Will Your Insurance Cover Damages From Building Settlement?
In the world of commercial real estate, it is not at all unusual to see damage caused to a property as a result of construction or demolition of an adjoining property. In Engle Estate v. Aviva Insurance Company of Canada, 2010, the Applicant owned a commercial property. Construction was taking place on the neighbouring property, part of which included excavation. Shortly after the construction commenced, the Applicant noticed cracks in the floors, ceilings and walls of his property, resulting in a significant impact on the structural stability, safety and integrity of the building, resulting in an estimated $1,000,000.00 in repair costs.