Is sinkhole damage covered under a standard home insurance policy?
May 7, 2019 by Jason ContantEditor’s Note: This story has been edited to include additional comments. Is damage from a sinkhole covered under a standard homeowner’s policy? “Earth movement” is typically excluded under a standard policy, but an earthquake endorsement may provide coverage. The…
‘It’s triage now’: Cottage Country brokers deal with flood fallout
May 6, 2019 by Adam MalikBrokers in Ontario’s Muskoka region are calling the recent flooding event the worst disaster they’ve ever seen. Both Stephen Darling, president at A.W. Shiers Insurance Brokers, and Adam Caswell, owner of Hutcheson Reynolds & Caswell, said damage is greater and…
What auto insurance brokers should keep in mind if cash settlements are banned
May 3, 2019 by Greg MeckbachBrokers need to understand both the upside and downside to a “care not cash” clause in an accident benefits policy so clients can choose an option that fits their needs, says an Ontario auto insurance expert. The Ontario government is…
Is Ontario about to see electronic pink slips?
May 3, 2019 by Jason ContantIs electronic proof of auto insurance (EPAI) just around the corner in Ontario? Industry scuttlebutt is that the new Financial Services Regulatory Authority of Ontario (FSRA) will allow the use of EPAI this summer, possibly as early as June. Canadian…
2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…
Ontario’s ‘most encouraging statement about auto insurance’ in 35 years
April 30, 2019 by Greg MeckbachThe recent Ontario budget document is giving some insurers hope that the government will actually fix the province’s auto insurance system. “Many people have said that the comprehensive package contained in the budget is frankly the most encouraging statement about…
Why the court says this auto insurer did not properly terminate policy
April 30, 2019 by Greg MeckbachAn auto insurance company cannot necessarily treat a policy as invalid under common law if it discovers the client made a material misrepresentation on the application, the Court of Appeal for Ontario has ruled. In Merino v. ING Insurance Company…
Best incentives to get homeowners to move out of floodplains
April 29, 2019 by Jason ContantMassive flooding in Quebec has shined the spotlight on suitable incentives that may get homeowners to move out of floodplains. Quebec Premier François Legault said recently that the province will offer a maximum of $100,000 to homeowners dealing with flood…
Proposed auto reforms in Newfoundland ‘don’t go far enough’: IBC
April 25, 2019 by Greg MeckbachIf the Newfoundland and Labrador government increases the deductible for pain and suffering awards in auto accident lawsuits, a reduction in claims costs will not necessarily follow, says the Insurance Bureau of Canada’s CEO. Newfoundland and Labrador has had a…
Is wind “the new water” for Canada’s insurers?
April 25, 2019 by Jason ContantHigh winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR…
How tech will change the way you price risk
April 25, 2019 by Jason ContantInsurance risk categories in the future will become so small they will become very difficult to price properly, a speaker predicted earlier this month at the CIP Society Symposium in Toronto. The number of distinct risk transfer categories appears to…
Why this 1997 home fire claim is still active in the courts
April 24, 2019 by Greg MeckbachAn art appraiser who gave evidence in 2007 at a coverage dispute lawsuit against Chubb Insurance Company of Canada is now suing his former client. Bridgette Sagl’s home in Mississauga, Ont. burned down Dec. 16, 1997. Chubb denied her claim,…