Who backs Padder and how is my policy regulated?
Padder builds and services the product; a regulated Canadian insurance company insures your landlord.
Padder’s role: Padder Underwriting Inc. (“Padder”) is a licensed insurance intermediary.
That means:
- Padder designs products like Padder Guarantor and Padder Deposit
- Padder has delegated authority from the insurer to underwrite, bind coverage, and issue policies on their behalf
- Padder also manages the day-to-day relationship with landlords, leasing teams, and tenants
Who actually insures my policy?
Your Padder policy is backed and insured by The Insurance Company of Prince Edward Island (ICPEI).
- ICPEI is a Canadian insurer
- ICPEI is part of the Desjardins group of companies
- Padder issues policies on ICPEI’s behalf under a formal delegated authority agreement
Financial strength (high level)
ICPEI is a Canadian, regulated insurer with an independent financial strength rating from a major rating agency.
What you need to know as a renter:
- Your landlord’s coverage is backed by an insurer that has been independently evaluated for its ability to pay valid claims
- Padder does not “self-insure” or rely on unregulated funding to cover losses
Jurisdiction and governing law
For current residential products:
- Padder Guarantor and Padder Deposit policies for Ontario rental properties are generally governed by the laws of the Province of Ontario and applicable Canadian insurance legislation
- Any disputes or interpretations of the policy are subject to the governing law and jurisdiction stated in your actual policy wording
As Padder moves into other provinces and territories, the governing law and jurisdiction may differ by product and region. Your policy documents will always clearly state:
- Who the insurer is
- Which province/territory’s laws apply
- How disputes are to be handled
If you’re unsure how this applies to your situation, check your policy or contact Padder support.