As businesses in flood-ravaged Peterborough, Ont. reopened Friday, the Insurance Bureau of Canada advised policyholders affected to contact their insurance company or representative as soon as possible.

The IBC said when in doubt, any damage should be reported to insurers and steps should be taken to limit further damage to property.

Many individuals have either limited or no flood insurance, and business losses could tally into the “millions of dollars,” city officials say. The IBC said damage estimates from this week’s are still preliminary at this time and that a full accounting of damage will not be available “for some time.”

The IBC noted that with residential insurance policies, coverage for sewer backup may be provided; however, flooding or water seepage is generally not covered. Some commercial insurance policies may also provide limited coverage for flooding.

“In these situations, it’s best to contact your insurance professional to find out what coverage you have,” says Mark Yakabuski, ICB vice president, Ontario. “If the damage is caused by sewer backup and you have purchased that coverage, your claim will be covered.”

IBC is the national trade association of the private property and casualty insurance industry.

Meanwhile, the Bank of Nova Scotia said it is donating $10,000 towards flood relief efforts. The bank said it is working with the mayor’s office to determine where the funds are most needed, with some money already earmarked for the Red Cross and the Peterborough food bank.

Scotiabank’s three Peterborough branches reopened for business Friday.