Topic B.C.
Westland brokerage moves in an easterly direction
November 13, 2020 by Jason ContantWestland Insurance’s mergers and acquisition strategy continues in an easterly direction from its roots in British Columbia. Just days after closing its first-ever brokerage acquisition in Ontario, Westland Insurance Group Ltd. announced its second acquisition in Manitoba. On Nov. 10,…
Hard market is trickling down to condo unit owners
November 13, 2020 by Greg MeckbachThe hard market in commercial property coverage for condo corporations is having an impact on individual condo and strata unit owners, new data from LowestRates.ca shows. Personal property rates for condo unit owners increased 16% year-over-year in both Alberta and…
Can a strata lot owner launch a subrogated water claim on behalf of its insurer?
November 11, 2020 by David GambrillWe’ve all heard about an insurer launching a subrogated claim on behalf of its insured, but how about an insured launching a subrogated claim on behalf of its insurer? B.C.’s Civil Resolution Tribunal, a type of small claims court, recently…
Broker suspended for passing off client’s cancelled vehicle plates as his own
November 10, 2020 by David GambrillA B.C. broker has been suspended for two years and fined $1,000 for passing off a client’s cancelled vehicle license plates as his own, giving the appearance that his vehicle was insured when in fact it wasn’t. Ping Hong (Gary)…
Brokerage M&A round-up: Which four were bought?
November 9, 2020 by Jason ContantBritish Columbia-based Westland Insurance Group Ltd. has moved into the Ontario market, announcing that it has acquired Gillons Insurance Brokers Ltd. The “significant and substantial milestone” supports Westland’s expansion strategy to become a national insurance brokerage, the brokerage said when…
Intact has ‘lost hope’ in this market
November 6, 2020 by Greg MeckbachIntact Insurance could potentially re-enter the British Columbia auto market, but not if it is restricted to offering only optional coverages while competing against a government monopoly, CEO Charles Brindamour said this past Tuesday. During an earnings call, Intact Financial…
Track failure led to train derailment in northern B.C.: safety board
November 5, 2020 by The Canadian PressRICHMOND, B.C. – The Transportation Safety Board says a track failure contributed to the derailment of a freight train in northern British Columbia in January. No one was hurt when 34 cars carrying wood pellets on the Canadian National Railway…
Court tells ICBC to keep paying storage for acid-damaged vehicles
November 4, 2020 by The Canadian PressVANCOUVER – As a dispute over an acid spill that damaged thousands of vehicles winds its way through court, the Insurance Corporation of B.C. has been ordered to keep paying storage costs for the writeoffs. The corporation asked the B.C.…
What brokers are looking at to help condo corporations reduce deductibles
October 29, 2020 by David GambrillBrokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker,…
This decision on a $5,000 deductible could motivate condo corporations to change their bylaws
October 28, 2020 by David GambrillA recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision,…
5th Top Story in 2020: Intact to exit this line of business
October 28, 2020 by Jason ContantCanada’s largest insurer announced late Tuesday that its brands Intact Insurance and belairdirect will no longer offer optional auto coverage in British Columbia. “This decision was taken after careful consideration, given the upcoming regulatory changes in the province that will…
First the industry mandated fire detectors. Now should it require water detectors?
October 27, 2020 by Adam MalikAn abundance of technology is available to prevent water damage in condo buildings, but panellists of a recent Canadian Underwriter webinar questioned why it’s not being mandated or put to use as condo claims continue to increase. Existing technology such…