Steers Insurance Blog

The Insurance Bureau of Canada (IBC) reported that water damage is a leading cause of damage and loss. These losses add up to close to $2 billion every year.

Water damage to a business, regardless of how it happens, can lead to mold growth, costly litigation and financial loss. In addition to direct costs associated with cleanup, material replacement, equipment repair and mold remediation, water damage incidents may lead to significant indirect costs associated with construction delays and business interruptions.

In the late evening of September 7, 2019, Hurricane Dorian made landfall on the east coast. While it was no longer technically a hurricane when it hit land, the storm resulted in over $105 million in insured damage, according to the Insurance Bureau of Canada. 70% of that was damage to personal property, 25% was damage to commercial property and the remainder of the damage was to automobiles.

Spring has arrived, which typically means snowmelt, an increase in rainfall accumulations, and the possibility of spring flooding.