The coverage is now becoming available in Calgary, with memories of last year’s devastation still fresh.
One Calgary insurer is now providing flood insurance in the city, representing a first in the entire industry across Canada, which does not currently provide overland flooding protection anywhere else.
This specific type of policy covers damage from rising waters, as opposed to broken pipes or a leaky roof.
This overland flood insurance is now being offered to businesses in Calgary. That said, the insurance industry in the country has decided that this is still not a viable coverage in terms of protecting homeowners. Still, many businesses in the area are grateful that an option is being provided and are seriously considering these policies. Last year, the city and its surrounding area faced devastating and catastrophic flooding that business owners in the region will not soon forget.
As of yet, this flood insurance is being offered by only one company, which is acting as the market guinea pig.
The Beaufort Group, an independent risk management and insurance broker is testing out this market. It is certain that larger insurers will be paying close attention to this Canadian first, to see exactly how it plays out and what opportunities it may hold. This is particularly relevant as climate change appears to be offering more extreme weather that comes with stretches of drought and flooding far more frequently than have been present in recorded history.
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According to the Beaufort Group CEO, Dougal Simpson, the reason that his company has introduced the new business insurance coverage is that he felt that something needed to be done to assist family and friends after the eye opening 2013 flooding. He expressed that “I don’t think necessarily for us it is a good business opportunity, but it’s a need that we absolutely have”.
In order to make this flood insurance protection happen, Beaufort Group contacted Lloyd’s of London, where a team was brought together and has worked over the last year to hammer out the details to make it possible. The policies for this coverage have now just become available in time for what Calgary is now calling its flooding season. There is a wide variance in deductibles and premiums currently being quoted.