Hub expands U.S. network
September 5, 2002 by Canadian UnderwriterHub International Ltd. is expanding its U.S. brokerage network with the acquisition of New Jersey-based C.S. Nenner Inc. The new operation is being purchased by Hub’s Kaye Insurance Associates Inc. (KIA) in New York, in a deal for undisclosed amounts…
U.S. government extends airline cover (August 19, 2002)
August 19, 2002 by Canadian UnderwriterThe U.S. government has yet again extended its offering of third party war-risk liability insurance to the country’s aviation industry. The program, put in place following the withdrawal of private insurers from the market after the September 11, 2001 terrorist…
Busy period for asbestos liability, as three companies make key disclosures
August 13, 2002 by Canadian UnderwriterShares of Ashland Inc. were hit August 8, amid concerns about the company’s liability to asbestos claims. Ashland’s stock fell as much as 19.6 per cent earlier, hitting a new 52-week low of $29. The sell-off stems from disclosures contained…
The Rigors of Reporting
August 1, 2002 Glen Piller, president of Iter8 Inc.Regulators are putting more pressure on insurers for reporting and filing requirements. Companies can complain – or they can respond.
Rates Keep on Trucking
July 1, 2002 Craig HarrisTrucking companies, taxi operators and large private fleets are feeling the squeeze of the hard market, with shrinking capacity, increasing rates and restrictive terms and conditions. And, feedback from insurers suggests that there is little relief on the horizon.
Aiming for claims control
July 1, 2002 Vikki SpencerAs insurers, auto manufacturers and other claims supply chain representatives met for the annual AIM Forum in Toronto recently, cost control and injury reduction took the front seat. From the aftermarket parts debate to personal injury claims inflation, speakers noted that insurers and auto makers must find ways to protect against fraud and keep drivers safer, while still keeping a lid on expenses.
Commercial market in distress, say U.S. agents
April 19, 2002 by Canadian UnderwriterThe dire condition facing commercial buyers is evidenced in the Commercial Insurance Market Index for the first quarter 2002, say the index’s creators, U.S.-based Council of Insurance Agents and Brokers (CIAB).The index shows that market tightening continues since the September…
Uninsured Vehicles Project faces delays
April 19, 2002 by Canadian UnderwriterAn initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government,…
U.S. House moves to extend airline cover
April 5, 2002 by Canadian UnderwriterThe U.S. House of Representatives has proposed a bill to extend the limit on third-party liability damages as a result of terrorist attacks until the end of 2003. The bill, put forward by Rep. John Mica, chair of the House…
New CGL Exposure History Repeats
February 1, 2002 William Blakeney, of Blakeney Henneberry Baksh & MurphySince automobiles became the predominant means of transportation in North America, disputes have arisen between automobile and general liability insurers from time to time over losses related to the use or operation of a motor vehicle. A recent court decision, which will require specific exclusions to be made to future CGL policies, goes back full circle to a case decision made more than 40 years ago.
Cyber Terrorism: Mass Destruction or Mass Disruption?
February 1, 2002 Vikki SpencerJust days after the September 11 terrorist attacks the U.S. Federal Bureau of Investigation began warning the public that the potential for future attacks exist, and among the threats was that of cyber terrorism. The concept is not a new one, such attacks have been taking place between Palestinian and Israeli groups, and between U.S. and Chinese sources, in response to political conflicts. And now, in light of new terrorism and cyber exclusions in insurance policies, commercial insurance buyers are wondering how to protect themselves from the potential threat of today’s “hacktivists” becoming tomorrow’s cyber terrorists, and weapons of mass disruption turning into weapons of mass destruction.
September 11 lawsuits in the works
January 16, 2002 by Canadian UnderwriterFamilies of victims of the September 11 terrorist attacks have begun to file suit against the airlines involved. An earlier suit had been filed against United Airlines by one family of a passenger aboard the flight that struck World Trade…