Why management experience is so important for blockchain insurance
August 24, 2018 by Jason ContantGiven that “there are no 10-year-old blockchain companies” in an industry that relies heavily on historical data, how do insurers assess a submission for insurance related to the distributed ledger? Just like you would for any type of “traditional insurance”:…
Why insurers want P&C group insurance in Quebec
August 24, 2018 by Jason ContantThe Insurance Bureau of Canada (IBC) is calling for the creation and regulation of P&C group insurance in Quebec. P&C group insurance allows for a number of people, or a group, to be insured in a single contract. For example,…
When parents give their kids permission to drive: the limit to ‘implied consent’
August 24, 2018 by Greg MeckbachAn Ontario auto insurer went too far in arguing that a motorist gave her son – whose license was suspended – implied permission to drive her vehicle because she left the keys on a hook while she was out of…
Hub’s Top 3 pot risks
August 23, 2018 by Jason ContantAs cannabis comes closer to being legalized in Canada, Hub International told Canadian Underwriter the three major risks the brokerage has faced while writing cannabis insurance for the past four years. One of them is cash-on-hand, meaning pot producers have money…
Why you’ll have trouble finding D&O insurance for clients using blockchain
August 23, 2018 by Jason ContantBrokers looking to place directors and officers (D&O) insurance coverage for clients involved with blockchain or digital assets will not have an easy time finding the coverage, since there is a limited underwriting appetite for it. “It’s definitely feasible, and…
Look to utilities, retailers for cyber sales opportunities, suggests new survey
August 22, 2018 by Jason ContantIf you’re looking to sell cyber coverage to big business, focus your efforts on utilities and retailers, suggest the results of a recent survey. The survey of companies with 500 or more employees also found that a growing number of…
How legal defence costs can be ‘gobsmacking large,’ even when you win the case
August 22, 2018 by Greg MeckbachA recent decision by an Ontario judge shows how much a corporate client might have pay to defend itself from a lawsuit – even one that gets thrown out of court. Three beer manufacturers, Molson, Labatt and Sleeman, spent a…
The Hartford to acquire specialty insurer for $2.1 billion
August 22, 2018 by David GambrillThe Hartford has signed an agreement to acquire specialty insurer The Navigators Group Inc. for US$2.1 billion in cash. The transaction has been approved by the boards of directors of both companies and is subject to approval by Navigators’ shareholders…
Beleaguered industry faces prospect of more flood damage in Ontario
August 21, 2018 by David GambrillMost of Ontario is under a severe weather warning Tuesday, once again threatening flood damage in a province where insurers have already paid approximately $800 million for natural catastrophe damages. This cumulative total for the year in Ontario does not…
Which insurance lines will blockchain transform?
August 17, 2018 by Jason ContantAs the hype around blockchain continues and it looks increasingly like the technology is here to stay, insurers are taking a closer look and seeking to create coverages to respond to this evolving market. Blockchain currently has a variety of…
Directors’ liability at issue in challenge to environmental protection order
August 17, 2018 by Greg MeckbachA Saskatchewan company facing a possible fine of $1 million arising from an alleged environmental offence could have its case heard by the Supreme Court of Canada. The case centres around the validity of an environmental protection order. In Canada,…
Court orders parent to produce underwriting file to prove she denied permission for her child to drive
August 16, 2018 by Greg MeckbachIf a parent does not give permission to a child to drive the car, then if the child gets into a serious accident, a court could order the parent to produce the underwriting file to prove they did not grant…