Preparing for wildfire season

As wildfire season approaches, we are bringing attention to two recent advisories published by the BC Financial Services Authority (BCFSA), as well resources provided through PreparedBC and British Columbia Fire Smart that may be relevant to licensees and their clients.

On June 5, 2024, BCFSA issued Advisory 24-017 to property and casualty insurance companies reminding them to prioritize the Fair Treatment of Customers (FTC) during wildfire season, as well as when insurance policies come up for renewal, including consideration on how their business practices during an active wildfire affect customers. BCFSA also published an advisory for real estate licensees notifying them of an optional wildfire clause that can be used in real estate purchase and sale contracts. The clause allows an extension to the completion, adjustment, and possession dates that helps both buyers and sellers navigate insurance requirements for properties located in a wildfire zone.

Other resources

The PreparedBC site provides tools for British Columbians to get prepared, stay safe, and recover from emergencies and various other hazards, including wildfires, droughts, floods and earthquakes. The BC FireSmart program provides resources and supports to build wildfire resiliency and reduce the negative impacts of fire, including preparedness, prevention and mitigation.