Here’s what creates risks for hospitality providers in 2024
February 26, 2024 Philip PoradoAs Canada eases out of the COVID-19 pandemic, the country’s restaurateurs, hoteliers, and event venue operators face a multitude of risks. Changes over the past four years have hospitality providers swimming in a toxic soup of pandemic-stunted social habits, inflation-dented…
What brokers need to discuss with hospitality clients
February 16, 2024 Philip PoradoHospitality providers are gradually emerging from a pandemic-era slump that nearly scuppered the industry in 2020 and 2021. The new normal, though, means restaurateurs, venue owners and other businesses likely need to review their insurance coverages and consider some very specific…
Has COVID-19 changed restaurant insurance forever?
July 13, 2023 Jason ContantCanada’s hospitality sector was particularly hard-hit by the COVID-19 pandemic, with government-mandated shutdowns and restrictions grinding the industry to a halt. Now, as restaurants return to pre-pandemic foot traffic and revenue levels, the need for insurance solutions and capacity is…
What downtown ghost towns mean for commercial coverage
June 2, 2023 Philip PoradoVaccines have blunted the worst edge of COVID-19, and that has employers urging workers to come back to pricey office space in Canada’s downtowns – if only once or twice a week. But a high percentage of office workers aren’t…
Why the pandemic hit these Canadian sectors particularly hard
August 16, 2022 by Jason ContantHospitality was the sector hardest hit by the pandemic in Canada, but that industry was already challenged with access to capacity prior to both the pandemic and the current hard market, Deloitte said in a recent report. The impacts of…
What to do when restaurant and hotel clients can’t find coverage
August 20, 2021 by Greg MeckbachCommercial brokers wanting to place coverage for restaurants and hotels need to understand how those clients were affected by the pandemic and make the best case on their risk profile to carriers, says the CEO of Insurance Brokers Association of…
Hospitality cover? This is a job for the Business Insurance Action Team
March 15, 2021 by Greg MeckbachHospitality clients are starting to get coverage from multiple carriers on a subscription basis through the Business Insurance Action Team, says the CEO of one of the participating insurers. Cambridge, Ont.-based Gore Mutual is participating in the BIAT, launched in…
Business interruption insurer could be sued by this Canadian restaurant owner
February 9, 2021 by Greg MeckbachAn Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…
What brokers need to do to place hospitality coverage
December 16, 2020 by Greg MeckbachWhen it comes to the hospitality sector, insurers’ risk appetites are constantly changing and underwriters are especially concerned about clients who get most of their revenue from alcohol, a managing general agent reports. “A broker has to spend a lot…
This Canadian insurer may want to cover your hospitality clients
November 17, 2020 by Greg MeckbachBrokers struggling to find coverage for small and mid-sized restaurant and hotel clients may now have a new option available, and it’s already getting a response. CAA Club Group’s Echelon subsidiary announced Monday it is offering up to $5 million…
Intact’s message to politicians wanting more commercial insurance regulation
November 5, 2020 by Greg MeckbachImposing more regulation on commercial carriers is not going to help make coverage available for clients who are having a hard time finding insurance, Intact CEO Charles Brindamour suggests. “I don’t think that scaring insurers is the way to bring…
How IBC plans to help restaurants find insurance
October 29, 2020 by Greg MeckbachClients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…