Pipes for the Trans Mountain pipeline project are seen at a storage facility near Hope, B.C., on September 1, 2020. THE CANADIAN PRESS/Jonathan Hayward

Pipes for the Trans Mountain pipeline project are seen at a storage facility near Hope, B.C., on September 1, 2020. THE CANADIAN PRESS/Jonathan Hayward

Insurance provider for Trans Mountain pipeline says it won’t renew policy

The decision by Argo Group comes after the operator for Trans Mountain received regulatory approval to protect the identity of its insurers

An insurance provider for the Trans Mountain pipeline said it will not renew its policy with the company when it expires in August.

Argo Group International Holdings Ltd., an international underwriter based in Bermuda, said the project no longer fits the company’s risk appetite.

“We currently insure the Trans Mountain pipeline, but do not intend to renew when the policy expires in August 2021,” spokesman David Snowden said.

“This type of project is not currently within Argo’s risk appetite.”

The decision by Argo Group comes after the operator for Trans Mountain received regulatory approval to protect the identity of its insurers.

Trans Mountain had argued that identifying its insurers could make it harder to get insurance at a reasonable price and prejudice its competitive position.

Underwriters such as Zurich Insurance Group AG have also dropped Trans Mountain as a possible client amid pressure from environmental and Indigenous groups opposed to the government-owned pipeline.

Environmental groups, such as the Sunrise Project, have been petitioning insurance providers to refuse coverage for Trans Mountain as a means to prevent its ability to operate.

In a statement, Trans Mountain said it currently has all the required insurance in place.

“Trans Mountain is committed to providing the Canada Energy Regulator with full information about our financial resourcing and ensuring Canadians know that we are sufficiently insured,” said a company spokeswoman.

Construction for the pipeline’s expansion project is ongoing and the company said it is on track to be completed by the end of 2022.

The federal government purchased the existing line in 2018 from Texas-based Kinder Morgan for $4.5 billion when the company threatened to walk away because of resistance to the project from the British Columbia government, environmentalists and some Indigenous groups.

The expansion will more than double the pipeline’s capacity from approximately 300,000 barrels per day to 890,000 barrels per day.

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

PipelineTrans Mountain pipeline

Just Posted

Canadian Pacific Railway’s Caboose 437115 was retired and donated to Maple Ridge in 1991. Now, it’s in need of some repairs, and the museum is looking for some people willing to help in its refurbishing. (Maple Ridge Museum/Special to The News)
LOOKING BACK: Caboose needs a new roof

Maple Ridge Museum is putting the call out to loca train lovers for some help

Grant De Patie. (The News files)
Virtual sit-in in memory of Maple Ridge gas attendant killed in 2005

Protest for stronger safety protections for late-night workers

Have an opinion you’d like to share? Submit letters to the editor through our website, via email or the postal service. (Heather Colpitts/Black Press Media)
LETTER: Pitt Meadows does not need new RCMP detachment

Local resident says the price tag is too much

Maple Ridge author Tiffany-Ann Bottcher is one of 21 authors whose real-life stories are featured in the new book Women in Business in a Changing World. (Special to The News)
Maple Ridge author shares real-life story to inspire women in business

Tiffany-Ann Bottcher, is a long-time Maple Ridge resident, a full-time business coach and blogger

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. There’s new evidence the Vancouver police were warned about a possible riot days before violence broke out during the final game of the Stanley Cup playoffs on June 15. THE CANADIAN PRESS/Geoff Howe
Maple Ridge residents share Vancouver Stanley Cup Riot memories

June 15th was 10th anniversary of Canucks Game 7 loss

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 charged, suspect at large in killings of B.C. brothers linked to gang activity: RCMP

Kamloops brothers Erick and Carlo Fryer were found deceased in May on a remote Okanagan road

UFV athletes were honoured for their strength and perseverance during the pandemic. (UFV photo)
Fraser Valley athletes recognized in year without sports

UFV Cascades athletes honoured for strength shown during the pandemic

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Albert Health Minister Tyler Shandro and Alberta Premier Jason Kenney unveil an opening sign after speaking about the Open for Summer Plan and next steps in the COVID-19 vaccine rollout, in Edmonton, Friday, June 18, 2021. THE CANADIAN PRESS/Jason Franson
Alberta 1st province in Canada to lift all COVID-19 public health restrictions

70.2% of eligible citizens 12 and older in the province have received a dose of the vaccine

Fraser Health registered nurse Ramn Manan draws a dose of the Pfizer COVID-19 vaccine into a syringe at a walk-up vaccination clinic at Bear Creek Park, in Surrey, B.C., on Monday, May 17, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Honour our fathers’ with COVID-19 vaccine protection, B.C. urges

109 new cases Friday, 75 per cent of 12 and up immunized

(Paul Henderson/ Chilliwack Progress)
Trutch Avenue in Chilliwack to be renamed to remove racist taint

New name to have Indigenous significance as Chilliwack takes new step toward reconciliation

Canadian Prime Minister Justin Trudeau is seen during a joint news conference following the EU-Canada Summit, in Brussels, Belgium, Tuesday June 15, 2021. Trudeau says Canada is on track now to have 68 million doses delivered by the end of July, which is more than enough to fully vaccinate all 33.2 million Canadians over the age of 12. THE CANADIAN PRESS/Adrian Wyld
Vaccine deliveries enough to fully vaccinate all eligible Canadians by end of July

Three in four eligible Canadians now have their first dose, nearly one in five fully vaccinated.

Most Read