Topic Property
How commercial premium renewal rates are trending in Canada
April 30, 2021 by Jason ContantCanadian commercial line renewal rates increased at a slower pace across all major lines in Q1 2021 compared to one year ago, according to the latest commercial premium rate index from tech vendor Applied Systems. Overall, the magnitude of rate…
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…
Ontario nursing homes badly prepared for COVID-19 pandemic, auditor general says
April 28, 2021 by Colin Perkel - THE CANADIAN PRESSTORONTO – Ontario’s nursing homes were woefully unprepared for the onslaught of COVID-19 – the culmination of years of neglect and failure to address known problems, the province’s auditor general said on Wednesday. In a special report, Bonnie Lysyk took…
What courts say about vacancy exclusion when elderly homeowner client moves to a care home
April 27, 2021 by Greg MeckbachAn elderly homeowner’s health takes a turn for the worse, necessitating a move into a care home. The client still owns her original home, which suffers water damage. The insurer denies the claim on the grounds that the property is…
Insurers seek federal grants for homeowners to improve basement flood protection
April 21, 2021 by Greg MeckbachThe industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide…
What the court said when property owners refused to submit a Final Proof of Loss
April 20, 2021 by David GambrillWestland Insurance Company was within its rights to assume a contentious, two-year insurance claim had been resolved when two Victoria, B.C., property owners refused to submit a “Final Proof of Loss” form that had been filled out for them to…
How the feds’ budget benefits the P&C industry
April 20, 2021 by Greg MeckbachInsurers are hoping it will be easier for homeowners to borrow money to raise their structures in areas at risk of flood or to replace roofs in wildfire-prone regions as a result of the federal budget announced Monday. In her…
Toilet trouble means strata owner must reimburse corporation’s $5,000 deductible
April 19, 2021 by Greg MeckbachA British Columbia townhouse owner whose toilet overflowed and caused damage has to pay the $5,000 deductible on the strata corporation’s insurance claim, the B.C. Civil Resolution Tribunal (CRT) has ruled. Jefferson Wu is the principal of Kwan-Wu Holdings Ltd.,…
Client dogged by $1,277 uninsured water damage remediation bill
April 14, 2021 by Greg MeckbachA British Columbia client who runs a dog kennel business out of her home is liable for some water damage remediation costs that her insurer did not cover because they relate to business and not personal use of the property.…
Canada’s P&C industry can’t shoulder the losses of the next earthquake by itself
April 7, 2021 by Adam MalikCanada isn’t financially prepared to handle a major earthquake whenever it may come, says an industry observer. As a result, the property and casualty industry is at risk without a plan in place. Models are painting a grim picture of…
Families reach $5.5 million settlement in lawsuit against Quebec long-term care home
April 1, 2021 by Sidhartha Banerjee - THE CANADIAN PRESSMONTREAL – Lawyers for residents and families suing a Montreal-area long-term care home ravaged by the pandemic’s first wave said Wednesday they had reached a $5.5-million settlement with the facility’s owners. The private Residence Herron was among the hardest hit…
The biggest property risks for green energy
March 29, 2021 by Greg MeckbachFloods, hail, fire, and lightning strikes are among the concerns for underwriters who insure green energy projects, an expert with RSA Canada says. And also, solar panel placement. Perhaps not many would link solar panel placement with flood risk, but…