After leak causes $3-million damage to dream home, plumbing contractor loses bid to block insurer’s subrogation
July 19, 2018 by David GambrillA plumbing contractor facing a subrogation lawsuit from a homeowner’s insurer is not eligible for coverage under the homeowner’s purchased Residential Builders–All Risks [RBAR] insurance policy, an Ontario court has ruled. Joseph and Lidia Maio had their dream home built…
New risks arising from Canadian arctic shipping
July 17, 2018 by Greg MeckbachAs shrinking arctic ice opens up of new shipping routes through Canada’s Arctic Archipelago, this presents challenges for risk managers and insurers, Allianz Global Corporate and Specialty suggests in a report scheduled for release Wednesday. “Arctic ice has been thinning and…
Cyber catastrophe bonds: Coming soon?
July 13, 2018 by Greg MeckbachWith computer security incidents causing business interruption and privacy breaches, there is a “very real possibility” that a catastrophe bond covering cyber risk might be available, the head of a cyber risk modelling vendor predicts. Catastrophe bonds are a form…
Chemical spills from 1960s cost property owner $2 million
July 11, 2018 by Greg MeckbachAn Ottawa drycleaner has to pay a neighbouring property owner nearly $2 million because of environmental contamination that happened more than 40 years ago. Eddy Huang, who owns properties on Bank Street north of the Billings Bridge, sued drycleaner Fraser…
Where capacity is tightening in general liability lines
July 10, 2018 by David GambrillIn general liability lines, where pricing and competition are still healthy, brokers are more likely to notice windows of opportunity that are now starting to close – particularly in the hot tar and hospitality lines. “Competition is out there, capacity…
Tropical Storm Chris tracks towards Nova Scotia
July 9, 2018 by Greg MeckbachStorm weather arising from a hurricane could hit Nova Scotia Wednesday night, with a low but not zero probability of hurricane-force winds hitting Canada’s east coast. Tropical Storm Chris is expected to start moving northeast and reach hurricane status Tuesday,…
Beware of this water-related risk excluded by CGL
July 9, 2018 by Greg MeckbachIf water damage is top of mind for property insurers, does this mean mold is covered by a commercial general liability policy? Not necessarily. Commercial brokers should make sure they aware of exclusions in CGL policies that would prevent their…
Insurers jumping out of the trampoline business
July 8, 2018 by Jason ContantCanadian insurers are jumping out of the trampoline business. Gina Bennett, vice president of Markel Canada’s western region, told Canadian Underwriter Thursday that there are few markets to approach for trampoline risks, as most sports insurance carriers have exited writing…
Why this city is billed as “progressive” in reducing flood risk
July 8, 2018 by Greg MeckbachToronto is one of the most progressive cities in taking steps to reduce basement flood risk, Institute for Catastrophic Loss Reduction (ICLR) director of research Dan Sandink said Thursday in an interview. And a ban on below-grade garages is Exhibit A…
The evolving nature of business interruption
July 6, 2018 Aleksandra ZivanovicIn the face of climate change, cyber risks, and mass terror plots affecting entire regions and sometimes economic sectors, business interruption coverage is a challenging coverage to both write and adjust. This challenge is multi-faceted and directly impacted by global…
How to explore an untapped market in identity fraud protection
July 5, 2018 by Jason ContantWhile the majority of polled Canadians (86%) believe they are increasingly at risk of identity fraud, only about one-quarter have identity fraud protection, a recent survey has found. Conducted on behalf of Vancouver-based fintech company Mogo, the survey polled 1,514…
Shop Canadian when selling marine, brokers advised
July 4, 2018 by Jason ContantBrokers interested in selling marine insurance should target coverholders and managing general agents (MGAs) in Canada rather than going straight to the London market, a senior marine surveyor told Canadian Underwriter recently. “There are a lot of MGAs and coverholders…