Topic Commercial
The lesson for risk managers in this breach-of-contract lawsuit
February 17, 2021 by Greg MeckbachA recent Supreme Court of Canada ruling in a breach-of-contract lawsuit means risk managers need to be careful about drafting agreements that give parties discretionary powers, a Toronto-based litigation lawyer warns. Wastech Services Ltd. v. Greater Vancouver Sewerage and Drainage…
How much COVID business interruption claims could cost Fairfax
February 17, 2021 by Greg MeckbachBusiness interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers.…
One knock-off effect of rising condo deductibles
February 16, 2021 by Greg MeckbachA large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000…
Insurers beware: Why your settlements may not be secure
February 16, 2021 by Canadian UnderwriterA record-keeping blunder more than 50 years ago means London, Ont.’s Catholic diocese faces a new multi-million-dollar lawsuit over sexual abuse during the early 1970s of an elementary school student by a priest. The Supreme Court of Canada announced Feb.…
Next round of funding available to clean up inactive Alberta oil and gas sites
February 16, 2021 by The Canadian PressEDMONTON – Alberta and the federal government say another $400 million in funding is available to help clean up inactive oil and gas sites in the province. The money includes $100 million for clean up in Indigenous communities. The rest…
Final outcome of The Co-operators’ surface water commercial property coverage dispute
February 12, 2021 by Greg MeckbachA Supreme Court of Canada decision released Thursday means The Co-operators cannot appeal a $429,000 court decision against it over “surface water” coverage on a commercial property policy. In Co-operators General Insurance Company v. Le Treport Wedding & Convention Centre…
What brokers are asking of their underwriters
February 12, 2021 by David GambrillIn the midst of a hard market in several Canadian commercial insurance lines, several senior Canadian broker executives are urging underwriters not to substitute data and analytics entirely for their own good judgment about what constitutes a good or a…
Covering influencers: Don’t forget to like and subscribe…and insure
February 11, 2021 by Adam MalikBrokers looking for growth opportunities should pay closer attention to the social media influencer market, an expert in the field recommends. It’s a multi-billion-dollar industry and has only continued its rapid rise during the pandemic, according to Meghan Argier, media…
Why this MGA exec predicts more Canadian MGA consolidation in the future
February 11, 2021 by Jason ContantMore mergers and acquisitions (M&A) activity between managing general agencies (MGA) is likely in the future, since private equity is focusing on this sector, giving MGAs the fiscal tools to make acquisitions, the president and CEO of one MGA told…
How much the second COVID wave will probably add to Intact’s claims costs
February 10, 2021 by Greg MeckbachIntact Financial Corp. has now reserved $106 million for claims related to COVID-19, with $23 million of that booked during the last three months of 2020. Intact initially set aside $83 million in reserves for COVID-19 claims during the three…
What the P&C industry is telling Wall Street about cyber risk
February 9, 2021 by Greg MeckbachCommercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks…
Business interruption insurer could be sued by this Canadian restaurant owner
February 9, 2021 by Greg MeckbachAn Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…