Two creditor firms seeking to access insurance policy proceeds in a $2.5-million trust fund misappropriation case against a lawyer lost their bid to interpret the $500,000 sublimit as applying to each of their claims, instead of being an aggregate policy…
Signs 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…
A large part of a personal trainer’s job is making sure clients do their exercises safely. But personal trainers also need to protect themselves — using insurance. Each year, there are roughly 460,000 reported fitness injuries, according to the U.S.…
The Co-operators does not have a duty to defend a cyber liability case involving a “novel” policy exclusion for breached data being published over the internet, the Ontario Court for Appeal has ruled. Reversing the previous decision of a lower…
B.C.’s Court of Appeal recently confirmed that a $10-million coverage limit did not apply to mitigation of loss coverage in a professional liability insurance policy, in part because the policy grouped mitigation of loss coverage together with other types of…
A major bank’s disputed $300-million professional liability insurance claim – arising from a Ponzi scheme in Florida – could reach the Supreme Court of Canada. Toronto-Dominion Bank bought an insurance policy from a syndicate of insurers, including Lloyd’s Underwriters in…
A recently-announced agreement to settle a lawsuit valued at $500,000 shows the liability risk faced by directors of Ontario-based companies with overseas operations. Even though four directors and officers had resigned, citing a lack of cooperation with the company’s managers…
An emerging class of professional consultants is a new area of opportunity for brokers seeking to place errors and omissions (E&O) insurance. “We as a society have changed to become more service-oriented,” says Marilyn vanGansewinkel, vice president of specialty insurance…
A clear exclusion pertaining to fees and commissions in a credit union’s professional liability policy means Liberty International Underwriters will not have to defend a British Columbia credit union against a class-action lawsuit related to machine charges outside of Canada. Coast…
Officials with Fairfax Financial Holdings Ltd., which recently bought a majority interest in Allied World Assurance Company Holdings AG, “want to look at how” they can “organically expand” the firm’s existing business, chairman Prem Watsa told financial analysts recently. Toronto-based…
Aspen Insurance Holdings Limited released its financial results for the second quarter and first half of 2017 on Wednesday, reporting a net income after tax of US$75.8 million for Q2 2017. Gross written premiums (GWP) in the second quarter of…
Everest Re Group Ltd. reported Monday catastrophe losses, net of reinsurance, of $53.5 million in the three months ending June 30, with a 4.6-point improvement in its Q2 combined ratio to 90.5%. All figures are in United States dollars. Hamilton,…