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…
Minister pledges aboriginal housing improvements after fatal Ontario fire
December 19, 2016 Mike Blanchfield and Jim Bronskill - THE CANADIAN PRESSOTTAWA – The federal government is determined to improve aboriginal housing, Indigenous Affairs Minister Carolyn Bennett said Friday after an Ontario chief blasted Ottawa for a lack of action following a deadly blaze that killed a family of five. The…
Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate
December 15, 2016 by Canadian UnderwriterTotal economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
Chubb introduces Cyber COPE, a new model for underwriting cyber insurance
December 13, 2016 by Canadian UnderwriterChubb announced on Tuesday that it has introduced Cyber COPE, a new model for underwriting cyber insurance that is intended to simplify and improve the assessment of both cyber and privacy risks. Authored by Ross Cohen, director of cyber/privacy services…
Unexpected threats should be a concern to SMEs in U.K.: RSA
December 2, 2016 by Canadian UnderwriterMore than a quarter of polled small and medium-sized enterprises (SMEs) in the United Kingdom reported being hit with an unexpected £50,000 bill would put them out of business, notes a new report released this week by RSA. And while…
Lawyer explains why some federally-regulated employees cannot be dismissed without cause
November 30, 2016 by Canadian UnderwriterA Supreme Court of Canada ruling released in July has “huge ramifications” for employers in the trucking industry, while a more recent decision provides guidance on interpreting standard-form contracts, a lawyer suggested Tuesday to insurance professional in Toronto. In its…
Burns Demeyere & Associates to join McFarlan Rowlands Insurance Brokers in 2017
November 29, 2016 by Canadian UnderwriterBurns Demeyere & Associates (BDA), a Tillsonburg, Ont.-based brokerage with a history dating back about 125 years, will join McFarlan Rowlands Insurance Brokers at the beginning of 2017. McFarlan Rowlands – which also has established roots in its community and…
Aviva Canada announces 15% auto insurance discount for drivers of vehicles with automatic emergency braking
November 28, 2016 by Canadian UnderwriterAviva Canada has announced a 15% auto insurance discount for drivers of vehicles that have automatic emergency braking (AEB). The insurer said in a press release on Monday that the “industry first” discount will be available to all Aviva‐insured drivers…
Growing trend toward seeking punitive, personal legal action against corporate leaders: AGCS
November 28, 2016 by Canadian UnderwriterNew and emerging risks are putting corporate leaders under more pressure of falling foul of investigations, fines or prosecution over alleged wrongdoing, notes a new global report issued Monday by Allianz Global Corporate & Specialty (AGCS). “There is a growing…
Aviva Canada’s 24-hour Broker Hackathon results in small business online quoting and binding solution
November 25, 2016 by Canadian UnderwriterAviva Canada’s recent Broker Hackathon has chosen its People’s Choice and Winner from a total of 61 submissions: Commercial Catalyst, a “simple, quick and easy way for brokers and customers to quote and bind small commercial business” and a responsive…
Thanksgiving floods in Atlantic Canada caused more than $100 million in insured damage: CatIQ
November 18, 2016 by Canadian UnderwriterA tropical moisture system resulting from Hurricane Matthew that swept through Atlantic Canada last month has resulted in over $100 million in insured damage, according to Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting with Matthew’s tropical…
$5.3 billion to be re-invested in Alberta economy over three years to rebuild Fort McMurray: Conference Board of Canada report
November 15, 2016 by Canadian UnderwriterAbout $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural…