Dirty Windows Help to Clarify Appellate Review of Standard Form Contracts
February 10, 2017 Michael S. Teitelbaum, partner; and Tara Chown, student-at-law, Hughes Amys LLPThe Supreme Court of Canada decision in Ledcor Construction Ltd. v. Northbridge Indemnity Insurance Co. has created an exception to the principle outlined in Sattva Capital Corp. v. Creston Moly Corp. and may lead to an increase in insurance litigation.
Adverse development charge highlights AIG’s challenges with longer tail commercial lines: A.M. Best
January 27, 2017 by Canadian UnderwriterA week after American International Group Inc. announced it expects to report next month a “material prior year adverse development charge” for Q4 2016, A.M. Best Company Inc. has placed the long-term issuer credit rating of the New York City-based…
Future CPP disability benefits not deductible from payments under Nova Scotia auto family protection endorsement: Supreme Court
January 27, 2017 by Canadian UnderwriterFuture disability benefits under the Canada Pension Plan are not deductible from auto insurers’ payments under the Nova Scotia family protection endorsement, the Supreme Court of Canada found in a ruling released Friday. Canada’s highest court restored a 2013 ruling,…
Coverage for Social Engineering Fraud Takes its Place Among the Required Coverage for Canadian Business
January 23, 2017 David S. Wilson, partner; Chris McKibbin, partner; and Zack Garcia, associate, Fidelity Practice Group, Blaney McMurtry LLPStandard crime insurance policies are not intended to cover social engineering fraud
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Manitoba 2017 AgriInsurance coverage expected to exceed $2.6 billion on 9.6 billion acres; second-highest level of coverage on record
January 18, 2017 by Canadian UnderwriterAgriInsurance coverage for 2017 is expected to exceed $2.6 billion on 9.6 billion acres in Manitoba, the second-highest level of coverage on record, the governments of Canada and Manitoba said in a statement on Tuesday. AgriInsurance is a federal-provincial producer…
TT Club offers advice on packaging, securing coiled materials in containers
January 17, 2017 by Canadian UnderwriterSpecialist freight transport insurer TT Club has issued specific guidance on packing and securing coiled materials in containers in a bid to prevent the costly and potentially injurious consequences of improperly secured coils. Investigations into incidents along the international supply…
Berkshire Hathaway Specialty Insurance enters marine insurance market in Canada
January 10, 2017 by Canadian UnderwriterBerkshire Hathaway Specialty Insurance (BHSI) announced on Tuesday that it is introducing inland and ocean marine insurance in Canada. John Evans, vice president of marine with BHSI, said in a press release that with Gord Rider, who was named senior…
Canadian risk beginning to feature “fairly prominently” in cat bond market: PCS
January 4, 2017 by Canadian UnderwriterCanadian risk has begun to feature “fairly prominently” in the catastrophe bond market, with three cat bonds issued last year, according to Property Claim Services’ (PCS) full-year cat bond report for 2016. The report, titled Strong Finish: PCS FY2016 Catastrophe…
Court denies replacement value coverage on fire claim after owners plan to build larger structure on same Ottawa site
December 20, 2016 by Canadian UnderwriterIn a fire insurance claim, the courts recognize that “the need to rebuild premises which more closely resembled the original” is critical in triggering coverage for replacement value rather than actual cash value, Dutton Brock LLP suggested in a bulletin…
Marine market faced with “aging fleet of vessels,” CBMU president says
December 5, 2016 by Canadian UnderwriterThe marine insurance market is “very competitive” and worldwide, premiums dropped 10.5% from 2014 to 2015, due in part to currency fluctuations, the president of the Canadian Board of Marine Underwriters said at a recent presentation. In the marine insurance…
Ontario transportation department ‘has done little work’ to address liability for inadequate winter highway maintenance: Auditor General
December 2, 2016 by Canadian UnderwriterThere has been little movement on a recommendation made in 2015 that the Ontario Ministry of Transportation “consider incorporating contractor liability” if roads are not properly cleared during the winter, the province’s auditor general suggested in her 2016 annual report,…