Topic Business Interruption
Cyberattack hits Canadian engineering giant with contracts for military bases, power plants
March 9, 2023 by Lee Berthiaume - THE CANADIAN PRESSOTTAWA – A Canadian engineering giant whose work involves critical military, power and transportation infrastructure across the country has been hit with a ransomware attack. Toronto-based Black & McDonald has so far refused to publicly comment on the cyberattack, while…
Indigo refuses to pay ransom, warns stolen employee data may be posted to dark web
March 2, 2023 by Brett Bundale - THE CANADIAN PRESSCanada’s biggest bookstore chain has warned employees that data stolen in a cyberattack may be posted on the so-called dark web after it refused to pay a ransom demand, Indigo Books & Music Inc. said Thursday. The retailer’s network was…
Do clients have a better handle on supply chain risk?
February 28, 2023 by Alyssa DiSabatinoMany businesses are still recovering from supply chain disruptions that shocked them during the height of the pandemic, and 80% of firms said a lack of insurance solutions is among the greatest challenges to addressing their risks, according to a…
Recent extreme cold snap causes ‘devastating’ damage to Nova Scotia vineyards
February 10, 2023 by The Canadian PressThe president of the Grape Growers Association of Nova Scotia says it will take years for vineyards to recover from the recent extreme cold snap. Steve Ells says between 95 and 100 per cent of Nova Scotia-grown vinifera variety grapes…
What are Canada’s major business risks for 2023?
January 17, 2023 by Alyssa DiSabatinoCyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023. The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),…
The real reasons behind Canada’s softer D&O market
December 9, 2022 by Philip Porado“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report…
How inflation, and possible recession, may create D&O headaches
December 6, 2022 by Philip PoradoFaced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O)…
Why new risks plague the hospitality sector post COVID-19
November 8, 2022 by Alyssa Di SabatinoPeople can eat in restaurants across Canada without wearing a mask or providing proof of vaccination, a sign the risks initially associated with the spread of COVID-19 have lessened. But, with public health restrictions largely lifted, restaurant and bar owners…
What do downtime policies cover for truck owners?
October 17, 2022 by Kevin Thomas and Tony MilitelloBusinesses operating trucks can see their livelihoods impacted by unforeseen incidents like mechanical failures, accidents, fires or vehicle thefts. For properly insured businesses, these incidents may result in downtime claims. And those claims often require careful consideration of limitations — because…
Which firm racked up 8 mergers over the summer?
September 28, 2022 by Canadian Underwriter StaffBrokerage M&A has been hectic so far in 2022, with one firm bringing eight brokerages across Canada under its wing during the summer. Navacord today announced it closed eight acquisitions during July and August that expands the company’s presence in…
Why your clients’ companies need to start ‘friendshoring’ their supply chains
September 28, 2022 by Alyssa DiSabatinoSupply chain disruptions can be circumvented if businesses start to engage in ‘friendshoring,’ one risk expert told the RIMS Canada Conference in Halifax. “Friendshoring is a polite way of saying the only people you can have in your supply chains…
Why insurers are rethinking coverage for older machinery
September 22, 2022 by Alyssa DiSabatinoAging machinery and equipment are historically slow to get replaced. Add supply chain disruptions into the mix, and businesses with equipment breakdown coverage could be waiting longer for replacement parts or products, said Doug Laurin, director of national energy and…