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As a matter of legal principle, Zurich can rescind performance and payments surety bonds based on fraud or misrepresentation, even if that would affect the rights of innocent third parties in a construction dispute, Ontario’s Court for Appeal has ruled. But whether or not the courts will allow it specifically in the case of Urban […]
By David Gambrill | August 25, 2022
4 min read
In late July, charges were announced in a nearly two-year, multi-jurisdictional investigation nicknamed Project MYRA that targeted rings of organized car thieves. The thieves altered vehicle identification numbers (VINs), and then re-registered and sold the cars privately to unsuspecting customers. At the time, the Ontario Provincial Police (OPP) said they’d recovered 214 vehicles worth more […]
By Phil | August 24, 2022
3 min read
Millions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report found. “In Canada, $811 million [in] premiums could be at risk per year, or $4.1 […]
By Alyssa DiSabatino | August 24, 2022
Bob Ballantyne broke a cord on his blinds in early July, and his repairman in Ottawa still hasn’t been able to replace the snapped part. “He says, ‘You know, supply chain issues. I can’t get the string that I need to fix it.”’ Ballantyne isn’t alone. The pandemic sent shockwaves through the global supply chain […]
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Residents in eastern Ontario are still recovering after a tornado-producing thunderstorm left a path of destruction over 55 kilometres long and up to 1,400 metres wide […]
By Alyssa DiSabatino | August 23, 2022
It’s not your imagination, COVID-19 really did throw a wrench into the insurance industry’s ability to hire and retain talent, says a new Deloitte report on the state of Canada’s P&C industry. It found industry demand for people with the right skillsets and expertise is a growing challenge for insurers and that “the evolving market […]
By Phil | August 23, 2022
Continued demand among Canadian businesses for commercial bonds prompted AXA XL to appoint Cedric Franklin as vice president and regional director for Canada, the company said. “Commercial bonds are in high demand from companies seeking alternative financial solutions at a competitive rate; even more so in today’s ever-increasing lending rates,” Franklin told Canadian Underwriter. “For […]
By Phil | August 22, 2022
2 min read
Plans to expand a proposed U.S tax credit on electric vehicle purchases to cover North American-made cars is a boon for Ontario’s auto sector, but the province isn’t planning any buyer incentives for local drivers. Ontario’s economic development minister, Vic Fedeli, said the Ontario government plans to focus on increasing local supply, something experts argue […]
By Alyssa DiSabatino | August 22, 2022
Women are safer driving newer cars, a new report by the U.S. National Highway Traffic Safety Administration suggests. Female fatality risk compared to male fatality risk is significantly reduced in newer vehicles, starting with model year 2000, the report finds. Further, the newer the vehicle, the safer for women. The overall gap between women’s […]
By Alyssa DiSabatino | August 19, 2022
A heat wave building across western Canada and the Prairies could worsen wildfires, which have already burned more hectares this year over last despite fewer fires to date, one industry expert observes. This week, Alberta, British Columbia and Saskatchewan will see temperatures forecast to exceed 30 C. Heat warnings have even been triggered as far […]
By Alyssa DiSabatino | August 18, 2022
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