News
Shipowners’ Club takes clear-language approach to specialist yacht insurance
August 12, 2011 by Canadian UnderwriterThe Shipowners’ Club, one of few P&I Clubs to offer specialist yacht insurance, is taking a new, clear-language approach to yacht liability.The club is offering an all-risk policy that seeks to de-mystify aspects of the traditional wording contained in typical…
EGI Financial Holdings records fifth consecutive quarterly profit in 2011 Q2
August 12, 2011 by Canadian UnderwriterEGI Financial Holdings Inc (TSX: EFH) has reported a profit of $1.4 million for 2011 Q2, its fifth consecutive profitable quarter.The quarterly profit of $1.4 million in 2011 Q2 compared to a $2-million profit during 2010 Q2.The company’s net earned…
Insurers must move quickly to get second opinion when surveillance video contradicts opinion of retained health professional: arbitrator
August 11, 2011 by Canadian UnderwriterAn Ontario arbitrator has ordered a $6,000 special award against an insurer because the insurer relied too heavily on surveillance video in support of its monthly attendant care payments of more than $2,000, instead of relying on the advice of…
Saskatchewan sees spike in recent hail insurance claims activity
August 11, 2011 by Canadian UnderwriterSaskatchewan has seen a dramatic increase in hail insurance claims activity, according to the most recent bi-weekly report posted by the Canadian Crop Hail Association. “As of mid-week, the claim total had swelled to nearly 5,500, more than double the…
Ironshore Inc. announces launch of commercial crime unit
August 11, 2011 by Canadian UnderwriterIronshore Inc.’s Lloyd’s Pembroke Syndicate 4000 has launched a commercial crime unit as an expansion of its financial lines operations. Sarah Markham has been named director of the new unit, reporting to Christopher D. Brown, director and deputy underwriter of…
Counsel involved in professional indemnity for lawyers named to Nova Scotia Barristers’ Society
August 11, 2011 by Canadian UnderwriterDaniel M. Campbell of Cox & Palmer has become president of the Nova Scotia Barristers’ Society.Campbell has played an active role in both the Lawyers’ Insurance Association of Nova Scotia and the Canadian Lawyers’ Insurance Association, which provide professional liability…
London riots could cost “well over” Cdn$160 million
August 10, 2011 by Canadian UnderwriterCiting the Association of British Insurers, catastrophe modeler RMS estimates insured losses related to four days of riots that originated in London, United Kingdom will top out at “well over £100 million” (approximately Cdn$160.1 million).RMS quoted participants saying the violence…
FSCO charges Ontario Disability Management Inc. with auto insurance fraud
August 10, 2011 by Canadian UnderwriterOntario’s auto insurance regulator, the Financial Services Commission of Ontario (FSCO), has charged Ontario Disability Management Inc. and Aksana Miakouchkina (also known as Roxanne Mitch) with knowingly making false or misleading statements to an auto insurer to obtain payment for…
Settling total loss values must account for short lag times between escalating gas prices and increased value of fuel-efficient cars: Mitchell
August 10, 2011 by Canadian UnderwriterThe short lag time between escalating gas prices and the increased value of fuel-efficient cars points to the importance of a true market survey method for evaluating a total loss, Mitchell International says in its Q3 2011 Industry Trends Report.In…
CARSTAR Collision announces new environmental sustainability plan
August 10, 2011 by Canadian UnderwriterCARSTAR Collision Centres announced their new sustainability plan on Aug. 10, detailing their commitment to being a social, environmental and economic leader in the Canadian collision repair industry and within the communities they service.“I am extremely pleased to announce this…
Popular, but untrue urban legends about insurance alive and well: TD Insurance survey
August 9, 2011 by Canadian UnderwriterTwenty-nine per cent of Canadians incorrectly believe driving red cars will result in more expensive insurance premiums, while 54% believe two-door cars are more expensive to insure, according to a recent TD Insurance survey.Part II of the TD Insurance 2011…
RIBO issues warning about Capital Insurance Company
August 9, 2011 by Canadian UnderwriterRegistered Insurance Brokers of Ontario (RIBO) says it has fielded a number of calls from people who have received information or purchased auto insurance from Capital Insurance Company.“Capital Insurance Company is not licensed to write insurance in Ontario,” RIBO says…