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Why marijuana plant value is so important for adjusters

November 7, 2018 by Jason Contant

Claims adjusters handling recreational cannabis claims will need to consider the value of the plant at any given time in the growing process to determine actual loss, an independent adjusting firm said Tuesday. Potential cannabis greenhouse loss is much greater…

News InsuranceTechnology

Successful test of real-time data exchange on first notice of loss

November 7, 2018 by David Gambrill

Commercial brokerages and carriers have confirmed in a test case scenario that they can successfully exchange claims data from a first notice of loss (FNOL) form electronically, beginning and ending in the broker management system (BMS). In the Toronto Insurance…

News Risk

Canada Post admits cannabis privacy breach involving online customers

November 7, 2018 by Colin Perkel - THE CANADIAN PRESS

TORONTO – Canada Post publicly admitted to a privacy breach involving thousands of Ontario’s online cannabis customers on Wednesday after the province’s only outlet for legal recreational marijuana notified clients of the problem. The postal service said in a statement…

News Insurance

Paid IFRS 17: Filling the Gaps in Data & Technology Systems

November 7, 2018 by BDO

IFRS 17 is an accounting standard that will result in a complete overhaul of an insurer’s financial statements, though finance alone cannot work through this complex change in isolation. Considering the significance of the impact across the organization, IFRS 17…

News InsuranceMergers and Aqcuisitions

Sirius closes merger agreement

November 6, 2018 by Greg Meckbach

A merger agreement involving Sirius International Insurance Group Ltd., which sells reinsurance in Canada, has closed. Bermuda-based Sirius started trading Monday on the NASDAQ. Sirius America Insurance Company sells reinsurance through a Toronto office. In Canada, the firm had net…

News InsuranceLegislation / RegulationMarkets / Coverages

Condo deductibles need to be clearer: provincial regulator

November 6, 2018 by Jason Contant

Proposed regulations on deductibles for condominium insurance in Quebec need to be clear, affordable and consider the number of units in the building, the province’s self-regulatory body for brokers, agents and claims adjusters said Monday. “The government is saying, ‘Well,…

News Insurance

Brokers give performance-based pay a thumbs-up

November 6, 2018 by David Gambrill

This story is one in a series reporting on the results of 2018 National Broker Survey, conducted by Canadian Underwriter. The survey of more than 800 P&C brokers nationally was designed to identify the success strategies of both producers and principals. Find other instalments in the…

News Legal

New Brunswick pulp and paper firm fined $3.5 million for pollution

November 6, 2018 by THE CANADIAN PRESS

SAINT JOHN, N.B. – Irving Pulp and Paper Ltd. has been hit with one of largest penalties ever imposed in Canada for an environmental violation. The company, based in Saint John, N.B., was fined $3.5 million Monday for dumping improperly…

News Insurance

Why this marine cargo claim ended up in Canadian court

November 6, 2018 by Greg Meckbach

Can a marine cargo policy cover damage to goods when they are transported thousands of kilometres by truck? This question will likely be considered by the Ontario Superior Court of Justice. A disputed claim – under a marine cargo policy…

News InsuranceLegislation / Regulation

Legislature defeats bill quashing territorial ratings in Toronto area

November 5, 2018 by Greg Meckbach

If you have clients living in Brampton or near the intersection of Jane St. and Finch Ave., they will probably continue paying more for auto insurance than if they lived elsewhere in the Greater Toronto Area. A bill proposing to…

News BrokersConstructionMarkets / Coverages

Navacord continues to expand its construction practice with latest partnership

November 5, 2018 by Jason Contant

Effective Nov. 1, commercial brokerage Navacord Corp. continued to expand its construction practice with the addition of Westmount Guarantee Services Inc. as a broker partner. Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance…

News AppointmentsInsuranceMarkets / Coverages

Canadian travel insurance provider names new CEO

November 5, 2018 by Jason Contant

Travel insurance and assistance provider Allianz Global Assistance Canada (AGAC) has appointed Chris Van Kooten as chief executive officer, effective immediately. Van Kooten brings extensive insurance industry experience to his new position, having held executive leadership roles with several Canadian…