Regulating Oil Tanks
January 1, 2005 Craig HarrisLeaking domestic oil tanks pose a persistent problem for insurers, particularly in Atlantic Canada and rural areas of Ontario and Quebec. The property and casualty insurance industry finds itself in the rare position of calling for more regulation on how oil tanks are installed, maintained and replaced in key provinces.
Homeowners and Natural Hazards
January 1, 2005 Paul KovacsHow well do Canadian homeowners understand insurance coverage for natural hazards? Would they like their insurance companies to send them information about hazard safety? Do homeowners approve of insurance companies funding loss prevention research? These are questions the Institute for…
The Sales Solution
January 1, 2005 Rick BaumanSales and revenue are the lifeblood of a brokerage. So it is amazing to discover how few brokerages have a focused and systematic process for increasing sales.
Mold cited as top environmental issue by builders
December 13, 2004 by Canadian UnderwriterA new survey of builders and real estate lenders finds the majority citing mold as the top environmental concern facing the real estate industry.The survey, conducted by Hartford, Connecticut-based Environmental Assessment Group, finds more than 75% of respondents were aware…
BC roofers form own insurance company
December 8, 2004 by Canadian UnderwriterThe Roofing Contractors Association of B.C. (RCABC) announced Wednesday that it was establishing its own insurance company, The RCA Indemnity Corp.The new insurer will be wholly owned by RCABC members and has received its license by the F.C. Financial Institutions…
Second WTC trial declares 9/11 attacks two events
December 7, 2004 by Canadian UnderwriterDespite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which…
Auto Choice – Clarity or Confusion?
December 1, 2004 by Canadian UnderwriterAuto insurance regulators and product distributors are increasingly in favor of introducing customization into what has been a traditionally standard offering. Choice, however, implies a clear set of options and a knowledgeable consumer. Will Ontario’s experiment provide meaningful and transparent choice in auto insurance coverage?
IBC, Brokers Respond to Commission Controversy
December 1, 2004 by Canadian UnderwriterCanadian insurers and brokers are responding to the U.S. controversy over broker commissions with a new “consumer code of rights and responsibilities”. The Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Ontario (IBAO) released the code, along…
Survey finds widespread risk manager discontent
November 18, 2004 by Canadian UnderwriterRisk managers want to see an overhaul of the current system for buying insurance coverage, according to a new survey by New York-based Advisen Ltd.In a survey of 700 risk managers, almost 75% said they want more standardization and transparency…
Ontario insurers, brokers to beef up disclosure rules but keep contingent commissions
November 14, 2004 by Canadian UnderwriterIn a press conference today, Ontario’s p&c insurers and brokers announced a new system to ensure better communication and disclosure to consumers about commissions and other practices, while maintaining the practice of contingent commissions.In response to the investigation of broker…
Focus changes for second phase of Silverstein coverage trial
October 13, 2004 by Canadian UnderwriterAs the second phase of the World Trade Center insurance coverage trial begins this week, one lawyer says a key difference in this case will be the “intent” of insurers.Most of the carriers who insured the WTC when the towers…
Enduring Change…?
September 1, 2004 Sean van Zyl, Managing EditorMarket feedback from commercial brokers and risk managers indicates that insurance pricing has peaked in most non-personal lines, including the volatile directors’ and officers’ (D&O) coverage. In fact, brokers and risk managers lament that the current conditions of the insurance…