Marine insurance clubs can look forward to a stable outlook for protection and indemnity according to the sector report “Industry Risk Analysis: Protection & Indemnity Clubs,” published ahead of its customary February 20 renewal date by rating agency Standard &…
CIP Society Toronto Chapter Seminar
Swiss Re has successfully completed its first credit reinsurance securitization, the company recently announced on its Web site.The company’s EUR 252 million (about Cdn$356 million) issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing…
Insurers and policyholders need to make sure they both understand what they mean when they use the term “value.” A plethora of Canadian court cases indicates the term may not have as obvious a meaning as we would like to believe…
Architects, engineers and design professionals face numerous exposures when it comes to building defects, contractual issues and litigation. Ontario’s Bill 124 aims to address this issue with mandatory professional liability insurance, tests for building code knowledge and a registration process for all building designs. The big question for insurers, architects and engineers is: will the legislation actually achieve its purpose?
How can an independent director be better protected from management fraud that can’t be discovered through diligence? D&O insurance appears to offer a reasonable degree of protection to the independent director. But the precise type of D&O insurance is of crucial importance – a Side A DIC policy, for example, may provide for broad severability, meaning that fraud on the part of management may not result in the coverage being rescinded against all insureds.
Over the next year, the Property and Casualty Insurance Compensation Corporation (PACICC) will conduct a comprehensive review of the coverage and benefits it provides to policyholders in the rare circumstances of a member insurer becoming insolvent. PACICC protection currently applies…
Purchasers of Directors’ & Officers (“D&O”) Liability insurance continue to reap meaningful gains in both premium rates and coverage although these profits are somewhat reduced from earlier this year, according to recent responses to the Willis Index for the third…
It has been five years since the successful implementation of a performance management process at the Rollercoaster Indemnity Co (RIC). The company, with Stanley Uris as regional director of operations, is now leading the way in claims handling. Other insurance and risk management companies, having seen the power of the process, are struggling to play catch-up. The once thriving, proof-of-quality market has begun to crumble; more and more, companies are taking responsibility for quality assurance and stakeholder confidence is beginning to grow. Stanley and RIC are moving into a new, self-sufficient and self-sustaining future, built on a performance culture populated with knowledge workers….
When the courts order a liquidator to collect and protect the assets of a bankrupt insurance company, PACICC is there to protect the interests of the policyholders.
This is a new era for Directors and Officers, as amendments to Bill 198 sweep in and reinvent D&O liability. As a result, the insurance market has new concerns: How will businesses conduct change to avoid liability in light of the legislation’s demand for increased corporate governance standards? and how can a high caliber of Directors and Officers be maintained in the face of these new liabilities?
Business Interruption coverage has used a variety of different forms and wording over the years. They all start with the same basic premise: they are triggered only by damage to income-producing property at the premises designated in the policy. Such damage either reduces or impairs the ability to produce cash flow or increases the cost in doing so.