Topic
Engineering
One key difference between a builders’ risk policy and a liability policy
August 30, 2022 by David GambrillStarr Insurance & Reinsurance Limited does not have to defend its insured in a Quebec construction case, because its builders’ risk policy is essentially a property policy, not a liability policy, Quebec’s Superior Court has ruled. In construction, a builders’…
How tech is helping insurers mitigate equipment breakdown losses
August 17, 2022 by Alyssa DiSabatinoThe use of drones has accelerated some loss control operations in equipment breakdown insurance, but there are pros and cons to using these technology advancements says Doug Laurin, Director, National Energy & Equipment Breakdown at Intact. A benefit is that…
Can multi-factor authentication beat smarter cybercriminals?
July 26, 2022 Jason ContantMulti-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,…
War and other factors loom over shipping sector: report
May 27, 2022 Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
How to speed up claims response for NatCats
May 25, 2022 Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
Insurers must defend, even if damage falls below the deductible
May 24, 2022 by David GambrillInsurers have a duty to defend in construction cases involving policy exclusions for a “work performed” or “own work,” even if the amount of property damage claimed falls under the policy deductible, Ontario’s Court of Appeal has ruled. In GFL…
Rising lumber, materials costs lead claims professionals to tweak their approach
May 16, 2022 Philip PoradoWith the inflation rate at a 30-year high, specialists handling home reconstruction claims are making adjustments that reflect surging prices for construction components – including lumber, finishing materials and appliances. What started as supply chain problems, some of which were…
Ukraine war insured losses could outstrip 9-11
April 20, 2022 Philip PoradoWhen adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty…
A new way for insurers to handle construction delays and cost overruns
March 17, 2022 Jonathan E. McNattySince 2016, the federal government’s slated nearly $100 billion to support development of transit extensions, shipping port improvements, affordable housing and more. When private-sector construction slowed in March 2020, federal infrastructure building quickly filled the gap. And, throughout 2021, both…
Why pollution liability brokers should pay attention to this auditor general report
December 9, 2021 by Greg MeckbachThe Ontario government should re-visit a rule that leaves polluters off the hook for hazardous spills that cost less than $10,000 to clean up, the province’s auditor general suggests. In 2016, the Ontario environment ministry [now called the Ministry of…
How coffee whitener and aluminum dust can pose a fire risk
October 19, 2021 by Greg MeckbachClients could be surprised at the fire and explosion risk to which they are exposed if they are in the 3D printing business or produce dust of any kind. “It is easier to name the dusts that are not explosible…
Tornado blows change through Ontario bylaws
October 5, 2021 Jason Contant, Online EditorMunicipalities respond to series of tornadoes with new rules governing building construction.