What’s New: In Brief (May 05, 2008)

About 40% of Canadians renovated their home last year; of those that did, about 67% that did neglected to consult a broker or insurance company, according to a Royal & SunAlliance (RSA) survey.
Homeowners are investing in renovations and valuable new home contents, and yet one in five of them: (a) is not aware that he or she should report upgrades or (b) had forgotten to do so, the study found.
The main reason respondents chose not to notify their insurance company is that they felt the work was minor, according to the survey.
In addition, many Canadians are now using their basements as living spaces. One-third report using it as a home office, and one in four use it as a workout room. A home theatre can be found in 21% of basements, RSA’s study found.

Geri Prior has been appointed the Insurance Corporation of British Columbia’s (ICBC) interim president and CEO.
Prior was most recently ICBC’s chief financial officer and has 21 years of experience with the corporation.
She has served as a member of the executive committee since 2000, had led teams in change management, cost containment and planning and also worked in various audit roles after joining the company in 1987, according to a company release.
As interim CEO, Prior will continue to work closely with members of the executive and management to implement ICBC’s business plan.