Topic
Markets / Coverages
Why brokers need to talk about ransomware
November 28, 2018 by Jason ContantRansomware 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…
The secret to appealing to younger Canadian insurance buyers
November 22, 2018 by Jason ContantThinking 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,…
Political battle over public v. private ride-sharing insurance in B.C.
November 21, 2018 by Jason ContantThe 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…
The flood risk that might be unaccounted for
November 19, 2018 by Greg MeckbachInsurers 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…
Is seven months too long to wait for car repairs?
November 14, 2018 by Jason ContantA 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…
Large commercial brokerage reports ‘stealth’ firming in casualty lines
November 13, 2018 by Jason ContantA 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…
Why insurers urge caution on regulating condo deductibles
November 12, 2018 by Jason ContantThe 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…
Why marijuana plant value is so important for adjusters
November 7, 2018 by Jason ContantClaims 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…
Condo deductibles need to be clearer: provincial regulator
November 6, 2018 by Jason ContantProposed 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,…
Navacord continues to expand its construction practice with latest partnership
November 5, 2018 by Jason ContantEffective 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…
Canadian travel insurance provider names new CEO
November 5, 2018 by Jason ContantTravel insurance and assistance provider Allianz Global Assistance Canada (AGAC) has appointed Chris Van Kooten as chief executive officer, effective immediately. Van Kooten brings extensive insurance industry experience to his new position, having held executive leadership roles with several Canadian…
Direct damage coverage available for cannabis product movement
November 2, 2018 by Jason ContantA United States-based underwriter of marine cargo coverage has entered the Canadian cannabis market with a product that provides direct damage coverage to goods moving through the supply chain. North Kingstown, RI-headquartered Falvey Cargo Underwriting, which has a Canadian office…