Claims
Social inflation is one reason your client’s commercial rates may be outpacing the insurers’ loss cost trends, a Bermuda insurer CEO suggests. “I define social inflation as including politicians, regulator, or courts re-defining wording in favour of claimants,” said Albert Benchimol, CEO of Axis Capital Holdings Ltd., during a conference call discussing his firm’s financial […]
By Greg Meckbach | August 10, 2021
2 min read
Lloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president Marc Lipman said in a recent interview. Lipman was asked whether business interruption, from a […]
By Greg Meckbach | August 9, 2021
3 min read
Water is often touted as “the new fire,” but not in cottage country, where fire still ranks as the Number 1 cause of loss. “In personal lines, we have seen water become the new fire, or in some cases surpass fire, in terms of the leading cause of loss,” says Shawn Mckone, a senior manager […]
By Jason Contant | August 5, 2021
4 min read
The uncertainty around business interruption insurance coverage and the impact of a United Kingdom Supreme Court are among the reasons Toronto-based Fairfax Financial Holdings has put aside more than US$80 million this year in COVID-19 reserves. Fairfax reported July 29 its net income increased from US$426 million in Q2 2020 to $1.28 billion in the […]
By Greg Meckbach | August 4, 2021
If your client dings another vehicle and informally offers $500 to the driver of the other vehicle, this does not limit your client’s liability to $500. This is one lesson from a British Columbia civil resolution tribunal ruling released last week. Tabatha Scroggie’s vehicle was damaged when a tow truck backed into it. She took […]
By Greg Meckbach | August 3, 2021
Canadian adjusting firm MGB Claims Consultants Inc. has been acquired by McLarens, a Norcross, Ga.-based insurance service provider. The financial terms of the deal, announced Tuesday, were not disclosed. Shawn Malik, James Giffen and Shawn Burnett – who founded MGB in 2010 – will continue to manage the business. In addition to its Toronto head […]
1 min read
ST. JOHN’S, N.L. – The Roman Catholic archdiocese in Newfoundland and Labrador’s capital city is selling properties to pay survivors of abuse at the former Mount Cashel orphanage. Archbishop of St. John’s Peter Hundt said in a news release Sunday several parcels of vacant land in St. John’s as well as the archbishop’s residence in […]
By Jason Contant | July 27, 2021
A B.C. cyclist injured in a car collision has lost his bid to demand an audience with Her Majesty Queen Elizabeth II in an effort to make his case against the province’s public auto insurer. In addition to seeking an order summoning the Queen, the cyclist demanded an audience with the Governor General of Canada, […]
By David Gambrill | July 23, 2021
As the late singer Prince said, forever is a mighty long time. While his 1984 tune “Let’s Go Crazy” is not about tort claims, a Supreme Court of Canada decision released Friday should serve as a reminder of the significance of the word “forever” in release agreements settling lawsuits out of court. “A general release, […]
By Greg Meckbach | July 23, 2021
6 min read
A couple who discovered a leaking bathtub after moving into their new home cannot get compensation from the sellers. A “reasonable inspection” would have revealed a water problem before Tyler and Keva Luscombe bought their home in 2020, the British Columbia Civil Resolution Tribunal ruled in Luscombe v. Harris, a decision in a $3,800 small claim […]
By Greg Meckbach | July 21, 2021
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