Q: Who is the insurance company?
A: The insurance company is GCAN lnsurance Company, a Canada-based company. GCAN is a large specialty insurer licensed and operating in all provinces. (back to top)
Q: Where is the company based - Canada or the US?
A: Both the broker, BFL Canada Risk & Insurance, Inc., and the insurance carrier, GCAN Insurance Company, are Canadian companies. (back to top)
Q: On what value will my premium be based?
A: Your premium will be based on the Outstanding Balance of your inventory financed with GE CDF. However, in the event of a claim, you will be paid on the Original Invoice Amount of the property so your equity is covered (back to top)
Q: Is it easy to calculate my rates?
A: Rates are based on type of inventory financed under your GE CDF dealer number. If you have more than one dealer number, each will be rated separately and you will receive a certificate of coverage for each dealer number. Rates are determined by the majority class of inventory finance under each dealer number.
Three classes are available, each with its own rates; when applying for coverage, the appropriate class will be listed on your mailed application or assigned to your account when you phone in. Each class has four deductible options: dealers need to evaluate which deductible level is best for them.
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Q: When does coverage cease?
A: Coverage ceases after your interest in the property stops or when balance has been paid to GECDF. (back to top)
Q: What deductibles apply to my coverage?
A: Each class has four deductible options: $1,000, $2,500, $5,000 or $10,000. Dealers need to evaluate which deductible level is best for them. (back to top)
Q: Is there a 24-hour claims reporting number?
A: Yes, there is a 24-hour claims reporting number. Claims are handled by Demers Insurance Claims Adjusters, Inc. Their 24-hour toll-free claims reporting number is 877-671-8008. The primary claim contacts at Demers are:
Alain Labrecque - a.labrecque@demers-experts.com
Chirstine Girard - c.girard@demers-experts.com
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Q: How long does it take to receive payment for a claim?
A: Once all documentation is supplied to the adjuster and the proof of loss is signed by the dealer and received by Demers, payment will be made within 14 business days. (back to top)
Q: What is my total limit if I have more than one dealer number?
A: Let's say you received a certificate showing a limit of $20,000,000 for each dealer number, you may wonder if the total limit is more than the $20,000,000. The limit applies to each location, regardless of the number of dealers and/or certificates provided. The maximum limit is $20,000,000 per location. (back to top)
Q: Do I have the option to purchase my insurance from another agent?
A: Yes, you do have the option to purchase insurance from another agent. If you choose to do this, you will need to supply a certificate of insurance to GE CDF naming them as loss payee. Keep in mind, however, that if you purchase from a local agent you may be required to pay your premiums based on the total value of the property rather than only your outstanding balance with GE CDF. (back to top)
Q: Whom do I contact if I have questions about my coverage?
A: For questions about your coverage, please call Daniel Vena at BFL Canada Risk & Insurance, Inc., toll-free at 866-688-9888 or email inventoryplan@bflcanada.ca. (back to top) |
