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Why business interruption lawsuits against Aviva got ‘carved off’ from Ontario class action

February 23, 2021 by Greg Meckbach

Aviva Canada is facing two proposed class-action lawsuits in Ontario from clients whose business interruption claims were denied during the ongoing pandemic. Allegations that Aviva has breached insurance contracts by denying BI claims have not been proven in court. Nordik

News ClaimsClaims CanadaConstructionInsuranceMergers and AqcuisitionsRestoration

Property restoration space has ‘big capacity’ issue: Brindamour

February 19, 2021 by Greg Meckbach

Intact Financial Corp. is aiming to build capacity in what CEO Charles Brindamour calls the “super-fragmented” restoration contractor industry. “Our thought process with On Side [Restoration] is very much consistent with what we tried to do with BrokerLink a decade

News ClaimsClaims CanadaRisk

The lesson for risk managers in this breach-of-contract lawsuit

February 17, 2021 by Greg Meckbach

A recent Supreme Court of Canada ruling in a breach-of-contract lawsuit means risk managers need to be careful about drafting agreements that give parties discretionary powers, a Toronto-based litigation lawyer warns. Wastech Services Ltd. v. Greater Vancouver Sewerage and Drainage

News ClaimsClaims CanadaInsurance

How much COVID business interruption claims could cost Fairfax

February 17, 2021 by Greg Meckbach

Business interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers.

News AdjustersCatastrophesClaimsClaims CanadaConstructionInsuranceRestoration

What’s making it harder to estimate property Cat claims

February 17, 2021 by Greg Meckbach

Recent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in

News ClaimsClaims CanadaCommercial LinesInsuranceRestorationRisk

One knock-off effect of rising condo deductibles

February 16, 2021 by Greg Meckbach

A large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000

News ClaimsClaims CanadaLegalRisk

Insurers beware: Why your settlements may not be secure

February 16, 2021 by Canadian Underwriter

A record-keeping blunder more than 50 years ago means London, Ont.’s Catholic diocese faces a new multi-million-dollar lawsuit over sexual abuse during the early 1970s of an elementary school student by a priest. The Supreme Court of Canada announced Feb.

News AdjustersCatastrophesClaimsClaims CanadaInsuranceRestoration

How COVID-19 has affected repair of vehicles from hail

February 12, 2021 by Greg Meckbach

The COVID-19 pandemic has created some barriers to repairing vehicle and property damage – including a shortage of auto body parts, and a labour shortage impacted by Canada Emergency Response Benefit (CERB) recipients who are reluctant to return to work,

News AdjustersClaimsClaims CanadaCommercial LinesInsuranceLegal

Final outcome of The Co-operators’ surface water commercial property coverage dispute

February 12, 2021 by Greg Meckbach

A Supreme Court of Canada decision released Thursday means The Co-operators cannot appeal a $429,000 court decision against it over “surface water” coverage on a commercial property policy. In Co-operators General Insurance Company v. Le Treport Wedding & Convention Centre

News ClaimsClaims CanadaCommercial LinesInsurance

How much the second COVID wave will probably add to Intact’s claims costs

February 10, 2021 by Greg Meckbach

Intact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three

News ClaimsClaims CanadaCommercial LinesRiskTechnology

What the P&C industry is telling Wall Street about cyber risk

February 9, 2021 by Greg Meckbach

Commercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks

News ClaimsClaims CanadaLegalRisk

Business interruption insurer could be sued by this Canadian restaurant owner

February 9, 2021 by Greg Meckbach

An Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19