From days to minutes: New tech overhauls quote and bind process
June 10, 2018 by Jason ContantThe launch of the new broker technology Vyne will eliminate some of the “inefficient steps” that brokers have to take between quoting and binding, potentially reducing the quote and bind process from days or weeks to just minutes, the company…
Broker fined after backdated coverage confusion
June 7, 2018 by Jason ContantA veteran Manitoba broker who had no binding authority was fined $2,500 by the provincial regulator for confirming a client’s coverage before he had even sent an application to the insurer, apparently on the assumption that the insurer would backdate…
Feds seek input on railroad insurance rules
June 6, 2018 by Greg MeckbachShould Canada’s rules on railway insurance be changed? If your answer is yes, contact the Canadian Transportation Agency (CTA) within the next four months explaining why. CTA, which has the power to issue and revoke certificates of fitness for federally-regulated…
Sharing the Road
June 6, 2018 Emily Atkins, EditorWho will be in charge as autonomous vehicles and human-driven cars operate side by side on our highways?
Where Canada sits with overland flood insurance
June 5, 2018 by Greg MeckbachFive years after massive flooding caused more than $4 billion in uninsured losses in Alberta, more than a dozen insurers representing about three-fourths of Canada’s property insurance market are now covering overland flood. Sixteen insurers representing 77% of the market…
Should accident benefits for minor injuries be optional?
June 5, 2018 by Greg MeckbachShould greater choice in auto insurance for Ontario motorists include the ability of insureds to opt out of benefits for minor injuries? David Marshall, a special advisor to Finance Minister Charles Sousa, has questioned whether accident benefits should cover minor…
Economical rolls out Vyne for brokers in select areas
June 4, 2018 by Jason ContantEconomical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday. For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The…
Government-backed home flood insurance coming to Canada?
June 3, 2018 by Greg MeckbachFederal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re, an Insurance Bureau of Canada official suggested Thursday. Federal public safety minister Ralph Goodale “asked IBC to lead a working that will deliver recommendations…
If politicians get rid of territorial ratings, then what?
June 3, 2018 by David GambrillOntario’s political parties have all expressed a desire at some point this year to eliminate territory as a rating factor for insurance premium, but none of the parties have been clear about how they would actually do it, an insurance…
Bomb threats highlight liability risk of office towers with lax security
May 30, 2018 by Greg MeckbachIn the wake of a threatened bombing in Stratford, Ont., and a restaurant bombing near Toronto, landlords of office towers may want to review their security systems to reduce their risk of liability. In general, owners of multi-tenant buildings have…
How demand in Canada factored into merger of two Lloyd’s brokers
May 29, 2018 by Jason ContantAn increased demand from Canadian brokers for more “problem-solving” insurance solutions, such as specialist cyber coverage, is a factor behind the recent merger between Endeavour Insurance Services and SSL Insurance Group. Lloyd’s broker and delegated authority specialist Endeavour recently announced…
How new overland flood policies affect disaster assistance eligibility
May 29, 2018 by Jason ContantGiven recent flooding in Grand Forks and other areas of B.C., questions remain about the interplay between overland flood policies and how Disaster Financial Assistance (DFA) in B.C. factors into the response. Various insurance coverages for overland flood are new,…