Keyword
commercial insurance
Landmark opioid case wrestles with who defends among multiple insurers
March 1, 2024 by David GambrillWhen multiple commercial insurers are on the hook consecutively for long-tail claims spanning decades, defence costs should be allocated according to the proportion of time they were on risk, the Ontario Appeal Court ruled this week. The court’s landmark decision…
Why a court upheld a $175K personal injury award against Ontario Place
January 18, 2024 by David GambrillOntario’s Court of Appeal has upheld a $175,000 damage award against Ontario Place in Toronto, finding that Ontario Place had blocked people’s access to the main exit and failed to erect barriers that would have prevented people from leaving the…
Why growth is the name of the game for Canadian MGAs
January 9, 2024 by Jason ContantCanada’s property and casualty MGA sector will likely double in the next five years when it comes to commercial insurance market share, an industry executive told Canadian Underwriter in an interview. Currently, about 20% of commercial business is placed with…
Which coverages will lead brokers out of the hard market?
September 5, 2023 David GambrillFor several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now…
Why Berkshire Hathaway’s fidelity bond didn’t cover a Ponzi scheme
August 9, 2023 by David GambrillA fidelity bond issued by Berkshire Hathaway does not cover the loss of an investment firm arising from a Ponzi scheme perpetrated by one of its underlying fund managers. The Ontario Superior Court decision will be appealed, counsel for the…
Insurer loses $255,000 subrogation claim over modified excavator
June 9, 2023 by David GambrillAIG Insurance Company lost a $255,275 subrogation claim Tuesday on behalf of its insured, a forest management and logging company, because the insured could not prove a fire to an excavator it bought from Volvo didn’t start because of an…
The art of writing long-haul trucking
June 5, 2023 Phil Porado, managing editorLong-haul trucking (LHT) insurance isn’t just for cargo and trailers — coverage must extend beyond the roadway. When underwriters consider long-haul trucking risks, they should examine broader business criteria such as a fleet’s age and size, vehicle class, the distance…
Aon reveals top risk exposure for Canadian companies in 2023
May 18, 2023 by David GambrillCanadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for…
McDougall-McFarlan merger just the beginning for Definity
May 15, 2023 by David GambrillMcDougall’s $232-million merger with Ontario brokerage McFarlan Rowlands last week is only the beginning for Definity, which is seeking more M&A growth to put it into the Top-5 P&C insurance companies in Canada. In its 2023 Q1 earnings call, Definity…
Tips for advising commercial clients during economic downturns
May 9, 2023 Alyssa Di SabatinoInflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”…
Hard market cycle in global commercial lines on the downswing
February 2, 2023 by David GambrillGlobally, cyber rates are increasing at a slower pace, and price increases in financial and professional rates fell for a second consecutive quarter, Marsh noted in its 2022 Q4 Global Insurance Market Index Thursday. Overall, global commercial insurance prices increased…
How commercial insurers can mitigate claims costs
October 4, 2022 by Alyssa DiSabatinoAlthough inflationary pressures are adding to the cost of first- and even third-party property claims, commercial insurers can leverage their global resources to reduce these costs, says a commercial insurance exec. “[Inflation] affects the cost to restore a building,” said…