News
Feds to phase out coal-fired electrical plants as part of climate change strategy
June 23, 2010 by Canadian UnderwriterThe federal Minister of the Environment announced proposed regulations to phase out traditional coal-fired electrical plants and place stringent performance standards on new coal-fired electricity generation units. Thirty-three of Canada’s 51 coal-burning electricity plans will come to the end of…
Damage caused by oil mixed with U.S. floodwaters is covered: FEMA
June 23, 2010 by Canadian UnderwriterThe Federal Emergency Management Agency (FEMA) confirmed that National Flood Insurance Program policies will cover property damage caused by oil in floodwaters, reports the US’s Insurance Information Institute (III).“FEMA’s clarification comes after rising concerns over whether flood insurance policies would…
Manitoba man pays steep price for attempted $240 insurance fraud
June 23, 2010 by Canadian UnderwriterA Winnipeg man was sentenced to 15 months’ probation, perform 120 community service hours within one year, pay full restitution and write a letter of apology to Manitoba Public Insurance (MPI)’s CEO for attempting to commit a $240 insurance fraud.Brent…
FSCO updates Professional Services Guideline to reflect HST
June 23, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario has approved marginal increases for the maximum hourly rates payable by auto insurers for the services of health care providers listed in the Professional Services Guideline.The updated guidelines come into effect on July 1,…
Magnitude 5.0 earthquake rumbles Quebec-Ontario border
June 23, 2010 by Canadian UnderwriterA magnitude-5.0 earthquake struck the Ontario-Quebec border area – 60 kilometers north of Ottawa – at 1:42 p.m. on June 23, according to the United States Geological Survey (USGS). Natural Resources Canada confirmed the earthquake on its Web site: “June…
Pharmaceutical companies facing liability for products found in water supplies: Marsh
June 22, 2010 by Canadian UnderwriterPharmaceutical companies are facing an evolving risk of liability for pharmaceuticals and personal care products (PPCP) found in ground and drinking water supplies, according to Marsh. PPCPs include antibiotics, anti-convulsants, mood stabilizers, stimulants and antihistamines.“Liability will likely rest primarily with…
Flash floods hit Alberta and Saskatchewan, closing Trans-Canada Highway
June 22, 2010 by Canadian UnderwriterStates of emergency were declared following heavy rains that led to floods in Southern Alberta and Saskatchewan, forcing the evacuation of hundreds of homes and causing a sinkhole on the Trans-Canada Highway.As much as 150 millimetres of rain fell in…
Blouin Dunn LLP hires Derek Ballard
June 22, 2010 by Canadian UnderwriterDerek Ballard has joined Blouin Dunn LLP as of June 15. Ballard obtained his law degree at the University of Manitoba in 2002 and was called to the Ontario Bar in 2003. Since his call, Ballard has practiced in many…
The Dominion launches Web site to educate consumers about Ontario auto reforms
June 22, 2010 by Canadian UnderwriterThe Dominion of Canada General Insurance Company has launched a Web site ‘MyChoiceCarInsurance.ca’ to help Ontario auto insurance consumers understand the coverage options that will become available to them after the Sept. 1, 2010 auto reform implementation date.MyChoiceCarInsurance.ca features:• an…
P&C impairments tripled last year in the United States: A.M. Best
June 22, 2010 by Canadian UnderwriterU.S. property and casualty insurer financial impairments have more than tripled since 2007, reports A.M. Best.In contrast, regulators have not closed a Canadian insurance company during that time frame, confirms the Property and Casualty Insurer Compensation Corporation (PACICC).Eighteen property and…
ClearRisk launches version 2.0 of Manager application
June 22, 2010 by Canadian UnderwriterClearRisk has launched version 2.0 of its Manager application, intended to add speed and functionality.ClearRisk Manager (ClearRiskManager.com) was created to provide insurance brokers with an affordable way to provide clients with risk management plans, risk maps and risk management resources.…
Canada’s Competition Act negates dream of a single cost calculator: IBC
June 21, 2010 by Canadian UnderwriterCanada’s Competition Act is the main reason why the Insurance Bureau of Canada (IBC) will have nothing to do with the idea of insurers requiring brokers to use a single cost calculator for the purpose of calculating the reconstruction costs…