When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day…
There is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
Officials for cities, investors and insurers will increasingly need to “build resilience within and between infrastructure systems as a complementary approach to address infrastructure risk and uncertainty,” argues a new report from Lloyd’s and Arup. “While risk management remains a…
Bermuda-based Ironshore Specialty Casualty has enhanced its Transition Protection policy form to address contractual exposures associated with an organizational merger or acquisition (M&A) specific to the construction industry. Construction companies typically have contractual requirements to obtain insurance coverage for work…
XL Catlin announced on Wednesday that it has quadrupled its builder’s risk insurance capacity to US$1 billion from US$250 million for construction firms in North America. The increased coverage for high-value commercial real estate projects is the result of a…
Temporary structures, commonplace on construction sites, can bring
with them significant high-risk exposures. Understanding the types and inherent risks associated with the design and erection of temporary structures is critically important to avoid damage, disruption and injuries.
Resource underperformance has surpassed mechanical breakdown and component damage as the major obstacle to achieving bankable wind energy projects, GCube Underwriting Ltd. notes in a report estimating the untapped asset values of wind energy stakeholders around the world at US$56…
Chubb announced on Tuesday that it has introduced Cyber COPE, a new model for underwriting cyber insurance that is intended to simplify and improve the assessment of both cyber and privacy risks. Authored by Ross Cohen, director of cyber/privacy services…
Having as much solid information as possible – as early as possible – can help open up the marketplace when it comes to available coverages for construction projects, Peter Campbell, Halifax branch manager for Jardine Lloyd Thompson Canada, suggested during…
The outlook for surety in Canada is healthy, but a number of developments are introducing increased risk that need to be taken into account and properly managed, speakers suggested during the Toronto Risk and Insurance Education Forum last week in…
A disputed $14.5-million claim on a course of construction policy, arising from an incident when concrete slabs over-deflected during the building of a hospital addition, was recently remanded by the Supreme Court of Canada to the British Columbia Court of…
In light of a recent Supreme Court of Canada ruling on a builder’s risk policy, insurers can anticipate that court decisions involving disputes over standard form insurance contracts are more likely to be appealed.