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Risk
Architects, engineers and design professionals face numerous exposures when it comes to building defects, contractual issues and litigation. Ontario's Bill 124 aims to address this issue with mandatory professional liability insurance, tests for building code knowledge and a registration process for all building designs. The big question for insurers, architects and engineers is: will the legislation actually achieve its purpose?
October 31, 2005
9 min read
Corporate board executives need to be active members of their companies' risk management committees in order to properly manage the business risks they face, a RIMS Canada panel heard in September. Companies should also consider hiring a risk manager, if they haven't done so already, because many risks are observable only by people who have witnessed the company's behaviors over a long period of time.
4 min read
Finite insurance the unfair target of regulators, panel says
How can an independent director be better protected from management fraud that can't be discovered through diligence? D&O insurance appears to offer a reasonable degree of protection to the independent director. But the precise type of D&O insurance is of crucial importance - a Side A DIC policy, for example, may provide for broad severability, meaning that fraud on the part of management may not result in the coverage being rescinded against all insureds.
7 min read
One of the basic difficulties in determining whether there is a real problem with finite reinsurance is that there is no clear difference between it and normal reinsurance. U.S. regulators are concerned insurance companies will use finite insurance as a means to smooth earnings and thereby cover up financial problems. But one of the difficulties in determining whether there is a real problem with finite reinsurance is the fact that all types of insurance and reinsurance are also intended to smooth their earnings and reduce volatility.
6 min read
Over the next year, the Property and Casualty Insurance Compensation Corporation (PACICC) will conduct a comprehensive review of the coverage and benefits it provides to policyholders in the rare circumstances of a member insurer becoming insolvent. PACICC protection currently applies to about 94% of the premiums underwritten by private P&C insurers in Canada. Major lines […]
Calgary 2006 Co-chairs: Marley Drainville and Joseph Restoule Calgary, the “Heart of the New West,” is a place in the foothills of Canada’s Rocky Mountains where visitors from across Canada come to discover a new world of exploration, experience and the thrilling sight of something new or old. In 2006, risk managers, brokers, insurers and […]
3 min read
Hurricane Wilma produces new flood of damage estimates
2 min read
The 11th Annual Crawford Adjusters Canada Charity Golf Tournament was once again a super success, raising over $10,000 for the Women in Insurance Cancer Crusade (WICC) through the Company’s charity, Crawford Cares. The event was filled with a group of spirited Crawford clients and employees who reveled under sunny skies at the Royal Ontario Golf […]
The U.S. p&c industry recorded an underwriting profit of US$13.2 billion during the first six months of 2005, according to A.M. Best Company. Robust operating results drove the industry’s surplus base upwards despite unrealized capital losses, increased shareholder dividends and other losses in surplus as insurers continued to benefit from the hard market. However, these […]
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