Topic
Insurance
Chesterfield re-defines terror cover to include businesses, institutions
September 24, 2010 by Canadian UnderwriterChesterfield Canada launched its sabotage and terrorism product to the Canadian market.The product expands the scope of the terrorism peril, which is traditionally defined as an act of a foreign government or organization. Under Chesterfield’s product, the peril would also…
Umbrella policy to provide ‘drop down’ coverage when absent in the primary policy
September 24, 2010 by Canadian UnderwriterOntario’s Court of Appeal has ruled an ‘outside directorship liability’ (ODL) insurer had a duty to defend two lawyers and pay all related costs, despite the fact that the primary D&O policy also provided for a duty to pay for…
RIMS launches new department to help organizations tie together risk management practices and strategic goals
September 24, 2010 by Canadian UnderwriterThe Risk and Insurance Management Society Inc. (RIMS) has created a new department to help RIMS member companies tie their risk management programs to strategic goals. Carol Fox will be director of the new Strategic and Enterprise Risk Practice. She…
ICBC reduces optional auto insurance premiums by 3%
September 24, 2010 by Canadian UnderwriterICBC has announced an average reduction of 3% in optional insurance premiums, effective Nov. 1, 2010.“In addition to the 2.4% reduction to our basic insurance rates announced last month, we are also reducing our optional premiums by an average of…
Insurers turn their attention to risks associated with Ontario cottage country
September 24, 2010 by Canadian UnderwriterOntario’s cottage country in North-Central Ontario has drawn the attention of the property and casualty insurance industry.The industry is focused on three main risks associated with the cabins by the lake.One is wildfire risk. The Institute for Catastrophic Loss Reduction…
As severe weather-related events increase, primary insurers might look to aggregate reinsurance cover
September 23, 2010 by Canadian UnderwriterThe cumulative effect of damage caused by natural catastrophes such as wildfires, tornadoes, hail storms and ice storms – events that, individually, are not big enough to trigger reinsurance coverage – may cause primary insurers to reconsider how they purchase…
Heightened regulatory requirements could spark Canadian ILS market
September 23, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI)’s new governance and risk management expectations regarding reinsurance arrangements may lead some (re)insurers to consider insurance linked securities solutions (ILS).In the MSA/Baron Outlook Report Q2-2010, Robert McDowell and Koker Christensen examine…
Hurricane Igor leaves Newfoundland a $100 million price tag for damages
September 23, 2010 by Canadian UnderwriterDamage caused by Hurricane Igor will likely cost more than $100 million to repair, cbc.ca reports.It is too early to know insured damage estimates.Tom Hedderson, Newfoundland and Labrador’s acting minister responsible for emergency preparedness, toured damaged areas of the province…
Hamilton sees approximately 40% increase in claims
September 23, 2010 by Canadian UnderwriterHamilton, Ontario saw a 39% increase in claims stemming from property damage or transit-related injuries between 2008 and 2009, reported The Hamilton Spectator.Of the 3,202 claims received in 2009, 1,453 were flood claims, arising largely from the July 26, 2009…
Defective work can be an “accident” covered by a commercial insurance policy: Supreme Court
September 23, 2010 by Canadian UnderwriterDefective workmanship can be interpreted as an “accident” under a Commercial General Liability (CGL) Policy, the Supreme Court of Canada has ruled, and “property damage” under a CGL is not necessarily limited to third-party property damage.In making this ruling in…
Canada’s Bank Act review is officially underway
September 22, 2010 by Canadian UnderwriterFinance Minister Jim Flaherty on Sept. 20 officially sounded the starting gun to the Bank Act review.The federal government is mandated to review statutes that govern federally regulated financial institutions every five years. The last legislative review was completed in…
XN Financial launches XN Special Risks
September 22, 2010 by Canadian UnderwriterXN Financial has launched XN Special Risks, a virtual storefront providing Canadian insurance agents and brokers online access to a broad range of domestic and international specialty product lines. XN Special Risks’ online systems are designed to enable agents and…