Topic
Catastrophes
U.S. House committee votes to extend terrorism insurance plan to end of 2019
June 20, 2014 by Canadian UnderwriterA slight majority of the members of a United States House of Representatives committee voted Friday in favour of a bill that, if passed into law, would extend the Terrorism Risk and Insurance Act until the end of 2019 and…
Ironshore announces commercial property insurance in Canada, including B.C. earthquake, pipelines
June 19, 2014 by Canadian UnderwriterSpecialty property and casualty insurance carrier Ironshore Canada recently announced it is writing general commercial property, energy property and builder’s risk property coverage in Canada. In a press release this week, Ironshore Canada said it has “licensed approvals to provide…
U.S. feds say oil train details not security sensitive as railroads seek restrictions on info
June 19, 2014 Matthew Brown, THE ASSOCIATED PRESSBILLINGS, Mon. – U.S. transportation officials said Wednesday that details about volatile oil train shipments are not sensitive security information, after railroads have sought to keep the material from the public following a string of fiery accidents. The U.S. Department…
Fatigue blamed for wheel failure in New Brunswick train derailment: safety board
June 12, 2014 THE CANADIAN PRESSPLASTER ROCK, N.B. – The Transportation Safety Board says fatigue caused a wheel to fail on a freight train that derailed earlier this year in northern New Brunswick, sparking a fire that burned for days. The CN train was hauling…
More than 90% of home policyholders surveyed have not practiced an evacuation plan: Allstate
June 10, 2014 by Canadian UnderwriterThe Allstate Corp. released Tuesday results of a recent survey, in which nearly two in three home insurance policyholders reported they have not compiled an inventory of their belongings. Northbrook, Ill.-based Allstate commissioned a survey of 1,000 American adults with…
Homes evacuated after train carrying propane derails in Nova Scotia, say RCMP
June 10, 2014 THE CANADIAN PRESSWEST RIVER STATION, N.S. – A freight train carrying propane derailed Monday in Nova Scotia’s Pictou County, but the RCMP said the risk of an explosion was minimal. Police received a call shortly before 2 p.m. that a train left…
New computer animation details 2010 Deepwater Horizon blowout
June 9, 2014 by Canadian UnderwriterInvestigators with the U.S. Chemical Safety Board (CSB) suggest the same conditions at the time of the Deepwater Horizon blowout – prompting the largest oil spill in the history of the United States – could occur at other drilling rigs,…
Some states balk as railroads seek to keep oil train information from public after accidents
June 6, 2014 Matthew Brown, THE ASSOCIATED PRESSBILLINGS, Mon. – U.S. railroads forced to turn over details of their volatile crude oil shipments are asking states to sign agreements not to disclose the information. But some states are refusing, saying Thursday that the information shouldn’t be kept…
U.S. Senate committee approves terrorism insurance act extension
June 5, 2014 by Canadian UnderwriterThe Senate Banking Committee in the United States unanimously voted this week to approve the Terrorism Risk Insurance Program Reauthorization Act of 2014. The 22-0 bipartisan vote was on a bill that would see the existing TRIA program extended for…
Severe weather in U.S. caused $1 billion of insured losses last month
June 5, 2014 by Canadian UnderwriterFour periods of severe weather in the United States last month caused insured losses of more than $1 billion, with economic losses likely to be several billion dollars, Impact Forecasting says in its global catastrophe recap for May 2014. However,…
EU official says cost of disasters has quadrupled over last three decades, prevention cheaper
June 5, 2014 THE ASSOCIATED PRESSMANILA, Philippines – The average annual cost of natural disasters has quadrupled over the last three decades and it makes economic sense to boost spending on preparedness to ensure a stable future, a senior European official said Thursday. Kristalina Georgieva,…
Tug captain in Houston channel collision says speeding freighter led to crash, oil spill
June 3, 2014 Michael Graczyk, THE ASSOCIATED PRESSGALVESTON, Texas – The captain of a tugboat whose barges collided with a cargo freighter in the Houston Ship Channel said Tuesday the larger vessel increased its speed in foggy conditions and she couldn’t manoeuvr quickly to avoid the crash.…