“I want people to know that you need to get out-of-province insurance,” she said.
NEW YORK _ Though damage from Hurricane Irma is extensive, property insurers are breathing a sigh of relief with the storm nowhere near as catastrophic as many had feared.
Particularly strong are companies with a strong presence in Florida, like Federated National Holding, HCI and Heritage Insurance.
Citi analyst James Naklicki is estimating U.S. insured loses to be about $20 billion, with totals reaching up to $50 billion. A direct hit to Miami, he says, could have meant up to $150 billion in costs.
Larger insurers like Travelers, Allstate and Progressive are also rising.
By Dan Healing
THE CANADIAN PRESS
LAVAL, Que. _ Employees of Alimentation Couche-Tard (TSX:ATD.B) in the Florida region are bracing for hurricane Irma as Texas staff continue to try to recover from “devastating” damage from hurricane Harvey, CEO Brian Hannasch said Wednesday.
“The flooding and damage done by Harvey is among the worst in our U.S. history and we continue to monitor daily the situation to help out our employees, their families and our customers,” he said on a conference call.
“As we approach the weekend, we’re now preparing for hurricane Irma while at the same time hoping the storm loses strength and turns back into the Atlantic.”
Alimentation Couche-Tard said it closed 123 stores because of Harvey and 24 were still shut down as of Tuesday.
Employees in the Florida region are topping up store inventories of fuel, water and batteries while hoping they don’t see “panic buying” as occurred in San Antonio and Dallas where lineups for fuel forced people to wait as long as five or six hours, Hannasch said.
He said the company has had to deal with hurricanes since buying Circle K in 2003.
But its recent spate of acquisitions have increased its exposure, especially its deal that closed in June for San Antonio-based CST Brands which included more than 600 stores in Texas.
He said that deal and one for CrossAmerica Partners wholesale fuel network have “critically strengthened” the company.
‘We view ourselves as being very, very geographically diversified and certainly that’s an advantage to us with situations we faced with Harvey and potentially here with hurricane Irma,” said Hannasch.
His comments came as Couche-Tard, which reports in U.S. dollars, announced it had $365 million or 64 cents per share of net earnings in the first quarter of its 2018 financial year.
After adjustments to exclude numerous items including the impact of the acquisition of CST and the sale of some of its assets, Couche-Tard says it earned about $380 million or 67 cents per share.
The adjusted earnings were up 17.5 per cent from the same time last year and total revenue including acquisitions was up 16.9 per cent at $9.85 billion as of July 23, about a month before devastating flooding began sweeping the U.S. Gulf states.
Analyst Irene Nattel said she has modestly increased adjusted earnings forecasts going forward because of the quarterly trend but added those predictions don’t include potentially negative results due to Harvey and Irma.
With the annual merry go round of July moves over, and tenants now in their new homes, Insurance Bureau of Canada (IBC) noted with concern that too many Quebecers still don’t have home insurance.
In fact, a survey done for IBC among 3,076 individuals revealed that 37% of tenants in Quebec have no home insurance, a regrettable situation that clearly puts their financial security at risk. Home insurance not only covers personal property, it also covers liability.
Reasons given for not insuring
- Too expensive: Almost half (48%) of survey respondents said that the cost of insurance was the main reason. In fact, nearly 70% of insured tenants don’t pay more than $22 a month for their insurance.
- Little or no property to insure: the lack of personal property to insure or its low value was the second reason mentioned for not buying home insurance (one third of respondents). Making an inventory of our property often makes us realize that we own more than we thinks.
- Covered by the owner: 15% of survey respondents falsely believe that the owner’s insurance will cover their personal property in case of loss. This is a widely-held belief among the 65 and over age group, who would refer to their owner in case of loss.
- Negligence: 16% of respondents hadn’t given it any thought.
These results show that we need to keep up the information and awareness activities with tenants. A large number of Quebecers still don’t realize the situation they would find themselves in if they were to lose everything in a fire, for example. “This new survey shows that the general public still needs to be made aware of the risks they run if they have no home insurance. In addition to losing everything and being homeless, uninsured tenants may have to indemnify the owner if they were responsible for the loss”, noted Anne Morin, Supervisor, Public Affairs, at Insurance Bureau of Canada.
More familiar with the coverage
Paradoxically, the majority of respondents knew what home insurance policies cover. Theft and fire coverage were the best known, followed by liability, vandalism and water damage.
However, when uninsured tenants were asked who would pay for repairs if, for example, their bathtub overflowed into their neighbour’s apartment or if a fire were to damage their belongings, less than one tenant in two knew that they would be liable for repairs and repayment of damaged property.
“It’s interesting to note that while they may be familiar with basic home insurance coverage, there are still many uninsured tenants who aren’t aware that they would be liable, as a result if a loss, for repairs or replacement of property damaged through their own fault”, noted Ms Morin.
To help consumers see more clearly, IBC’s Insurance Centre is there for them, Monday to Friday, from 8.30 a.m. to 4.30 p.m.They just need to do is call 514 288-4321 (Montreal area) or 1 877 288-4321 (elsewhere in Quebec). The relevant information is also available at www.infoinsurance.ca .
About Insurance Bureau of Canada
Insurance Bureau of Canada, which groups the majority Canada’s P&C insurers, offers various services to consumers in order to inform and assist them when purchasing car or home insurance, or making a claim.
SOURCE Insurance Bureau of Canada
Reasons for judgement were published today by the BC Supreme Court, Vancouver Registry, assessing damages for partly disabling chronic back pain caused by a collision.
In today’s case (Teunissen v. Hulstra) the Plaintiff was involved in a 2012 collision caused by the Defendant. The crash caused a soft tissue injury which was chronic and partly disabling in nature. In assessing non-pecuniary damages at $110,000 Madam Justice Burke provided the following reasons:
 I conclude the medical evidence clearly establishes Mr. Teunissen suffered a soft tissue injury in the accident and continues to suffer from chronic back pain. It also establishes the accident is a material contributing cause to Mr. Teunissen’s back injury, pain and resulting disability…
 Mr. Teunissen is a determined and stoic individual who has persisted in trying to work and support his family, despite the chronic pain. He has demonstrated this more than once, attempting work opportunities that he previously would have had no difficulties with and which he unfortunately cannot continue.
 The assessment of non-pecuniary damages depends on the particular circumstances of the plaintiff in each case. Having considered Mr. Teunissen’s age, the nature of the injuries, the severity of his symptoms and the fact they have been ongoing for five years, the poor prognosis for recovery, and the authorities, I am of the view the appropriate award for non-pecuniary damages is $110,000.
The northern Saskatchewan wildfires have forced hundreds to evacuate their homes and communities. SGI is providing some important information for people in the impacted areas.
“We encourage SGI CANADA customers to contact their insurance broker, as they may be eligible for coverage of living expenses while displaced from their homes,” SGI President and CEO Andrew Cartmell said. “Their insurance broker can provide details about the amount of coverage available.”
All SGI CANADA customers with a personal property policy (Prestige, Home, Mobile Home, Tenant, Condo or Agro Pak) who have been evacuated from their communities have mass evacuation coverage, subject to limitations in their policies.
Mass evacuation coverage includes:
- expenses for hotel/motel stays or subsidies for those staying with friends or family members
- other expenses related to the evacuation, including fuel, meals and transportation costs
These costs can be covered up to a period of 30 days, Customers should save all their receipts to submit if they decide to put in a claim. Insurance payouts are subject to the policy’s deductible.
SGI CANADA personal or commercial property policies will NOT be cancelled if their policy expires or due to non-payment, for a period up to 30 days past the expiration or non-payment date.
Likewise, Saskatchewan Auto Fund customers who have been evacuated do not have to worry about their insurance lapsing while they are away from their home and unable to renew their driver’s licence or vehicle plate insurance.
“We will take care of our customers who, due to evacuation, have been unable to renew their licence or plates,” said Cartmell. “If a customer incurs a claim, customers will be able to renew their expired driver’s licence or vehicle plate and access Auto Fund coverage, subject to their deductible.”
SGI will have employees on hand at the Saskatoon and Prince Albert shelter locations to provide assistance to evacuees.
SGI CANADA policy holders can also contact their broker to inquire about their coverage under their existing policies. In the event of an emergency, if customers can’t reach their broker, they can call the claims hotline number 1-844-745-2015.
Customers with questions related to driver’s licences and vehicle registration can call the Customer Contact Centre at 1-844-TLK-2SGI (1-844-855-2744).
SGI CANADA and Saskatchewan Auto Fund customers can learn more via our online FAQ.