Markel Insurance Co. of Canada recently introduced a new program to provide legal aid to Canadian truckers violating U.S. hours of service rules and other transport laws.The program Market LEGALink consists of a database of trucking-savvy U.S. attorneys who are able to provide policyholders’ drivers with contact information if they are cited for violations. In addition to the roster of names, the said lawyers can defend truckers against citations issued for violating hours of service, inspection requirements, logbook infractions and other traffic charges. Markel LEGALink will email or fax a list of transportation lawyers in the jurisdiction in which the citation was issued. This program allows the insurer to provide policyholders a resource that will protect their driving records and their insurance rates.
Cowan Insurance Group has finalized the location for its Waterloo Region operations. The future site for its Waterloo Region operations. The future site, which will become the head office of Cowan as well as its operating companies Cowan Insurance Brokers and Cowan Wright Beauchamp, will be located at Fountain Street North and Highway 401. It is expected to be ready in approximately two years but until that time, the company will maintain its building at 25 Bruce Street in Kitchener.
The Progressive Group of Insurance Companies recently released results of a study of claims data on over 2 million motorcycles insured over the past three years, divulging the makes and models most and least likely to be stolen or crashed. Motorcycles most likely to be stolen include: Suzuki GSX-R Series; Yamaha YZF Series; Honda CBR Series; Suzuki Hayabusa; and, Kawasaki Ninja Series. The least likely motorcycle models to be stolen include: Suzuki Savage; BMW R1200C; Honda Rebel Series; Honda Shadow; and, Yamaha V-Star. The study found that the motorcycle models most likely to be crashed are: Suzuki GSX-R Series; Kawasaki Ninja Series; Suzuki TLR; Yamaha YZF Series; and, Honda CBR Series. The models least likely to be crashed include: Yamaha Virago Series; Honda Rebel Series; Suzuki Savage; Harley-Davidson FXR; and, BMW R1200C. Motorcycle models historically proven to be involved in more crashes or more likely to be stolen demand higher insurance premiums as models that are stolen frequently may require more comprehensive coverage and models involved in more crashes may require higher collision protection.
A new study “Predicting State Performance: Is a ‘Right States’ Strategy Wrong for Property-Casualty Insurers?” by Conning Research and Consulting Inc. indicates the “Right States” approach utilized by many lines of the property & casualty industry appropriately allows insurers to improve on ROE “by achieving typical industry results in a carefully selected mix of states and lines.” Conning’s analyst Bruce Hale adds that right state selection is one of many factors that determine an insurer’s performance.