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If you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends on which province you’re in. Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance […]
By David Gambrill | March 29, 2022
3 min read
A bankruptcy hearing that could determine whether more than $200 million in oilpatch environmental liabilities wind up on the public dime will have to go back to court. The Alberta Court of Appeal ruled Friday that the long-running bankruptcy of Sequoia Resources, which involves cleanup costs for thousands of oilpatch facilities, should return to the […]
By Jason Contant | March 29, 2022
One way homeowners and insurers can reduce annual hail damage is to use impact-resistant asphalt shingle roofs instead of standard shingles, finds a new report. A new Institute for Catastrophic Loss Reduction benefit-cost analysis report shows annual hail damage in Canada has amounted to $400 million each year, on average, since 2013. To […]
By Alyssa DiSabatino | March 28, 2022
2 min read
WINNIPEG – Fears of spring flooding are easing in Manitoba, thanks to recent weather. A winter of heavy snowfall had initially raised worries across much of the province. But two weeks of slow melting – above-zero temperatures during the day and below-freezing at night – has reduced the snowpack and lessened the risk of a […]
By Jason Contant | March 28, 2022
Canada’s insurers are in a bit of a holding pattern about how war in Ukraine may drive claims activity among businesses with ties to the region. Canadian Underwriter contacted numerous insurers and the consensus on any changes to claims and coverage is that ‘time will tell.’ In many ways, the P&C industry’s response to the […]
By Phil | March 25, 2022
While the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of qualified drivers were leading to late deliveries and spoiled goods even before the pandemic, and […]
By Phil | March 24, 2022
Clients needing war, political violence or terrorism insurance may need to seek bespoke covers, noted a recent Ukraine technical update from claims manager Crawford. “The purpose of a political violence policy is to dovetail with the commercial property policy and to indemnify those risks, within the political violence class, that fall within the standard exclusions […]
By Phil | March 23, 2022
Clients have a tough choice to make when they’re hit with a ransomware attack — to pay or not to pay? “If you decided not to pay the ransom for whatever reason, and that hacker ultimately discloses that information, what does it open it up? What opens up for contractual liability or just reputational […]
By Alyssa DiSabatino | March 18, 2022
4 min read
COVID-19 has changed workers’ expectations, although it’s not clear yet whether company executives see this new emphasis on personal well-being and remote flexibility as “a temporary pendulum swing, or the beginning of our new normal,” writes Jared Spataro, corporate vice president of modern work at Microsoft. In his article for Harvard Business Review, 5 Key […]
By David Gambrill | March 18, 2022
A home insurer lost its bid to set off a contents claim using the difference between the Guaranteed Replacement Cost (GRC) and the depreciated value of a home that was rebuilt after a fire. The Ontario Superior Court allowed this part of an appeal against TD Meloche Monnex because the insurer had not included in […]
By David Gambrill | March 17, 2022
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