Topic Business Interruption
Can multi-factor authentication beat smarter cybercriminals?
July 26, 2022 by Jason ContantMulti-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,…
What Europe’s record heat means for insurers
July 22, 2022 by Philip PoradoInsurers covering businesses that depend on goods or industrial inputs from Europe should keep an eye on potential loss scenarios emerging from the continent’s crippling heat wave. “High temperatures harmed tarmacs of motorways in Great Britain and Germany in the…
BrokerLink closes three more acquisitions across Canada
July 15, 2022 by Jason ContantBrokerLink is continuing its expansion into Alberta, Ontario and Atlantic Canada with the acquisition of three more brokerages over the past couple months. A subsidiary of Intact Financial Corporation, BrokerLink closed the acquisition of New Brunswick-based McTague Insurance on June…
2 risks keeping these business leaders up at night
July 12, 2022 by Alyssa DiSabatinoQuébec businesses are more likely to prioritize business interruption and environmental risks than their counterparts in the rest of the country, according to a new report by Aviva. However, both Québec and the rest of Canada are equally keen on…
Class action lawsuit seeks damages for Rogers network outage
July 12, 2022 by Jason ContantQuebec law firm LPC Avocat Inc. has launched a class action lawsuit alleging misrepresentation, breach of civil liability and negligence in connection with the recent national Rogers outage. In the early morning hours of Friday, July 8, Rogers’ wireless network…
Are businesses covered for a telecom’s “maintenance oops”?
July 11, 2022 by Alyssa DiSabatinoDespite Interac payment systems and phone lines being down, most businesses will not have insurance coverage for any type of income loss as a result of the national Rogers outage on Friday, says one insurance expert. The outage, which…
How to advise clients on commercial contract indemnities
July 6, 2022 by Michael CareyCommercial contracts often contain indemnities, and brokers should be prepared to address issues pertaining to indemnities within those contracts. Some clients may ask what an indemnity is. Simply put, it’s a promise to compensate another person for certain costs and…
How the derecho impacted claims service levels
June 7, 2022 by Jason ContantIt’s only natural claims adjusting service levels will drop, given the large number of claims arising from the derecho that struck parts of Ontario and Quebec in May, says the president of the Canadian Independent Adjusters’ Association (CIAA). “Things like…
War and other factors loom over shipping sector: report
May 27, 2022 by Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
5 key trends in the Canadian P&C market, according to Aon
May 18, 2022 by Canadian Underwriter StaffP&C insurers are actively managing how they deploy their global capacity for cyber insurance, and the underwriting process for that sector continues to gain rigor, said Aon’s quarterly global markets insights report. Although the frequency of cyber claims remained relatively…
Key challenges facing your construction industry clients
April 6, 2022 by Jason ContantAn ongoing labour shortage, exacerbated by the COVID-19 pandemic, is one of the key issues facing the construction industry in general, says the head of risk control with Travelers Canada. “I think the biggest prolonged challenge that comes around, seems…
Insurers winning court battles to enforce pandemic BI arbitration
April 4, 2022 by David GambrillQuebec insurers with arbitration clauses written into their business interruption policies are winning battles to have pandemic BI class action suits go through arbitration rather than through the courts. Both of law firm Clyde & Co.’s Top 2 cases of…