Segment
Claims
Court dismisses appeal on declaratory benefits
April 16, 2008 by Canadian UnderwriterThe Ontario Court of Appeal has dismissed an insurer’s appeal, ruling that a trial judge did not overstep the SABS when granting declaratory benefits.In Monks v. ING Insurance Company of Canada, Suzanne Monks was rendered an incomplete quadriplegic following three…
CGL covers third party property damage to condo’s foundation, court rules
April 15, 2008 by Canadian UnderwriterA Commercial General Liability (CGL) policy does cover third party property damage caused by a condominium contractor’s negligence in trying to repair its own constructed foundation, the Ontario Court of Appeal has ruled.In making the ruling, the court distinguished between…
Subprime “train wreck” could continue to 2010
April 15, 2008 by Canadian UnderwriterThe scale of the subprime crisis so far is having the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A.M. Best reports.For 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis…
Feds take aim at organized auto theft rings, toughen Criminal Code
April 15, 2008 by Canadian UnderwriterPrime Minister Stephen Harper unveiled amendments to the Criminal Code intended to take “dead aim” at organized auto theft rings. The new legislation will make it a crime to alter, destroy or remove a Vehicle Identification Number (VIN). The definition…
What’s New: In Brief (April 14, 2008)
April 14, 2008 by Canadian UnderwriterMichael King has been appointed branch manager of Cunningham Lindsey Canada’s Fredericton, NB office. King brings with him more than 20 years experience, working as both independent and staff adjuster. Vehicle owners who “go green on the road” will be…
Severe summer storms took bite of SGI’s 2007 profits
April 14, 2008 by Canadian UnderwriterSGI CANADA has posted a profit of Cdn$35.1 million in 2007. The drop from 2006’s profit of Cdn$52 million is due to a number of severe summer storms that swept across Saskatchewan causing an increase in claim costs, the company…
U.S. tornado losses approaching those of hurricanes
April 11, 2008 by Canadian UnderwriterLosses of US$1 billion and higher from single tornado events are becoming more frequent, approaching hurricane damage losses, A.M. Best warns in a special report.Already in 2008, insured losses from severe weather systems have surpassed US$1 billion about US$850 million…
Ontario court upholds exclusions in all-risk commercial policy in hydro blackout case
April 10, 2008 by Canadian UnderwriterThe Ontario Superior Court has held up two exclusions in an “all-risks” commercial policy, according to which Lombard General Insurance denied coverage for a business interruption claim made by companies that lost frozen food after a power blackout.Leo Deluca Enterprises…
Climate change a challenge for countries with emerging economic, insurance markets
April 10, 2008 by Canadian UnderwriterClimate change is presenting particular challenges to countries with emerging market economies especially as the take-up of insurance in these areas increases, according to an article published by Munich Re.“Climate change presents a particular challenge to fast-growing emerging countries like…
Subprime liability claims could reach US$9 billion
April 10, 2008 by Canadian UnderwriterLitigation surrounding subprime exposure will result in D&O liability and E&O insurance claims estimated at between US$3 billion and US$4 billion and possibly as high as US$9 billion, Fitch Ratings reports.Insurers’ potential losses could be substantially higher if credit issues…
Individuals must carefully re-examine auto coverage limits
April 9, 2008 by Canadian UnderwriterIn the wake of the introduction of Bill 18 in Ontario, and given an ever-increasing size of damage awards (often running in the multi-millions of dollars), everyone needs to re-think what qualifies as adequate limits.Maurice Audet of Aon Reed Stenhouse…
What’s New: In Brief (April 09, 2008)
April 9, 2008 by Canadian UnderwriterAviva Canada Inc. has reached an agreement to acquire National Home Warranty Group of Companies (National Home). The deal is expected to close within the next 90 days, an Aviva release says.National Home provides new home warranty coverage to new…