Properties, Oil and Water Don’t Mix

Oil and Water Don’t Mix. That was especially true on Wed April 8, 2015 when a tanker in the English Bay in Vancouver was reported to be leaking fuel into the surrounding waters.

The spill amount was “above the norm” but not “catastrophic.” Local residents were warned to avoid the beaches on both sides of the bay, according to CBC News,

Transport Canada has reported the following major oil spills in western Canada:

In 1988, Vancouver Island was affected by a spill from an oil barge that lost approximately 87 tons of oil
In 2006, a B.C. ferry sank with 240 tons of oil on board.

Gauging the impact

You can view an event zone on a map and determine exposure quickly by linking impacted addresses to your book of business with DMTI’s Location Hub® Post Event Service. Custom event reports allow you to easily share exposure information across your organization. This ensures swift action and superior customer service.

What is the impact of oil spills on property values?

A report created by the Conversations for Responsible Economic Development (CRED) reveals the following key findings:

Both direct contamination & the perception of contamination have clear and well documented impacts
In several documented cases, directly impacted properties lost 10-40% of their value
The reputational impacts alone are significant – properties nearby spills will usually see a 5-8% reduction in value
The most significant impacts are felt in the first year and usually last less than 5 years

Assessing future risk

A proposed pipeline destined to carry more oil to the Westridge terminal in Burnaby, BC would increase the number of tankers traveling through Canadian waters from 5 to 34 per month (Global News).

How can organizations prepare?

Connect. Analyze. Act™
- Seek a solution that provides timely and advanced insight into the duration, size, impact and number of addresses affected by an event. This allows you to easily share exposure information across your organization.
National insights in real-time
- Take advantage of an offering that delivers property level event information and other perils that may impact your book of business.