Keyword
liability
Pen Underwriting Canada’s e-traded D&O solution offers brokers fast quote-to-cover capability
July 22, 2016 by Canadian UnderwriterPen Underwriting Canada’s newly launched e-trading platform allows brokers to quote and issue a policy within five minutes that provides directors and officers a broad range of D&O coverage to suit the fast-evolving risks and liabilities they face. Calling the…
Enbridge announces US$177 million settlement in connection with 2010 oil spills
July 21, 2016 by Canadian UnderwriterThe U.S. Department of Justice (DOJ) and the Environmental Protection Agency (EPA) have announced a US$177 million settlement with Enbridge Energy Limited Partnership and several related Enbridge companies to resolve claims stemming from its 2010 oil spills in Marshall, Mich.,…
SGI Canada reports underwriting income of $42 million for 15 months ending March 31
July 19, 2016 by Canadian UnderwriterSaskatchewan Government Insurance announced Monday that the province’s Auto Fund had an underwriting loss of $11.1 million for the 15 months ending March 31, 2016, while SGI Canada, the competitive arm of SGI, had underwriting income of $42 million during…
Q1 claims costs up 48.1% at Manitoba Public Insurance
July 19, 2016 by Canadian UnderwriterManitoba Public Insurance Corp., the crown corporation that writes auto insurance in the province, reported Friday its underwriting loss was $33.8 million during the three months ending May 31. MPI had reported underwriting income of $40.73 million in the three…
Most companies unprepared for emergence of autonomous vehicles: Munich Re survey
July 19, 2016 by Canadian UnderwriterMost companies are unprepared for the emergence of autonomous vehicles (AVs), with 64% of polled risk managers saying that their companies have done nothing to prepare for the emergence of these vehicles in the auto market, according to a Munich…
Chubb introduces insurance product for private Canadian companies
July 18, 2016 by Canadian UnderwriterChubb Ltd. announced on Monday that it has launched a modular insurance policy designed specifically for Canadian privately owned companies. ForeFront Portfolio addresses the broad range of liability risks faced by Canadian private companies in an increasingly risky and litigious…
BP faces further US$2.5 billion charge over 2010 Deepwater Horizon spill, total cost at US$61.6 billion
July 15, 2016 by Canadian UnderwriterOil and gas company BP plc announced on Thursday that the 2010 Deepwater Horizon accident and oil spill will cause the company to take “an after-tax non-operating charge of around US$2.5 billion in its second quarter 2016 results.” BP said…
Court ruling opens GM to billions in death, injury claims
July 15, 2016 Tom Krisher - THE ASSOCIATED PRESSDETROIT – A federal appeals court ruling that General Motors can’t use its 2009 bankruptcy to fend off lawsuits over faulty and dangerous ignition switches exposes the automaker to billions in additional liabilities, according to legal experts. The 2nd U.S.…
XL Group shareholders approve redomestication to Bermuda, High Court of Ireland hearing scheduled July 20
June 24, 2016 by Canadian UnderwriterThe shareholders of XL Group plc have voted in favour of changing the company’s place of incorporation from Bermuda, the Dublin, Ireland-based insurance carrier announced Thursday. XL has been using the XL-Catlin brand for slightly more than a year, since…
2011 Vancouver Stanley Cup rioters found jointly liable for auto damage
June 23, 2016 by Canadian UnderwriterA British Columbia court recently found several individuals jointly liable for damages caused to vehicles, insured by Insurance Corporation of B.C., during riots in Vancouver in June, 2011, but the court declined to award punitive damages. On June 15, 2011,…
$508 million in pollution liability for B.C. government: Report
June 10, 2016 by Canadian UnderwriterThe British Columbia government said Friday that as of March 31, the province’s forests, lands and natural resource operations department recognized $508 million in pollution-related liabilities related to property managed by the Crown Contaminated Sites Program. The ministry on Friday…
Sedgwick and subsidiary Vericlaim expand operations in Canadian market
June 1, 2016 by Canadian UnderwriterSedgwick Claims Management Services, Inc. and its subsidiary Vericlaim announced on Wednesday that they will expand their services available in the Canadian market. In addition to Sedgwick’s existing third-party administration (TPA) operations, the companies will offer high-quality claims administration and…