Keyword
E&O
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
How broker tech can reduce E&O exposure
June 16, 2023 Alyssa Di SabatinoA growing wave of retirements means Canada’s property and casualty (P&C) insurance brokerages are losing the knowledge and experience of many of its senior leaders. “Many brokerages run into issues because they don’t have a system for knowledge transfer, which…
What key factors spark E&O claims against brokers?
May 25, 2023 David GambrillSenior broker retirements, a labour shortage that’s spurring firms to bring new, inexperienced employees into brokerages, and a hybrid office may be combining to increase a broker’s errors and omissions (E&O) exposure. “It’s very difficult to track [broker E&O] claims…
Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?
June 23, 2022 by Jason ContantThe issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O)…
How broker E&O tracked during the pandemic
June 14, 2022 by Jason ContantBroker errors and omissions (E&O) claims grew during the pandemic for those who failed to maintain adequate levels of coverage for their clients, a broker E&O specialist says. While home and auto claims were down due to lockdowns, resulting in…
Which insurer is providing more E&O capacity to Canada
February 2, 2022 by David GambrillSigns are showing that stability – and more capacity – is returning to Canada’s commercial insurance market, including a recent announcement that the professional liability division of Cincinnati-based Great American Insurance Group has expanded into Canada. More specifically, Great American’s…
Fast pace of private equity investments means more insurance placements for portfolio companies
December 14, 2021 Jason ContantSpeed can equal success when a private equity firm is looking to acquire a company. But the rush to close a deal can also mean insurance gets put on the back burner. A private equity firm often buys a controlling…
Do your clients freelance? The right questions will get them proper coverage
December 8, 2021 Brooke SmithYour clients may love being their own bosses, or they may be self-employed by necessity. “If you look at what’s happening with the gig economy, it seems many [people] are either finding new careers and becoming freelancers or freelancing as…
The perils of highlighting key points in a policy
February 22, 2021 by Greg MeckbachHome insurance policies may be so long that consumers won’t read the entire thing, but it doesn’t mean that brokers should selectively highlight certain policy terms to clients, a brokerage leader warns. “For us, there are things we need to…
Why this insurer had to pay $187K for ex-Ontario PC leader’s legal defence
January 28, 2021 by David GambrillAn Ontario court has ordered Sovereign General to pay $187,313 to cover the legal costs of former Ontario Progressive Conservative Party leader Patrick Brown, who personally incurred the expenses while defending a defamation lawsuit arising from the publication of his…
Financially, which of your clients are hurting the most?
August 7, 2020 by David GambrillCanadian construction and real estate development companies appear to be hurting the most during the pandemic, according to bankruptcy records kept by the federal government. Twenty-seven Canadian companies have been granted creditor protection since the novel coronavirus was declared a…
Brokers urged to stay on top of coverage changes as businesses re-open
June 22, 2020 by David GambrillBrokers are advised to be aware of the “second wave” — and that doesn’t refer to the anticipated increase in the number of novel coronavirus infections in the fall. No, brokers are now being cautioned about the new wave of…