Keyword
oil
Subrogated claim confirms obligations of homeowners using heating oil
September 6, 2019 by Greg MeckbachIf your client’s home is heated by oil supplied from an outdoor tank, do they need to conduct annual maintenance? This question came up in a recent subrogated home insurance claim. A Court of Appeal for Ontario ruling released this…
What needs to happen before interest rates rise
January 9, 2019 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Bank of Canada left its trend-setting interest rate unchanged at 1.75 per cent Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects…
Insurer that paid $800,000 on home fuel oil spill cannot subrogate: Court
March 14, 2018 Greg Meckbach, Associate EditorA home insurer that paid about $800,000 for an oil spill claim cannot sue the fuel companies in the insured’s name because the homeowner had declared bankruptcy, the Court of Appeal for Ontario ruled recently. Art and Wendy Douglas lived…
5.1 earthquake likely caused by wastewater disposal: U.S. Geological Survey
October 24, 2016 by Canadian UnderwriterFAIRVIEW, Okla. – The third-largest earthquake in Oklahoma was likely triggered by underground disposal of wastewater from oil and natural gas production, the United States Geological Survey found in a report issued Monday. The magnitude 5.1 quake that struck northwest…
Change in exposure driving widening gap between insured, economic losses following disaster events
September 14, 2016 by Angela StelmakowichCALGARY – A dramatic loss scenario around disaster events is developing globally, contributing to a widening gap between insured and economic losses, Alex Kaplan, senior vice president of global partnerships for Swiss Re, suggested earlier this week during the RIMS…
Impact of Fort Mac wildfire adds to Alberta’s economic challenges, increases deficit: province
August 24, 2016 by Angela StelmakowichCosts associated with the wildfire that ravaged parts of Alberta’s Wood Buffalo region this past May, coupled with the impact of ongoing low oil prices, has set the provincial government on a continuing cautious course to its finances. “In the…
Alberta fires torch economy, biggest monthly GDP decline in more than 7 years
July 31, 2016 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Alberta wildfires torched the Canadian economy in May, driving the country into its worst one-month performance since the darkest days of the Great Recession. On Friday, Statistics Canada’s latest reading for real gross domestic product showed a…
Saskatchewan city prepares for possible arrival of oil from major pipeline spill
July 22, 2016 The Canadian PressMAIDSTONE, Sask. – Reservoirs and the water tower in North Battleford have been filled to capacity as a precautionary measure in the event oil from a major pipeline spill reaches the Saskatchewan city. Husky Energy says between 200,000 and 250,000…
Paris climate agreement presents ‘particular risks’ for shale fuel producers: Willis Towers Watson
July 5, 2016 by Canadian UnderwriterAn international agreement to limit carbon emissions, regulations requiring some natural resources firms to have cash on hand to decommission facilities and the threat of cyber attack are among the risks cited by senior executives in a Willis Towers Watson…
Too many unknowns to recommend fracking in western Newfoundland: review panel
May 31, 2016 Sue Bailey - THE CANADIAN PRESSST. JOHN’S, N.L. – There are too many unknown risks and data gaps to green-light fracking, says a government-appointed panel that studied hydraulic fracturing in western Newfoundland. In a report released Tuesday, it recommends that the province continue its freeze…
Link between oil price reduction, increase in major incidents: Marsh
March 24, 2016 by Canadian UnderwriterEnergy firms are facing challenges, including falling revenues, but are encouraged to maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, suggests a new research report from global insurance broker and risk…