CSANews 100

Insurance Another member writes that he did some research on the Internet and could not find us in the top-five cheapest companies for travel insurance. That is because we are not there at all. Only plans that pay commissions are “rated” and I use that term very loosely. Medipac does not pay commissions to brokers and, as such, we are never included in price comparisons. There is a real danger in comparing prices because there is a huge difference between a lemon and an apple. Only two types of insurance can be easily compared – one is term-life insurance and the other is automobile insurance. Both of these policies and their conditions are controlled by governments. So that is an apples-toapples comparison in almost all cases. Let’s look at house insurance for another few seconds. Do you have sewer backup coverage? Does your policy include flood and/ or earthquake coverage? Do you even know what “land subsidence” means? (It means that if your beautiful ravine home slides into the ravine, you are not covered.) If you live in Toronto or Vancouver, you can kiss that million dollars-plus good bye. Incoming CSA President Karen Huestis had a massive sinkhole open up in her front yard in Florida. She can tell you what a mess – and how expensive – it is to have incomplete coverage. We always seem to learn the hard way, including myself. Did you really read your travel insurance policy? Someone stole my painting, my diamond ring, my lawnmower, etc. Theft is NOT covered under 95% of homeowners’ policies unless the item is listed specifically and a separate additional premium is paid. Burglary, however, is covered, but do you want to split those hairs with the claims department of your insurer? Accidental breakage requires the same individual listing of items so, if you lose that two-carat diamond in your ring (breakage), there is no coverage. Oh, and if you leave the same diamond ring in the golf club washroom and it disappears – that is called “mysterious disappearance” – not covered, of course. Does anyone now actually think that we can pick our home insurance policy on price alone??? Travel insurance can be much more complicated than home insurance. Read your policy and understand your policy! But also, buy Medipac, they really are the best. J. Ross Quigley CEO Medipac International Inc. CSANews | FALL 2016 | 15

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