Was your business impacted by the electrical fire in downtown Calgary?

October 14th, 2014

If your business has been affected by the power outage, we recommend the following:

• Implement your business continuity plans.
• Track any and all loss of income from the moment the phone lines and power outage began.
• Get in touch with your insurance broker as soon as you can.
• Have your broker review your policy wording to identify insurance coverage’s which may apply (e.g.: some business interruption policies include an extension for loss of income/extra expense due to off premises power interruption caused by fire.)

Tips from the City of Calgary:

• Have you contacted employees to let them know what is happening?
• Is teleworking an option?
• Do you have a phone number or email for employees to contact to get status updates?

Currently the City of Calgary is allowing the deployment of industrial generators at street level for businesses and building owners in area affected by power outage (permits are required.) Building owners can obtain permits by contacting 311.

Enmax officials believe that power will be fully restored to the impacted area by Thursday. To get real-time updates, visit the City of Calgary website or follow them on Twitter & Facebook.
What is business interruption insurance?

• Business interruption coverage is designed to step in and continue to pay you for your financial loss due to an insurable peril.
• There is usually some form of deductible/waiting period 24 or 48 hours.
• Some forms of business interruption continue to pay after your business is back up and running until sales levels return to normal. Others cease once your business is back open.
• Business interruption coverage usually continues to pay for a 12 month indemnity period after the date of loss. Longer periods are available and recommended based on your individual needs.
• Extra expense coverage is a form of Business interruption which may be available depending on the circumstances of the loss
• Contact your broker to see if and what type of business interruption coverage you have.

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