Alberta homeowners covered for "living expense" following fire evacuation
June 13, 2001 by Canadian UnderwriterHomeowners of Chisholm and Slave Lake, located 150 kilometers north of Edmonton, Alberta, will be covered under most insurance policies for additional living expenses they incurred when the areas in question were evacuated as a result of a forest fire…
WRUNG OUT TO THE LAST CENT
June 1, 2001 Sean van Zyl, EditorCorporate income tax, payroll tax, premium tax, general and provincial sales taxes, capital tax, fire tax, health levies, “mark-to-market” deemed capital gain tax…the list of “creative” taxation mechanisms the federal and provincial governments have concocted over the years to financially milk Canada’s property and casualty insurance industry is astonishing. As one renowned tax expert notes, the array of taxes applied to insurance are not only inconsistent in their application, but also result in “taxes being applied on taxes”. This led him to conclude that the current approach of the authorities is simply to “treat the industry as a ‘cash cow’ for tax purposes”. Against this backdrop, the Insurance Bureau of Canada has embarked on a nationwide lobby campaign to convince the authorities to reduce transactional-based taxes, with the long-term intent of elimination. This, however, will prove a formidable challenge as once a tax has become entrenched, it may require something akin to an “Act of God” to shift revenue policies, tax consultants warn.
News (June 01, 2001)
June 1, 2001 by Canadian UnderwriterBoomerang Tracking company has gained support for its vehicle tracking systems among 14 Ontario insurers. The system, which has already made inroads in the Quebec market, will be endorsed by national companies including The Guarantee Company and Economical, who will…
“Voets Toets”
May 1, 2001 Sean van Zyl, EditorThe term “voets toets” originated from the early Dutch farm settlers in the “Cape of Good Hope”, and today is a recognized legal term in contracts within South Africa. After some extensive but mostly unrewarding “Internet research” by myself to…
Queensway sells Canadian operations
May 1, 2001 by Canadian UnderwriterFinancially troubled specialty insurer Queensway Financial Holdings Ltd. (TSE: QFH) has signed a deal to sell off the last of its assets, with a letter of intent to sell Ontario auto insurer Coachman Insurance Co. to Saskatchewan Government Insurance. At…
Queensway cleans house
April 1, 2001 by Canadian UnderwriterQueensway Financial Holdings Ltd. (TSE: QFH) has entered into an agreement to sell its U.S. subsidiaries North Pointe Financial Services Inc. and Hermitage Insurance Co. to the Argonaut Group Inc. for US$36.5 million. The troubled specialty insurer, which operates in…
BUSINESS CONTINUITY: do you have a plan?
April 1, 2001 Karen Rutherford and Gerry Myer of the Crisis Tool GroupDo you need to show your employer that as a risk manager you are bringing value-added services to your organization? Do you need to create a sense that you are virtually indispensable? Would you like to know one process that will allow you to know more about your company than the CFO, CEO or anyone else? Ask any continuity planner and they will quickly tell you the answer – build your company’s recovery plan.
VANCOUVER’S REAL EARTHQUAKE RISK: FIRE
April 1, 2001 Sean van Zyl, EditorThe recent earthquake which shook residents of Seattle and Olympia in north Washington state has given risk managers with exposures in southwestern British Columbia more than a mild shudder. It has long been known that the highly urbanized cities of…
CYBER-EXPOSURE a risky business
March 1, 2001 Vikki SpencerCorporate takeovers. Plummeting stock prices. Falling profits. These used to be the primary fears of the corporate world. Today, enemy number one could be a fourteen-year-old sitting in front of a home computer with the power to bring business to…
Back-To-Basics on LOSS PREVENTION
March 1, 2001 Owen Kurin, loss prevention manager at The Citadel AssurancePreventing loss and detecting fraud – if the formula for achieving these two goals could be found, the insurance industry would be out of business. However, the knowledge insurers gain from experience can be used effectively to help clients reduce…
Punitive damage claims: AN ARGUMENT FOR COVERAGE
February 1, 2001 Jim Cameron of Cameron & Associates Insurance Consultants Ltd.Just before Christmas, the Supreme Court of Canada heard argument in the case of Whiten v. Pilot. The original trial jury heard evidence that lead them to conclude that Pilot acted in bad faith against its insured Whiten and awarded…
THE BIG CHILL
February 1, 2001 Sean van Zyl, EditorHOLDING STATE MONOPOLIES ACCOUNTABLE