Topic Liability
When can a broker fire a client?
April 13, 2022 by Alyssa DiSabatinoOn top of selling insurance, brokers are also tasked with managing client relationships. But what happens when a client doesn’t mesh with their broker? “Sometimes it just doesn’t work out,” says Jack Mazakian, vice president of Advocis Broker Services. “You’re…
How the federal budget impacts P&C insurers
April 8, 2022 by Philip Porado, with files from Melissa Shin and Rudy MezzettaAs expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.…
How profitable was Canada’s P&C industry last year?
April 7, 2022 by Jason ContantLast year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry…
Defendants deny claims of wrongdoing in fatal B.C. train derailment lawsuits
April 7, 2022 by Alanna Smith - THE CANADIAN PRESSDefendants in lawsuits filed by families who lost loved ones in a British Columbia train derailment are denying any wrongdoing in the deaths of three Canadian Pacific Railway employees. The derailment happened on Feb. 4, 2019, when 99 grain cars…
Insurers winning court battles to enforce pandemic BI arbitration
April 4, 2022 by David GambrillQuebec insurers with arbitration clauses written into their business interruption policies are winning battles to have pandemic BI class action suits go through arbitration rather than through the courts. Both of law firm Clyde & Co.’s Top 2 cases of…
What companies prioritize over cybersecurity
April 1, 2022 by Philip PoradoEven as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came…
Curious case of a condo water leak shows importance of complete evidence
April 1, 2022 by Jason ContantBritish Columbia’s Civil Resolution Tribunal (CRT) has ordered a strata corporation to immediately reverse a charge of nearly $10,000 to a strata lot owner after finding the unit’s owner was not responsible for a water leak and resulting expenses. In…
How Canada’s top court just bolstered pandemic BI exclusions
April 1, 2022 by David GambrillCanada’s top court has dismissed the appeal in a nuclear reactor case that trial lawyers might have used as a precedent to challenge the physical damage policy exclusions found in many pandemic-related business interruption insurance cases. As is customary, the…
Placing business with non-licensed markets: What to look for
March 31, 2022 by Greg MeckbachClients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…
TSB says brake failure, cold weather led to deadly train derailment
March 31, 2022 by The Canadian PressCALGARY – An investigation into a fatal train derailment near the British Columbia-Alberta boundary has found the locomotive’s brakes failed with prolonged exposure to cold temperatures. The Transportation Safety Board of Canada on Thursday released its findings into the February…
Alberta Appeal Court keeps $217 million oilpatch cleanup liability case alive
March 29, 2022 by Bob Weber - THE CANADIAN PRESSA bankruptcy hearing that could determine whether more than $200 million in oilpatch environmental liabilities wind up on the public dime will have to go back to court. The Alberta Court of Appeal ruled Friday that the long-running bankruptcy of…
Supply chain concerns overshadow logistics data hacks
March 24, 2022 by Philip PoradoWhile the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of…