Segment
Claims
What’s New: In Brief (December 18, 2007)
December 18, 2007 by Canadian UnderwriterA British Columbia resident was ordered by a B.C. Supreme Court judge to pay the Insurance Corporation of British Columbia (ICBC) Cdn$87,337 in damages to recover the costs paid out for stolen vehicle claims. The ruling concludes a civil action…
Alberta insurer pays out Cdn$150 million for 2007 hailstorm claims
December 14, 2007 by Canadian UnderwriterAgriculture Financial Services Corp. an Alberta crown corporation (with a private-sector board of directors) that provides farmers and agribusinesses with crop insurance and farm income disaster assistance paid out a record of more than 7,200 hail-related claims this year.The Edmonton…
Beware of business interruption goblins
December 14, 2007 by Canadian UnderwriterUnderwriters need to beware of seemingly “harmless” business interruption (BI) coverages such as for interdependent and contingent losses, power outages and the financial consequences of prevented access that could accumulate into a big payout should a claim occur, Swiss Re…
Court of Appeal remits vicarious liability matter to trial
December 14, 2007 by Canadian UnderwriterTwo men struggling for control of a rented vehicle made it difficult to assess vicarious liability in a case involving the interpretation of an Insurance Act exclusion, and a motions judge erred in deciding the factual issues by means of…
Facultative reinsurers looking to capital markets
December 13, 2007 by Canadian UnderwriterFacultative reinsurers are exploring capital markets techniques that could boost their competitive position in hard markets, while at the same time allowing underwriters to reduce excess capital in soft markets, Benfield has written in the 08 edition of The Fac…
Only small portion of flood loss ceded to UK reinsurers
December 13, 2007 by Canadian UnderwriterOnly a small proportion of the 2007 flood losses in the United Kingdom was ceded to reinsurers, while most of the damage losses were absorbed by the direct insurance industry, a Guy Carpenter report says.According to the report, Wrong Type…
Insurer has duty to defend on ’30-minutes-or-its-free’ corporate policy
December 13, 2007 by Canadian UnderwriterAn Ontario Superior Court judge has ordered an insurer to defend a pizza company on allegations that the company’s “30-minutes-or-it’s-free” delivery policy caused driver negligence leading to a collision.Pizza Pizza Limited faces court allegations of negligence in relation to its…
U.S. consumers looking to insurers for identitiy theft solutions
December 11, 2007 by Canadian UnderwriterSlightly more people would search for identity theft solutions from an insurance company than they would from either banks or credit card companies, according to a survey by the National Association of Insurance Commissioners (NAIC).The NAIC’s national survey polled a…
What’s New: In Brief (December 07, 2007)
December 7, 2007 by Canadian UnderwriterChubb Insurance Company of Canada has taken steps to improve its handling of each of the 125,000 telephone calls it receives each year, by migrating to an IP telephony platform.Internet telephony is the use of the Internet rather than the…
What’s New: In Brief (December 07, 2007)
December 7, 2007 by Canadian UnderwriterSeven people were arrested this week on charges related to a theft ring in which more than 500 vehicles were stolen, crushed and sold for scrap, according to CanWest News Service. Acting on a tip from the Insurance Bureau of…
Go-kart on private track is not an “automobile,” Ontario’s top court rules
December 6, 2007 by Canadian UnderwriterA go-kart operated on a private track is not an “automobile” according to the standard Ontario automobile insurance contract, the Ontario Court of Appeal ruled in Adams v. Pineland Amusements Ltd. Denis Potvin was driving a go-kart on a track…
Insurers can examine insureds under oath, even after litigation commenced
December 5, 2007 by Canadian UnderwriterInsurers are entitled to conduct an examination under oath of an insured, pursuant to the Insurance Act, regardless of whether or not the relationship between the insurer and insured is adversarial or a lawsuit has commenced, Ontario’s Court of Appeal…