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By Craig Burkart, MNP LLP
NEWS
FALL 2021
It’s a well-worn adage that the worst time to review your insurance policy is when you need it. Property damages and interruptions are stressful enough without having to worry about whether you’re covered for a specific loss. This is not the time to be reviewing your coverage and coverage amounts and hoping it will be enough to get you back to normal.
Of course, nobody ever wants to face the type of disaster that might trigger an insurance claim. Unfortunately, the laws of probability don’t really care what’s convenient or whether you’re prepared. That’s why it’s imperative you take the proactive measures below and revisit them on a regular basis. These steps can make all the difference in ensuring you and your tenants can get back on your feet as quickly — and with as few costs and administrative headaches — as possible.
REVIEW YOUR EXISTING INSURANCE POLICY
Keeping your insurance policy up to date and in line with your most likely losses is the most important step you can take to reduce your costs and get your properties back to normal after an interruption. Consider working with a third-party advisor who can help analyze your coverage for specific loss scenarios, review insurance limits and co-insurance amounts, and clarify terms and times.
Gross rental business interruption insurance typically covers short-term financial losses (e.g., 12 months) arising from the shortfall of gross rents received versus standard gross rents due to covered events. Coverage may extend to include lack of access to a premises and interruptions that disrupt the normal functioning of your property. However, policy wordings will differ and it’s imperative you understand the specifics of your policy.
Like all coverages, your policies will almost certainly be subject to typical exclusions, such as break or lapse of leases, specific natural disasters, contract penalties, etc. Understanding the full scope of your business interruption insurance policy is essential to execute an effective loss strategy and business interruption analysis. As well, check to see if your policy covers professional fees for claims preparation.
MAKE SURE YOUR INSURANCE VALUES ARE STILL RELEVANT
A common thought is the COVID pandemic will increase insurance premiums. Depending on the nature of your property, they might. But tenant closures, a rise in vacancies, and reduced profits also might also cause your insurance values to decline — which in turn could see your premiums decrease. It’s also possible your
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insurance provider may no longer offer the same levels of coverage your property requires.
Insurance values influence your insurance premium calculations — and loss-based coverage rests on them. It’s possible you’re currently paying insurance premiums to protect a gross rental revenue stream that simply does not exist anymore. And, if your insurance values reduce, your policy premium will reduce as well.
Confirm your insurance values with a claims professional and conduct a maximum probable loss study. Given the impacts of the pandemic and the lingering uncertainty to come, this is an ideal time to review your insurance values and evaluate the impacts to your tenants, employees, and your business outlook. Consider key factors including real estate industry trends, consumer demands, and pricing issues.
CONSIDER CYBER INSURANCE
With many property owners and managers integrating the internet of things (IoT) into all facets of their operations — from HVAC systems to elevators, security infrastructure, and more — buildings face a greater threat of cyber attacks than ever before.
It is no longer a matter of if a property will be targeted by cyber criminals, but when. However, despite the growing risk, investment in cyber insurance continues to lag.
Connect with a trusted cyber security advisor to assess your exposure and identify strategies to reduce the likelihood of a breach. If you already have a cyber policy, consider an independent cyber review to assess what your coverage does and does not cover — and whether you’re taking the appropriate steps to maximize your payout and minimize the downtime in the event of a loss.
BE PREPARED, NOT SORRY
Knowing what’s included — and what’s excluded — in your insurance coverage, along with regular reviews can help mitigate legal claims and get your business back on track sooner. Accelerate and ensure your full recovery by building a comprehensive team of specialists who understand you’re your business and your insurance coverage.
Take proactive steps in advance of any loss to identify team members who understand your properties, the business impacts of a disruption, and your insurance coverage. Establish and practice team-wide communications practices and be ready to delegate tasks to your team members when a disruption occurs.
To learn more about how to make your business interruption policy work for you, contact Craig Burkart, National Leader Insurance Advisory, at 403.536.5533 or craig.burkart@mnp.ca
Wendy Docherty, Executive Vice President; Francis Docherty, President; Dolores Docherty, Administrative Assistant; Chelsy Blackmore, Customer Service; Laurie LePan, Manager of Business Development and Sales and Anton Steyn, General Manager.
Thermotex Therapy Systems
Helping People and Animals Live Pain-Free
by Rennay Craats
Pain happens for many reasons, but the team at Thermotex Therapy Systems knows that pain doesn’t need to sideline sufferers. What began as a therapeutic product for horses has changed the lives of people with pain from ailments ranging from arthritis, sprains and tendonitis to menstrual cramps, fibromyalgia and sports injuries.
Thermotex was started in the 1980s as an infrared treatment to improve racehorses’ performance, and the incredible success founder Dr. Joseph Bender had with the animals spurred him to research applying the same technique to people. In 1996, Francis Docherty purchased the company and the Docherty family has been expanding on Dr. Bender’s offerings ever since. emails saying we’ve changed clients’ lives now that their pain is under control or gone,” says Wendy Docherty, executive vice president of Thermotex and Francis’ daughter.
The Docherty family started with a line of four personal products – the Gold, the Platinum, a knee pad and an elbow pad. The Platinum, measuring 17 inches by 15 inches, is the company’s top seller for its versatility in treating pain throughout the body, whether it’s applied flat on the back, wrapped around an arm or leg, draped over a shoulder or across the neck.
The infrared heating pads target pain and inflammation where it originates, which is something a traditional heating pad can’t do. Unlike standard heating pads that offer high heat that only reaches a few millimetres into the body, the patented Thermotex products penetrate at least six
Wendy Docherty. Francis Docherty and Dolores Docherty. The Thermotex Platinum Far Infrared Heating Pad.
centimetres (2.36 inches) into the body using low heat. As the infrared is absorbed it heats the tissues causing the treatment area to be flooded with fresh blood and oxygen, proteins and nutrients. As the lactic acid buildup and inflammation is flushed away, it creates a natural analgesic effect for pain relief.
“Our product is unique and we’ve proven the depth of penetration,” she says. “It takes 20 minutes to penetrate to that point where it is truly therapeutic.”
Users are encouraged to use the infrared pads for 45 minutes twice a day for the first 10 to 14 days of treatment and then once a day as needed to maintain the benefits of infrared penetration.
“Once you get the inflammation under control you don’t need to use the product as often. People who use our products regularly find that they can decrease their medications as well,” Docherty says.
Thermotex expanded the product line to include pads tailored to both the left and right wrists, a foot unit, and a professional unit employed by chiropractors, physiotherapists and massage therapists for pre-treatment muscle warmup. This fall, Thermotex is also adding a neck unit to the product line, all of which are available for purchase through the company’s website, on Amazon and a few other online sellers, and select home-care facilities.
The Dochertys haven’t forgotten the company’s equine roots and continues to cater to a fourlegged demographic. Thermotex upgraded the original design for horses from six pads to 12 pads to cover a larger surface area and added leggings, a sinus hood, a TMJ hood and a neck unit.
“It’s great for injuries as well as pre-event warm up. If a horse is going to run a race or participate in an event, trainers typically warm up the animal ahead of time to loosen up the muscles,” she says. “Trainers can give them a treatment with our blankets first to get the blood flowing, elongate the tissue and warm the muscles so they can save the energy the horse would otherwise use in its warmup exercise.”
Along with equine pads, Thermotex has a great line for pets, with a selection of dog and cat beds and a pad for large breeds. These therapies help combat the effects of arthritis for pets in much the same way as they do for people.
Unlike standard heating pads, Thermotex products are registered as medical devices with both Health Canada and the FDA in the United States and meet ISO manufacturing standards. Safety and quality are paramount to the Dochertys and they manufacture, hand-assemble and test every product before it ships out from the four bays in their southeast Calgary offices. While local, hands-on manufacturing costs more, it’s worth it for Thermotex to ensure their highquality standards are maintained on every delivery.
The small family business has grown significantly over the past several years after Docherty started marketing the products more aggressively and expanding their network to include large distributors and resellers. Thermotex brought on 10 of its total 18 staff members over the past nine months to accommodate this considerable growth. As the company continues to grow, Docherty hopes more people will discover Thermotex’s line of therapeutic infrared pads and feel the pain relief for themselves.
