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CHURCHILL FALLS, N.L. – Nalcor Energy says about 45,000 litres of oil spilled at the Churchill Falls hydroelectric plant switchyard in Labrador. In a news release Thursday, the Newfoundland and Labrador energy corporation says the oil spilled from a transformer on Oct. 29 after a mechanical failure and a fire. Original estimates from Nalcor said […]
By Jason Contant | November 13, 2020
1 min read
Cyber insurance is a relatively new line of business in Canada and so it hasn’t seen any hard markets historically — until now, that is. And it seems that insurers have ransomware to thank for that. “I think it is indeed the first hard market we have seen in cyber,” Tim Zeilman, vice president and […]
By David Gambrill | November 12, 2020
4 min read
Litigation funding provides companies and individuals with an important strategic tool. But a few leaders in the insurance industry warn us to “watch out” for litigation funding. They claim it could “significantly raise insurers’ costs.” Good news: They’re wrong. Writer Carl Sandburg said, “If the facts are against you, argue the law. If the law […]
By Adam Malik | November 12, 2020
3 min read
ST. JOHN’S, N.L. – The Transportation Safety Board says a fire in January aboard a large factory-freezer trawler started in the ship’s sauna as the vessel was catching and processing shrimp off the coast of Newfoundland. The independent agency, in an investigation report released Thursday, said it appears a wooden footrest left on the sauna’s […]
By Jason Contant | November 12, 2020
2 min read
We’ve all heard about an insurer launching a subrogated claim on behalf of its insured, but how about an insured launching a subrogated claim on behalf of its insurer? B.C.’s Civil Resolution Tribunal, a type of small claims court, recently allowed two co-owners of a strata unit to launch a subrogated $8,554 water damage claim […]
By David Gambrill | November 11, 2020
With commercial insurance premiums on the rise in a number of business classes, and some unable to even find an insurer, a national association representing Canadian small businesses is calling on insurers and provincial governments to do more to ensure its members can get affordable coverage amid the global COVID-19 pandemic. “Businesses can’t legally operate […]
By Adam Malik | November 11, 2020
CALGARY – Two Alberta landowners have filed what a lawyer says could be the first class-action lawsuit against an energy company for not making its lease payments. “It’s a pretty clear contract,” said lawyer Matthew Farrell, who is representing Reinhold and Thyra Kautz of Strathmore, Alta., in their proposed class action against AlphaBow Energy Ltd. […]
By Jason Contant | November 11, 2020
Clients don’t always know the process when they have to report a condo insurance claim, and a number of property and casualty insurance professionals believe education of condo managers and boards is key to turning around the hard market in condo insurance. “I do honestly believe we can make significant [premium] savings by educating property […]
By Adam Malik | November 10, 2020
DETROIT – General Motors is recalling more than 217,000 cars and SUVs in the U.S. and Canada because transmission oil can leak, causing them to stop moving or possibly catch fire. The recall covers certain versions of the 2018 through 2020 Chevrolet Equinox and Traverse as well as the GMC Terrain. Also included are the […]
By Jason Contant | November 10, 2020
A second wave of the COVID-19 pandemic is gripping parts of Canada and it will likely be well into next year until we come out of it, an expert predicts. And the longer things drag on, the worse it bodes for the property and casualty insurance industry. As the economy suffers, near-zero interest rates will […]
By Adam Malik | November 9, 2020
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