Keyword
business interruption
Court sides with insurer in multi-million-dollar spat over sublimits
January 21, 2022 by David GambrillB.C.’s Supreme Court has upheld an insurer’s insistence that a mining company’s business interruption losses were subject to a $10-millon sublimit and not to the full policy limit of $250 million. That said, the court did not agree with the…
Canada’s 3 top business risks
January 19, 2022 by Alyssa DiSabatinoBusiness interruption, cyber incidents, and climate change have been dubbed the Top 3 risks facing Canadian businesses this year, according to a new report. Although these were Canada’s Top 3 risks, Allianz Global Corporate & Specialty (AGCS)’s Risk Barometer…
Appeal court quashes ruling that ‘resulting physical damage’ can mean ‘loss of use’
September 13, 2021 by Greg MeckbachYour commercial client could get business interruption coverage if they can no longer “use” their property, but only if the policy wording actually says so, a Court of Appeal for Ontario panel suggests. MDS Inc. v. Factory Mutual Insurance Company,…
Ontario court certifies class-action against insurers related to COVID-19
September 1, 2021 The Canadian PressTORONTO – Ontario’s Superior Court of Justice has certified a class-action lawsuit against fourteen insurance companies that denied business interruption claims related to COVID-19. The class action, launched by several small businesses including a suit store, a smoothie shop and…
Coverage that you should be discussing with your commercial clients
May 17, 2021 by Adam MalikBrokers exploring new ways to protect their commercial clients should be making “malicious attack” coverage part of the conversation, a risk expert advises. But it can be a tricky conversation for brokers to have. Clients may think they can’t afford…
Should the Canadian P&C industry be concerned about BI court cases?
April 16, 2021 by Adam MalikFor now, little evidence exists that courts will adjudicate against Canada’s property and casualty insurers in litigation related to business interruption claims stemming from the COVID-19 pandemic, according to an industry executive. At the recent CIP Society Symposium 2021 virtual…
Intact’s take on UK business interruption test case
March 9, 2021 by Greg MeckbachA recent British court ruling on business interruption does not change the economics of Intact Financial Corp.’s agreement to acquire a large part of London-based RSA, a senior Intact official confirmed Tuesday. In 2020, the Financial Conduct Authority brought eight…
Six reasons why commercial prices will probably continue rising
January 25, 2021 by Greg MeckbachDon’t expect a soft market for your commercial clients any time soon, executives with The Travelers Companies Inc. warn. Rates on renewal for business insurance were up 8.4% while rates in bond and specialty insurance increased by 12%, Travelers said…
Why brokers may face E&O exposure due to COVID-19
January 20, 2021 by Adam MalikOne prominent industry observer is “quite concerned” that brokers may be facing errors and omissions risk exposure due to COVID-19, especially if court decisions go a certain way. For Phil Cook, chairman of Omega Insurance Holdings, the risk is that…
‘COVID Trio’ tops the biggest biz risks for this year
January 19, 2021 by Adam MalikBusiness interruption, the COVID-19 pandemic, and cyber are the top three risks facing businesses this year – and all three are connected to each other, says a new report. Allianz Global Corporate & Specialty (AGCS)’s Risk Barometer for 2021 found…
Impeding, hindering or preventing: Do these mean the same thing in business interruption insurance?
January 6, 2021 by Greg MeckbachSay your client has a policy covering business interruption if the government prevents access to the premises. A pandemic breaks out. Say that client is not completely prohibited from conducting business, but is still losing sales because the government is…
The difference between pandemic BI coverage and pushing a bus off a cliff
January 5, 2021 by Greg MeckbachCommercial clients who bought insurance covering a disease outbreak within 25 miles of their premises did not buy coverage for business interruption from a pandemic on a national scale, insurance company lawyers are telling the United Kingdom Supreme Court. Worldwide,…