How much property coverage capacity Canada’s oil sands has lost
June 15, 2021 by Greg MeckbachThe withdrawal of “hundreds of millions” of capacity for property risks related to Canada’s oil sands is creating a new challenge for brokers trying to place insurance for oil and gas clients, a broker executive reports. Some insurers have taken…
Subrogated claim confirms obligations of homeowners using heating oil
September 6, 2019 by Greg MeckbachIf your client’s home is heated by oil supplied from an outdoor tank, do they need to conduct annual maintenance? This question came up in a recent subrogated home insurance claim. A Court of Appeal for Ontario ruling released this…
How oil patch woes impact surety bond losses
July 29, 2019 by Greg MeckbachCutbacks in oil and gas is one reason bond claims have become more frequent in Western Canada, a surety expert for the nation’s largest insurer suggests. A slowdown in the construction market in Alberta – and to some extent in…
How railway is dealing with Manitoba oil spill
February 22, 2019 THE CANADIAN PRESSLAZARE, Man. – CN is still tallying up the amount of oil spilled in a train derailment on a ranch in western Manitoba. “We are still determining volume estimates at this time,” company spokesman Jonathan Abecassis said in an email…
What needs to happen before interest rates rise
January 9, 2019 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Bank of Canada left its trend-setting interest rate unchanged at 1.75 per cent Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects…
Insurer that paid $800,000 on home fuel oil spill cannot subrogate: Court
March 14, 2018 Greg Meckbach, Associate EditorA home insurer that paid about $800,000 for an oil spill claim cannot sue the fuel companies in the insured’s name because the homeowner had declared bankruptcy, the Court of Appeal for Ontario ruled recently. Art and Wendy Douglas lived…
Paris climate agreement presents ‘particular risks’ for shale fuel producers: Willis Towers Watson
July 5, 2016 by Canadian UnderwriterAn international agreement to limit carbon emissions, regulations requiring some natural resources firms to have cash on hand to decommission facilities and the threat of cyber attack are among the risks cited by senior executives in a Willis Towers Watson…