What does insurance do?
An insurance policy transfers specified financial risks to an insurer in exchange for premium and compliance with the contract. It does not cover every loss. The declarations, wording, endorsements, limits, deductibles and exclusions determine what protection was purchased.
Why work with an insurance broker?
A broker helps assess needs, prepare information, approach available insurers and explain offered terms. An independent brokerage may have access to multiple markets, but not every insurer will quote every risk. Learn more in our independent broker guide.
Is a quotation the same as coverage?
No. A quotation is an indication based on the information and conditions stated. Coverage begins only after insurer requirements are satisfied and an authorized broker or insurer confirms it. A website form, voicemail or email does not bind or change insurance by itself.
What is a deductible?
A deductible is the portion of a covered loss the policyholder is responsible for under the policy. Different deductibles can apply to different coverage or causes of loss. Ask how the deductible is applied rather than assuming it is always paid at the same point in every claim.
Does the least expensive policy provide the same protection?
Not necessarily. Premium differences can reflect limits, deductibles, optional coverage, exclusions, eligibility and insurer pricing. Compare material policy terms and ask what changed before choosing only by price.
When should I tell my broker about a change?
Report material changes before relying on coverage. Examples can include a new driver, renovation, vacancy, rental use, business activity, new location, different services or a significant increase in values. The insurer decides whether the change affects eligibility, premium or wording.
How often should insurance be reviewed?
Review at renewal and whenever circumstances materially change. Values, activities and insurer options can move during the year. Keep inventories, appraisals, vehicle details and business schedules current so the review is based on accurate information.
What should I do after a loss?
Protect people first, contact emergency services when needed and take reasonable steps to prevent further damage when safe. Document the event and notify the insurer or broker promptly using the instructions in the policy. Do not admit liability or authorize major permanent repairs without appropriate direction. See Claims Help for a fuller checklist.
Who decides whether a claim is covered?
The insurer reviews the facts and policy wording, usually through an adjuster, and determines whether and how the claim responds. A broker can help explain the process and communicate with the insurer but cannot guarantee or decide the outcome.
Where can I verify an Ontario broker?
The Registered Insurance Brokers of Ontario maintains public broker and brokerage searches. Westoak’s RIBO fact sheet links directly to those tools and explains the information consumers can verify.
How do I start a Westoak review?
Contact Westoak with the type of insurance, effective date, existing policy and a brief description of what needs to be protected. An advisor can then identify the documents and details required for the next step.