Hospitality was the sector hardest hit by the pandemic in Canada, but that industry was already challenged with access to capacity prior to both the pandemic and the current hard market, Deloitte said in a recent report. The impacts of…
Karim Chandani is Hub International’s cross-border practice leader for its hospitality specialty. Chandani previously held a role at Hub as vice-president of hospitality from 2019 to 2022. He has nearly 10 years’ experience in Hub’s hospitality and real estate…
Commercial brokers wanting to place coverage for restaurants and hotels need to understand how those clients were affected by the pandemic and make the best case on their risk profile to carriers, says the CEO of Insurance Brokers Association of…
Hospitality clients are starting to get coverage from multiple carriers on a subscription basis through the Business Insurance Action Team, says the CEO of one of the participating insurers. Cambridge, Ont.-based Gore Mutual is participating in the BIAT, launched in…
An Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…
When it comes to the hospitality sector, insurers’ risk appetites are constantly changing and underwriters are especially concerned about clients who get most of their revenue from alcohol, a managing general agent reports. “A broker has to spend a lot…
Based on estimates of 160,000 Canadian small businesses at risk of closing due to the COVID-19 pandemic — or even as many as 225,000 closures, per the Canadian Federation of Independent Business — brokers have a part to play in…
Brokers are having some frank conversations with clients in the hotel and restaurant business about the realities they’re facing and how to survive the troubles ahead, says a hospitality broker leader. “The truth is that if anybody is going to…
Brokers struggling to find coverage for small and mid-sized restaurant and hotel clients may now have a new option available, and it’s already getting a response. CAA Club Group’s Echelon subsidiary announced Monday it is offering up to $5 million…
Imposing more regulation on commercial carriers is not going to help make coverage available for clients who are having a hard time finding insurance, Intact CEO Charles Brindamour suggests. “I don’t think that scaring insurers is the way to bring…
Clients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…
In general liability lines, where pricing and competition are still healthy, brokers are more likely to notice windows of opportunity that are now starting to close – particularly in the hot tar and hospitality lines. “Competition is out there, capacity…