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Business interruption insurer could be sued by this Canadian restaurant owner

February 9, 2021 by Greg Meckbach

An Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…

News ClaimsClaims CanadaLegalLegislation / Regulation

Why this drunk driver couldn’t be sued by victims of a hit-and-run

February 5, 2021 by Greg Meckbach

A Saskatchewan motorist who pleaded guilty to impaired driving cannot be sued in the province by victims of a hit-and-run accident that happened in Saskatoon a few hours before the inebriated motorist was pulled over and arrested by police. This…

News ClaimsClaims CanadaRisk

How much Chubb predicts COVID could cost the industry

February 4, 2021 by Greg Meckbach

COVID-19 could ultimately cost the global property and casualty insurance industry somewhere in the neighbourhood of US$75 billion in claims, Chubb Limited CEO Evan Greenberg suggested Wednesday. Zurich, Switzerland-based Chubb released its financial results for 2020 on Tuesday. During a…

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How to avoid turning the mishandling of a claim into a six-figure bad faith award

February 3, 2021 by David Gambrill

A Manitoba court decision ordering the province’s public auto insurer to pay a bad faith award of $350,000 serves as a cautionary tale to the industry that bad faith awards for mishandling a claim can be made even after a…

News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Where Canada sits with high-risk flood insurance pool

February 3, 2021 by Greg Meckbach

Industry experts are trying to calculate how much it would cost to set up an insurance pool for homes at high risk of overland flood, an Insurance Bureau of Canada official suggests. Canada’s Task Force on Flood Insurance and Relocation…

News ClaimsCommercial LinesInsurance

One big lesson from pandemic business interruption coverage disputes

February 2, 2021 by Greg Meckbach

The industry could do a better job of explaining to commercial clients exactly what business interruption insurance actually covers, A.M. Best Company Inc. suggests in a report released Monday. “Disputes over BI cover are unfavourable for the reputation of affected…

News CatastrophesClaims CanadaClimate Change

Get ready for a ‘multi-year correction’ upwards in commercial insurance pricing

February 2, 2021 by Greg Meckbach

Despite consecutive quarters of double-digit increases in specialty lines, commercial insurers are likely to continue raising your clients’ premiums even further in the coming years, a Bermuda insurance CEO warns. “While the pricing momentum we are seeing in both insurance…

News Claims CanadaInsuranceMarkets / Coverages

COVID’s impact on aviation insurance could be worse than you think

February 1, 2021 by Greg Meckbach

The drop in international air travel is not causing a corresponding decline in aviation insurance claims costs, a Calgary-based commercial specialty expert warns. Meanwhile, airlines will not see sales return to pre-pandemic levels even after most Canadians get their COVID…

News ClaimsClaims CanadaInsuranceRisk

Kidnap and ransom coverage: What you should tell your clients

January 28, 2021 by Greg Meckbach

Clients can buy insurance that would cover the financial risk of a kidnapping or hijacking, but brokers should be aware of several things. “In the event of a kidnapping, the onus is on the client to finance the ransom payment…

News ClaimsInsuranceTechnology

Telematics: Who’s jumping into the pool and who’s watching from the deck

January 28, 2021 by Greg Meckbach

Auto insurers are taking a variety of approaches to telematics: Some are observing from the sidelines, while others report growing interest from consumers. The Travelers Companies Inc. introduced IntelliDrive in Canada last week, as Michael Klein, president of personal insurance…

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Why this insurer had to pay $187K for ex-Ontario PC leader’s legal defence

January 28, 2021 by David Gambrill

An Ontario court has ordered Sovereign General to pay $187,313 to cover the legal costs of former Ontario Progressive Conservative Party leader Patrick Brown, who personally incurred the expenses while defending a defamation lawsuit arising from the publication of his…

News ClaimsClaims CanadaCommercial LinesEmploymentLegalLegislation / RegulationProfessional DevelopmentRisk

Risk management lessons from the governor general’s resignation

January 26, 2021 by Greg Meckbach

If a commercial client has any inklings of a toxic workplace, an independent investigation is one way of managing reputational and liability risk, an expert says. The resignations last week of Governor General Julie Payette and her secretary may have…