Topic Commercial
Insurance certificate fraud costs ex-broker $26K
May 5, 2021 by David GambrillAlberta’s broker regulator has issued a civil penalty of $26,000 against a former broker found to have issued false insurance certificates to clients as “placeholders” until coverage was bound — which it never was. The penalty was based on 52…
Terrorism coverage that Canadians may not know about
May 4, 2021 by Adam MalikCiting very tight definitions of the types of incidents that would trigger a terrorism policy, an expert is advising P&C industry professionals to help commercial clients get additional coverage, providing a wider scope of protection. Several exclusions and definitions currently…
How to prevent a minor loss from turning into a huge claim
May 3, 2021 by Adam MalikAlthough American inventor and Founding Father Benjamin Franklin was not referring to insurance when he penned the famous words “time is money,” today’s risk managers should take the expression to heart if they wish to reduce their companies’ claims costs.…
Fairfax takes a stand against using COVID as a reason to fire staff
May 3, 2021 by Greg MeckbachThe parent company of Northbridge Insurance took a stand against cutting staff due to the pandemic. “One of the things we did last year is we said [to the president of each Fairfax-owned insurer], ‘You cannot use COVID-19 as a…
Port of Montreal volumes fall for first time in seven years due to pandemic, strikes
May 3, 2021 by The Canadian PressMONTREAL – The COVID-19 pandemic, a dockworkers strike and a rail blockage hit the Port of Montreal, which saw its cargo volumes fall in 2020 for the first time in seven years. The port says its volumes fell 14 per…
What MGA acquisitions bring to the table for Intact
April 30, 2021 by Greg MeckbachBy acquiring managing general agents, Intact Financial Corp. gets a new stream of revenue and an opportunity to grow its commercial specialty business, says the leader of Intact’s MGA operations. When Intact acquired The Guarantee Company of North America from…
How commercial premium renewal rates are trending in Canada
April 30, 2021 by Jason ContantCanadian commercial line renewal rates increased at a slower pace across all major lines in Q1 2021 compared to one year ago, according to the latest commercial premium rate index from tech vendor Applied Systems. Overall, the magnitude of rate…
Intact unveils new brand name for MGA Frank Cowan
April 28, 2021 by Greg MeckbachIntact Financial Corp. is changing the brand name of Frank Cowan Company, the managing general agent it acquired in 2019 from Princeton Holdings. The MGA will be known as Intact Public Entities Inc. “The MGA distribution channel presents a strategic…
Brian Parsons joins BFL Canada from Willis Towers Watson
April 27, 2021 by Jason ContantBFL Canada announced Tuesday it has appointed Brian Parsons as its new president of BFL Canada’s national risk management division. The large commercial brokerage said in a press release Tuesday that it will also announce new appointments in its risk…
Risk managers’ takeaway from COVID-19: Yes, it can happen to us
April 23, 2021 by Adam MalikThe global COVID-19 pandemic has taught risk managers to be prepared for any threats, no matter how unlikely or far-fetched they may seem, industry experts said at a RIMS conference webinar panel. The risk of a pandemic has been on…
The limits of data collection: Making a case for pounding the pavement
April 20, 2021 by Jason ContantTo provide an excellent customer experience for your clients, data can only take you so far, the digital director of a brokerage said recently during the CIP Society Symposium’s virtual conference. Sometimes brokers simply have to hit the pavement to…
Toilet trouble means strata owner must reimburse corporation’s $5,000 deductible
April 19, 2021 by Greg MeckbachA British Columbia townhouse owner whose toilet overflowed and caused damage has to pay the $5,000 deductible on the strata corporation’s insurance claim, the B.C. Civil Resolution Tribunal (CRT) has ruled. Jefferson Wu is the principal of Kwan-Wu Holdings Ltd.,…