Insurance of Cash Flow: Basic Theory
September 1, 2005 Richard G. Davidson, Chartered Insurance Practitioner.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.
Part II: A Blindfold Performance
September 1, 2005 by Canadian UnderwriterWhen we last met in the April 2005 issue of Canadian Underwriter, Stan was reeling from the ride on the rollercoaster that is both his life and his life’s work. Faced with mysteriously rising claims costs, creeping men in gray flannel and a fire-breathing executive, he thought his number had come up. At the last moment, however, came a new tool that allowed him to remove the mystery behind his operational woes and quiet the raging executive. Read on as Stan attempts to implement a Performance Measurement Process at the Rollercoaster Indemnity Company.
Catastrophe bonds not likely to attach, S&P’s reports
August 30, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services recently began monitoring the effects of Hurricane Katrina on the economy and on credit, industrial, energy and utility, financial services, insurance, and public finance issuers and reports, based on a preliminary analysis, that the damage…
Adjusting for Harmony
July 1, 2005 by Canadian UnderwriterPowering up the provincial persona of adjusters nationwide is a path well traveled by past, present and future Canadian Independent Adjusters Association (CIAA) presidents, who have led the organization in a goal to become the go-to group controlling Canada’s claims adjustments. Craig Walker winds up his presidency with plans to promote the provincial profile of the CIAA and harmonize the role of adjusters across the country, creating cornerstones for the association’s ultimate ideal of becoming a self-regulated provincially partnered group of adjusters.
On the Road Again
July 1, 2005 William Blakeney of Blakeney Henneberry MurphyIn the May 2005 issue of CU, the article “Staying on the Road” delved deep into the depths of the looming disaster facing car rental companies and their insurers and reinsurers. Liability was increasingly being placed on rental agencies and subsequent costs to their insurers showed little signs of receding – unless the Ontario court sided with the insurance industry in terms of where liability should rest. Today the tides are changing and, for the insurance industry, concerns are slowly drifting off to sea, a journey incited by recent decisions of the Court of Appeal to uphold the original judicial verdict in the case of Avis Rent A Car vx. Certas.
Technology: Riding The Claims Curve
June 1, 2005 Craig HarrisOnce spinning their wheels with standalone technology products, many insurance companies are now actively pursuing integrated, end-to-end solutions that allow for full management of the claim lifecycle. Modern technology, coupled with a tight focus on business processes and employee training, is giving insurers a chance to accelerate the speed of claims handling and ramp up service standards. The question today, however, is who is staying ahead of the claims curve?
Staying on the Road
May 1, 2005 William Blakeney of Blakeney Henneberry MurphyIn CU’s article “The Politics of Leasing” from the March 2005 issue, Glenn McGillivray dealt with the challenges faced by automobile leasing companies and their insurers in light of recent precedent setting settlements. While the CFLA and others step up…
Building Legislation Poses Cost Implications
May 1, 2005 Kyle Urech of Disaster Kleenup CanadaA number of new provisions to the “Ontario Building Code” will come into effect from July this year. These amendments, under Bill-124, will affect builders (including restoration contractors), municipalities, building inspectors and citizens, and by extension, insurers. They will have…
What’s new: In brief (April 12, 2005)
April 12, 2005 by Canadian UnderwriterChubb Insurance Co. has launched a new product aimed at the new risks being faced by Canadian businesses, from the Internet to U.S. exports. The “MasterKey” policy provides coverage for new exposures such as event cancellation, ocean cargo, kidnap &…
What’s new: In brief (April 06, 2005)
April 6, 2005 by Canadian UnderwriterDespite news that several German industrial insurers facing fines by the country’s antitrust authority, Standard & Poor’s says no rating actions will be taken on companies named. S&P rates eight of the ten insurers who have been accused of acting…
The Evolution of the Audit
April 1, 2005 Mike Laberge, president, Performance Imperative Inc.While traditionally audits have focused on the numbers, insurers are looking to understand the “why” and, more importantly, the “what to do about it” behind audits.
Berkshire Hathaway says Buffett not briefed on AIG transaction
March 29, 2005 by Canadian UnderwriterIn a rare move, Berkshire Hathaway has issued a statement responding to recent media stories concerning its chairman Warren Buffet. The parent company of National Indemnity and Gen Re specifically seeks to dispel reports Buffett was in the know on…