Claims

Insured entitled to business interruption coverage despite collateral benefits (March 26, 2008)

In a business interruption claim, an insurer is not entitled to a “credit” in the form of a deductible if an insured business gains a collateral benefit during the shutdown of its operations, Alberta’s Court of Appeal has ruled.In Neste Canada Inc. v. Allianz Insurance Company of Canada, Allianz insured Neste for contingent business interruption […]

By Canadian Underwriter | March 26, 2008

2 min read

Claims

London companies not prepared for terrorist incident

Many companies remain under-prepared for a terrorist attack in London, England according to a Marsh survey. Roughly one-third of 80 delegates attending a Marsh seminar on terrorism, representing large and mid-size firms in the Greater London area, noted they did not have emergency response, crisis management and business recovery plans integrated within their business continuity […]

By Canadian Underwriter | March 26, 2008

1 min read

Claims

Carriers should offer long-term policies to homeowners in hazard areas

In an effort to better manage risks during a period of large-scale catastrophes, insurers should consider offering long-term policies to homeowners in hazard-prone areas.”Such a long-term policy could be tied to a mortgage, and home improvement loans can encourage the adoption of cost-effective mitigation measures,” says a report co-authored by the Wharton University of Pennsylvania, […]

By Canadian Underwriter | March 24, 2008

1 min read

Claims

What’s New: In Brief (March 24, 2008)

Integro Insurance Brokers, an international insurance broker and risk management firm, has appointed managing principals Mark Rankin and John Haas to the firm’s partnership group in Canada.Rankin is client development sales leader for the Toronto and Vancouver offices. He has 23 years of experience in property and casualty insurance, with an emphasis on international placements […]

By Canadian Underwriter | March 24, 2008

1 min read

Northern hurricanes rare, but quicker than Gulf storms

The northeastern seaboard of North America is highly vulnerable to “northern hurricanes,” a rare form of storm that occurs much quicker than its Gulf of Mexico cousins, reported A.M. Best.These storms tend to be two to three times faster than hurricanes that hit the Gulf of Mexico, leading to less evacuation time and tend to […]

1 min read

New coverage protects food industry against reputational damage following product recall

Food producers must be better prepared to manage not only the possibility of a product recall, but any reputational damage that could sink the company as a result.”It takes 20 years to build a reputation, and about five minutes to ruin it,” Ed Mitchell, senior underwriter for product recall at XL Insurance Company Limited, said.He […]

2 min read

Climate change tops list of risks to insurers

Potential climate change is the greatest strategic risk currently facing the property and casualty insurance industry, according to an Ernst & Young report. Demographic changes and catastrophic events follow closely behind.For the study, Strategic Business Risk 2008, Ernst & Young and Oxford Analytica interviewed more than 70 industry analysts from around the world to identify […]

1 min read

What’s New: In Brief (March 13, 2008)

ING Insurance Company of Canada has announced the continuation of its full partnership in the Insurance Brokers Association of Canada’s (IBAC) Broker Identity Program.”We continue to recognize the invaluable branding the Broker Identity Program brings the insurance broker profession,” said Derek Iles, president of ING Insurance. “The protective embrace exhibited by the BIPPER is a […]

1 min read

Cat trends on the rise; floods at the crest of the wave

Catastrophe-related economic losses from natural and man-made events around the world exceeded US$70 billion in 2007 US$28 billion of which were insured losses marking a trend towards an increase in the number and cost of natural and man-made events, says Swiss Re research. According to Swiss Re’s latest sigma study, “Natural Catastrophes and Man-made Disasters […]

1 min read

Auditor satisfied with draft bill increasing insurance limits for nuclear facilities

Canada’s auditor general is satisfied Natural Resources Canada has taken steps to update the insurance requirements for the country’s nuclear facilities.The Nuclear Liability Act, which came into force in 1976, currently limits the liability of a nuclear operator for any damages related to radioactive releases to a maximum of Cdn$75 million. Natural Resources Canada has […]

1 min read