Topic Property
Shipper costs to rise as regulator approves preliminary interim Trans Mountain tolls
December 1, 2023 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – The Canada Energy Regulator has approved preliminary interim tolls that would see oil companies pay nearly twice as much to ship crude on the expanded Trans Mountain pipeline as what was estimated in 2017. In a decision issued…
Are short-term renters covered by condo insurance?
November 29, 2023 by Philip PoradoAn Airbnb renter can be considered an insured under a strata’s insurance policy but may not necessarily rely on other liability protections in a strata’s bylaws, a B.C. Supreme Court justice determined in Strata Plan VR 2213 v Schappert, 2023…
Proactive climate adaptation can cut Ontario public infrastructure costs: watchdog
November 23, 2023 by Jordan Omstead - THE CANADIAN PRESSTORONTO – The dangers of a changing climate could add more than $4 billion per year to the cost of maintaining Ontario’s public infrastructure over the rest of the century, the province’s financial watchdog said Wednesday. But the report from…
What carriers can expect for reinsurance renewals
November 22, 2023 by Alyssa DiSabatinoPrimary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the…
Whose insurer pays when e-scooter drivers crash?
November 17, 2023 by Philip PoradoNews reports about drivers of stand-up e-scooters injuring pedestrians in several Canadian cities are raising questions about insurance coverage for the vehicles — and how injured pedestrians might recover damages. But what about the e-scooter drivers themselves? Can they recover…
Why hay barn fires catch insurers’ attention
November 9, 2023 by Jason ContantThe massive amount of water and firefighting resources required to put out hay barn fires is just one reason why these blazes are so stubborn, an industry professional said at the Farm Fire Summit last week. A multi-million-dollar hay barn…
GRC policies do not cover increased compliance costs: Appeal Court
November 7, 2023 by David GambrillA Guaranteed Replacement Cost (GRC) home insurance policy does not provide coverage for increased regulatory compliance costs required for the rebuild, the Court of Appeal for Ontario has ruled, thus reversing a lower court decision last October that found otherwise.…
Will building code changes affect farm fire severity?
November 2, 2023 by Jason ContantWith changes from the National Building Code of Canada (NBC) in the process of becoming law in Ontario next spring, farm insurance experts are raising concerns that the maximum barn size restriction will be removed and Ontario’s Fire Code (OFC)…
Coastal storms: Could U.S. scenario happen here?
November 1, 2023 by Philip PoradoIncreasing intensity of hurricanes making landfall along the U.S. coastline, sparked largely by climate change, has resulted in significant insured losses for several years. And storms seem to be getting worse. That trend impacts insurability and, going forward, “property values…
Is it time for a new reinsurer to enter the market?
October 25, 2023 by Jason ContantCanada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never…
P&C industry joins the $3-billion Cat club (again)
October 19, 2023 by David GambrillFor the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…
Policy exclusion? Watch your exceptions in multiple-cause losses
October 18, 2023 by David GambrillUnderwriters must pay close attention to the policy wording they use in their exceptions to exclusions, lest insurers find themselves on the hook for covering losses with two or more suspected causes. That’s a key takeaway from Brock Stock Farm…