Industry

What happened when this strata unit owner got sued over toilet supply leak

A British Columbia strata owner is not liable for damage to the unit immediately below as a result of a burst toilet supply line, the province’s Civil Resolution Tribunal has ruled. The September 2018 plumbing mishap happened in a strata unit owned by Xiu Feng Guan. The water flowed through the floor into a unit […]

By Greg Meckbach | July 15, 2020

3 min read

Why insurers cross their fingers after microburst storms in Toronto

Old infrastructure and combined sewer systems mean that severe thunderstorms like the one seen last week will continue to leave basements flooded for years to come, leaving insurers and claims professionals busy, according to an industry expert. “When you get a storm like this hitting an older part of town, that’s when you start getting […]

By Adam Malik | July 15, 2020

3 min read

The impact of surreptitious dangerous goods shipments on marine insurance

The marine insurance sector saw a huge drop last year in the number of total shipping losses but the industry continues to have a problem with shippers trying to sneak hazardous and flammable cargo on board without declaring it. “Dangerous goods must be appropriately handled and stowed, which is not possible when the contents of […]

By Greg Meckbach | July 15, 2020

2 min read

Bank of Canada holds rate, forecasts decline in GDP of 7.8% this year

OTTAWA – The Bank of Canada is holding its key interest rate at 0.25 per cent in response to what it calls the “extremely uncertain” economic outlook from the COVID-19 pandemic, and plans to keep it there until the picture improves. In its updated outlook, the bank said Wednesday it expects the economy to contract […]

By Greg Meckbach | July 15, 2020

4 min read