A client tells their Broker that they wish to add an investment rental property, located in Alberta, to their existing homeowners policy. They want to confirm the investment property is insured at the date of closing. What should the Broker do? OA) Arrange a separate commercial property insurance policy and tenants insurance policy. B) Inform the client that the Broker is not licensed in Alberta and cannot provide insurance advice for risks outside Ontario. OC) Inform the client that the Broker cannot advise on the investment property coverage, but can arrange a Tenants policy. OD) Advise the client that insurance is not available for investment properties in Alberta due to the high risk of flood. remaining Language: English Français Font Size: Berwyn, a Broker, has a client who plans to demolish his cottage and replace it with a new cottage. Berwyn has a lot of experience adding renovation riders to policies, but has never underwritten one of this scope. What should he do? OA) Proceed with a quote using his renovation rider experience. B) Refer the client to the Broker's commercial lines department. OC) Speak to a colleague who has experience with this type of risk and ask for assistance and guidance. OD) Arrange for coverage through the builder's commercial insurance policy.
A client tells their Broker that they wish to add an investment rental property, located in Alberta, to their existing homeowners policy. They want to confirm the investment property is insured at the date of closing. What should the Broker do? OA) Arrange a separate commercial property insurance policy and tenants insurance policy. B) Inform the client that the Broker is not licensed in Alberta and cannot provide insurance advice for risks outside Ontario. OC) Inform the client that the Broker cannot advise on the investment property coverage, but can arrange a Tenants policy. OD) Advise the client that insurance is not available for investment properties in Alberta due to the high risk of flood. remaining Language: English Français Font Size: Berwyn, a Broker, has a client who plans to demolish his cottage and replace it with a new cottage. Berwyn has a lot of experience adding renovation riders to policies, but has never underwritten one of this scope. What should he do? OA) Proceed with a quote using his renovation rider experience. B) Refer the client to the Broker's commercial lines department. OC) Speak to a colleague who has experience with this type of risk and ask for assistance and guidance. OD) Arrange for coverage through the builder's commercial insurance policy.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A client tells their Broker that they wish to add an investment rental property, located in Alberta, to their existing
homeowners policy. They want to confirm the investment property is insured at the date of closing. What should the
Broker do?
OA) Arrange a separate commercial property insurance policy and tenants insurance policy.
B) Inform the client that the Broker is not licensed in Alberta and cannot provide insurance advice for risks
outside Ontario.
OC) Inform the client that the Broker cannot advise on the investment property coverage, but can arrange a
Tenants policy.
OD) Advise the client that insurance is not available for investment properties in Alberta due to the high risk of
flood.
Transcribed Image Text:remaining
Language: English Français
Font Size:
Berwyn, a Broker, has a client who plans to demolish his cottage and replace it with a new cottage. Berwyn has a lot of
experience adding renovation riders to policies, but has never underwritten one of this scope. What should he do?
OA) Proceed with a quote using his renovation rider experience.
B) Refer the client to the Broker's commercial lines department.
OC) Speak to a colleague who has experience with this type of risk and ask for assistance and guidance.
OD) Arrange for coverage through the builder's commercial insurance policy.
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