Traditional insurance policies can be hard to read on mobile devices and legalistic language can make them difficult to understand, Lloyd’s suggested in a recent report. The design and format of policy documents is important, Lloyd’s said in Building simpler…
Some brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential…
A broker principal shares his story about how his fledgling brokerage managed to navigate its way through the various business disruptions caused by COVID-19
With loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or…
Your suppliers are most at risk, and attacks will be costly
Commercial clients who fail to follow local health regulations could be considered a “moral hazard” to insurers, but liability claims under such circumstances during the COVID pandemic will not necessarily be denied, a Toronto commercial broker suggests. Commercial general liability…
The COVID-19 pandemic could be considered an “act of God,” but that doesn’t necessarily mean a client can recoup a deposit for cancelling a large gathering, a recent British Columbia Civil Resolution Tribunal ruling suggests. While most property and casualty…
British insurers are not taking yes for an answer from the High Court of England and Wales, which recently ruled that insuring business interruption “following” a notifiable disease, within a certain distance of the client, does in fact mean that…
The economic impact of the COVID-19 pandemic is one of the biggest risks facing Canadian insurers, executives told a recent investors’ conference. “What can happen to us is what we call indirect losses,” Intact Financial Corp. CFO Louis Marcotte said…
Clients who lost business income during the pandemic might not get coverage even if they have coverage for “prevention or hindrance of access,” but this depends on exactly how the policies are worded. The High Court of England and Wales…
A recent British court ruling could be good news for Canadian clients who bought insurance covering business interruption from an occurrence of a notifiable disease within a specified distance of their premises, and who had to close due to the…
Some clients who are in financial trouble because they had to close during the early days of the pandemic are having their business interruption insurance policies reviewed by consulting firms. With COVID-19, many businesses have reached out to BDO for…