Factory Mutual is appealing an Ontario court ruling that included a finding that “resulting physical damage” can mean loss of use. David Liblong, a partner with Liblong Digambar Professional Corporation, told Canadian Underwriter Wednesday that the insurer is appealing MDS…
The verdict in the British Financial Conduct Authority’s business interruption test case could have an impact outside of Britain, one credit rating agency warns, but Canada’s largest carrier appears to be largely unaffected. The vast majority of Intact Financial Corp.’s…
There is an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ As schools across the nation re-open, and as COVID-19 virus infection rates across Canada once again begin to climb, Canadian P&C industry observers…
The first quarter of 2020 saw a continuation and acceleration of the Canadian risk and insurance market shift that took hold in 2019, with pricing increases, withdrawn capacity in several key lines of business, tightened terms, and an increasingly rigorous…
If a client has business interruption coverage “following” a notifiable disease within a certain distance, while another has coverage for BI “in consequence” of the same disease, one of those clients could be covered for its COVID-19 closure while the…
Some clients seeking business interruption coverage arising from the COVID-19 pandemic are looking to the courts for a “generous” interpretation of policy wording, a Canadian lawyer says. “In the context of property damage claims related to the novel coronavirus, many…
Many insurers that did not start adding pandemic exclusions this past July may have to do so in January, a Winnipeg-based executive with commercial brokerage Gallagher reports. “The majority of insurers – or all insurers – are adding specific wording…
If you are finding it difficult to place business interruption insurance for restaurants, hotels and event venues, you aren’t alone. Aurora Underwriting Services Inc., an Alberta-based managing general agent and Lloyd’s coverholder, is still placing insurance for restaurants, company owner…
With commercial insurers adding pandemic exclusions to property and business interruption, it can be difficult to place a risk with multiple insurers unless they agree on what that exclusion should look like, a Quebec broker suggests. Some clients, especially during…
If a client has business interruption coverage for occurrence of a disease within 25 miles of the property that causes a local government authority to place restrictions on the use of premises, this would not cover widespread lockdowns in case…
Whether business interruption coverage for a notifiable human infectious or contagious disease within a certain distance from the client’s premises actually insures closure due to COVID-19 was a hotly contested issue in a British trial that recently wrapped up. The…
There may be fewer instances of under-insurance related to business interruption during the COVID-19 pandemic era, but brokers can’t let the issue of purchasing the right amount of cover to fall off the radar when advising their commercial clients. In…