Claims
It’s an auto insurance estimator’s Catch-22. A B.C. small claims tribunal recently downplayed expert evidence based on photos taken in an auto collision shop because the estimator didn’t conduct an in-person inspection of the vehicle — even though pandemic lockdown rules didn’t allow in-person inspections. The Insurance Corporation of B.C. recently won a case against […]
By David Gambrill | June 11, 2021
3 min read
Six possible flood insurance models for homes at high risk of flood are about to go through an actuarial review, a federal government official suggests. The Task Force on Flood Insurance and Relocation is going to hand off those possible models to an actuarial sciences team that will study them this summer and fall, said […]
By Greg Meckbach | June 10, 2021
4 min read
Data analysis may be held up as the gold standard for making sound business decisions. But a recent study suggests gut instinct — when backed up by simple decision aids — may actually be better in situations of high uncertainty. Examples of simple decision aids [referred to in the article as “heuristics”] could be tallying, […]
By David Gambrill | June 9, 2021
Insurance coverage for a “sudden and accidental” release of diesel fuel can include a discharge that continued over several months, the Nova Scotia Court of Appeal has ruled in a commercial coverage dispute. As a result of Zurich Insurance Company Ltd. v. Halifax Regional Municipality, released June 3, three insurers (the other two being Royal […]
By Greg Meckbach | June 9, 2021
Canada could see heightened hurricane risk in the future, as climate change and fluctuations in ocean temperature are increasing the likelihood of stronger hurricanes making landfall further north, according to Swiss Re. “We see an increased likelihood of intense hurricanes making it further north, eventually making landfall at higher latitudes,” Dipika Deol, head of P&C […]
By Jason Contant | June 7, 2021
A B.C. homeowner who is listed along with a second person on his home insurance policy has lost his bid to have Intact issue him a payment directly for his own personal items damaged in a flood, instead of issuing a co-payment to both people listed on the policy. Gary Buchanan jointly held a personal […]
By David Gambrill | June 3, 2021
More than a dozen coverage disputes arising from business interruption from lockdowns and restrictions during the COVID-19 pandemic are making their way through Ontario courts. Law firm McCarthy Tetrault has served 17 individual statements of claim with the Ontario Superior Court of Justice against insurers, Justice Edward Belobaba noted in a decision released May 27. […]
By Greg Meckbach | June 3, 2021
6 min read
Global P&C insurers are not only setting ambitious carbon reduction targets for themselves, but they are also using their investment clout to restrict cover for high polluters in the oil and gas sectors, a commentary released by DBRS Morningstar Wednesday observes. “With Environment, Social, and Governance (ESG) awareness on the rise, insurance companies are starting […]
By David Gambrill | June 2, 2021
A foundation membrane could cost a homeowner client $15,000, and it is probably not something your clients should try installing themselves, but it is “often the most effective method” of waterproofing a basement, a Bobvila.com author suggests. A foundation membrane is a thick sheet of rubberized asphalt on waterproof polyethylene film that goes outside the […]
By Greg Meckbach | June 2, 2021
2 min read
In an age when a condo corporation’s insurance may not provide enough coverage for an insured loss, brokers can help their clients by advising condo unit owners about the merits of special assessment insurance, one lawyer suggests. “It is important to note that special assessment insurance only applies where the loss itself is insured, the […]
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