While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and are being declared a catastrophe by the Insurance Services Office (ISO). This means that a minimum US$25 million in insured damages are expected. However, a much higher figure than this can be expected.Starting last Friday, the tornadoes hit at least 14 states. The event was sparked by a “clash of dry air from the Rocky Mountains and warm, moist air off the Gulf of Mexico”, reports AIR Worldwide Corp., a catastrophe modeling company. Tornadoes, hailstorms, thunderstorms and windstorms have resulted, and even more severe weather is expected through this week.
Beware of negligence lawsuits regarding property sale agreements
Ontario’s Court of Appeal found a home insurer, in principle, has a duty to defend a claim against a homeowner in a property sale, because a lower court can’t assume the home insurance policy’s exclusion for ‘intentional acts’ such as fraud would apply to a buyer’s claim of negligence. Nonetheless, the home insurer does not […]
By David Gambrill | September 16, 2024
3 min read
