Aspen Claims Service

Canadian Insurers Won’t Have to Pay for Most of Hurricane Fiona’s Damages

 Friday, September 30, 2022

 Live Insurance News

Though the amount of insured damage caused to Atlantic Canada by Hurricane Fiona is expected to reach about $700 million, insurance companies likely won’t have to foot the bill for most the damage the storm left behind.

Insurance companies likely won’t be taking the brunt of the massive damage total wracked up by Hurricane Fiona since much of the devastation was caused by perils that aren’t covered in Canada.

The storm pounded its way through Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Eastern Quebec last weekend. Current estimates place the insured damage total somewhere between $300 million and $700 million, though that is only a small portion of the true cost of the storm.

The reason is that gaps in the Canadian coverage system have storm victims vulnerable to damage caused by overland flooding.

Residential home and property coverage will pay for damage left by wind, fallen trees, and water leaking through roofs and windows, the majority of the devastation caused by Hurricane Fiona came from the flooding from storm surges.
CatastropheProperty
BROWSE RELATED NEWS ARTICLES

Loss of Use as Property Damage

 Friday, June 25, 2021

 IRMI

Top 3 Issues For Adjusters

 Thursday, December 7, 2017

 Canadian Underwriter

Lawsuit Settlements Reached in Connecticut Train Derailment

 Wednesday, September 17, 2014

 New Haven Register

Fire rips through vacant home, damages two others in Oregon

 Wednesday, May 28, 2014

 http://www.kptv.com/story/25631968/fire-rips-through-vacant-home-damages-two-others-in-greshamTV

Young drivers make more claims: Aviva

 Wednesday, September 15, 2010

 CanadianDriver.com

Weakened Earl Mostly Spares East Coast, Insurers

 Tuesday, September 7, 2010

 The Wall Street Journal