Instead, Bonneville recommended businesses go through insurance.
“Compensation for business losses are often covered by [a business’s] continuity insurance,” he said
Just go through your insurance and all will be well. Seems pretty straightforward, right? Not always, according to Christine Pratt.
Pratt is a partner with Field Law, a firm that’s area of expertise extends to insurance litigation. Pratt said that in reality, receiving compensation is not as cut-and-dry as EPCOR might make it out to be.
“The truth of the matter is it will depend entirely on the terms of the business’s property insurance policy, and particularly any business interruption coverage they have,” Pratt said, noting that insurance policies of this nature tend to vary greatly from business to business and are dependent on what types of optional coverage a business purchases.
While Pratt said most businesses do have some form of property coverage that includes interruption, it may only apply to specific types of interruption, like fires and floods.
That blind spot doesn’t necessarily fall at the feet of EPCOR, though, as oftentimes, Pratt said, insurance holders aren’t aware of what is and isn’t included in their policies or even what they should be buying.
“The biggest problem is most people don’t read their policies and don’t know exactly what is covered until a loss occurs,” she said. “In some cases, they don’t think about the coverage they might need and so don’t even know to ask for it.”