CALGARY, Oct. 13, 2014 /CNW/ - A weekend fire in an underground electrical vault in Calgary has left 2,100 businesses and 5,000 people without power. According to reports, it could be days before power is restored. The result will be significant interruption in the downtown core to both residents and business, many who may have questions regarding their insurance coverage.
"We encourage businesses and residents impacted by the power outage to get in touch with insurance professionals to get information about specific policy coverage and how to begin the claims process," said Bill Adams, Vice President, Western and Pacific region, Insurance Bureau of Canada.
Adams explains that most business owners will have purchased two common types of insurance: commercial property insurance, which would include building and stock or equipment coverage to help replace or repair damaged property and contents; and business interruption insurance to compensate for loss of income while a business is shut down following an insured loss.
Some people have chosen to leave their homes to stay with family or friends while others will stay at home without power. Adams says, "Keep all receipts related to living expenses. If you've been temporarily displaced, ask your insurance representative about what reimbursement you may be entitled to, as well as the duration of this coverage. Residents might also be compensated for food spoilage as a result of an extended power outage. Review your policy to ensure you are familiar with specified deductibles, coverage limits and replacement values."
One additional step residents should take is to unplug all electrical equipment to prevent damage caused by a power surge when electricity is restored.
Consumers and businesses can also have their insurance questions answered by contacting IBC's Alberta Consumer Information Centre at 1-800-377-6378. An insurance professional is available 8 a.m. to 4 p.m. Monday to Friday to assist you.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is pleased to celebrate 50 years as a valuable resource for insurance information. Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the P&C insurance market in Canada. The private P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes and levies to the federal, provincial and municipal governments, and has a total premium base of $48 billion.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE: Insurance Bureau of Canada
For further information: To schedule an interview, please contact: Celyeste Power, Manager, Media Relations, 416-362-2031 ext. 4312 (office), 647-384-9872 (after hours), [email protected]