Extra Expense Storm Damage Recovery Insurance
When a major storm hits, local distribution companies need to respond immediately, often not waiting for the weather to pass, before jumping into action. A variety of resources are required for the immediate repair and
maintenance of the electrical system, to ensure it is back up and running for customers. Restoration efforts need to happen quickly and seamlessly and system recovery is the top priority.
New from The MEARIE Group, Extra Expense Storm Damage Insurance provides coverage to restore damaged distribution lines and poles in order to resume power distribution following a major storm event resulting in a loss:
Insurance is triggered as a result of damage to the distribution system poles and wires following a weather event meeting the policy described “Named Storm” or “Unnamed Storm” (with specific criteria as defined by Environment Canada)
The policy covers:
- Extra Expense costs as necessary incurred by the Insured to continue as nearly as practicable to the normal conduct of the Insured’s business
- Expense for labour, overtime, contract labour, materials, vehicle rental or other similar necessary emergency expenses
- Certain specified electrical transmission and distribution lines, line transformers and equipment or apparatus connected in the course of reconstruction or repair
As well, there are certain types of expenses often encountered as part of storm damage recovery which may be more difficult to gain indemnification. For example, additional overtime labour costs which
are a required part of the post-storm damage recovery process. These
expenses may be more difficult for which to find a recovery mechanism.
As extreme weather and major storms
become more frequent, additional protection
may be key. This exclusive product from The MEARIE Group provides a completely new way to protect your company from unexpected losses.
To learn more about MEARIE Extra Expense Storm Damage Recovery Insurance coverage download the brochure.