Industry
The average cost of a data breach in the Canadian “financial” industry is US$6.4 million – $2-million higher than the average cost for all other businesses, according to a new report from IBM Security and Ponemon Institute. The average cost of a breach for all Canadian businesses, US$4.4 million, is about $500,000 higher than the […]
By Jason Contant | July 26, 2019
2 min read
The leaders of one of Atlantic Canada’s largest brokerages are finalists in EY Canada’s Entrepreneur Of The Year award program. Gina McFetridge and Michael Stack, president and CEO respectively of Archway Insurance, are among the finalists announced July 18 by Ernst & Young. McFetridge is a past president and chairperson of the Insurance Brokers Association […]
By Greg Meckbach | July 26, 2019
3 min read
Insurance Bureau of Canada (IBC) will assist in identifying stolen high-end vehicles that police believe were being prepped to be shipped overseas in containers to China and European countries. Each year, auto theft causes Canadians close to $1 billion, IBC reports, including $542 million for insurers to fix or replace stolen vehicles, $250 million in […]
Having a video camera installed with your home alarm system is one way for your client to reduce burglary risk, but it’s questionable whether this is an underwriting factor considered by the insurance company. “To my knowledge, the majority of property insurance policy applications do ask if there is a monitored alarm system,” said Pete […]
By Greg Meckbach | July 25, 2019
If your client’s house is accidentally damaged by a repair or renovation contractor while it is working on that building, does the home insurance cover it? Some carriers would say no, but a recent court ruling means exclusions for “property while being worked on” and “faulty workmanship” are not quite as broad as some underwriters […]
A vehicle owner asks someone who is not on his insurance policy to take his car to the dealership for a repair. When that driver subsequently gets into an accident with the dealership’s courtesy car, is the car owner’s insurance company on the hook for the liability lawsuit? No, a Calgary court recently found. On […]
By David Gambrill | July 25, 2019
MONTREAL – There were no serious injuries after two school buses collided and caught fire Tuesday on a highway north of Montreal. About 25 of the roughly 50 children aboard the two buses were taken to hospital by paramedics as a preventive measure. Quebec provincial police say three vehicles – the two buses and a […]
1 min read
Fasten your seatbelts, everyone, because the rate of auto reform is going to resemble a low-speed chase through a turbulent market cycle. Even if auto reform packages were to be introduced in every single legislative assembly across the land today, it would take up to two years to reap the benefits, Insurance Bureau of Canada […]
By David Gambrill | July 24, 2019
WINNIPEG – Shawna Dempsey did not believe it when she received a text saying a warehouse used by more than two dozen artists as a studio space had gone up in flames. Dempsey asked if it was a joke. The reply shook her to her core. “Our studio is gone. There’s nothing left,” it said. […]
By Greg Meckbach | July 24, 2019
When the Ontario government moved accident benefits dispute resolution to the Licence Appeal Tribunal in 2016, it did not intend for two similar issues in a disputed claim to be adjudicated both in court and before the LAT, the Court of Appeal for Ontario suggests. The ruling in Stegenga v. Economical Mutual Insurance Company, released […]
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