Insurance & Risk, Analysis, Events and Careers
Claims
A recent case in Ontario serves as a warning to broker principals not to use an employment offer letter as the sole means to describe the brokerage’s commission structure to a new producer. If a commission structure is complicated, the Ontario decision implies, brokers would be advised to draw up standard employment contracts with a […]
By David Gambrill | February 25, 2020
5 min read
Twenty years after a loss resulting from food getting infested with insects, a commercial client has lost its coverage dispute with St. Paul Fire and Marine Insurance Co. The Supreme Court of Canada announced Thursday it had denied leave to appeal to Marvelous Mario’s Inc., which wanted to contest a Court of Appeal for Ontario […]
By Greg Meckbach | February 25, 2020
3 min read
Canada’s new mandatory breach notification requirements have increased the number of reported claims, leading to a re-shuffling of claims costs for insurers, according to a privacy lawyer. “It definitely leads to more claims and it makes its presence [known] in three ways,” Eric Dolden, a partner at Dolden Wallace Folick LLP, said of the new […]
By Jason Contant | February 25, 2020
Asbestos-related commercial liability claims could soon reach a peak, but they continue to be a concern for the property and casualty insurance industry, suggests Prem Watsa, founder and chairman of Toronto-based Fairfax Financial Holdings Ltd. “Asbestos has been a problem [for the P&C industry] for some time,” Watsa said Feb. 14 during a conference call […]
By Greg Meckbach | February 21, 2020
2 min read
Mid-sized and luxury sports cars are the most collision-prone vehicles on the road, including the Hyundai Sonata, Infinity Q50, Lexus GS 350, and the Acura TLX, according to new research by QuoteWizard.com, an online insurance comparison platform. At the other end of the spectrum, vehicles not typically built for speed, such as sport utility vehicles […]
By Adam Malik | February 21, 2020
Rates for excess cyber insurance in Canada are on the rise. “In Canada, I would say what we are seeing is excess cyber insurers increasing rates,” Brian Rosenbaum, national director of the legal and research practice at Aon Risk Solutions, said in an interview Thursday. “If you are a bad risk from a cyber perspective […]
By Jason Contant | February 20, 2020
Brokers are taught the principles of indemnity early in their training: Return the client to the same financial position they were in prior to the loss. But what about their clients’ mental well-being? Can the industry restore that to what it was before the loss? While that kind of question may never be answered, the […]
By Adam Malik | February 20, 2020
A company that had its commercial building destroyed in a 2011 fire is not entitled to a $3-million payment from Intact Insurance to replace the building, because the company did not rebuild within the two-year time limit specified in a settlement agreement, the Court of Appeal for Ontario has ruled. The complicated case essentially turned […]
By David Gambrill | February 20, 2020
4 min read
MONTREAL – Two people are confirmed dead in a crash that involved about 200 vehicles on Highway 15 in La Prairie south of Montreal, provincial police say. The confirmation came from the Surete du Quebec, which said the victims are two people who were trapped in the wreckage near a diesel spill. Whiteout conditions likely […]
A January storm in southern Ontario and Quebec caused more than $95 million in insured damage, mostly from damage to personal property, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The majority ($81.6 million) of the insured damage occurred in Ontario, with $13.7 million occurring in Quebec, Insurance Bureau of Canada (IBC) reported […]
By Jason Contant | February 19, 2020
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