Topic Claims Professionals
How auto insurers are promoting National Teen Driver Safety Week
October 20, 2020 by Greg MeckbachTeenagers are 3.1 times more likely to follow too closely than drivers older than 45, Manitoba’s auto insurer is warning. Teens are also 3.6 times more likely to lose control or drive off the road than drivers aged 45 and…
Insurer loses scooter claim because of a ‘deprecated’ sales receipt
October 20, 2020 by David GambrillIf a claim for a stolen scooter draws suspicion, an insurer will need to do more than just cite skepticism about the condition in which the power charger, keys and helmet are returned — especially if the electronic bike’s purchase…
If you thought cyber was hard to sell before…
October 20, 2020 by Adam MalikCyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the…
How a smart phone can drive efficiency in the claims process
October 19, 2020 by Greg MeckbachUsing a smart phone to take pictures of property damage as soon as it happens could speed up the claims process and reduce fraud risk, the head of a Canadian claims technology vendor suggests. “The best way to drive efficiency…
Why this client can only recover $50,000 on a $2.7-million commercial crime claim
October 16, 2020 by Greg MeckbachAn electronics distributor that lost nearly $2.7-million because its accounts payable staff were duped by fraudsters cannot claim under policy wording covering funds transfer fraud, a Quebec court has ruled. In Future Electronics Inc. (Distribution) Pte Ltd. v. Chubb Insurance…
Why parametric options should be on every broker’s radar
October 15, 2020 by Adam MalikAdvising clients of parametric options will allow brokers and insurers to enhance their value and open up opportunities to provide more options for risk transfer and solutions to coverage issues that couldn’t be solved under traditional measures, says an insurer…
Learning from the mistakes of pandemic coverage
October 9, 2020 by Adam MalikThere are lessons to be learned from the current COVID-19 pandemic about how to protect clients against future pandemic losses, senior industry executives say. The Wimbledon Championships’ pandemic coverage, for example, was generally hailed as a success. The famed tennis…
Appeal court spells out difference between an ‘omission’ and a ‘misrepresentation’ on an insurance form
October 8, 2020 by David GambrillB.C.’s Court of Appeal overturned a decision Wednesday against BCAA Insurance Corporation in a case that turned on the crucial difference between an “omission” and a “misrepresentation” in a home insurance application. Ultimately, the B.C. Court of Appeal ordered a…
Product safety: Good for consumers but costly for insurers
October 6, 2020 by Adam MalikThe good news is that Canada has stringent rules around food and consumer products, which makes it no surprise that there can be many recalls. The flip side, however, is that insuring for recalls is taking its toll on the…
Insurers, collision repairers tout benefits of proposed mandatory certification
October 5, 2020 by Adam MalikA push to require Ontario collision repair shops to meet minimum standards when repairing vehicles is expected to even out the playing field, make the claims process run more smoothly, help client satisfaction, make roads safer, and potentially bring down…
Appeal court dismisses lawsuit against Economical over additional insured endorsement
October 5, 2020 by Greg MeckbachA solar energy developer has lost its appeal against Economical in a commercial coverage dispute regarding an additional insured, in which the policy wording referred to “liability arising out of the operations” of the insured. “Contractual insurance obligations and additional…
Doubling down on specialty
October 2, 2020 by Greg Meckbach, Associate EditorBernard McNulty, Allianz Global Corporate & Specialty’s new chief agent for Canada, explains the impact of the pandemic and what changes may be in store