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Construction sites are coping with higher materials costs News BrokersClaimsCommercial LinesConstructionInsuranceReinsurance

How a building owner should respond when a contractor’s hit by inflation

September 29, 2022 by Derek Sayers

How can you prevent construction claims stemming from disputes over project costs that rise due to inflation? For construction project owners, the simplest way to control escalating costs may appear to be sticking to the contract price. The contractor bid…

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Fire causes ‘considerable’ damage to Nunavut observatory

September 29, 2022 by The Canadian Press

RESOLUTE, Nunavut – An observatory in Resolute, Nunavut, has been damaged by fire. RCMP say the building was empty when police responded to the structure fire on Tuesday. While no injuries were reported, the blaze destroyed the observatory’s living quarters…

Coastline on Moresby Island, Haida Gwaii News ClaimsInsurance

Transportation Safety Board probes tour boat sinking on Haida Gwaii

September 28, 2022 by The Canadian Press

RICHMOND, B.C. – The Transportation Safety Board has sent a team to British Columbia’s north coast to probe the sinking of a tour boat in Haida Gwaii. A statement from the safety board says the team of investigators has been…

Workers cleaning up devastation from Hurricane Fiona News AdjustersCatastrophesClaimsClaims CanadaInsuranceMarkets / CoveragesRestoration

What claims adjusters are seeing from Fiona

September 28, 2022 by Jason Contant

Claims adjusters are seeing a wide variety of personal and commercial lines claims in the wake of post-tropical storm Fiona – everything from food spoilage and infrastructure claims to total losses. “Currently, we are seeing claims for personal and commercial…

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What your commercial clients forget to do after a cyber breach

September 27, 2022 by Alyssa DiSabatino

Commercial clients who suffered a cyber data breach may be inclined to quickly pay the ransom and get back on their feet, but brokers should advise their clients not to forget about post-breach communication with their customers and employees.  If…

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School board lacked authority to suspend trustees over alleged bullying: B.C. judge

September 27, 2022 by The Canadian Press

VICTORIA – A B.C. Supreme Court judge has ruled the Greater Victoria School Board lacked the authority to censure and suspend two elected trustees over allegations of harassment and bullying. Justice Briana Hardwick says in a written decision that the…

Cleaning up in Charlottetown after Fiona News AdjustersCatastrophesClaimsClaims CanadaInsuranceMarkets / CoveragesRestoration

How much will Fiona cost Canadian P&C insurers?

September 27, 2022 by Jason Contant

Post-tropical storm Fiona could cost the Canadian property and casualty insurance industry between $300 million and $700 million, ratings agency DBRS Morningstar said in a commentary Tuesday. “Fiona will likely be one of the largest catastrophic events in history for…

Auto accidents illustrate the need to avoid distracted driving News BrokersClaimsInsuranceMarkets / Coverages

Texting while driving, and 4 other things that boost clients’ premiums

September 27, 2022 by Canadian Underwriter Staff

Client sent a text while driving and got caught? A conviction for that infraction beyond the police fine can cost a driver a 70% premium hike when it’s time to renew, said a new study from RatesDotCa. The study was…

Two cottages destroyed by Fiona in PEI News ClaimsClaims CanadaInsuranceMarkets / Coverages

Atlantic Canada assesses damage from post-tropical storm Fiona

September 26, 2022 by Jason Contant

Post-tropical storm Fiona swept through Atlantic Canada and eastern Quebec this weekend, knocking out power to hundreds of thousands of people, washing away homes and cottages, and causing widespread flooding and infrastructure damage. While the insured and economic damages associated…

Illustration of a businessman holding a scale above his head with a house on one side and a bag of money on the other side News BrokersClaimsClaims CanadaCommercial LinesInsuranceReinsurance

How to ensure your clients’ property values are accurate amid volatility

September 26, 2022 by Alyssa Di Sabatino

Inaccurate property values were an industry-wide challenge in construction even before the pandemic brought economic volatility. So, how can you accurately quantify an insured’s risk when the pricing is so volatile? Clients are at risk of being underinsured when reported…

Form containing fraudulent data News BrokersClaimsInsurance

Is Canada’s insurance industry becoming an online fraud target?

September 26, 2022 by Canadian Underwriter Staff

Canada’s insurance industry saw the highest increase in digital fraud attempts—up 125% between Q2 2021 and Q2 2022—of all industries in the country that were screened as part of a quarterly study from credit-reporting firm TransUnion. The only Canadian industries…

Percentage signs going up the stairs to represent climbing interest rates News ClaimsCommercial LinesInsuranceMarkets / Coverages

How rising interest rates impact insurers’ investment decisions

September 23, 2022 by Philip Porado

Recent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment…