Alberta Court of Appeal reduces damage award to account for insured’s actual loss

In the case of Shelter Canadian Properties Limited v Aviva Insurance Company of Canada, the Alberta Court of Appeal reduced an indemnity payment for loss of rental income after a wildfire in Fort McMurray. The court clarified that under an indemnity policy, an insured party cannot recover more than their actual loss. The court analyzed the policy's "Gross Rentals" provisions and made specific determinations regarding rental payments, losses from unoccupied units, and coverage for the fair rental value of the insured's occupied units.