HORSE INDUSTRY
INSURANCE COVERAGE for
Natural Disasters By Karen L. Weslowski Lawyer, Miller Thomson LLP Vancouver, BC
20
Canada’s Equine Guide 2018
Types of Natural Disasters The insurance coverage available for natural disasters can vary. Not all natural disasters are treated the same way by insurance. Flooding is a good example, as not all sources of flooding are covered by insurance. Floods can result from heavy rainfall, overflowing lakes and rivers, sinkholes or plumbing failures. Insurance policies generally exclude flood-related damage, except for that caused by damaged plumbing, pipes or home appliances. Other types of natural disasters for which insurance coverage may be sought include mudslides, hurricanes, tornadoes, forest fires, and earthquakes. If you live in
CANADA’S HORSE INDUSTRY AT YOUR FINGERTIPS
an area prone to a particular type of natural disaster, it is likely that coverage for those events will be excluded from your insurance coverage, although that coverage may be available for purchase at an additional premium.
Types of Insurance Coverage Available to Response to Natural Disasters Those in the equine community may have several types of insurance coverage available to respond to a natural disaster. Homeowners’ Insurance Policy Typically, the first policy to respond to a natural disaster would be a homeowners’ insurance policy.
PHOTO: DREAMSTIME/ALEXEY STIOP
n recent years, many parts of Canada have been devastated by natural disasters, including forest fires, ice storms, and floods. These disasters have impacted the equine community by causing loss and damage to barns, fencing, pastures, feed supplies and livestock, among other things. Aside from the direct loss of property, there may also be consequential losses, such as loss of business income, resulting from the property loss. Insurance coverage may be available to respond to these losses but it must be secured in advance of the natural disaster. As such, it is helpful to know the types of insurance coverage available to ensure that you are wellprotected against risks.