E&O Insurance for WETT Members

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E&O Insurance for WETT Members
WETT is pleased to announce the release of a group program for Errors & Omissions (E&O) Insurance. Through a partnership with the Hearth, Patio and Barbeque Association of Canada (HPBAC) we are able to deliver a cost effective insurance program specifically tailored to your business needs.
Why do I need E&O Insurance Coverage?
As a professional you are responsible for your actions. Typically most businesses carry commercial general liability insurance (CGL) which covers basic insurance requirements. What CGL does not cover is actions like improper installations or errors in inspection reports. This is where E&O insurance is needed.
Coverage Details:
The basic WETT/HPBAC policy offered includes Commercial General Liability (CGL) for a limit of $2,000,000, which includes WETT E&O for a limit of $250,000 with a $5,000 property damage deductible.

WETT/HPBAC E&O includes activities such as:

1. Inspection of woodburning appliance
2. Installation of woodburning appliance
3. Maintenance of woodburning appliance

The insurance will only cover work performed by WETT certified individuals. If a company has multiple employees – only the work performed by WETT trained professionals is covered. If WETT certification lapses, their work is not insured.

The CGL will have an exclusion for other operations a member may be involved in, such as gas or electrical contracting for example. Members should still carry a CGL policy for those other aspects of their business.
The base premium is $1000.00 plus PST. (See note below regarding HPBAC membership fees).
Who is offering the insurance?
The insurer is Lombard Canada Ltd. Lombard Canada is one of the oldest property and casualty insurance operations in Canada. With annual gross premiums of $976.9 million, Lombard is a strong company offering progressive insurance solutions.
The insurance broker is Canada BrokerLink. Canada Brokerlink is one of the country’s foremost auto and property insurance brokerages with nearly 50 offices. They pride themselves for being the fourth largest in Canada because it is a testament to their financial strength and the very strong relationships they have built with their customers.
Why partner with HPBAC?
WETT examined a variety of options for a group insurance program. For those of you who have looked, you will agree that E&O insurance is difficult to find, and when you find it, it can be very expensive. HPBAC has had a full service hearth dealer’s insurance program in place for the last couple of years which includes E&O insurance. Based on positive experience with this insurance program, the insurance company is willing to extend the E&O coverage to non-dealers provided they are members of HPBAC. After examining the options, WETT’s management and board agrees that this is the best way to offer E&O insurance coverage to WETT members.
HPBAC’s membership fees are based on sales volumes:

1. $150.00 for $0 - $100,000 sales per year
2. $255.00 for $101,000 – $1,000,000 sales per year
3. For greater than $1,000,000 please contact HPBAC.

These dues will help cover the costs of administering the insurance program for both HPBAC and WETT. To be eligible for on going coverage, membership with WETT and HPBAC must remain in good standing.
How do I apply?

1. To be eligible for the insurance program, you will be a WETT member in good standing and also willing to join HPBAC. This can be done by contacting HPBAC at 1-800-792-5284 or by visiting their website atrand downloading an application form.
2. Once you have joined HPBAC you can apply now for the insurance program. To apply for the program contact:

Tim Withey, BA CAIB
Manager
Canada Brokerlink (Ontario) Inc., Huntsville Branch
5-1 King William Street
Ph: (705) 789-9667 Fax: (705) 789-1974
Email: twithey@brokerlink.ca
Who do I call if I have questions?
If you have questions regarding the status of your WETT certification, why WETT has partnered with HPBAC or other general questions about why insurance is important contact the WETT office at 1-888-358-9388.
If you have questions about HPBAC and membership contact them at 1-800-792-5284 or by visiting their website at www.hpbacanada.org
If you have questions about the insurance program, application process, coverage, rates and other policy details contact Canada broker link a 705-789-9667.