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Injured worker precluded from SABS benefits after opting out of workers’ comp

May 27, 2008 by Canadian Underwriter

FSCO has dismissed the appeal of a ruling that a man opted out of workers compensation benefits to launch an action against an insurer for the sole purpose of seeking accident benefits under the SABS-1996.In the arbitration Patrick Lawrence and…

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What’s New: In Brief (May 27, 2008)

May 27, 2008 by Canadian Underwriter

The newly redesigned 2008 Dodge Grand Caravan has received an overall evaluation of “good” from the Insurance Institute for Highway Safety (IIHS). The vehicle received a “good” rating for its structure/safety cage and restraints during front crash tests, says the…

News InsuranceMergers and Aqcuisitions

Does criminal act exclusion apply to a person found not criminally responsible for a house fire?

May 27, 2008 by Canadian Underwriter

Does a criminal act exclusion contained in a homeowner’s insurance policy apply to a man alleged to be not criminally responsible for burning down his house by reason of suffering a mental disorder?The question is certainly important enough that the…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (May 27, 2008)

May 27, 2008 by Canadian Underwriter

Fifteen lives were saved and 271 injuries were prevented during 62,370 roadside inspections performed in 2007, according to the Commercial Vehicle Safety Association (CVSA).The CVSA sponsors Roadcheck, a program which dispatches federal, state, provincial and local inspectors to more than…

News Insurance

B.C. Court of Appeal allows exclusion

May 26, 2008 by Canadian Underwriter

British Columbia’s Court of Appeal has agreed with B.C.’s public auto insurer, ICBC, that a trial judge erred by failing to apply an exclusion under the Insurance (Motor Vehicle) Act for mechanical failure or breakdown of any part of a…

News Insurance

Chartered accountants encourage directors to be aware of D&O policy conditions at all times

May 26, 2008 by Canadian Underwriter

Canadian corporate directors should be well aware of the terms and conditions of their directors’ and officers’ (D&O) insurance policies long before the policies are triggered, the Canadian Institute of Chartered Accountants (CICA) says.“Board members are well advised to take…

News Insurance

What’s New: In Brief (May 26, 2008)

May 26, 2008 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) is preparing to release reports on its ‘Privilege Model’ and on managing potential conflicts of interest, both to be released later this year.The CCIR’s privilege working group has completed its final report outlining…

News Climate ChangeInsurance

Low property losses leading to false sense of complacency

May 26, 2008 by Canadian Underwriter

Leading up to the 2008 Atlantic hurricane season, Aon Corp is cautioning that although predictions of hurricane activity are important to consider, any storm can cause massive destruction regardless of whether it happens in a period of below-normal or above-normal…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (May 23, 2008)

May 23, 2008 by Canadian Underwriter

Pembridge Insurance Company has issued a warning to Alberta consumers “that there is the potential that some Pembridge Insurance Company automobile policies may have been fraudulently sold to consumers in Alberta.”The Pembridge notice requests Alberta policyholders that have “purchased an…

News InsuranceMergers and Aqcuisitions

OSFI superintendent warns capital management strategies must change

May 23, 2008 by Canadian Underwriter

Alberta’s court ruling that eliminated the province’s Cdn$4,000 cap on minor auto injury claims has led some experts to estimate that mandatory coverages in that province are under-priced by 25%, said Julie Dickson, superintendent of OSFI.Dickson made the remark during…

News Insurance

Business interruption coverage for avian flu soon to be made available

May 23, 2008 by Canadian Underwriter

Insurance for business interruption related to avian flu will be made available to Ontario’s poultry producers in July 2008, BetterFarming.com reports.The online professional farming publication reports that the reinsurance company involved in the Cdn$1.5-million pilot project is Endurance Reinsurance of…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (May 23, 2008)

May 23, 2008 by Canadian Underwriter

To recognize and encourage students pursuing careers in commercial brokerages, the Toronto Insurance Conference (TIC) has created the Commercial Brokers Award in association with Fanshawe College. An award of Cdn$1,500 will be presented annually for the next five years to…