Respecting your personal privacy is as important to Federated Insurance as it is to you and therefore we only collect your personal information for purposes of, generally speaking, providing you with insurance and financial products and services. In order to do this, we use and share your personal information to:
- Establish and maintain communications with you
- Assess your insurability and underwrite risks on a prudent basis
- Price products and services to our mutual benefit
- Administer your insurance coverage
- Investigate, adjudicate, and settle claims
- Detect, deter, and prevent fraud
- Offer and provide products and services to meet your needs
- Compile statistics
- Act as otherwise required or authorized by law.
These are our "Identified Purposes".
How Your Information is Used
Federated Insurance takes a global view of the Identified Purposes in that we are not collecting personal information just for any one of the purposes, we are collecting the personal information for all of the Identified Purposes. For example, while you may expect that we will initially use your information for assessing your insurability and underwriting your policy, we also may use it for claims purposes and visa versa. If we have obtained your social insurance number, it is used and disclosed only for taxation purposes and for client identification as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
How Your Information is Disclosed and Shared
By providing Federated Insurance with these types of personal information, we consider that you do so with the knowledge and understanding that it is collected, used, and shared only for the Identified Purposes. We may also, in the course of assessing your application and providing you with products and services, share your information among our agents, affiliates, approved partners, subsidiaries, reinsurers, rating agencies, and authorized administrators. Please also note that Personal information collected by Federated Insurance may be used or shared even if coverage is declined or ceases to be in force.
There are situations specific to the insurance industry where we will disclose personal information as dictated by prudent insurance practices. For example, as part of the risk assessment process, we may transfer personal information to other insurance companies including reinsurance companies which share in the risk. Additionally, personal information may be disclosed to industry accepted information services providers for the purposes of underwriting, claims management, classification, and rating. We may also disclose personal information to businesses that provide goods and services to insurance companies and their customers, such as claims adjusters, appraisers, and repair shops and we may disclose personal information to regulatory agencies as dictated by law. Only the information necessary for these services will be provided by us to these services providers, and it is done on the basis that they will maintain the confidentiality of the information. These organizations are also bound by the same legal requirements as Federated Insurance where your personal information is concerned.
