Canadian Underwriter

What’s new: In brief (July 18, 2004)

July 18, 2004   by Canadian Underwriter

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The Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding or water seepage is generally not covered, policies may contain coverage for sewer back-up. No damage estimates for the Peterborough flooding are available yet, the IBC says.

Kingsway Financial Services (TSX, NYSE: KFS) has extended a previously announced offering of 7.5% senior notes by Kingsway America until July 28. The offering was originally to have closed July 14, and at that time, US$124.9 million in aggregate principal amount of the original notes has been exchanged. This is out of a total US$125 million, and Kingsway says the extension is to allow holders of the remaining $115,000 in original notes to be exchanged.

Despite the failure of a “consumer’s bill of rights” in California, insurers say they support various bills to address concerns of homeowners following last year’s wildfires in that state. The first, SB 64, would set up a mediation program through the Dept. of Insurance, a move the Association of California Insurance Cos. supports. The ACIC also supports bills to expand disclosure of homeowner insurance coverages and to require insurers to provide time extensions for rebuilding homes destroyed by wildfires when a state of emergency is declared.

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