Claims
Environment Canada recently issued two tornado warnings for southwestern Ontario due to a report from a Ontario Provincial Police officer referencing a tornado touching down northeast of Fergus, Ontario and further reports that a tornado touched down in Elmvale.A funnel cloud also emerged around Bracebridge, but it has not touched down, according to Environment Canada […]
By Canadian Underwriter | June 15, 2005
1 min read
Flood registration centers recently opened to assist Albertans who have been impacted by recent flooding. Claims can be made at any registration center call 1-888-671-1111 for more information on the claims process. The $55 million disaster recovery program covers damage for homeowners, tenants and small businesses in cases where insurance is not readily and easily […]
2 min read
The Ontario government has passed a law mandating that companies found polluting the environment will be fined on the spot.Under Bill 133, government inspectors are now awarded the power to fine companies up to $100,000 a day and individual employees $20,000 a day, for toxic spills accidental or not.The necessary regulations are set to be […]
By Canadian Underwriter | June 13, 2005
FGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as managing director, global corporate structured finance where he managed future flow and corporate products, as […]
By Canadian Underwriter | June 10, 2005
In response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related damages. Damage to municipal infrastructure and extraordinary operating costs, such as flood control and additional […]
By Canadian Underwriter | June 9, 2005
A recent advisory released by the Insurance Bureau of Canada (IBC) warns policyholders in southern Alberta to prepare in advance of possible flooding.Policyholders are told to contact their insurance company or representative as soon as possible if flooding occurs and report any damage to insurers while also taking steps to limit further damage to their […]
By Canadian Underwriter | June 8, 2005
Factory Mutual Insurance Co. recently issued its first private placement of a US$300 million catastrophe bond as insurance against earthquake loss in the Pacific Northwest region of the United States and Canada. Operating as FM Global, a mutual commercial and industrial property insurer, the Company instigated the transaction to protect its balance sheet and provide […]
Ontario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers, and check whether loads are properly secured and if drivers are driving too many hours. […]
By Canadian Underwriter | June 7, 2005
Alea Group Holdings (Bermuda) Ltd continues to benefit from profitable underwriting conditions in its core specialty insurance and reinsurance, with an average rate decrease of 2% for the period ending April 30. Reprots from the Company’s recent Annual General Meeting state it will continue to implement strategic exits from businesses exhibiting rate deterioration in order […]
By Canadian Underwriter | June 6, 2005
Toyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by the National Highway Traffic Safety Administration. The investigations result from a to-date 33 complaints relating […]
By Canadian Underwriter | June 3, 2005
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