Keyword
liability
Takata pleads guilty in air bag scandal, agrees to pay $1B
February 28, 2017 Tom Krisher and Ed White - THE ASSOCIATED PRESSDETROIT – Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the U.S. The…
RSA Group reports record 2016 underwriting profit of 380 million pounds and record combined ratio of 94.2%
February 24, 2017 by Canadian UnderwriterRSA Group has reported a record Group underwriting profit of 380 million pounds for 2016 – up 73% from 220 million pounds in 2015 – and a record Group combined ratio of 94.2% compared to 96.9% in 2015. RSA also…
DuPont, Chemours Company settle indemnification claims in US$671 million settlement related to U.S. environmental releases
February 15, 2017 by Canadian UnderwriterDuPont and the Chemours Company have announced a nearly US$671 million settlement agreement in connection with personal injury claims arising from environmental releases of perfluorooctanoic acid and its salts (PFOA) from the Washington Works plant in West Virginia. The Canadian…
Supreme Court of Canada hears appeal from auditing firm over $118-million judgement arising from Livent fraud
February 15, 2017 by Canadian UnderwriterIf the Supreme Court of Canada upholds a Court of Appeal for Ontario ruling against Deloitte & Touche, corporate auditors “will be encouraged to resign an audit before they feel they can responsibly do so in order to minimize the…
Beazley launches entertainment, media liability coverages in Canada
February 13, 2017 by Canadian UnderwriterUnited Kingdom-based specialist insurer Beazley plans to expand the range of products available through its newly acquired Canadian operations with Monday’s announcement that it will offer television and film producers errors and omissions (E&O) coverage, as well as media liability…
Court orders review of Target security breach settlement
February 3, 2017 David Pitt - THE ASSOCIATED PRESSDES MOINES, Iowa – A Minnesota federal judge must hold hearings to determine whether a proposed settlement for about 100 million Target customers who were victims of a 2013 security breach treats all customers fairly, a federal appeals court says.…
Terrorism insurance gaps demand rethinking focus on property: C4 2017 speaker
February 2, 2017 by Angela StelmakowichTerrorism insurance programs need a reset to ensure clients are appropriately covered in light of the continuing shift from attacks on property to attacks on people designed to produce mass casualties, Scott Bolton, the U.K.-based director of business development and…
Aviva Canada launches homesharing insurance coverage across Canada
February 1, 2017 by Canadian UnderwriterAviva Canada has announced that it is offering insurance coverage for homesharing across Canada, starting Feb. 1. Aviva Canada said in a statement on Wednesday that it is offering hosts two homeshare coverage options that can be tailored to meeting…
Ontario Municipal Employees Retirement System agrees to buy minority stake in Allied World
January 27, 2017 by Canadian UnderwriterAllied World Assurance Company Holdings AG will be 21% owned by the Ontario Municipal Employees Retirement System (OMERS) if a deal announced Friday with Fairfax Financial Holdings is approved. Toronto-based Fairfax announced Dec. 18 a merger agreement, valued at about…
Gasoline, alcohol sales, food preparation among special risks for supermarkets: Chubb
January 24, 2017 by Canadian UnderwriterChubb Ltd. is advising supermarket operators in the United States who sell alcohol to consider limiting the amount of alcohol a customer can buy and to watch parking lots to ensure customers are not drinking. In a report released Monday,…
Determining consequential damages from data breach ‘difficult to apply in practice:’ Willis Towers Watson
December 21, 2016 by Canadian UnderwriterA ‘significant percentage’ of data breaches involve a loss or compromise of data in the hands of third-party vendors, and many technology vendor agreements cap those vendors’ liability to fees paid and leave customers on the hook for consequential, incidental…
Court denies replacement value coverage on fire claim after owners plan to build larger structure on same Ottawa site
December 20, 2016 by Canadian UnderwriterIn a fire insurance claim, the courts recognize that “the need to rebuild premises which more closely resembled the original” is critical in triggering coverage for replacement value rather than actual cash value, Dutton Brock LLP suggested in a bulletin…