Segment
Claims
Ways to prevent losses when EVs catch fire onboard ships
August 31, 2022 Canadian Underwriter StaffElectric vehicles are fire! Literally. The large lithium-ion batteries they contain can catch fire faster than the ones used in laptops or cell phones, and those fires are particularly perilous when they happen on board ships transporting EVs to markets…
The good and bad news for reinsurers
August 31, 2022 by Jason ContantThe global reinsurance industry appears to be in a “state of equilibrium,” with positive and negative factors countering each other, according to a new report from AM Best. Despite lingering economic and operational challenges stemming from the COVID-19 pandemic, AM…
One key difference between a builders’ risk policy and a liability policy
August 30, 2022 by David GambrillStarr Insurance & Reinsurance Limited does not have to defend its insured in a Quebec construction case, because its builders’ risk policy is essentially a property policy, not a liability policy, Quebec’s Superior Court has ruled. In construction, a builders’…
Brokers: Do your clients have the right amount of vehicle loss-of-use coverage?
August 30, 2022 by Jason ContantAlthough supply chain issues show some signs of easing, these challenges are still causing lengthy repair times for vehicles that extend well past standard loss-of-use coverage. In other words, clients may need to pay out of pocket for months’ worth…
Territory’s 2022 wildfire season has nearly doubled five-year average for area burned
August 30, 2022 Emily Blake - THE CANADIAN PRESSYELLOWKNIFE – The 2022 wildfire season in the Northwest Territories is shaping up to be one of the most severe in the past five years. “We’re well on our way to doubling our five-year average for area burned,” said Mike…
Court sides with insurer in unidentified driver case
August 29, 2022 by David GambrillThe six-month notification period to make a claim under the unidentified driver portion of B.C.’s Insurance (Vehicle) Act won’t be extended, even though it took a year for the victim to become aware she could make such a claim, a…
How much severe weather will cost the Canadian economy by 2050
August 29, 2022 by Jason ContantFloods, storms and droughts could result in a total loss of CAD$139 billion to Canada’s gross domestic product (GDP) between now and 2050, new research found. Total direct losses from 2022 to 2050 are expected to reach $88 billion in…
Six people reported missing believed dead in vehicle crash: Barrie, Ont. police
August 29, 2022 Jordan Omstead - THE CANADIAN PRESSBARRIE, Ont. – The mayor of Barrie, Ont., called on the city to rally around the families of six people who were reported missing and then found dead in a car crash on Sunday morning. Barrie police said four men…
How marine & logistics insurance is evolving alongside the supply chain
August 29, 2022 Jason ContantProduct orders from giant online retailers like Amazon are now being filled and shipped from Canada – proof the logistics chain is evolving. But this also means Canadian companies storing and shipping goods under contract for these retailers need protection,…
Insurer found vicariously liable for adjuster selling client information
August 26, 2022 by David GambrillB.C.’s public auto insurer has been held vicariously liable for a privacy breach, in which one of its claims adjusters sold client information to a third party that ultimately led to arson and shooting attacks. “Between April 2011 and January…
Fire-risk recall may give brokers opportunity to contact auto clients
August 25, 2022 Philip PoradoA recall of two late-model SUV models by Hyundai Motor America and Kia America was amplified by a consumer alert from the U.S. National Highway Traffic Safety Administration (NHTSA) in Washington. The issue involves a tow hitch, sold as a…
Trial required to assess Zurich’s right to rescind surety bonds: Appeal Court
August 25, 2022 by David GambrillAs a matter of legal principle, Zurich can rescind performance and payments surety bonds based on fraud or misrepresentation, even if that would affect the rights of innocent third parties in a construction dispute, Ontario’s Court for Appeal has ruled.…