According to a report from the Insurance Bureau of Canada,
insurance losses from the Fort McMurray Wildfires in Northern
Alberta are now expected to total C$3.58bn /US$2.76bn), making it
the costliest insured natural disaster in Canadian history.
Insured losses from the Alberta Wildfires, which were first
spotted on May 1st and which burned for nearly two months, have
surpassed those from Canada's previous most expensive
wildfires, Slave Lake in 2011, which caused more than C$700 million in insured losses.
They are now Canada's most expensive natural disaster, having
eclipsed the 1998 ice storm that struck Southern Quebec (approx.
C$1.9bn/US$1.5bn in insured claims) and the 2013 floods in Southern
Alberta (approx. C$1.8bn /US$1.4bn in insured claims).
An evacuation order for the Fort McMurray area that had been in
place since May 3rd was lifted in the early June, allowing nearly
90,000 displaced residents to return home. Reports suggest that
while roughly 2400 homes and other buildings were destroyed, nearly 90% of Fort McMurray was left
According to the Government of Alberta, things are starting to
get back to normal. The local hospital is now fully operational
and, according to the municipality of Wood Buffalo's latest
update, ATCO has re-lit 93 per cent of the buildings in the
affected area (less than 1500 remain). However, boil water-advisories are still in effect for
the hard-hit areas of Beacon Hill, Abasand and Waterways.
According to Catastrophe Indices and
Quantification, a company that compiles data on insured losses,
to date, insurers in Canada have registered over 27,000 claims for
personal property damage, averaging C$81,000 per claim, and more
than 12,000 claims for vehicle related losses, averaging C$15,000
per claim. More than 5000 commercial insurance claims have been
reported, with an average value exceeding C$250,000 per claim.
Under B.C.'s former and current Limitation Act, the limitation period for a Plaintiff's claim can be extended on the basis of a Defendant having acknowledged in writing some liability for the cause of action.
Automobile drivers, like fine wine, tend to get better with age. Older drivers can draw on a wealth of experience from their years on the road to assist them when faced by a variety of dangerous conditions.
The insurance industry will be interested in Ledcor Construction Ltd v. Northbridge Indemnity Insurance Co because of principles the Supreme Court of Canada applied to the "faulty workmanship" exclusion in a Builders' Risk policy.
For the first time in BC, a Court has decided that an insured is entitled to special costs, rather than the lower tariff costs, solely because they were successful in a coverage action against their insurer.
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