Category Archives: Insurance Services

Aboriginal Insurance Services - credit protection coverage

The importance of Credit Protection Insurance

When sickness or injury prevents you from being able to perform the duties of your job, or if you lose your job completely, finding the money to continue to pay your mortgage, loans, credit cards, or line of credit can be extremely overwhelming for you or your family.

Credit protection insurance is a coverage program that helps you or your family make sure these loan payments are made. These insurance programs are very flexible, easy to obtain, and can be custom tailored to any type of financing.

Most financial institutions, banks, credit unions, and insurance companies offer this form of financial insurance to cover:

  • Personal lines of credit
  • Mortgage loans, and mortgage lines of credit
  • Personal loans
  • Commercial mortgage loans
  • Farm loans
  • Credit card balances

Credit Protection is open to Canadian residents between the ages of 18 and 65. You can choose one or more of the coverage options, depending on your circumstances and your unique needs.

Four Major Types of Credit Protection Insurance

Critical Illness
If you have been diagnosed with a critical illness, this coverage can pay the outstanding balance on your lines of credit or loans. This is usually done by a lump sum payment. The cost of critical illness insurance is determined by factors such as your age, the balance of the loan you are covering, and whether or not you need single, joint, or multiple coverage.

With Critical Illness insurance, your monthly expenses like mortgage payments and line of credit payments are taken care of, allowing you to use your money for any other health related expenses you may need to assist you.

Applying for critical illness coverage usually involves answering a few basic health questions. In most cases, no medical examination is required.

Life
In the event of your death, this insurance can pay the outstanding balance on the loans or mortgages you have covered, freeing the people you love and care about from having to pay off these debts. The cost of life coverage is determined by factors such as your age, the balance of the loan you are covering, and whether or not you need single, joint, or multiple coverage.

If you have been diagnosed with a terminal illness that is expected to cause your death within one year, many policies will provide an early payout.
Applying for life coverage usually involves answering a few basic health questions. In most cases, no medical examination is required.

Disability
If you become disabled and unable to work, disability coverage will make your minimum monthly payments on the insured loans. Most policies cover your monthly payments as well as providing a maximum monthly benefit amount for up to 2 years. Many policies can be approved without a medical questionnaire or examination.

Premiums for disability coverage are based on the amount of the loans during the billing period so you only pay for the coverage you need. For example, if your line of credit is at zero, there is no premium charged, but the coverage remains in place for when you do have a balance.

Disability insurance can be applied to self-employed workers in certain cases.

Job Loss
If you lose your job involuntarily, job loss insurance can cover your minimum monthly payment on your insured loans. The payments will be made on the loan’s due dates, so your credit rating is not affected.

With job loss insurance, the payments are made directly to your financial institution on your behalf.

Aboriginal Insurance Services - forestry and wood products industry coverage

Funding for First Nation Forestry Iniatives

The Indigenous Forestry Initiative is a funding program for Aboriginal communities and their economic development projects, especially those in the forestry sector.

To be accepted for funding, projects must qualify in the following areas:

1. Clean technology and participation in the forest bioeconomy
Example: a project promoting the use of biomass for heat and power to reduce reliance on diesel fuel

2. Environmental stewardship
Example: a project that focuses, on climate change mitigation and adaptation, land reclamation, or environmental/ecological services

3. Use and management of forest resources
Example: a project that gives people in the community training in forest management

Eligible projects also need to have at least one partner—such as the federal or provincial government, a research organization, or other industry—who are contributing financially or with goods and services that are in-kind.

Who can apply for funding?

  • Indigenous communities and governments
      – band and tribal councils
      – governments of self-governing First Nations
      – local governments of Inuit communities
      – Métis organizations
      – economic development corporations
  • for-profit and not-for-profit corporations, partnerships, joint ventures, associations, co-operatives and institutions that are Indigenous or majority-owned and controlled by Indigenous people or fully endorsed by an Indigenous partner organization or community
  • provincial, territorial, municipal and regional governments working with an Indigenous partner organization
  • academic institutions and research associations working with an Indigenous partner organization

For more information on the program, or information on how to apply, visit Natural Resources Canada.

Aboriginal Insurance Services - First Nation community police services coverage

First Nations police services receive Parity

In Ontario, despite having the same training and job functions, First Nations police services have not been paid on parity with the rest of the province’s official police services. Earlier this month, the province of Ontario committed to providing $20.7 million in initial funding for all uniform employees of First Nations police services to ensure they receive the same wages as their provincial counterparts.


*Announced by APTN News, April 3, 2017, by Willow Fiddler

For more information, check out the full article at APTN News.

Aboriginal Insurance Services - Construction Insurance coverage for contractors, developers, handymen

Construction insurance is integral to the job

The art of construction can be an expensive undertaking. It can involve large financial investments, manpower, and support. Workers may need to use expensive and dangerous tools, equipment or materials. Any accident or delay in construction can be dangerous and expensive.

Construction insurance needs to be flexible. It has to cover many different risks and areas throughout the entire process (start to finish) and cover everyone from building owners down to contractors and part-time workers.

Construction insurance covers the financial costs that could occur in the event of an accident or injury to people, property, equipment, or the environment while connected to the job site. It will not only protect the company owner, but the workers, employees, sub-contractors, tenants, and even business partners, managers, and sole-proprietors.

Aboriginal Insurance Services - Construction Insurance

Job sites and construction areas can be extremely dangerous. Employers are liable (financially responsible) for the health and safety of everyone within the construction area. If a worker is injured, the contractor or business owner may be required to pay for the medical treatment costs. The death of a worker on-site could result in needing to pay financial compensation to the family. In the event of poor construction, the business owner could be held financially accountable for repairs or remodeling.

With construction insurance, the financial assistance comes from the insurance company, and not your own pocket.

This type of insurance package also covers equipment or goods stored on or off premises, or being transported to or from the job site, and commercial vehicle coverage for trucks and other company vehicles should an employee have an accident while driving one, or if driving their own vehicle on company time.

Primary types of risk construction companies face:

  • Employee injuries (injuries to employees on the job or job-related, illnesses or death)
  • Property Damage (damages to company tools, equipment, or property)
  • Income Loss (loss of income from events that cause the work to stop such as a fire or storm damage)
  • Liability Risks (injuries or property damage caused to someone outside the company or not part of the crew)

Aboriginal Insurance Services - Construction insurance for contractors, handymen, developersConstruction insurance is not just for big companies and business owners. Any person working in the construction industry or trades should have insurance, including electricians, plumbers, drywallers, handymen, carpenters, and more.

Construction insurance does not exempt you from keeping a safe and secure workplace. Many policies require a strict set of health and safety guidelines are followed.

Aboriginal Insurance Services works directly with community contractors, workers, and business owners to train and empower community members in work safety. Our program continues to work for you even after the job is done, protecting you from any faults or accidents that may occur after you’ve moved on to the next project or job site.

Aboriginal Insurance Services Tenant's Insurance for First Nations

Why Tenant’s Insurance is so Important

According to the Insurance Bureau of Canada, half of all renter’s don’t have tenant’s insurance.

This is especially true for Aboriginal communities.

Of those who do have insurance, many undervalue their clothing and personal belongings.

Tenant’s insurance will not only replace your belongings in cases of damage like fire or flood, or if you have a break-in, it will also protect you from liability (being responsible for something by law) if something should happen in your unit. For example, if a cooking fire were to cause a fire that in the end effects other units in the building, or if you leave a tap on that causes water damage, then the building owner could charge you for the cost of the damage. If a person were to slip and fall while in your apartment, you could be held financially responsible for their medical bills as well as compensation for their pain and suffering.

Without insurance, the money will come out of your pocket.

Aboriginal Insurance Services housing insurance for First Nations communities across Canada

What is Liability Insurance? A typical insurance policy provides coverage, up to a specified limit, for the amount of money you would have to pay someone who successfully sues you. This is known as “Liability Coverage” or “Liability Insurance”. The insurance policy will also cover the legal costs of defending the lawsuit. Some leases may require that you keep up-to-date liability insurance.

Tenants insurance can also provide for additional living expenses. If there was a fire and you had to leave the building while repairs were completed, where would you go? Could you afford to eat out every night? Tenants insurance covers the necessary expenses while your unit is being repaired like hotel bills, restaurant meals, and the cost of moving and storage.

Tenants insurance doesn’t just cover the big things like your clothes, furniture, and technology. It also covers the little things you need and use every day, like dishes, children’s toys, and household items. Compared to the costs of what you could lose financially if you don’t have tenant’s insurance, the premium price for the coverage is minimal.

The Cost of Tenant’s Insurance

The premium price of tenant’s insurance depends on many things, including the value of your contents, the amount of coverage you choose, the location of your unit, and the type of construction materials used in the building. But most importantly, the price of the premium depends on the insurance company you choose.

Aboriginal Insurance Services for First Nations in CanadaBecause of the remote location of many Aboriginal communities, most insurance companies fail to provide proper coverage options, or they rank the premiums so high that tenant’s insurance becomes impossible for community residents to afford. They also fail to see the proper value in culturally sensitive items by undervaluing them, or not covering them at all.

At Aboriginal Insurance Services, our coverage is not only unique to your culture and community, it is priced affordably to provide you with the best possible coverage options for all your belongings.

We also offer bundled coverage discounts if you have a vehicle or other insurable item, and our coverage includes all of Canada, including remote northern locations.

Aboriginal Insurance Services

Introducing Aboriginal Insurance Services

Aboriginal Insurance Services helps you understand the big picture, so you can feel good about the action you’re taking to protect yourself, key people, important assets, and your community. As a Managing General Agency, we work closely with brokers and insurers to find the best deal for clients. We are a majority Aboriginally owned company and are personally invested in empowering the communities we serve. We employ within the community, and offer first right of refusal for local suppliers and contractors.