Canadian Underwriter

Keyword
COVID-19

News InsuranceLegal

MDS ruling begs the question: Are your BI pandemic exclusions iron-clad?

April 9, 2020 Zoran Samac & Rohan Haté *

After recent events surrounding the COVID-19 pandemic, in addition to a recent Ontario Superior Court decision about business interruption in a nuclear incident, Canadian P&C underwriters may want to take a second look at the wording of their pandemic exclusions

News Commercial LinesInsurance

Brokers seek unified response from insurers on 30-day vacancy clauses

April 9, 2020 by Jason Contant

Canadian brokers want a uniform response from insurers on how to deal with commercial policies that have a 30-day vacancy or unoccupied clause. Most commercial property policies have such an exclusion, meaning that losses or damage to property is excluded

News Commercial LinesInsuranceRisk

COVID 19: Crews aboard cargo ships being denied shore leave for longer periods

April 9, 2020 Michael MacDonald - THE CANADIAN PRESS

HALIFAX – Though international shipping lanes and Canada’s major ports remain open for business, the COVID-19 pandemic is making life miserable for many seafarers. Under the latest rules, Canadian crews aboard most Canadian-flagged cargo vessels have agreed not to leave

News AssociationsClaimsInsurance

Canada’s P&C carriers respond to calls for major premium relief

April 8, 2020 by Jason Contant

Canada’s property and casualty insurance companies have answered the call from brokers and customers for stepped-up relief measures to help cope with the financial impact of COVID-19. “It’s a very unusual set of circumstances, but in spite of that I

News BrokersInsuranceMarkets / CoveragesTechnology

How to protect your clients from cybercriminals cashing in on COVID-19

April 8, 2020 by Jason Contant

Brokers advising clients on cyber insurance during the COVID-19 pandemic will want to make sure there is an appropriate loss of income coverage under the policy, similar to other lines of insurance, a specialist insurer said recently. “If we were

News Insurance

Why forcing insurers to cover pandemic is a bad idea

April 8, 2020 by Adam Malik

Insurance companies put in a position to cover business interruption losses regardless of how their commercial contracts were originally constructed could threaten their solvency on a global scale, warns a new report. In addition to negatively affecting the carriers’ liquidity

News Earnings / RatingsRisk

Head of RBC says not to expect quick economic recovery from COVID-19

April 8, 2020 The Canadian Press

TORONTO – The head of the Royal Bank of Canada is warning the economic recovery from the COVID-19 pandemic will likely be slower and more uneven than originally thought. CEO Dave McKay said Wednesday that the depths of the challenge

News BrokersInsurance

Have clients who have temporarily closed? Here’s how they should secure their premises

April 7, 2020 by Adam Malik

Just because a business has closed its doors to staff and customers because of the COVID-19 pandemic, risks from fire, combustible materials and flood are still present at their physical buildings even when unoccupied, warned a new report from Allianz

News Insurance

Small businesses say singular approach to wage subsidies doesn’t fit them all

April 7, 2020 David Friend - THE CANADIAN PRESS

TORONTO – When the impact of COVID-19 led Hongwei Liu to temporarily lay off some employees and slash company forecasts, the founder of Waterloo, Ont.-based technology startup MappedIn hoped he might qualify for a helping hand under the federal government’s

News ConstructionInsurance

How to help construction clients who are no longer deemed “essential services”

April 6, 2020 by Adam Malik

Ontario brokers can expect to receive calls from their clients in the province’s construction industry, some of whom were recently de-listed from the province’s essential services list. Under pressure to reduce the spread of COVID-19 in Ontario, the province recently

News BrokersInsurance

Veteran broker calls for insurers to offer customers a premium freeze

April 6, 2020 by Jason Contant

Saying the Canadian P&C insurance industry can do more to offer relief to consumers during the COVID-19 pandemic, one 40-year industry veteran recommends that insurers offer guaranteed renewals and a premium freeze at 2019 levels. Standard measures focus on a

News BrokersInsurance

Fool’s errand: Why it’s difficult to estimate a return to the office

April 3, 2020 by Adam Malik

Reliable data related to the COVID-19 pandemic is hard to come by. That’s why “flattening the curve,” as health experts put it, and predicting a timeline to return to life similar to one pre-crisis is an exercise in futility, says