Frequently Asked Questions
RecProtect is a Recreational Program by Coburn Insurance Brokers Ltd., a family owned brokerage in Mount Forest, ON.
Germania Mutual Insurance out of Ayton Ontario covers underwriting for Ontario. In all Western Provinces, Four Points Insurance Company Ltd. A Subsidiary of the Mutual Fire Insurance Company of British Columbia is the underwriter.
The replacement value is the MSRP of the unit off the site, not on the site. This value cannot exceed the Bill of Sale price, plus any additions. If your unit is 0-10 years in age (travel trailer or fifth wheel) or 0-15 years in age (park model), you have the option to insure it for the replacement cost of a new unit.
Helpful sites and sources for determining value:
Bill of Sale plus additions
Any Dealership Site
AutoTrader
Kijiji
Coverage
Travel Trailers and Fifth Wheel Units 0-15 years and Park Model Units 0-25 years coverage: Comprehensive. What is that? Basically covers everything but standard insurance exclusions- Earth Movement, General Maintenance, Wear Tear & Deterioration, War, Terrorism, Landslide, Damage from Birds, Moths, Rodents etc.
Travel Trailers and Fifth Wheel Units 15+ years and Park Model Units 25+ years: Named Perils. What is that? Basic Coverage- Fire, Lightning, Windstorm, Hail, Falling object etc.
Settlement Amount
Travel Trailer and Fifth Wheel Units between 0-10 years and Park Model Units between 0-15 years
Two Options for Settlement Amount: Replacement Cost or Actual Cash Value.
Replacement Cost will have no deduction for depreciation of any kind, this is conditional on insuring the unit for replacement cost of a brand new unit including taxes and any additions.
Actual Cash Value (ACV): The Actual Cash Value calculated at the time of the claim will be roughly equivalent to the current market value of a comparable used item, less any costs that would have made your item ready for sale.
Travel Trailer and Fifth Wheel Units 10+ years and Park Model Units 15+ years
The settlement will be based on Actual Cash Value, which will be calculated at the time of the claim. The ACV will be roughly equivalent to the current market of a comparable used item, less any costs that would have made your item ready for sale.
Refund Upon Insurer-Initiated Termination
If termination is initiated by the insurer, a refund will be issued for the difference between the premium paid and the proportionate premium for the actual coverage period. However, this refund will not be less than any specified minimum retained premium.
The refund should be included with the termination notice unless the premium requires adjustment or calculation. If so, the refund will be processed promptly.
Refund Upon Insured-Initiated Termination
If the insured initiates the termination, the insurer will promptly refund any excess premium paid over the short rate premium for the coverage period used. Again, this refund will not be less than the specified minimum retained premium.
Refund Method
Refunds will be issued to the original payment method.
Refunds upon Termination by the Insurer
If the insurer terminates the policy, a refund will be issued for the excess of the premium paid over the proportionate premium for the coverage period. The refunded amount will not be less than the minimum retained premium outlined in the policy.
Refunds should accompany the termination notice unless the premium is subject to adjustment or determination of the amount. In such cases, the refund will be processed as quickly as possible.
Refunds upon Termination by the Insured
If the insured terminates the policy, a refund for the excess of the premium paid over the short rate premium for the coverage period will be issued as soon as possible, respecting the minimum retained premium specified in the policy. The premium is considered fully earned after 90 days or in the event of a total loss or a total constructive loss.
Mid-term refunds are only available when the boat is sold within 90 days of the policy’s effective date.
Refund Method
Refunds will be issued to the original payment method.
If you entered in a value that does not adequately cover the replacement cost of unit, you will be left paying for a portion of the claim. It is crucial to not underinsure your unit to lower the premium. The limit on policy is the MOST the insurance company will pay to replace your unit in the event of a claim.
A Stand-Alone trailer policy will offer you the best coverage for the best premiums. For instance, a stand alone policy will give you the option for the following coverages which your auto or homeowners policy may not cover:
Replacement Cost
Flood Coverage
Contents
Premises Liability
Emergency Vacation Expense
Annual payment on your credit card. Unfortunately we do not accept Visa/Debit cards.
Absolutely! RecProtect operates in All Canadian Provinces
No, your homeowners policy liability would respond.