Topic Claims
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,…
Aviva boss wants more trust placed on science
October 28, 2020 by Adam MalikTrusting science to help address climate change, and rebuilding more resilient communities after natural catastrophes are uppermost in the mind of Aviva Canada’s leader these days. “Scientists can tell us more than ever before about catastrophic storms, including precisely when…
Same counsel can’t work for insurer on both priority dispute and AB claim: Court
October 27, 2020 by David GambrillAn Ontario auto insurer involved in a priority dispute with another insurer should have used a different counsel in that dispute than the one used for the main accident benefits claim with the insureds, the Ontario Superior Court has ruled.…
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…
What this Vancouver plaintiff’s lawyer says about pandemic business interruption coverage
October 27, 2020 by Greg MeckbachA British Columbia lawyer suggests at least half the business interruption insurance policies he has reviewed should cover a client who lost business because of emergency measures imposed to contain the novel coronavirus. “People who have ‘all-risk’ policies should be…
How seniors became a better auto risk than younger drivers
October 26, 2020 by Adam MalikImprovements in healthcare, vehicle safety, and infrastructure design have brought down senior crash fatality rates to the point where younger drivers are now a greater risk to die in collisions than seniors, a new study has found. Historically, people aged…
Ontario promises action to address rising commercial insurance rates, critics urge regulation
October 26, 2020 by Shawn Jeffords - THE CANADIAN PRESSTORONTO – Under pressure to address rising commercial insurance rates blamed on the pandemic, Premier Doug Ford promised this week to take action to stop what he called “gouging” by some companies in the sector. Ford twice this week has…
‘The cost nobody talks about’ with cyber
October 23, 2020 by Adam MalikBrokers are advised to factor in the cost of reputational harm for their commercial clients when discussing cyber policy, because that’s typically the most expensive aspect of a breach. Clients typically focus on costs related to notifying clients and forensics,…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital…
Experts say counterfeit hand sanitizer recall is a lesson for retailers
October 22, 2020 by Tara Deschamps - THE CANADIAN PRESSTORONTO – Dollarama Inc. is removing a counterfeit and recalled hand sanitizer from its shelves, which experts say should serve as a reminder of how important it is for retailers and consumers to do their due diligence when shopping. “Since…
Why brokers are going to get sued over pandemic business interruption claims
October 21, 2020 by Greg MeckbachSome brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential…