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Be aware, be insured: Property insurance bylaws coverage

Sheila Clare, BFL CANADA Insurance Services Inc.

Banks and other lenders are aware that the ideal property insurance coverage includes Blanket Bylaws with no sublimit. When they review the building insurance in place it is one of the policy elements they look for. The following scenario shows why.

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Financial Stability when Catastrophe Strikes: Time for a Reality Check

Scott Jamieson, AC&D Insurance Services Ltd.

British Columbia residents typically sit back and watch, read and discuss catastrophic global events of natural occurrence. West Coasters feel somewhat immune to these disasters. Well, prepare yourself for a reality check!

Major Earthquakes in British Columbia

YEAR

MAGNITUDE

COMMENTS

19187.0Widely felt, significant damage on Vancouver Island.
19467.2Widely felt, damage to central Vancouver Island.
19498.1One of the world’s greatest earthquakes ever registered. Damage to Queen Charlotte Islands.
19707.4South of Queen Charlotte Islands widely felt.
20127.7Haida Gwaii Island B.C.
1872 – 20134.0 – 6.0

Over 200 – B.C. Coastal Region.

Since 1872, the Canadian Earthquake Epicenter File has registered more than 8 significant earthquakes (6.5 magnitude or greater) on or off the coast of British Columbia and more than 200 between a magnitude 4.0 to 6.0.

We need only reflect on days gone by to our neighbors in California to realize that we too are extremely vulnerable to major natural disasters.

Flooding in British Columbia
Major flooding is a normal occurrence in many regions of British Columbia.

Next time you are in the Fraser Valley go looking for smooth round rocks. Where do you think they came from and where do you think all the fertile soil came from?

Richmond, for the most part, is below sea level and protected from the onslaught of the Pacific Ocean only by dykes.

Delta, British Columbia for the most part hovers around sea level.

Insuring for Natural Disaster
Insure your buildings for their appraised replacement cost value + an additional 10% for the unknown factors. Always insure for: All Risk protection including Blanket By-Laws 100%, Earthquake & Flood.

For further information on correctly insuring apartment buildings, please contact:

Scott Jamieson, Risk Manager
AC&D Insurance Services Ltd.
Email: sjamieson@acdinsurance.com
Ph. 604-982-1039