June 15, 2016 by Canadian Underwriter
Markham, Ont.-based Pembridge Insurance Company has announced the launch of their enhanced Water Damage Extension endorsement, which includes protection for sewer back-up and is now extended to include overland water, or fresh water flooding and damage caused by surface or ground water.
The endorsement, launched on Wednesday, addresses the growing exposure to flood that Canadians are facing due to changing weather patterns, Pembridge Insurance said in a press release.
“Today more than ever, customers are dealing with increasingly devastating loss when it comes to water damage,” said Bob Tisdale, president and chief operating officer of Pembridge Insurance Canada, in the release. “Due to aging and insufficient infrastructure, sewers have a higher tendency to back up and flood basements. In addition, the severe weather events we have seen in recent years have identified a shortfall in coverage in terms of protection due to flood. Our improved coverage for water damage now means that Pembridge customers will not have to be as concerned about the devastation water can cause.”
Coverage improvements are being ‘read-in’ for all existing Pembridge customers who currently have the water damage extension on their policy, meaning that as of June 15, eligible policyholders will automatically receive the improved coverage without having to endorse their policies or pay an additional premium upfront.
“I am confident that we have developed a sound and competitive solution,” Tisdale added in the release.
Pembridge’s Water Damage Extension is an all-in-one solution that provides sewer back-up, overland water and ground water coverage under one endorsement. The endorsement has few restrictions with no impact on Guaranteed Replacement Cost or Single Limit coverage, the release noted.
“Water can destroy everything, not only material items, but cherished memories and irreplaceable valuables,” Tisdale said. “We feel our role as an insurer is to help educate customers on how to prevent and avoid water damage.”
By taking just a few easy steps, exposure to water damage can be significantly reduced, Pembridge said, using the following examples:
“Working with our broker partners, we want to raise awareness with Canadians about the importance of risk mitigation to positively impact both the frequency and severity of losses caused by water damage,” concluded Tisdale.
Pembridge Insurance Company’s broad suite of insurance products, delivered with the support of its broker network, include auto, home, condo, tenant and coverage for specialty products, including ATV’s, motorcycles, snowmobiles and boats.