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What business interruption coverage appeal to U.K. Supreme Court could look like
October 6, 2020 by Greg MeckbachBritish insurers are not taking yes for an answer from the High Court of England and Wales, which recently ruled that insuring business interruption “following” a notifiable disease, within a certain distance of the client, does in fact mean that…
‘We have a lot of work to do’
October 3, 2020 by Greg Meckbach, Associate EditorHow can the Canadian P&C industry ensure its workplaces reflect the communities they serve? We asked senior industry executives what can be done to make sure everyone feels respected and valued, regardless of demographic factors such as gender, skin colour, sexual orientation or gender identity. Here’s what they told us….
Does COVID lockdown constitute ‘prevention or hindrance of access’ under BI?
September 25, 2020 by Greg MeckbachClients who lost business income during the pandemic might not get coverage even if they have coverage for “prevention or hindrance of access,” but this depends on exactly how the policies are worded. The High Court of England and Wales…
The good news and bad news about Ontario auto
September 24, 2020 by Greg MeckbachOntario auto insurance rates were 3.7% lower in the second quarter of 2020, than in the same period in 2019, but were still higher than in the three months ending March 30, 2020, data released Tuesday by LowestRates.ca suggests. “COVID…
What brokers can expect to see in the quota share subscription business
September 21, 2020 by Adam MalikBrokers during the COVID-19 pandemic can expect to see carriers tighten up policy wordings to reduce ambiguity about pandemic cover, but that might cause delays in quota share subscription business as insurers ponder the precise wordings they want to use,…
Will the U.K. decision in a test BI case matter to Canada? Intact and ratings agencies weigh in.
September 17, 2020 by Greg MeckbachThe verdict in the British Financial Conduct Authority’s business interruption test case could have an impact outside of Britain, one credit rating agency warns, but Canada’s largest carrier appears to be largely unaffected. The vast majority of Intact Financial Corp.’s…
Mixed result in British court ruling in business interruption coverage dispute
September 15, 2020 by Greg MeckbachIf a client has business interruption coverage “following” a notifiable disease within a certain distance, while another has coverage for BI “in consequence” of the same disease, one of those clients could be covered for its COVID-19 closure while the…
Why Canadian P&C insurers in a good spot to tackle ongoing challenges
September 10, 2020 by Adam MalikCanadian property and casualty insurance companies are in a good financial position going forward as challenges — both new and continuing ones — mount, according to A.M. Best’s latest outlook. Over the last 10 years, the vast majority of Canadian…
How A.M. Best predicts pandemic could affect the Canadian P&C industry
September 8, 2020 by Greg MeckbachAn increase of residential cooking fires and business closures arising from the pandemic are among the trends affecting the Canadian property and casualty insurance industry on the radar of A.M. Best Company Inc. Overall, personal property losses are lower so…
How clients may argue BI covers pandemic if no physical damage occurs
September 4, 2020 by Greg MeckbachSome clients seeking business interruption coverage arising from the COVID-19 pandemic are looking to the courts for a “generous” interpretation of policy wording, a Canadian lawyer says. “In the context of property damage claims related to the novel coronavirus, many…
Insurers adding pandemic exclusions in commercial policies that go beyond just BI
September 2, 2020 by Greg MeckbachMany insurers that did not start adding pandemic exclusions this past July may have to do so in January, a Winnipeg-based executive with commercial brokerage Gallagher reports. “The majority of insurers – or all insurers – are adding specific wording…
MGAs finding it harder to place this kind of commercial coverage
September 1, 2020 by Greg MeckbachIf you are finding it difficult to place business interruption insurance for restaurants, hotels and event venues, you aren’t alone. Aurora Underwriting Services Inc., an Alberta-based managing general agent and Lloyd’s coverholder, is still placing insurance for restaurants, company owner…