Topic Loss Control
Threat of adverse selection prompts auto carrier to start credit checks
July 13, 2021 by Greg MeckbachNova Scotia motorists who consent to a “soft” credit check from Economical Insurance will soon be eligible to get a discount on their auto premium, the province’s regulator announced Monday. The Nova Scotia Utility and Review Board (NSURB) has already…
Why your clients’ basements will probably leak eventually
July 7, 2021 by Greg MeckbachHomeowner clients are battling the elements just by living below the ground floor, and so they will need to act quickly if they notice water pooling in their basement, a building supply vendor suggests. “Creating a comfortable living space in…
5 reasons why fire sprinklers fail, and what your clients can do about it
July 6, 2021 by Greg MeckbachBuilding renovations are among five common reasons for fire sprinkler failure, according to Diana Rodriguez-Zaba, a partner for ServiceMaster Restoration by Zaba, in a recent article on TheBigRedGuide.com. Typical renovation incidents that can cause failure include collisions with construction equipment,…
Restaurant fires and how they are caused
June 30, 2021 by Greg MeckbachKitchen exhaust and gas connections should be near the top of a restaurant client’s risk management agenda. Improperly maintained kitchen exhaust systems are a common cause of restaurant fires, wrote Larry Anderson, editor of TheBigRedGuide.com, in a recent article. This…
These highway features may encourage distracted driving
June 25, 2021 by Greg MeckbachMedians and wide shoulders on highways could encourage distracted driving by giving drivers a false sense of security, transportation researchers suggest in a recent paper. “The combination and presence of a shoulder, median, higher speed limit, and extra lanes could…
Aviva Canada exec predicts how long supply chain pressures will last
June 24, 2021 by Jason ContantA supply chain bubble that is putting pressure on the Canadian P&C insurance industry should burst within a year or two and it’s just a matter of riding it out, an Aviva Canada claims executive suggested during a virtual fireside…
How many of your clients asked their auto insurer for premium relief?
June 22, 2021 by Jason ContantMany Canadians have been driving far less during the COVID-19 pandemic, but more than half of them did not reach out to their auto insurer to inquire about discounts or changes to their policies, according to a new survey from…
How to convince your clients that buying insurance isn’t a waste of money
June 15, 2021 by Jason ContantOne of the biggest challenges for the insurance industry is convincing policyholders that they haven’t wasted their money if they constantly pay premiums but don’t have a claim. To overcome this challenge, insurers should help policyholders celebrate the fact that…
How the hard market is changing commercial underwriting
June 9, 2021 by Greg MeckbachThe ongoing hard market means underwriters are asking commercial clients more in-depth questions about their organizations’ risk management practices and culture, suggests the new CEO of the Canadian Universities Reciprocal Insurance Exchange. “We are very much in a hard market,”…
Bank of Canada keeps key interest rate target on hold
June 9, 2021 by The Canadian PressOTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent. The rate has been on hold at its rock-bottom level since the onset of the pandemic last year and the central…
In pollution claim, ‘sudden’ could mean several months, court finds
June 8, 2021 by Greg MeckbachInsurance coverage for a “sudden and accidental” release of diesel fuel can include a discharge that continued over several months, the Nova Scotia Court of Appeal has ruled in a commercial coverage dispute. As a result of Zurich Insurance Company…
Why IBAC foresees a national flood insurance program
April 28, 2021 by Greg MeckbachThe recently-released federal budget gives brokers reason to be optimistic that Canada will eventually have a national flood insurance program for homeowners, the head of the Insurance Brokers Association of Canada suggests. “The commitment from the federal government is clear…