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Markets / Coverages

News InsuranceMarkets / Coverages

What small business owners think of private auto insurance in B.C.

December 11, 2018 by Jason Contant

As debate rages on in British Columbia over public versus private ridesharing insurance options, the Canadian Federation of Independent Business (CFIB) has released new survey results that show nearly three of four small business owners support private auto insurance. CFIB

News BrokersInsuranceMarkets / CoveragesMGAs

Why some brokers may shy away from using an MGA

November 28, 2018 by Jason Contant

The risk of a greater errors and omissions (E&O) exposure is a major reason why some brokers choose not to place business with a managing general agent (MGA), speakers said Tuesday at Insurance-Canada.ca’s MGA Technology Symposium in Toronto. “We don’t

News InsuranceMarkets / CoveragesTechnology

Why brokers need to talk about ransomware

November 28, 2018 by Jason Contant

Ransomware attacks are increasing, and as a result, there will likely be a shift in brokers and clients alike starting to recognize the value of the business interruption component of a cyber insurance policy, a specialist insurer said Monday. “Cybercrime

News InsuranceMarkets / CoveragesTechnology

The secret to appealing to younger Canadian insurance buyers

November 22, 2018 by Jason Contant

Thinking of abandoning your brick-and-mortar stores to appeal to the tech-savvy younger generations who love to buy everything online? Don’t just yet, suggests new research from broker management system provider Applied Systems and business intelligence research firm ORC International. Instead,

News InsuranceMarkets / CoveragesTechnology

Political battle over public v. private ride-sharing insurance in B.C.

November 21, 2018 by Jason Contant

The Insurance Corporation of British Columbia (ICBC) is prepared to offer a blanket, usage-based insurance product, likely by next fall, if proposed legislation on ride-hailing passes before Christmas, as anticipated by the Premier, according to published reports. However, the leader

News CatastrophesInsuranceMarkets / Coverages

The flood risk that might be unaccounted for

November 19, 2018 by Greg Meckbach

Insurers might be unintentionally covering flood and fire risks arising from computer problems, a cyber expert with a risk modelling firm suggests. “Anything that is related to a computer system could trigger non-cyber losses,” Matt Honea, cyber director for Cyence

News InsuranceLegalMarkets / Coverages

Is seven months too long to wait for car repairs?

November 14, 2018 by Jason Contant

A B.C. small claims tribunal has dismissed a driver’s claim that his repair shop negligently misrepresented the amount of time it would take to repair his vehicle. Jizhou Zhang sought an award of $4,500 for the loss of use and

News BrokersInsuranceMarkets / Coverages

Large commercial brokerage reports ‘stealth’ firming in casualty lines

November 13, 2018 by Jason Contant

A recent report from commercial brokerage Willis Towers Watson has confirmed what Canada’s largest insurer is saying: the commercial insurance market is showing signs of firming as casualty losses mount. “The seemingly ‘stealth’ firming within the casualty market comes as

News InsuranceMarkets / Coverages

Why insurers urge caution on regulating condo deductibles

November 12, 2018 by Jason Contant

The government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation

News AdjustersClaimsInsuranceMarkets / Coverages

Why marijuana plant value is so important for adjusters

November 7, 2018 by Jason Contant

Claims adjusters handling recreational cannabis claims will need to consider the value of the plant at any given time in the growing process to determine actual loss, an independent adjusting firm said Tuesday. Potential cannabis greenhouse loss is much greater

News InsuranceLegislation / RegulationMarkets / Coverages

Condo deductibles need to be clearer: provincial regulator

November 6, 2018 by Jason Contant

Proposed regulations on deductibles for condominium insurance in Quebec need to be clear, affordable and consider the number of units in the building, the province’s self-regulatory body for brokers, agents and claims adjusters said Monday. “The government is saying, ‘Well,

News BrokersConstructionMarkets / Coverages

Navacord continues to expand its construction practice with latest partnership

November 5, 2018 by Jason Contant

Effective Nov. 1, commercial brokerage Navacord Corp. continued to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance