News
Zurich launches new surety bond related to Public Private Partnerships (PPPs)
November 16, 2011 by Canadian UnderwriterZurich has launched a new surety bond intended to help contractors deliver Public Private Partnership (PPP) projects.Zurich says its Public Private Partnership Performance Bond enables large construction projects to benefit from favourable financing treatment while maintaining the public policy, project…
Insurance Brokers Association of Alberta (IBAA) presents cheque for just under $13,000 to Slave Lake Victim Services
November 16, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Alberta (IBAA) presented Slave Lake Victim Services with a cheque for $12,960.00 on Nov. 7, 2011 to help offset the costs of the Slave Lake fire in May 2011.IBAA local councils and individual brokers donated…
Quebec brokers say proposed regulation to ensure transparent disclosure of billing for fees is redundant
November 16, 2011 by Canadian UnderwriterThe Regroupment des cabinets de courtage d’assurance du Québec (RCCAQ), a Quebec insurance broker association, says an amendment to regulations recently proposed by the province’s insurance regulator will simply duplicate existing standards governing transparent disclosure of billing for fees.The Autorité…
Real estate brokers should not be allowed to act simultaneously as insurance representatives: Quebec brokers
November 16, 2011 by Canadian UnderwriterQuebec insurance brokers have expressed concern to the province’s insurance regulator, the Autorité des marchés financiers (AMF), about a proposed amendment to regulations that would allow real estate brokers to act simultaneously as insurance representatives. Specifically, the Regroupment des cabinets…
SGI reports 8,500 collisions and 60 deaths in 2010 related to distracted driving
November 15, 2011 by Canadian UnderwriterSaskatchewan saw almost 8,500 motor vehicle collisions due to distracted driving in 2010, resulting in more than 2,300 injuries and 60 deaths, according to Saskatchewan Government Insurance (SGI). SGI says its traffic safety research shows the vast majority (92%) of…
Soft U.S. commercial market may have finally hit rock bottom: RIMS study
November 15, 2011 by Canadian UnderwriterAn eight-year soft market in U.S. commercial lines may finally have hit rock bottom, according to The RIMS Benchmark Survey.Administered by Advisen Ltd., the survey tracks changes in average program renewal premiums for director and officers’ liability (D&O), general liability…
Norton Rose Group study finds disconnect between customers and suppliers on key outsourcing and risk management responsibilities
November 15, 2011 by Canadian UnderwriterSixty-five per cent of 76 international companies surveyed by international legal practice Norton Rose Group said they do not conduct detailed due diligence on incoming key personnel provided by their supplier.“The majority of customers assume that their suppliers will have…
Insurers more vulnerable to financial crisis as they branch out into non-insurance financial activities: IAIS
November 15, 2011 by Canadian UnderwriterThe traditional insurance model has allowed property and casualty insurers to withstand the recent financial crisis, but as insurers branch out from this model and offer more non-insurance related products, they are more vulnerable to financial risks associated with the…
Quebec auto insurer highlights guidance on use of electronic, on-board recorders in heavy vehicles
November 15, 2011 by Canadian UnderwriterThe Société de l’assurance automobile du Québec (SAAQ), the province’s auto insurer, has posted an information bulletin providing guidance on the use of electronic on-board recorders (EOBRs) used in heavy vehicles.The devices have increasingly replaced paper format daily logs with…
New Brunswick Appeal Court addresses confusion around “ownership” in a motor vehicle policy exclusion related to underinsurance coverage
November 14, 2011 by Canadian UnderwriterConfusion around the “co-ownership” of a Peterbilt truck used in a commercial trucking business and a personal Chevy pickup truck figured prominently a recent New Brunswick Court of Appeal case focused on a policy exclusion for underinsured motorist protection.The Court…
Insurer must pay special award for failing to consider the “totality” of medical evidence: FSCO arbitrator
November 14, 2011 by Canadian UnderwriterAn Ontario arbitrator has upheld a special award against an insurer in a case involving termination of Income Replacement Benefits (IRB) on the basis of conflicting medical information.The Economical Mutual Insurance Company appealed an arbitrator’s finding of a special award…
York Fire re-brands itself as Unica Insurance Incorporated
November 14, 2011 by Canadian UnderwriterYork Fire & Casualty Insurance Company has become Unica Insurance Incorporated and will operate under the Unica brand name, the company announced on Nov. 14.The re-branding of York represents a milestone in the reinvention of the company since its acquisition…