Keyword
Deductibles
What brokers are looking at to help condo corporations reduce deductibles
October 29, 2020 by David GambrillBrokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker,…
This decision on a $5,000 deductible could motivate condo corporations to change their bylaws
October 28, 2020 by David GambrillA recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision,…
SGI Canada customers evacuated by Saskatchewan wildfires have mass evacuation coverage
September 5, 2017 by Canadian UnderwriterSGI Canada policyholders in areas affected by the wildfires in northern Saskatchewan will have mass evacuation coverage in place for 30 days and should be assured that personal and commercial property policies will not be cancelled for 30 days in…
Insured losses from Harvey’s wind, storm surge as much as US$2.3 billion: AIR Worldwide
August 29, 2017 by Canadian UnderwriterHarvey-related winds and storm surge in Texas are expected to produce industry insured losses amounting to between US$1.2 billion and US$2.3 billion, AIR Worldwide reported Monday afternoon as flooding in southeastern Texas continued to strand residents and wreak havoc. Included…
Government of Newfoundland and Labrador finalizes terms of reference for auto insurance review
August 16, 2017 by Canadian UnderwriterThe provincial government announced on Tuesday that it has finalized the terms of reference for the automobile insurance review for Service NL and the provincial Board of Commissioners of Public Utilities (PUB). Government has directed PUB to begin its review…
Insurers should ensure consumers are ‘better able to understand’ home insurance policies: CCIR
August 9, 2017 by Canadian UnderwriterIn a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
Chubb’s multi-line practice to focus on large transportation clients in U.S. and Canada, help address wide range of risks
July 20, 2017 by Canadian UnderwriterChubb’s newly launched multi-line industry practice will focus on providing insurance products, service and risk management solutions for best-in-class large risk transportation clients in both the United States and Canada. The formalization of the practice, within the insurer’s Major Accounts…
Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re
July 11, 2017 by Angela StelmakowichRisk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the…
How legalizing pot will affect your insurance policies
June 5, 2017 Jason Contant, Online EditorThe impending legalization of marijuana in Canada raises a number of legal issues related to property insurance policies, Michael Teitelbaum, a partner with Hughes Amys LLP, said last week at ARC Group Canada’s 2017 annual seminar and cocktail event. In…
Insurance and reinsurance industries should pay more attention to “black swan” events: CIFF speaker
May 25, 2017 Jason Contant, Online EditorThe insurance and reinsurance industry would benefit from paying more attention to “black swan” events, those which are “not anticipated and probably not modelled,” a speaker suggested on Wednesday at the Canadian Insurance Financial Forum (CIFF). “When you look back…
Confusion, frustration common to BI claims can be lessened: RIMS survey
April 26, 2017 Angela StelmakowichPHILADELPHIA – Quantifying business interruption losses continues to be a big challenge, reported by almost six in 10 RIMS members taking part in a recent survey, but a well-conceived approach by risk managers can help to clear any hurdles. “By…
Insured losses of New Zealand quake could be as much as US$3.5 billion: AIR Worldwide
November 18, 2016 by Canadian UnderwriterThe largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property…