Falling Canadian Dollar and Your Insurance Limits
As your Canadian dollar continues to free fall, have you considered how your limits of insurance could be impacted when you are working internationally, especially in the USA?
Your $5 million CAD in liability insurance is now only worth about $3.5 million USD. Will this mean you are still in compliance with any contractual obligations to carry insurance at certain limits? If something does go wrong are your limits sufficient to pay a loss in another territory?
Something else to consider is how have the values of your imported stock been impacted? Are you still insuring (in Canadian dollars) values that were accurate several months ago or years ago? This may be something else you need to address on your policy.
Don't wait until your renewal to make adjustments you feel are necessary. After a loss happens is no time to consider making these adjustments or wishing you made changes. If you want to discuss this matter in more detail, please don't hesitate to phone or email me.
Jordan Fellner, CIP, CRM | Account Manager
HUB International Insurance Brokers T: 604.269.1888 | M: 604.813.1493
F: 604.269.1001 | Toll Free: 1.800.606.9969
Original blog post: Falling Canadian Dollar and Your Insurance Limits