Claims

The lesson for risk managers in this breach-of-contract lawsuit

A recent Supreme Court of Canada ruling in a breach-of-contract lawsuit means risk managers need to be careful about drafting agreements that give parties discretionary powers, a Toronto-based litigation lawyer warns. Wastech Services Ltd. v. Greater Vancouver Sewerage and Drainage District arose from a decision made in 2010 by the regional board in charge of […]

By Greg Meckbach | February 17, 2021

4 min read

How much COVID business interruption claims could cost Fairfax

Business interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers. Of that US$669 million, 35% is from business interruption, Fairfax CEO Prem Watsa said during […]

By Greg Meckbach | February 17, 2021

3 min read

What’s making it harder to estimate property Cat claims

Recent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in Calgary. “A large portion of those claims were estimated in June and July,” said Jim […]

By Greg Meckbach | February 17, 2021

3 min read

One knock-off effect of rising condo deductibles

A large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000 – and there is a claim, the condo building or strata typically does not have […]

By Greg Meckbach | February 16, 2021

3 min read