Keyword
COVID-19
Brokers seek four relief measures for hard-hit commercial clients
April 13, 2020 by Jason ContantCanadian insurers have rolled out a number of measures to help Canadian homeowners, drivers and business owners in need over the past week, and now Canada’s national broker association is discussing with insurers additional relief measures for commercial clients affected…
Nearly 5.4 million receiving emergency federal aid as requests climb
April 13, 2020 The Canadian PressOTTAWA – The federal government says nearly 5.4 million Canadians are now receiving emergency aid to replace incomes lost due to COVID-19. The figures this morning show 5.38 million applications have been processed since March 15, a figure that includes…
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…
Brokers seek unified response from insurers on 30-day vacancy clauses
April 9, 2020 by Jason ContantCanadian 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…
COVID 19: Crews aboard cargo ships being denied shore leave for longer periods
April 9, 2020 Michael MacDonald - THE CANADIAN PRESSHALIFAX – 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…
Canada’s P&C carriers respond to calls for major premium relief
April 8, 2020 by Jason ContantCanada’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…
How to protect your clients from cybercriminals cashing in on COVID-19
April 8, 2020 by Jason ContantBrokers 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…
Why forcing insurers to cover pandemic is a bad idea
April 8, 2020 by Adam MalikInsurance 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…
Head of RBC says not to expect quick economic recovery from COVID-19
April 8, 2020 The Canadian PressTORONTO – 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…
Have clients who have temporarily closed? Here’s how they should secure their premises
April 7, 2020 by Adam MalikJust 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…
Small businesses say singular approach to wage subsidies doesn’t fit them all
April 7, 2020 David Friend - THE CANADIAN PRESSTORONTO – 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…
How to help construction clients who are no longer deemed “essential services”
April 6, 2020 by Adam MalikOntario 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…