exterior signage, office equipment—and more—are included.)
REPAIR, REPLACEMENT OR REIMBURSEMENT
Under the plan, the insurer pays for repair or replacement, or you can choose to be reimbursed for the depreciated value of the damaged items.
PREMIUM REDUCTIONS AVAILABLE
You can obtain reductions on your TripleGuard Insurance premium when you insure multiple office locations or add Building Insurance. Receive a 10% reduction when you add Building Insurance or insure two or more locations. Reduced rates for multiple locations are applied to coverage billed under the same account.
LOCK REPLACEMENT INCLUDED
Receive up to $10,000 to replace office locks if the keys for the locks are stolen during a burglary or in conjunction with the theft of other property. The deductible is also waived.
COVERAGE FOR ADDITIONAL RISKS
Besides damage to the contents of your office, such as equipment, you will also have coverage in the event of losses caused by an insured incident (fire, theft, vandalism, etc.) in the following special categories of risk:
- For reconstruction of your patient records
- Up to $50,000 basic coverage provided automatically and additional coverage is available
- For reconstruction of records, uncollectible accounts, and extra expenses of collection procedures
- Up to $50,000 basic coverage provided automatically and additional coverage is available
- Up to $50,000 coverage for additional operating expenses you may incur while your office is being restored, and to cover extra expenses incurred due to computer loss, damage or breakdown resulting from an insured incident
- Up to $25,000 coverage for losses caused by staff and up to $2,500 coverage for professional accounting fees to substantiate an employee dishonesty loss is covered automatically and additional coverage is available
- Included under office contents coverage: up to $5,000 coverage for damaged or stolen personal property belonging to dentists or staff ($15,000 aggregate)
- There is no specific dollar limit on coverage; claims payment is the amount of actual loss sustained, minus any applicable deductibles.
- Up to $50,000 coverage for your practice rent while office restoration keeps you from practising in your usual premises
Additional Lease Expense
- Up to $50,000 coverage for increased expenses if you have to sign a new lease at a higher monthly rate
Money and Securities
- Up to $15,000 basic coverage provided automatically and additional coverage is available
Gold and Precious Metals
- Up to $25,000 coverage
- Up to $25,000 coverage
- Up to $25,000 coverage for counterfeit money orders and paper currency
Credit Card Forgery
- Up to $5,000 coverage
In addition, you'll receive the following specialized coverages:
- A $10,000 reward for information leading to an arson conviction in connection with a covered fire loss
Fire Extinguisher Recharge
- Up to $500 to recharge a portable fire extinguisher that has been used to combat a covered fire
Clean-up of Polluted Water and Land
- You’ll receive up to $100,000 per claim (aggregate annual coverage limit of $1 million) for the clean-up of pollutants from water or land on your premises, if the release of pollutants is occasioned by loss or damage to property insured at the premises under the office contents coverage caused by an insured peril (such as a fire), is sudden, unexpected and unintended, and first occurs during the policy period
- Up to $15,000 included under Office Contents coverage, insuring specified property that is damaged by accidental collision with an object in an elevator or with the elevator itself
Unit Owner’s Condominium Contingent Coverage
- Extended to insure the interest in the unit owned by the Insured, excluding improvements or betterments made or acquired by the Insured, to the extent that it is not insured by the Condominium Corporation or to the extent that the insurance placed by the Condominium Corporation is not effective or it is inadequate.
- Up to $100,000 is automatically included and additional coverage is available.
Inflation Protection Increases your Coverage
To help protect you against the impact of inflation, your TripleGuard contents coverage limit automatically increases every year by a rate determined by the insurer and based on the current economic environment. However, it’s always wise to purchase additional coverage above this amount if you need to do so.
Independent of the deductible you have for other types of losses, in the event of loss or damage caused by earthquake, you pay a deductible for office contents and practice interruption claims that is a percentage of the total amount of your office contents coverage.
British Columbia earthquake zones (CRESTA zones* 1-4):
If the coverage limit is $500,000 or less, the deductible for an earthquake claim is 15% of the coverage limit. If the coverage limit is over $500,000, the deductible is 15% of the coverage limit, subject to a minimum deductible of $250,000.
Quebec and the rest of British Columbia (excluding CRESTA zones 1-4):
If the coverage limit is $500,000 or less, the deductible for an earthquake claim is 10% of the coverage limit. If the coverage limit is over $500,000, the deductible is 10% of the coverage limit, subject to a minimum deductible of $100,000.
Rest of Canada (excluding British Columbia and Quebec):
If the coverage limit is $500,000 or less, the deductible for an earthquake claim is 5% of the coverage limit. If the coverage limit is over $500,000, the deductible is 5% of the coverage limit, subject to a minimum deductible of $50,000.
*CRESTA Zones (Catastrophe Risk Evaluation and Standardising Target Accumulations) are part of an international geographic zoning system (by postal codes in Canada) which helps insurers manage natural hazard risk. Our online calculator will automatically account for these risks based on your postal code.
EQUIPMENT BREAKDOWN OPTION
For an additional premium, you can cover mechanical or electrical equipment such as patient chairs, X-ray equipment, copiers and more, for repair or replacement (whichever is the least) needed due to a sudden and accidental breakdown of the equipment due to an insured peril. Losses are paid up to the amount of your office contents limit subject to a $1,000 deductible. If equipment breakdown results in loss of income, you are compensated for loss after the first eight hours during which your business would normally have operated. You are required to provide for regular inspection and maintenance of equipment as recommended by the manufacturer with a minimum annual inspection.
Even if equipment in your office is under warranty, it’s wise to consider purchasing the Equipment Breakdown Option. For example, suppose a power surge damages the motor in your only dental chair, rendering it inoperable. Under the terms of your warranty, the motor may be repaired at no cost, but it may take several days before a technician can perform the work. You can’t practise until the chair is repaired. If you have purchased the Equipment Breakdown Option, you may receive a loss payment to help reimburse your income loss after the first 8 hours of this downtime.
BUILDING INSURANCE OPTION
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Premium rates are in effect January 1, 2023 until December 31, 2023.
Due to a greater earthquake risk, premiums are slightly higher in British Columbia earthquake zones.
If you have had three or more TripleGuard Insurance claims in the past three years, your deductible will increase to $2,500 for future losses.
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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.