FLOOD CLAIMS
is an increased urgency to have an open
communication with your broker and policy
purchasers about the potential risk of water
damage arising from floods and the coverages
available to address these risks.
A number of court rulings across Canada
have concluded that insurance brokers have
a legal duty to advise their client and provide
them with relevant information about the
types of coverage available to them.
The Supreme Court of Canada determined
that clients rely upon their agent to see
that they are protected. Thus, if the agent
agrees to do business with a prospective
client, having a conversation is important in
ensuring adequate coverage is in place if a
loss arises.
This stands as a reminder that insurance
brokers and clients have a positive duty to
discuss and have a conversation about these
new potential risks.
As such, brokers ought to be cautious and
talk to clients ahead of renewals about flood
risks not covered in their policy and explain
the additional coverages they might need.
These persistent flooding issues appear to
be increasing, and so too is the risk of your
clients not being adequately insured.
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that can quickly respond when a claim occurs.
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