Segment
Claims
Multiple crane accidents fail to raise red flags for insurers
June 10, 2008 by Canadian UnderwriterAt least nine people have been killed and 11 have been injured after construction cranes collapsed, but it is not expected to impact policies or send construction insurance rates soaring, reports Lloyd’s.With the booming construction industry, cranes are not an…
Insurer’s expert report not mere “opinion,” Manitoba Appeal Court rules
June 9, 2008 by Canadian UnderwriterInsurers’ expert reports count as “evidence” in a court of law in the same way that plaintiffs’ expert reports do, the Manitoba Court of Appeal has ruled.In Missler v. Manitoba Public Insurance Corporation (MPI), the Court of Appeal considered a…
Insurer entitled to reasonably protect interests in no-fault benefits case
June 6, 2008 by Canadian UnderwriterNew Brunswick’s Court of Appeal has upheld the notion that insurers can reasonably protect their own interests in a no-fault case, even if those interests are sometimes at odds with the interests of the insured.In Veno v. United General Insurance…
Myofascial Pain Dysfunction case fails to meet “serious impairment” threshold, Ontario court rules
June 5, 2008 by Canadian UnderwriterA 71-year-old woman diagnosed with Myofascial Pain Dysfunction as the result of a motor vehicle accident has not met the threshold of “a permanent and serious impairment,” the Ontario Superior Court has ruled in Rosypskye v. Stewart. The court found…
Supreme Court’s 2007 rulings on “indirect use of an auto” favour ING in Alberta Court of Appeal
June 4, 2008 by Canadian UnderwriterThe Supreme Court of Canada’s decisions in the twin 2007 cases of Herbison and Vytlingham have already changed the fate of a case in the Court of Appeal in Alberta.The Court of Appeal of Alberta has granted the appeal of…
Property exclusion should have specified “equipment,” Appeal Court rules
June 3, 2008 by Canadian UnderwriterBy referring vaguely to “property” damage, an exclusion contained in a marina’s all-risks insurance policy was inoperable because the exclusion didn’t specifically refer to the marina’s “equipment,” the Ontario Court of Appeal has ruled.The Appeal Court thus rejected the appeal…
Despite US$100 million of insured losses in 2008, reinsurance prices fall 15-22%
May 30, 2008 by Canadian UnderwriterInsurers have absorbed losses of more than US$100 million due to 15 events this year, Robert F. Howe, global leader of property operations for Marsh Inc., noted during a panel discussion in New York on May 30. Total aggregate losses…
IBC urges Manitoba policyholders to check policies after first 2008 tornado
May 30, 2008 by Canadian UnderwriterCanada’s home, car and business insurers are reminding Manitoba’s homeowners to review their insurance policies after Environment Canada received reports of a tornado touching down in the province earlier this week, and fires are affecting northern Manitoba.Manitoba’s first tornado of…
Reinsurers would shoulder more of the load in an active 2008 hurricane season: Fitch
May 28, 2008 by Canadian UnderwriterIf the 2008 hurricane season features only small to moderate storms (as experienced in 2004), primary insurers will disproportionately incur catastrophe losses relative to reinsurers. However, the opposite rings true if the season includes one or more large or very…
Swiss Re calls for better reserving practices based on market cycles
May 28, 2008 by Canadian UnderwriterImprovements in reserving would be beneficial for the insurance industry, according to Swiss Re’s sigma study, “Non-life claims reserving: improving on a strategic challenge.”Claims reserves (or provisions) are funds set aside for claims that have not yet been paid. Since…
Injured worker precluded from SABS benefits after opting out of workers’ comp
May 27, 2008 by Canadian UnderwriterFSCO 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…
Does criminal act exclusion apply to a person found not criminally responsible for a house fire?
May 27, 2008 by Canadian UnderwriterDoes 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…