Recent quakes a reminder of the importance of insurance options in U.S.: III
April 19, 2016 by Canadian UnderwriterMany states in the United States face risks from earthquakes, yet only about 10% of surveyed homeowners on the West Coast have purchased related coverage, reports the Insurance Information Institute (III). Recent earthquakes in Ecuador and Japan serve as a…
Renfrew, Ontario tenant with obligation to insure cannot sue landlord over fire: Appeal court
April 6, 2016 by Canadian UnderwriterThe Court of Appeal for Ontario has ruled against a tenant who was obliged under its lease to obtain property insurance, and tried to sue its landlord after a fire destroyed a Renfrew, Ontario building. In a decision released Monday,…
Insurance costs more than six times greater for wood frame buildings than for concrete buildings, new study finds
March 21, 2016 by Canadian UnderwriterA new study of the property insurance costs for wood frame and concrete mid-rise residential buildings has found a substantial gap in the risks and insurance rates between the two building systems. The data for the Study of Insurance Costs…
Supreme Court of Canada to hear appeal over faulty workmanship exclusion in builder’s risk insurance policy
March 14, 2016 by Canadian UnderwriterThe Supreme Court of Canada is scheduled to hear an appeal from a construction contractor arising from a disputed claim on a builder’s risk policy with a faulty workmanship exclusion, the highest court announced Friday. Ledcor Construction, a general contractor,…
Gore Mutual launches combined overland water and sewer backup product in Ontario
February 25, 2016 by Canadian UnderwriterGore Mutual Insurance Company announced on Thursday that it is expanding its water damage coverage with a new combined overland water and sewer backup product called WaterEscape Plus. The coverage is available as an endorsement to all eligible Ontario personal…
Surveyed Canadians uninformed about flood damage protection: Square One
February 22, 2016 by Canadian UnderwriterTwo-thirds of those taking part in a recent poll by Vancouver-based Square One Insurance Services Inc. incorrectly believe flood protection is included in home insurance policies. The survey of 1,500 Canadians shows that 65% of those surveyed think flood protection…
Inspection Oversight
February 1, 2016 Christopher Gonzales, National Product Leader, Professional Liability, Burns & Wilcox CanadaHome inspectors can be the source of general liability and errors and omissions claims, especially if they fail to detect a potential issue when a client buys a home.
Insurer seeks leave to appeal $8.5-million award in disputed construction claim over defects exclusion clause
January 26, 2016 by Canadian UnderwriterAllianz Global Risks US Insurance Company is applying to the Supreme Court of Canada for leave to appeal a ruling over a disputed $14.94-million property insurance claim arising from an addition to a hospital in Victoria, British Columbia. Essentially, Allianz…
Winter storm could become first billion-dollar weather event of 2016 for U.S.
January 26, 2016 by Canadian UnderwriterThe winter storm that delivered record-breaking snow totals and hurricane-force wind gusts – affecting 20 states in the eastern United States and paralyzing a number of major cities – could represent the first billion-dollar weather event of 2016 for the…
Supreme Court of Canada will not hear appeal over commercial general liability policy with pollution exclusion
January 18, 2016 by Canadian UnderwriterThe Supreme Court of Canada will not hear an appeal from a Vancouver-area electroplating business that was unsuccessful it getting its insurer to defend it against lawsuits arising from a fire under a commercial general liability (CGL) policy with a…
Faulty Powers
January 1, 2016 Douglas D. Everett, President, IIC Services and CHES Special RisksCommercial general liability insurance was never intended to cover damages caused by faulty workmanship. Although this principle has been upheld by some courts in the United States, the 2010 Progressive Homes ruling will likely prompt CGL insurers to re-evaluate decisions to deny their duty to defend.
The Driver’s Seat
December 1, 2015 by Canadian UnderwriterConditions are changing at breakneck speed for Canada’s property and casualty insurance industry. With 2016 providing little promise things will slow down – allowing slow-adopters to catch up – primary insurers need to keep pace or be left in the dust. All that demands plotting the best route forward, knowing when to rev up or slow down, to reach the final destination.