Topic
Markets / Coverages
3 tips for advising your clients about construction work
January 12, 2018 by Greg MeckbachBrokers advising property owners should bear in mind their clients may not be experts on construction and renovation, a managing general agency warns. Keeping this mind, brokers can guide clients through three processes when hiring contractors to do construction or…
Ontario auto insurance rates increased in last quarter of 2017
January 12, 2018 Allison Jones - THE CANADIAN PRESSTORONTO – Auto insurance rates in Ontario increased in the last quarter of 2017, putting the Liberal government further away from its promise to cut rates by 15 per cent. Fourth quarter numbers released today by the Financial Services Commission…
Second-generation cyber policies tackle personal injury, property damage
January 11, 2018 by Jason ContantCyber insurance policies are now evolving to the point where they are starting to tackle personal injury and property damage, Brian Rosenbaum, national director, legal and research practice with Aon Risk Solutions Canada, told Canadian Underwriter on Tuesday. Known in…
One-year suspension for broker who involved unlicensed spouse in renewals
January 11, 2018 by Jason ContantB.C. broker Elliott Herrera had his license suspended for a year after the provincial regulator found that he had his unlicensed spouse assist him with insurance activities. Once his spouse had obtained an insurance licence, Herrera then provided client information…
Strata’s ‘quick fix’ repair doesn’t have to be perfect: tribunal
January 11, 2018 by Greg MeckbachA British Columbia strata corporation is not negligent in attempting to fix a leaking skylight by re-caulking instead of replacing it, even though the skylight started leaking later, the province’s civil resolution tribunal found in a ruling released Tuesday. Karen…
Pot law renews industry call for drug testing of commercial drivers
January 11, 2018 by Greg MeckbachThe federal government’s push to legalize recreational marijuana is raising concerns within the insurance industry about commercial auto safety and eliciting calls for random drug testing among commercial drivers. Once marijuana is legal, this will “have an impact on the…
Financial firm outsourcing increasing risk of cyberattacks
January 11, 2018 The Canadian PressTORONTO – The head of the Investment Industry Association of Canada says the risk of cyberattacks is being amplified by the significant outsourcing done by investment dealers and asset managers. Ian Russell told attendees at an Empire Club of Canada…
Preparing your clients to report data breaches in Canada—and abroad
January 10, 2018 by Jason ContantWith Canada’s mandatory data breach notification provisions in the Digital Privacy Act expected to come into force this year, organizations will soon be required to report “breaches of security safeguards” that pose a “real risk of significant harm to an…
Deal with LOGiQ3 sees U.S. firm acquire Canadian insurtech
January 10, 2018 by Jason ContantRGAx, a subsidiary of Reinsurance Group of America, has acquired a group of companies providing technology, consulting and outsourcing solutions to the North American life and reinsurance industries – including two Canadian organizations. On Jan. 8, RGAx announced the acquisition…
What Canada’s largest city is doing to help reduce flood insurance claims
January 10, 2018 by Greg MeckbachAs climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm…
Legal imbroglio at Niagara brokerage prompts court ruling on email access
January 10, 2018 by Greg MeckbachAn email chain arising from a dispute between two brothers who acquired a St. Catharines brokerage is protected by solicitor-client privilege, an Ontario judge has ruled. Verge Insurance Brokers Ltd. has had a multitude of legal disputes with Richard Sherk,…
Who owns the surplus if a mutual company demutualizes?
January 9, 2018 by Jason ContantIn the event that a mutual company decides to demutualize, there is some debate over what happens with that insurer’s surplus. Current regulations do not address what happens in the event of a conversion. “The Insurance Companies Act and associated…