Items filtered by date: December 2017 - Paramount Insurance

Cyber Risk & Liability

January 17, 2018

Are you a stay at home mom who does bookkeeping on the side or perhaps you are in travelling sales?

Do you do oilfield consultation and have a direct login from your laptop to your company server? How about a store owner who takes credit card payments?

Maybe you own a rental company with hundreds of customers, employees & dollars on the line? 

Cyber Risk & Liability should be on your radar. Everyone is online (you are reading this post, after all!) and that means that everyone is vulnerable to increasingly complex cyber threats. All it takes is one stolen smartphone, a hacked email or a virus to cause huge financial costs to you and your company.

Not to mention the cost to your reputation and the trust of your customers.

Since no system is 100% infallible in some form or another almost every single person has a cyber liability risk & exposure and we need to start taking it seriously. 

Hacker attacks, being held liable for personal data breach, lost business as a result of network downtime, spybots, phishing attacks, malicious viruses and worms... these are a few of the very real possibilities you & your business are facing. 

So, what does Cyber Insurance cover?

Insurance for Data Breaches: covers a business for the costs associated with a customer privacy breach including expenses like legal fees, credit checking and associated fines. 

Media & Multimedia Liability: covers third party damages for intellectual property rights infringement or website defacement (attack on a website) 

Extortion Liability Insurance: covers losses due to extortion associated with information technology systems. 

Network Security: covers damages to third parties caused by denial of access, or costs related to data on third-party supplies or theft of data. 

Your Cyber Risk Liability policy may also cover expenses related to the breach such as: 
- Business losses as a result of the cyber-attack 
- Investigation fees 
- Privacy and notification costs
- Lawsuits & legal proceedings. 

Paramount Insurance offers an informative bi-monthly Cyber Risk Newsletter to help you quantify the risk and to be persuasive in your education and understanding of how you & your business can be affected. We want to reassure you that we are here to help navigate these new waters with you, we will help you protect yourself from all the risks we can and we will place coverage in the areas that we cannot.

Providing you with a clear, positive insurance experience – because… Things Happen.

 

Frost Heaves

January 17, 2018

This years winter has put a lot of pressure on the comfort & reliability of homes all across Central Alberta. With temperatures fluctuating between above 0 & -45, coupled with the heavy snowfall, our climate is demanding that we take extra care to prevent frost heaving damage to our homes foundation.

Frost heave is a naturally occurring process which results from snow and ice melting into your soil, and then refreezing, causing the feet of soil that it seeped through to rise and fall according to this freezing/thawing cycle and leading to an unstable, unlevel surface for your home’s foundation to rest on. Professional concrete foundation specialists see this cycle repeating each year with homes in northern states especially experiencing cracks and shifts from frost heaving. Fortunately there are a few proven methods to protect your home’s foundation from these damaging effects which, if done before the season comes to an end, could save you a lot of money, stress, and danger.

There are a few proven methods that will tremendously reduce the risk of frost heaving and prevent the very dramatic & very costly repairs!

3 WAYS TO PREVENT FROST HEAVING FROM DAMAGING FOUNDATIONS

1. Soil Choice Matters

  Since the underground freezing of melted snow is dependent on soil inundation, one of the most effective ways to reduce the risk of frost heave on your property is to have soil which is too coarse and granular to allow too much water to be retained. Concrete foundation contractors advise homeowners to exchange finer-grade soil types like clay and silt for coarse sand or a layer of gravel which are naturally more permeable. However, if you’re hesitant to replace your lawn’s soil entirely adding a layer of mulch can effectively reduce the risk of melting snow from refreezing under your foundation as it serves as an organic form of insulation for the ground below it.

2. Plumbing & Foundation Insulation  

  It may seem counterintuitive at first but for frost heaving to damage your home the temperature of the ground and air must first go up to allow accumulated snow and ice to melt and seep into the soil. While it’s impossible for you to fully control the effects of warming temperatures and sunlight, homeowners can absolutely have an effect on the temperature of the ground around their home. Hiring professional insulation installers to apply new, more thoroughly covering insulation to your home’s foundation and plumbing can tremendously reduce the risk of heat-loss from your home warming the soil surrounding it enough to cause snow and ice melting.

 3.Control Runoff Water

 Probably the easiest way to prevent foundation damage from frost heaving is to control the direction of where melting snow and ice can flow. This method, while very achievable by the average homeowner, does require a fair amount of planning in order to properly control where any runoff water travels. Optimally the best way to do this is to keep any heavy snow piles away from your home though with this winter’s often record-setting snowfalls that may not always be possible. In cases where complete removal of snow from the area is impossible, homeowners should take time to dig channels both above and below ground to allow an easy way for melting snow and ice to flow away from the home and its foundation.