Spring is in the air, and with it comes the rhythms of seasonal change and renewal. As April showers give way to May flowers, another seasonal certainty isn’t far behind: insurance renewal applications will soon be landing in your inbox. The busy summer season can sneak up quickly, so now is the perfect time to get ahead of the curve and set yourself up for a smooth renewal process.
The Canoe Insurance team has put together a set of practical reminders to help support a smooth renewal process.
Review your schedules
It is crucial to review your schedules in advance and to make sure any assets that should be insured are not missing. Here are some key things to consider:
- Property schedule:
- Are all buildings accounted for on your property schedule?
- Have you acquired any new buildings that need to be added?
- Are the values of the buildings up-to-date in regards to current replacement costs?
- Are your content values up-to-date?
- Note: in the event of a claim, your insurance policy will only pay up to the limit noted on your coverage. If you feel this is insufficient, we encourage you to get an appraisal of contents.
- Heavy Equipment Schedule:
- Is there any equipment that has been sold recently that needs to be removed?
- Is there any equipment that has been purchased recently that needs to be added?
- Is your equipment insured to value?
- Note: in the event of a claim, your insurance policy will only pay up to the limit noted on your coverage. If you feel this is insufficient, we encourage you to get an appraisal of equipment.
- Have you considered adding fire truck replacement cost coverage?
- Note: this coverage can provide apparatus that are twenty (20) years and newer with full replacement costs for a small premium.
- Auto Policy Schedule:
- Are there any vehicles that have been sold recently that need to be removed?
- Are there any vehicles that have been acquired recently that need to be added?
Review your coverage
Did you know that Canoe Insurance can provide you with a comprehensive coverage review upon request? The team will provide an overview of coverage you currently have, help identify gaps in coverage, and provide risk mitigation recommendations to help keep your claims low and your premiums lower!
But there’s no need to wait for this review! In the meantime, here are a few items you can review and consider:
- Have you had a material change in risk that your insurance provider needs to be made aware of?
- Examples of change in risk could be anything from deciding to host a new annual event to cancelling an existing event we already have on record or starting a new operation. This could also include new hazards you have identified or new assets acquired.
- Did you know that on your property policy, you can choose to insure your buildings in several different ways?
- Replacement cost: this coverage ensures that, in the event of a total loss, your property can be restored to its pre‑loss condition, helping make you whole.
- Functional replacement cost: a valuation method that covers the cost of repairing or replacing damaged property using modern, less expensive materials that perform the same function, rather than identical, costly materials. It is designed for older or unique homes, often replacing obsolete features like plaster walls with drywall.
- Actual Cash Value (ACV): the amount an insurer pays for a loss, calculated as the cost to replace or repair the item minus depreciation (age, condition, and wear-and-tear). It represents the item’s current market value, not the original purchase price. ACV covers the value of the item at the time of loss.
- Debris removal only: Debris removal coverage provides funding to clear, haul, and properly dispose of rubble, fallen trees, and other damaged materials after a covered event—such as a fire, windstorm, or other insured peril. For municipalities, this coverage helps offset the costs of removing debris from affected buildings, public facilities, and municipal property, ensuring sites are safe and accessible so that repair, reconstruction, or continuity of operations can proceed.
Municipalities can benefit from establishing a formal process to regularly review and update their insurance policies. Conducting a “spring cleaning” of policy documents helps streamline renewal preparation and reinforces the importance of keeping insurance contacts and asset information current. Ensuring that new equipment, buildings, and contents are added promptly is essential, as delays or omissions can significantly affect the outcome of a claim.
For organizations that still need some guidance on understanding their insurance program, an Canoe Insurance Risk Specialist can walk through your current coverage and help clarify how it supports your municipal operations. This support strengthens risk mitigation efforts, reduces the likelihood of claims, contributes to stable premiums, and offers practical direction on insurance best practices.
Jonathan Stone, FCIP
Insurance and Risk Specialist
506-252-7975
jonathan@canoeinsurance.ca