Topic Commercial
How IBAO wants brokers to treat pandemic business interruption losses
March 27, 2020 by Greg MeckbachWith the widespread impact of pandemic-induced business income losses, the property and casualty industry is looking for a good way of dealing with a high volume of potential business interruption notices of loss. “The IBAO is asking business clients not…
Brokers respond to Trudeau’s wage subsidy for small business
March 27, 2020 by David GambrillCanadian brokers say Prime Minister Justin Trudeau’s announcement Friday of a 75% wage subsidy for small business is definitely good news for their small business clients. However, it remains an open question as to whether a brokerage would actually need…
The good and bad news about event cancellation insurance
March 18, 2020 by Greg MeckbachWith events being cancelled left, right, and centre to avoid the spread of the novel coronavirus in Canada, there is good news and bad news for clients wanting event cancellation insurance. The good news is that insurers are probably not…
How commercial lease terms affect gas bars’ pollution liability
March 12, 2020 by Greg MeckbachIf a retail gas station has to remove underground tanks and contaminated soil, is the landlord or tenant responsible for the costs? Much of it depends on the terms of the lease and case law around commercial tenants’ trade fixtures,…
How not to handle a lawsuit alleging historical environmental contamination
March 9, 2020 by Greg MeckbachBrokers wanting to advise commercial clients on pollution liability risk might learn a lesson or two from London Transit Commission v. Eaton Industries (Canada) Company, released this past Friday by the Ontario Superior Court of Justice. London, Ontario’s city bus…
Aon plc to buy Willis Towers Watson
March 9, 2020 by Jason ContantGlobal brokerage Aon plc announced Monday it intends to acquire Willis Towers Watson for reportedly nearly $30 billion in an all-stock transaction. “This combination will create a more innovative platform capable of delivering better outcomes for all stakeholders, including clients, colleagues, partners…
Aviva CEO’s take on what to expect in Canada’s condo lines
March 6, 2020 by David GambrillLook for rate increases in Canada’s commercial residential realty segment to continue apace in 2020, but perhaps taper off in 2021 and beyond, Aviva Canada’s president and CEO predicted Thursday. And as rates harden in condo lines, expect Aviva Canada…
How to negotiate the nuanced world of email fraud coverage
March 3, 2020 by Jason ContantYour commercial client may think they are covered for all types of business email compromise (BEC) fraud automatically, but policy triggers are often nuanced, a speaker said recently at NetDiligence’s Cyber Risk Summit in Toronto. “The biggest misconception of our…
How easy is it for brokers to get terms in the cyber market?
February 27, 2020 by Jason ContantCapacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more…
Car sharing firm leaves Canada with valuable data in changing market: expert
February 27, 2020 by Brenna Owen - THE CANADIAN PRESSVANCOUVER – The car-sharing company formerly known as Car2Go is closing up shop in North America on Saturday, taking with it valuable data for automakers looking to the future, says one expert. The data could show how frequently people choose…
Why depressed oil price matters to brokers
February 25, 2020 by Greg MeckbachWith oil prices down nearly 30% over 16 months and bankruptcies on the rise, now might be a good time for brokers to check their oil and gas clients’ insurance policies – especially their directors’ and officers’ (D&O) coverage. Among…
Is the end in sight for commercial rate increases?
February 25, 2020 by Greg MeckbachCommercial rate increases gradually became steeper in 2019 and should continue like this for some time, says Prem Watsa, chairman and CEO of Fairfax Financial Holdings Ltd. Toronto-based Fairfax, the parent company of Northbridge Financial, recently reported a 21.6% increase…