Topic
Construction
Why it’s taken a year to get Lytton, B.C.’s post-wildfire rebuild underway
June 29, 2022 by David GambrillTo the naked eye, not much has changed since Lytton, B.C. was razed by a June 30, 2021 wildfire, causing an estimated $100 million in insured damage. Coming up on the fire’s one-year anniversary, debris-removal work has finally begun for…
Yes, COVID-19 really did boost broker workloads
June 20, 2022 David GambrillWhile the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges…
How to help your clients prepare for civil unrest
June 16, 2022 Philip PoradoStrikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a…
How to help your commercial clients align coverages with rising insured values
June 10, 2022 Philip PoradoSteep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to…
Remember 1970s stagflation? Why insurers should pay attention to the World Bank
June 7, 2022 Philip PoradoLingering impacts of COVID-19 and Russia’s invasion of Ukraine have magnified a global economic slowdown and raised the risk of stagflation – in which long-term, feeble growth combines with high inflation – the World Bank says in its latest prospects…
Inflation creates need for brokers to revisit coverage levels with their clients
June 3, 2022 Philip PoradoBrokers are typically leading conversations about inflation-driven insurance value adjustments for commercial building owners and builders, said Bernard McNulty, chief agent and head of claims, Allianz Global Corporate Specialty. But, he added, clients also are contacting brokers to inquire about…
Insurers must defend, even if damage falls below the deductible
May 24, 2022 by David GambrillInsurers have a duty to defend in construction cases involving policy exclusions for a “work performed” or “own work,” even if the amount of property damage claimed falls under the policy deductible, Ontario’s Court of Appeal has ruled. In GFL…
Brokers beware: High inflation may catch up to claims valuation software
May 20, 2022 Philip PoradoValuation models in software systems used by insurers to calculate replacement and restoration costs for commercial structures must be checked more often when inflation’s running high. That’s because costs for labour, lumber, drywall, concrete and other construction materials can jump…
5 key trends in the Canadian P&C market, according to Aon
May 18, 2022 Canadian Underwriter StaffP&C insurers are actively managing how they deploy their global capacity for cyber insurance, and the underwriting process for that sector continues to gain rigor, said Aon’s quarterly global markets insights report. Although the frequency of cyber claims remained relatively…
Rising lumber, materials costs lead claims professionals to tweak their approach
May 16, 2022 Philip PoradoWith the inflation rate at a 30-year high, specialists handling home reconstruction claims are making adjustments that reflect surging prices for construction components – including lumber, finishing materials and appliances. What started as supply chain problems, some of which were…
3 lessons about brokers’ obligations to insureds
May 6, 2022 Harmon C. HaydenA broker has an obligation to help clients understand policy specifics and avoid coverage gaps, and it’s not necessarily going to save them if the client hasn’t reviewed the policy, the British Columbia Court of Appeal found recently in Alvaro…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…