Topic Liability
Tips for insuring properties worth more than $500 million
October 2, 2023 by Philip PoradoCoverage for high-value real estate, defined as sites worth $500 million or more, is often based as much on how those sites are used as on the physical assets themselves. Multi-use sites, where activities like manufacturing, distribution, logistics and management…
How insurance helps when converting office buildings to housing
September 29, 2023 by Philip PoradoCanada’s housing crisis has deepened since the start of the COVID-19 pandemic. And when office vacancy rates across Canada topped 17% in 2022 Q4, calls grew louder to convert some of that unused commercial space into residential units. What’s more,…
Why you might need a diversity, equity and inclusion partner
September 28, 2023 by Alyssa Di SabatinoNeed some help with your brokerage’s efforts to develop a more diverse, equitable and inclusive workplace? Consider partnering with another organization to create recruiting or other interim partnerships, suggested Craig Pinnock, chief financial officer of Northbridge Financial Corporation. “These are the…
What’s contributing to rising auto premiums in Alberta?
September 26, 2023 by Jason ContantLitigation costs stand out as a major contributor to premiums drivers pay in Alberta, according to a new report from accounting firm MNP. Legal costs in Alberta’s auto insurance system have risen 31% since 2018 and account for roughly 20%…
How Canada’s brokers can move the needle on DEI
September 26, 2023 by Alyssa Di SabatinoDon’t have the resources to embark on large-scale diversity, equity and inclusion (DEI) programs? You can still get started by simply committing your brokerage to change. “If you’re a small brokerage, maybe you don’t have the resources, I think the…
Brokers: Is your client’s dog “friendly?”
September 25, 2023 by David GambrillWhen two dog owners pass each other while walking their dogs, it is common to hear one ask of the other’s dog, “Friendly?” Perhaps that’s what personal lines home insurance brokers should be asking their dog-owning clients, since lawsuits against…
Zombie apocalypse: why businesses face liability from distracted walkers
September 25, 2023 by Alyssa DiSabatinoSmartphone zombies (i.e. pedestrians who use their phone while walking) aren’t just hazardous to themselves; this phenomenon also poses a major risk for insured businesses. People have become increasingly dependent on their devices, even going so far as to scroll,…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
Four young B.C. firefighters heading home die in head-on crash on highway
September 21, 2023 by Brenna Owen - THE CANADIAN PRESSFour young men travelling home after helping in the battle against wildfires in central British Columbia are dead after a fiery head-on crash, police and provincial officials said Wednesday. RCMP Cpl. James Grandy said emergency crews responded around 2 a.m.…
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
Forever chemicals: Is PFAS litigation coming to Canada?
September 19, 2023 by Alyssa DiSabatinoPer- and polyfluoroalkyl substances (PFAS) are the subject of a rising number of lawsuits in the U.S., and the industry can expect litigation to seep into Canada, says a risk professional. Also known as ‘forever chemicals,’ PFAS are a…
Why insurers worry about clients’ crime coverage
September 15, 2023 by Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…