One who promises to answer for another. For example, an insurance company may guarantee a contractor in the performance of his contract. The insurance company is the guarantor or surety.

Coverage that pays for replacement without reduction for depreciation (see also Actual cash value and Depreciation). A guaranteed replacement cost endorsement covers any shortfall in the event that the replacement cost of a building has been underestimated.

The degree of negligence somewhat greater than ordinary negligence. It may be a reckless wanton and willful misconduct causing bodily injury and/or property damage.

A period after the premium due date during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.

In Manitoba, Saskatchewan and BC, consumers have no choice but to buy their insurance from the provincial government. (Some optional coverages can be purchased from private insurance companies). In Quebec, insurance for injuries as a result of a car collision…

Most ordinary contracts are good faith contracts. Insurance contracts are agreements made in the utmost good faith. This implies a standard of honesty greater than that usually required in most ordinary commercial contracts.

See General Insurance Ombudservice.

Assists in the resolution of conflicts between insurance companies and their customers. When disputes arise, GIO’s mediators and experienced customer service officers help insurance companies and customers work toward a solution that is in the best interest of both parties…

See Property & Casualty Insurance.