News
Why marijuana plant value is so important for adjusters
November 7, 2018 by Jason ContantClaims 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…
Successful test of real-time data exchange on first notice of loss
November 7, 2018 by David GambrillCommercial 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…
Canada Post admits cannabis privacy breach involving online customers
November 7, 2018 by Colin Perkel - THE CANADIAN PRESSTORONTO – 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…
Paid IFRS 17: Filling the Gaps in Data & Technology Systems
November 7, 2018 by BDOIFRS 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…
Sirius closes merger agreement
November 6, 2018 by Greg MeckbachA 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…
Condo deductibles need to be clearer: provincial regulator
November 6, 2018 by Jason ContantProposed 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,…
Brokers give performance-based pay a thumbs-up
November 6, 2018 by David GambrillThis 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…
New Brunswick pulp and paper firm fined $3.5 million for pollution
November 6, 2018 by THE CANADIAN PRESSSAINT 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…
Why this marine cargo claim ended up in Canadian court
November 6, 2018 by Greg MeckbachCan 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…
Legislature defeats bill quashing territorial ratings in Toronto area
November 5, 2018 by Greg MeckbachIf 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…
Navacord continues to expand its construction practice with latest partnership
November 5, 2018 by Jason ContantEffective 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…
Canadian travel insurance provider names new CEO
November 5, 2018 by Jason ContantTravel 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…