Canadian Underwriter

Commercial Lines

Fleet of excavator machines for rent
News AssociationsBrokersCommercial LinesConstructionInsuranceMarkets / CoveragesProducts

Westland partners with American association for equipment, event rental coverage

October 6, 2022 by Jason Contant

Westland Insurance Group and the American Rental Association (ARA) have announced an exclusive partnership to deliver insurance solutions to ARA members across Canada. ARA is an international trade association for owners of equipment and event rental operations, as well as

Tree shredder and specialized dumper truck on a city street
News AdjustersBrokersClaimsClaims CanadaCommercial LinesConstructionInsuranceMarkets / Coverages

How do truck owners calculate downtime claims?

October 5, 2022 Kevin Thomas and Tony Militello

When a business’ profits are dependent on having a truck or fleet of trucks fully operational, any downtime can lead to lost profits. For that reason, many purchase optional coverage and can make claims if a vehicle is inoperable due

a businessman uses a calculator and a pen while sitting behind a stack of coins increasing in size
News BrokersClaimsCommercial LinesInsurance

How commercial insurers can mitigate claims costs

October 4, 2022 by Alyssa DiSabatino

Although inflationary pressures are adding to the cost of first- and even third-party property claims, commercial insurers can leverage their global resources to reduce these costs, says a commercial insurance exec. “[Inflation] affects the cost to restore a building,” said

Flash in the pan
News BrokersCommercial LinesInsuranceMarkets / CoveragesMGAsReinsurance

How reinsurers view the rise of MGAs: a flash in the pan, or sustainable?

October 3, 2022 David Gambrill

Global reinsurers are looking at the current rise of managing general agencies (MGAs) with a critical eye, questioning whether the phenomenon will be long-lasting, or simply a fad rooted in a hard-market demand for capacity. “At the risk of sounding

Rubble and damage from Hurricane Fiona in Newfoundland
News AdjustersCatastrophesClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesRestoration

What happened to the ‘quiet’ hurricane season?

September 30, 2022 by Jason Contant

Not long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida

Construction sites are coping with higher materials costs
News BrokersClaimsCommercial LinesConstructionInsuranceReinsurance

How a building owner should respond when a contractor’s hit by inflation

September 29, 2022 Derek Sayers

How can you prevent construction claims stemming from disputes over project costs that rise due to inflation? For construction project owners, the simplest way to control escalating costs may appear to be sticking to the contract price. The contractor bid

Observatory under the Milky Way galaxy
News ClaimsCommercial Lines

Fire causes ‘considerable’ damage to Nunavut observatory

September 29, 2022 The Canadian Press

RESOLUTE, Nunavut – An observatory in Resolute, Nunavut, has been damaged by fire. RCMP say the building was empty when police responded to the structure fire on Tuesday. While no injuries were reported, the blaze destroyed the observatory’s living quarters

Injured woman who is using her disability insurance benefits
News BrokersCommercial LinesEmploymentInsuranceMarkets / CoveragesProductsReinsurance

How to use captives to manage employee benefits risks

September 28, 2022 Mauricio Suarez

By recent counts, more than 7,000 captive insurance companies exist globally, used primarily by multinational companies to take control of various risks. And yet, fewer than 200 of them are used to write employee benefits (EB) risks. Which means less

Illustration of a businessman holding a scale above his head with a house on one side and a bag of money on the other side
News BrokersClaimsClaims CanadaCommercial LinesInsuranceReinsurance

How to ensure your clients’ property values are accurate amid volatility

September 26, 2022 Alyssa Di Sabatino

Inaccurate property values were an industry-wide challenge in construction even before the pandemic brought economic volatility. So, how can you accurately quantify an insured’s risk when the pricing is so volatile? Clients are at risk of being underinsured when reported

Percentage signs going up the stairs to represent climbing interest rates
News ClaimsCommercial LinesInsuranceMarkets / Coverages

How rising interest rates impact insurers’ investment decisions

September 23, 2022 Philip Porado

Recent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment

Old piece of machinery
News BrokersClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesRisk

Why insurers are rethinking coverage for older machinery

September 22, 2022 Alyssa DiSabatino

Aging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and

Bus splashing through a large puddle on a flooded street
News Climate ChangeCommercial LinesConstructionInsurance

Climate change effect on public transportation infrastructure to cost billions: financial watchdog

September 22, 2022 The Canadian Press

TORONTO – Ontario’s financial watchdog says the effects of climate change are projected to cost the province an extra $1.5 billion a year on average in the next few years just to maintain public transportation infrastructure. A report released today