When It Rains, It Pours: Insurance Recovery For Earnings Loss

As I write this article, Toronto is recovering from its biggest rainfall since Hurricane Hazel. Two weeks ago, downtown Calgary was affected by days of heavy rains following which the Bow River burst its banks. And while the initial focus should always be on the personal safety of those affected, in short order this focus will give way to dealing with the financial consequences of the events which have occurred.

As "forensic accountants," who specialize in insurance and litigation claims, our group knows the "financial" questions that may surface when natural disasters occur. The first question may be, "Are we covered by insurance?" This question is followed by, "What exactly are we covered for?" If you are unsure as to whether coverage applies, you should consult with your insurance counsel or insurance broker. If you determine that coverage is available, the next question may be, "How much can I claim?"