It's a Service Business

Gore Mutual Insurance Company's commitment to service excellence has been recognized by independent brokers associations across Canada.

In 2005, the Independent Brokers Association of British Columbia voted Gore Mutual the number one insurance company in British Columbia.

Then in 2006, the Independent Brokers Association of Ontario selected Fore Mutual as the premier insurance company in Ontario.

"The Insurance Brokers Association of Ontario congratulates Fore Mutual for being selected the number one insurance company in our 2006 survey. The survey fives our 10,000 members the opportunity to rank insurance companies in their delivery of product and services. Being selected as the number one company reflects Gore Mutual's dedication to providing exceptional service, and their commitment to the insurance industry."
Randy Carroll, Chief Executive Officer, Insurance Brokers Association of Ontario

Let's Do Business Together

Whether you require commercial insurance for your business, or want to discuss your personal insurance needs, we recommend that you speak with an independent insurance broker. Together, you can determine the solution that is best for you. We hope you will choose Gore Mutual, and give us the opportunity to earn your business. Gore Mutual Insurance Company has been proudly serving Canadians since 1839. We look forward to the opportunity of serving you.

Sound Advice You Can Trust

Recognizing the value that an insurance professional can offer, Gore Mutual Insurance Company distributes its products through quality independent brokers.

We appreciate the importance our clients place in having a trusted insurance advisor to answer their questions, ensure they have proper coverage, and be there to assist them in the event of a claim.

And while some insurance companies own brokerages, Gore Mutual does not. We believe Canadians will be best served by an independent insurance broker, looking out for their interests. We do not want to have ownership of a brokerage, and influence where they put your business. "When you work with an insurance broker, you want to know you will be given professional unbiased advice," says Kevin McNeil, President and CEO of Gore Mutual.

You should make an informed choice about who earns your business. Together you and your broker should select the company that offers the best insurance protection, service and stability.

When brokers recommend Gore Mutual, they do so based on our delivery of solid insurance products, financial strength, and team of dedicated individuals ready to serve your needs. We should be judged on nothing less. We are not afraid to set the bar high. The opportunity to earn your business means a lot to us. We have no intention of letting you down.

Laying The Foundation

Gore Mutual Insurance Company has been proudly serving Canadians since 1839. The beginnings of the company can be traced back to April 30, 1837, when the freeholders of the District of Gore first met with the hope of forming a mutual fire insurance company. Only months earlier, in the sixth year of the reign of King William IV, an act that authorized the establishment of mutual insurance companies had been passed in the Province of Upper Canada.

On June 18, 1839, the Gore District Mutual Fire Insurance Company was officially formed at the Brantford School House, 28 years before Canadian Confederation.

Years later, the District of Gore – which included the present counties of Halton, Wentworth, Brant, Waterloo, Wellington, and parts of Haldimand and Lincoln – can no longer be found on a map of Ontario.

For almost two centuries, the Gore Mutual Insurance Company, as it was renamed in 1959, remains synonymous with stability and trust. Today, we offer a full line of dependable insurance products, backed by a secure financial foundation.

At Gore Mutual, we are proud of our heritage and the historic role we play in our community and the Canadian insurance industry.

Through the years, our goal has remained simple and unwavering; the protection and satisfaction of those we serve.

Staying True To Our Roots

True, Gore Mutual Insurance Company is one of Canada’s first ever federally licensed property and casualty insurance companies. But the only thing old fashioned about us is our values.

Everything we do is guided by our core values:

• Mutual benefit is the foundation of all our relationships.
• Genuine personal service is how we do business.
• Integrity guides all dealings with our stakeholders.
• Commitment to our community.
• Pride in our heritage and Canadian identity.

We believe that our Canadian ownership and mutual status offer a distinct advantage in the insurance marketplace.

While many insurance companies today are foreign-owned stock companies that must focus on short-term benefits for their shareholders, we remain a Canadian owned mutual company focused on the long-term needs of our brokers and clients.

Gore Mutual does not have a foreign parent company. We represent and are responsible to our brokers and clients. In an age of corporate consolidation, we are staying true to our roots – by Canadians, for Canadians.

We are proud to offer our insurance products through trusted independent brokers who provide both exceptional service and product coverage for their clients.

If you think about it, when it comes to relationships, service, and integrity, perhaps the old way of doing business is best. So go ahead and call us old fashioned. We wouldn’t have it any other way.

It’s How We Do Business

Canadians look to Gore Mutual Insurance Company with confidence to insure their homes, cottages, automobiles and businesses. And we value that trust.

Through the years, we have continued to develop and enhance innovative products and services that allow brokers to provide customized solutions that meet a client’s individual needs. We offer a consistent underwriting philosophy. This means that together with your broker, we prepare a thorough review of your insurance needs up front, so you know where you stand.

And you can count on Gore Mutual for stable, long-term solutions. As a recognized and respected leader in the Canadian insurance industry since 1839, we have a long history of financial stability and genuine personal service.

We’re On Your Side

If you should suffer a loss, your independent insurance broker and Gore Mutual will be here when you need us. We will work together to make sure you have the information you need every step of the way. We understand that in the event of a claim, the last thing you’ll want to do is navigate through a call centre, bouncing from recording to recording. That’s why Gore Mutual doesn’t have a call centre. What we have are people who are ready to offer you personal, professional advice.

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You might have a “special” spot around your home that is an accident waiting to happen.  It could be something as simple as a dip in your driveway that always collects a little patch of water.  It seems harmless enough – at least until the temperature drops.

Slips and falls are one of the most common liability claims facing homeowners.

If someone were to slip and fall on your property, they could break a hip, or worse, hit their head and suffer a brain injury.  If this happens, you could be financially devastated if a court holds you responsible for causing the injury due to poor maintenance or negligence on your part.

That’s why liability coverage is included with most personal insurance policies, including home, auto, boat and motorcycle policies.  The problem is most policies have a limit or maximum amount they will pay if you are sued.  Typically this is $1 000 000.

Are you sure your coverage is adequate?

We are seeing a growing number of lawsuits in the Canadian court systems and much higher claim amounts.  Increasing your limits from $1 000 000 to $2 000 000 can be a smart and surprisingly affordable decision.  Protect your assets and the financial security of your family by talking to us about liability limits that are right for you.

Remember, when it freezes, always to throw a “Handful of Prevention” – better known as salt, on that icy puddle.

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If we told you that the government was handing out money for free, would you be interested? No, you won't have to testify at the Gomery inquiry if you accept the offer. All you have to do is set some money aside for your child's (or children's) education – and that's something you may have been considering anyway.

According to information released by Statistics Canada last year, university tuition fees have increased at an average annual rate of 8.1% between 1990/1991 and 2002/2003 – that's four times the rate of inflation. Last year, Canadian undergraduate students paid an average of $4,172 a year in tuition fees. Some professional programs charge significantly higher amounts than that; first-year tuition for a law student at the University of Toronto is currently set at $16,000. Add in books, food and housing costs and you could be looking at a very significant expense.

There are, fortunately, savings vehicles that can help you prepare.

A Registered Education Savings Plan (RESP) is a little bit like a Registered Retirement Savings Plan (RRSP). While you may not deduct the contributions you make, your earnings do accumulate tax-free, and when your child withdraws funds, the growth is taxed in his or her hands – not yours. Since students tend to have little other income, they'll probably end up paying very little (if any) taxes on the money they receive.

Several years ago, the government introduced several changes to make RESPs more attractive and encourage Canadians to start setting money aside for their children's education. Students may now attend a wide variety of qualifying programs, including not only university but also community colleges and trade schools. Even if your child decides not to pursue post-secondary education, your money doesn't go up in smoke — you can roll all of your contributions and up to $50,000 of your earnings into your RRSP provided you have unused contribution room. In the worst case scenario, you'll still keep 80% of your profits and receive a cash refund of your capital.

There's also a lucrative Canada Education Savings Grant (CESG) available to anyone who opens an RESP. The government will top up your plan with a grant equal to 20% of your contribution, up to an annual maximum of $400 and a lifetime maximum of $7,200.

You don't have to be rich to take advantage of the plan, either. In fact, if your family earns $35,000 or less a year, changes introduced a few months ago make you eligible for a CESG of 40% on the first $500 you deposit every year. There's also a new Canada Learning Bond that will offer children who qualify for the National Child Benefit supplement a special $500 payment at birth, then $100 every year for the next 15 years.

If you're interested in learning more about the education savings options available to you, we hope you won't hesitate to contact us.

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Nothing beats roasted marshmallows and scary ghost stories around a
crackling fire on a warm summer evening. But with this camping tradition,
comes the need for increased safety. Keep these points in mind to minimize
campfire dangers.

• Never build a campfire on a windy day. Sparks and embers can travel quite
   a distance and could set an unintentional fire.
• Learn how to safely start a fire without the use of flammable liquids including gasoline, diesel fuel, and lighter fluid.
• Always use a fire pit or build a circle of rocks around your fire to keep it from spreading. Most provincial parks provide a metal fire pit on each campsite.
• Don’t make your fire too big and keep a 6-10 foot clearance around it.
• Do not start a fire under low hanging branches. If you are permitted to, trim
  the branches around the fire before lighting it.
• Don’t keep spare firewood too close to the fire - make sure it is upwind
  and far enough away so sparks don’t fly into it.
• Keep children and pets away from the fire and never leave them unsupervised.
• Teach children how to stop, drop and roll if their clothing catches on fire.
• Make sure camping gear is set up far enough from the campfire.
• Always make sure you can put out your fire if it gets out of hand. Keep
  water, a shovel, or a fire extinguisher close nearby. Finally make sure your
  fire is completely out before retiring.

All it takes is one spark for things to go wrong. An abandoned fire or one
Built without safe clearances, can change a small fire into a dangerous
fast-moving blaze. Be smart and stay safe..

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In most instances, "Actual Cash Value" is used to determine the value of a vehicle, which has been damaged or destroyed in an insurable loss. There are other methods, however, which also may used to determine a vehicle’s value.

We will explain below the 3 ways a vehicle’s value can be assessed in the event of a claim. Understanding the differences between these 3 methods can mean hundreds or even thousands of dollars in a claim settlement. If you have any questions about these settlement methods, or any other matter regarding your insurance policy, please contact your broker for more information.

ACTUAL CASH VALUE

Definition: The cost of replacing or restoring something at the price prevailing at the time and place of the loss, less depreciation, however caused.

What this means: In basic terms, Actual Cash Value refers to fair market value, or what you could reasonably expect if you were to buy or sell an item of similar kind, quality and age. Actual Cash Value takes into consideration factors such as depreciation, amount of wear & tear as compared to the norm for the item, desirability vs. availability and special features, oddities or defects (whether detrimental or beneficial to the item).

STATED AMOUNT(OPCF/SEF #19: Limiting the Amount Paid for Loss or Damage)

Definition: A value is listed for a vehicle for which the premium for insurance is based. In the event of a claim, the lesser of: 1) the Stated Amount, 2) the cost to repair the covered auto not to exceed the Stated Amount, or 3) the Actual Cash Value, is paid.

What this means: Having a Stated Amount does not guarantee you a settlement amount in the event of a loss. In fact, the only thing it does guarantee is that you will not receive any more than the Stated Amount. Having a Stated Amount endorsement on your vehicle is usually more of a hindrance than help since Actual Cash Value could potentially see the value of an item to increase over time. With a Stated Amount clause present, any such increases in value would not be taken into consideration during the settlement process.

NOTE: The endorsement #19 applies to coverage under section C: Loss or Damage (i.e. Collision, Comprehensive, All Perils or Specified Perils). Any loss under the Direct Compensation section of the policy is subject to settlement by Actual Cash Value.

AGREED AMOUNT(OPCF/SEF #19a: Agreed Value of Automobile

Definition: A value listed for a vehicle, for which the premium for insurance is based, representing current market value. This value usually needs to be substantiated by supporting documentation, such as an appraisal. Agreed Amount" form states the insurance company will pay you, the lesser of 1) the "Agreed Amount," or 2) the cost to repair the covered auto, not to exceed the "Agreed Amount".

What this means: In the event of a total loss, the Agreed Amount form guarantees the listed amount will be paid. Accordingly, the Agreed Amount should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the Agreed Amount should be changed by endorsement. Before policy renewal each year the Agreed Amount should be reviewed and changed, if necessary, to reflect current market value.

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With summer just around the corner, its time to start think about protecting your skin from all those harmful Ultra Violet rays right? Well, yes and no.

Ultra Violet rays are present year round; they penetrate clouds and are present throughout winter. Those who only think about protecting their skin during the warm months of the year are leaving themselves vulnerable to the damaging effects of the sun for the greater portion of the year.

The risk of skin cancer continues to increase as chemicals and pollution continue to eat away at the protective layer of ozone around the earth. According to Statistics Canada, anyone born today has a 1 in 7 chance of developing skin cancer during his or her lifetime.

There are 3 types of skin cancer:

Basal Cell Skin Cancer

This affects the skin's 5th or basal layer and does not spread to other areas of the body. THINGS TO LOOK FOR: small lesions that do not heal within 3 weeks

Squamous Cell Skin Cancer 

A malignant growth of the epithelial or external layer. THINGS TO LOOK FOR: raised bump on the skin with a crusting ulcer in the centre

Malignant Melanoma 

The most serious type of skin cancer, it develops in cells known as "melanocytes". Melanoma usually begins as a dark brown or black patch and has the tendency to spread, making it essential to treat it right away. About a third of cases develop from moles.

Basal and Squamous skins cancer types are often easily treated and are rarely fatal. Malignant skin cancer, however, is potentially fatal if not treated and cured right away.

The best way to reduce your risk of getting skin cancer is to take prudent precaution in protecting yourself from the most sinister of sources: the sun's Ultra Violet rays. Below are some ideas on how to protect your skin: 

• Reduce sun exposure between 11:00 am and 4:00 pm 
• Seek shade when outside
• Wear protective clothing on your arms and legs
• Wear a wide-brimmed hat (most skin cancers occur on the face or neck) 
• Keep babies out of the direct sun 
• Avoid tanning salons and sunlamps 
• Wear protective sunglasses 
• Regular, year round use of UV blocking skin cream or sun block

Are you at risk?

Certain people may be more susceptible to skin cancer. These individuals include those who:

• have light-coloured hair and eyes, 
• had several blistering sunburns as a child,
• have a family history of skin cancer,
• work, play or exercise in the sun for long periods of time.

These individuals should exercise increased precaution when outside. If in doubt, err on the side of caution. You only have one set of skin to last a lifetime.

What's Up Doc? While we all hope that we will never need to cope with skin cancer, ignoring potential warning signs could turn a bad situation into a fatal one. If you notice you have any of the following signs, a trip to the doctor should be arranged as soon as possible:

• a birthmark or mole that changes shape, colour or size 
• a sore that does not heal
• new growths on your skin
• patches of skin that bleed, ooze, swell, itch or become red and bumpy.

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Are You Protected as a Business Owner/Manager?

Have you ever had a disgruntled employee? Have you, or a staff member, ever sat on a board of directors for a non-profit charitable group, professional association or networking group? Have you ever faced a competitor, client or employee who felt you had misrepresented yourself or your firm? If you have answered yes to any of these, than you have been exposed to financial loss.

The common myth about D&O insurance is that it only applies to large businesses with shareholders and boards of directors. In fact, only 18% of all claims are shareholder driven. The remaining 82% of plaintiffs include employees, competitors, customers and clients, prior owners, contractors, creditors, government agencies and regulatory bodies.

The major areas of coverage are as follows: 

Directors and Officers Liability:

• This provides coverage for directors and officers (a term which can often be synonymous with owner and manager) against the following allegations: inducing breach of contract, tortious conspiracy, defamation, misrepresentation, non-disclosure, breach of duty of care, and bankruptcy related claims.

It is important to note that a director and/or officer may be held personally liable with respect to the aforementioned allegations. This coverage extends to them personally as well as the corporate entity in such claims, and will cover related defense costs for both the individual and company.

Non-Profit Outside Directorship:

This covers any director, officer, or employee who sits on any non-profit organization’s board of directors, provided the position is being held at the request of the company. This could be a charitable organization or it could be a non-profit industry association.

Employment Practices Liability:

• Employment related allegations make up a large portion of D&O claims and include, wrongful termination, demotion or failure to promote, discrimination, harassment, employment-related misrepresentation, wrongful discipline and retaliatory treatment.
• This area also covers third party claims alleging discrimination or harassment.

Fiduciary Liability:

• Coverage is afforded for claims regarding management or administration of your company’s benefits plan including its pension, medical and dental plans.

So while it is true that a bigger company makes for a bigger target, a small firm is still just as susceptible and in most cases has less resource to work with through these sorts of allegations, regardless of how groundless they may seem. The reality is that a large portion of these claim pay-outs are defense related costs which alone, can have a significant impact on a firm’s cash flow.

Whether you own a business, manage a business, sit on the board, or are a major shareholder, it is in your best interests to insure your business and yourself properly with Directors and Officers insurance.

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Cell-phone driving ban now in effect

Keep your eyes on the road and your hands on the wheel. Ontario is now the fourth province to ban hand-held wireless communication devices or any hand-held electronic entertainment devices while driving. Drivers in Ontario are now prohibited by law to use hand-held cell phones, text or e-mail, or view laptops or DVD players while behind the wheel regardless of being at a stop-light or in heavy traffic. Drivers who text, type, email, dial, or chat using a prohibited hand-held device can face fines of up to $500, as well as possible demerit points, license suspension and/or imprisonment.

Hands-Free Devices Only

The new law applies only to hand-held wireless communications and hand-held electronic entertainment devices. This means drivers must only operate wireless devices that can be used in a “hands-free” manner.

Hands-Free Devices Include:

• a cell phone with an earpiece or headset using voice dialing or plugged into the vehicle’s sound system
• a global positioning system (GPS) device that is properly secured to the dashboard or another accessible place in the vehicle
• a portable audio player that has been plugged into the vehicle’s sound system.

For more information, visit http://www.mto.gov.on.ca/english/safety/distracted-driving/index.shtml

 Recent studies show that cell phones can be a major source of distraction for many drivers. Cell phone users are four times more likely to be in an accident than a driver focused on the road. Dialing and texting carry the highest degree of risk with all cell phone-related activities.

Ontario joins more than 50 countries worldwide and a growing number of North American jurisdictions that have similar distracted driving legislation including Quebec, Nova Scotia, Newfoundland and Labrador, California and New York.

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With the start of another New Year, most of us feel a burst of energy. It suddenly seems like a good time to re-consider our lives and think about what we’d like to change.

Why should the financial side of our lives be any different? With that in mind, here are a few suggestions to help make the New Year a profitable one—not just for the next twelve months, but far into the future.

Pay yourself first

For many of us, it’s hard to understand how our money disappears every month. Unless you have a regular approach to savings, it’s easy to miss out on the enormous benefits of long-term financial planning. So before you do anything with your paycheque, remember to pay yourself first. Start by putting 10% of your earnings into an investment account. A monthly pre-authorized chequing (PAC) plan can make this process automatic—you won’t even miss the money.

Maximize your RRSP contribution

The registered retirement savings plan is perhaps the best retirement savings tool at your disposal. In addition to its power to compound your savings free of tax, it generates an immediate tax credit—two reasons why it deserves to be the cornerstone of your investment plan. If you haven’t made your maximum contribution yet, or if you have unused contribution room available from previous years, do everything you can to make a contribution before the March 1 deadline.

Review your asset allocation

The allocation of your portfolio will shift over time, depending on the performances of different asset classes throughout the year. So it’s a good idea to review the balance of stocks, bonds, and cash in your portfolio in January, and see if any changes need to be made. You’ll also want to consider your exposure to various markets around the world. Canadian stocks have performed extremely well this year (particularly compared to their U.S. counterparts), there’s no rule that says that will be the case in 2006.

Pay off non-deductible debt

What’s the investment with the highest guaranteed rate of return? Paying off your credit card. Most credit cards charge double-digit interest rates, so be sure to pay yours off monthly. Or approach your financial institution about lower-interest debt consolidation plans. If you have a mortgage, investigate an acceleration of your payments. You’d be surprised how much you can save simply by moving from a monthly payment to a bi-weekly payment.

Review your estate plan

If it’s been some time since you’ve examined your estate plan, take the time now to review your intentions, and make appropriate changes to your will. (If you haven’t yet written your will, make it a top priority to do so.) You’ll want to pay particular attention to your beneficiaries (is there anyone to add or delete from the list?), as well as your executor (is your choice still an appropriate one?).

Remember your life

Always remember: there is more to life than money. Be good to yourself. Get some exercise. Spend some time with the family. Take up a hobby. Go for a walk. Volunteer your time to a worthy cause. Remember, life is short. And you can’t take it with you.

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