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When Coverage Falls Short: A Toronto Jeweller’s Costly Lesson
Weekly Case Review
By David Henderson
Last week, a court ruling in Toronto highlighted the risks of incomplete insurance coverage after local jeweller Michael Reid lost a claim against his insurer following the theft of gold merchandise from his vehicle. The decision underscores a crucial gap that many business owners overlook: coverage during the transportation of valuable goods.
According to case documents, Reid’s auto insurance policy covered theft of the vehicle itself, while his commercial policy insured against theft from his shop premises. However, neither policy extended to goods in transit. When his SUV was stolen outside his home with approximately $1,200,000 in handcrafted gold pieces inside, the insurer reimbursed the vehicle’s value but denied compensation for the stolen jewellery.
Reid told reporters he believed his coverage was sufficient under both policies. “I thought I was protected on both fronts,” he said. “My broker never explained that moving goods between my store and clients wasn’t automatically covered.”
The case highlights a broader issue in the insurance industry: the assumptions clients make about what their policies include. Coverage can vary significantly depending on where the loss occurs, how the goods are being transported, and which policy applies. Without detailed guidance from a knowledgeable broker, gaps like these can lead to substantial financial losses.
This case serves as a valuable lesson for all business owners: understanding your policy details today can prevent costly surprises tomorrow. With the right broker by your side, your coverage will stand firm—wherever business takes you.
At Henderson & Carter Insurance Brokers, we see cases like this as an important reminder that insurance should never be treated as one-size-fits-all. Every policyholder’s risks are unique, and the right coverage requires careful review and clear advice before a claim ever happens. At Henderson & Carter Insurance Brokers, we believe peace of mind shouldn’t depend on the fine print. Our family-run team works closely with clients to tailor every policy to their lifestyle and business realities—so when life’s surprises happen, your protection stands firm.
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