Flood Insurance Overview
Extreme weather events including those causing floods are on the rise and water damage claims have started to exceed fire damage claims which has historically not been the case (visit the IBC website here for more flood insurance info). Despite flood insurance being excluded from most personal lines policies (until recently), flood insurance has always been available to most commercial and business clients as part of their commercial All Risk/Perils Property insurance.
Commercial Property Insurance Typically Includes Flood Insurance
Basic property insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. However, “All Risk or All perils” policies have become the norm and they can provides coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions etc.
Types Of Expenses/Property Flood Insurance Can Cover:
- Buildings and other structures (leased or owned)
- Furniture, equipment and supplies
- Money and securities
- Records of accounts receivable
- Leasehold improvements and betterments you made to a rented premise
- Electronic data processing equipment (computers, etc.)
- Valued documents, books and papers
- Mobile property (construction equipment, etc.)
- Property in transit
- Signs, fences and other outdoor property not directly attached to the building
- Lost revenue as a result of loss
- Ordinary payroll
- Extra expenses as a result of loss
ALIGNED Property Insurance | 1-866-287-0448
We understand that determining the value of your business is critical. Our advocates can help you secure the best property products, services and solutions for your organization.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|