Industry

Insurer loses scooter claim because of a ‘deprecated’ sales receipt

If a claim for a stolen scooter draws suspicion, an insurer will need to do more than just cite skepticism about the condition in which the power charger, keys and helmet are returned — especially if the electronic bike’s purchase receipt is marked as “deprecated.” The word “deprecated” is a stock-keeping system term meaning that […]

By David Gambrill | October 20, 2020

3 min read

If you thought cyber was hard to sell before…

Cyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the area of cyber coverage. MSA research reported in its Quarterly Outlook Report that in the […]

By Adam Malik | October 20, 2020

3 min read

More Information, Better Decisions for Insurers

Did you know that in the U.S., 130 of the top 150 insurance carriers use CARFAX vehicle history data to improve underwriting and boost claims efficiency? In fact, CARFAX vehicle history data has proven to be highly correlated with loss ratios. Here are some of the most valuable data points for insurers: Odometer readings Based […]

October 20, 2020

3 min read

Some long-term care homes can’t get insurance, could be forced to close: association

Ontario’s long-term care homes are having trouble securing liability insurance for COVID-19, a situation that could force some of them to close, a group representing more than 70 per cent of the province’s homes says. The Ontario Long-Term Care Association says its homes are being offered new policies without a key provision: coverage for infectious […]

By Jason Contant | October 20, 2020

3 min read