Topic Construction
Severe weather, nat-cats cause record insurable damage in Canada: IBC/CatIQ
January 6, 2017 by Canadian UnderwriterSevere weather last year exacted a heavy toll in terms of insured losses, with the $4.9 billion hit dwarfing the previous annual record of $3.2 billion in 2013, Insurance Bureau of Canada (IBC) reports. Flooding in southern Alberta and the…
Dufferin County offers rebates to property owners who install hurricane straps
December 13, 2016 by Canadian UnderwriterDevelopers and property owners in Ontario’s Dufferin County are eligible for rebates if they install hurricane straps in their buildings, a county official says. Hurricane straps, which are metal bands that wrap around trusses and connect to walls, “can largely…
Chubb introduces Cyber COPE, a new model for underwriting cyber insurance
December 13, 2016 by Canadian UnderwriterChubb announced on Tuesday that it has introduced Cyber COPE, a new model for underwriting cyber insurance that is intended to simplify and improve the assessment of both cyber and privacy risks. Authored by Ross Cohen, director of cyber/privacy services…
Death toll grows to 36 at Oakland warehouse fire
December 5, 2016 by Kristin J. Bender and Brian Melley - THE ASSOCIATED PRESSOAKLAND, Calif. – The death toll in the Oakland warehouse fire has grown to 36 and authorities say they expect the number to rise when they resume work later Monday following a temporary work stoppage. A wall is leaning inward,…
Saskatchewan government introduces act aimed at enhancing regulatory oversight of provincial pipelines
November 29, 2016 by Canadian UnderwriterThe Government of Saskatchewan announced on Monday that it has introduced new legislation aimed at enhancing regulatory oversight of the province’s oil and gas industry. The government introduced The Pipelines Amendment Act in the Legislature, replacing The Pipelines Act, the…
Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron
November 22, 2016 by Canadian UnderwriterPreparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to…
Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board
November 22, 2016 by Canadian UnderwriterThe Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event…
Powerful aftershocks, some as high as magnitude-6.5, strike New Zealand after original M7.8 earthquake: AIR
November 15, 2016 by Canadian UnderwriterPowerful aftershocks have shaken New Zealand since a magnitude-7.8 earthquake struck South Island near Hanmer Springs at 12:02 a.m. local time on Nov. 14, some as strong as magnitude-6.5, AIR Worldwide said on Monday. Although damage has been relatively light,…
Information availability key to enhancing coverage in construction
November 14, 2016 by Angela StelmakowichHaving as much solid information as possible – as early as possible – can help open up the marketplace when it comes to available coverages for construction projects, Peter Campbell, Halifax branch manager for Jardine Lloyd Thompson Canada, suggested during…
Some increased risks developing in surety space, but these can be managed: panel
November 14, 2016 by Angela StelmakowichThe outlook for surety in Canada is healthy, but a number of developments are introducing increased risk that need to be taken into account and properly managed, speakers suggested during the Toronto Risk and Insurance Education Forum last week in…
‘Work performed’ exclusion in builder’s liability policy does not apply in allegations of consequential damage: Court of Appeal for Ontario
November 9, 2016 by Canadian UnderwriterA “work performed” exclusion in a commercial general liability policy for a building contractor does not apply if a lawsuit against a contractor alleges consequential damage, the Court of Appeal for Ontario suggested in a ruling released Tuesday. Parkhill Excavating…
Hurricane Matthew causes up to US$15 billion impact to U.S. and Caribbean economies in October: Aon Benfield
November 9, 2016 by Canadian UnderwriterHurricane Matthew, which swept through parts of the Caribbean and United States last month, is expected to cost up to US$15 billion to both economies, according to Aon Benfield’s latest Global Catastrophe Recap. Released on Wednesday, the report from Aon…