Claims
Business interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers. Of that US$669 million, 35% is from business interruption, Fairfax CEO Prem Watsa said during […]
By Greg Meckbach | February 17, 2021
3 min read
Recent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in Calgary. “A large portion of those claims were estimated in June and July,” said Jim […]
A large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000 – and there is a claim, the condo building or strata typically does not have […]
By Greg Meckbach | February 16, 2021
A record-keeping blunder more than 50 years ago means London, Ont.’s Catholic diocese faces a new multi-million-dollar lawsuit over sexual abuse during the early 1970s of an elementary school student by a priest. The Supreme Court of Canada announced Feb. 11 it will not hear an appeal by the Roman Catholic Episcopal Corporation of the […]
By Canadian Underwriter | February 16, 2021
4 min read
The COVID-19 pandemic has created some barriers to repairing vehicle and property damage – including a shortage of auto body parts, and a labour shortage impacted by Canada Emergency Response Benefit (CERB) recipients who are reluctant to return to work, panelists said Wednesday during CatIQ Connect’s February webinar. The COVID-19 pandemic had made it more […]
By Greg Meckbach | February 12, 2021
A Supreme Court of Canada decision released Thursday means The Co-operators cannot appeal a $429,000 court decision against it over “surface water” coverage on a commercial property policy. In Co-operators General Insurance Company v. Le Treport Wedding & Convention Centre Ltd., released July 28 2020, the Court of Appeal for Ontario ruled that The Co-operators […]
Intact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three months ending Mar. 31, 2020, shortly after the disease was declared a global pandemic. Now […]
By Greg Meckbach | February 10, 2021
VANCOUVER – A Catholic order shuffled known abusers from a notorious Newfoundland orphanage to two schools in the Vancouver area where more boys were victimized, a lawsuit alleges. A proposed class-action suit filed Monday in British Columbia Supreme Court says between 1976 and 1983, an order called the Christian Brothers transferred six abusive members from […]
By Jason Contant | February 10, 2021
5 min read
Commercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks like a virus – is cyber-related because it has no geographic or time boundary to […]
By Greg Meckbach | February 9, 2021
2 min read
An Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19 pandemic was denied. Burlington, Ont.-based Serviced Inspired Restaurants (SIR) has more than 50 eateries in […]
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