Claims
SHIP agents are increasingly faced with attempts to obtain delivery of cargo using forged emails, according to the International Transport Intermediaries Club (ITIC). “Fraud in shipping is endemic, cargoes are valuable, and it has never been easier to forge documents, electronic communications, bills of lading, etc, the ITIC notes in a statement. Carriers and their […]
By Canadian Underwriter | October 25, 2007
1 min read
Wildfires ravaging large swathes of Southern California are likely to cost insurers between US$900 million and US$1.6 billion, making them among the most expensive in the region’s history, according to Risk Management Solutions (RMS).Of the 23 fires, the Witch Fire in San Diego has caused the most property damage so far and is likely to […]
2 min read
FM Global clients will collectively be credited with an estimated US$380 million when policies are renewed in 2008. The credit is largely due to effective loss prevention efforts on the part of policyholders, which resulted in the companys excellent operating performance, FM Global said in a press release. Since 2001, FM Global has credited nearly […]
By Canadian Underwriter | October 24, 2007
United Kingdom insurers are welcoming a decision by the United Kingdoms highest court, The House of Lords, which found that the existence of asbestos-related pleural plaques is not grounds for compensation by insurers.The House of Lords also ruled that a psychiatric ailment caused by worrying about pleural plaques is not sufficient to justify a demand […]
By Canadian Underwriter | October 22, 2007
The Insurance Brokers Association of Ontario (IBAO) honoured CAIB and CPIB graduates, as well as the brokerages that earned the distinction of Best Practices Brokerages, at an awards luncheon on Oct. 18. Elizabeth McIntyre, an Ottawa-based CAIB graduate, took top honours in her class with a 94% average, while Jason Di Reto, an employee of […]
By Canadian Underwriter | October 18, 2007
Stewart Ponton, chair of McLarens Canada, has been elected president of the International Institute of Loss Adjusters (IILA). As former national president of the Canadian Independent Adjusters’ Association and with McLarens, Stewart has certainly proven his leadership and commitment to the independent adjusting profession in this country over the years, Fred Plant, CIAA president and […]
By Canadian Underwriter | October 17, 2007
AIR Worldwide Corporation (AIR) has a new service available to assess insurance-to-value (ITV) of U.S. residential property portfolios for reinsurance contract renewals.The challenges insurers face in maintaining up-to-date replacement values are well known in the industry, said Chris Harris, the chief underwriting officer at Montpelier Re. In the past, we have compensated for this bias […]
By Canadian Underwriter | October 15, 2007
Canadian catastrophe models should place more emphasis on wildfires and heavy rain, according to Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR).Kovacs made his statement at the National Insurance Conference of Canada (NICC) in Montreal. His comment is echoed in a recent report written by Glen Daraskevitch, vice president of risk […]
By Canadian Underwriter | October 11, 2007
**CORRECTION** The following article has been amended to correct an error brought to our attention since initial publication Statutory deductions from a plaintiff’s assessed damages, as mandated in s. 267.5(7) of the Insurance Act, are not to be considered in determining a party’s entitlement to costs pursuant to Rule 49 of the Rules of Civil […]
By Canadian Underwriter | October 10, 2007
Insurance brokers have launched a new keeping you covered brand and advertising campaign in response to what the Insurance Brokers Association of New Brunswick (IBANB) refers to as the clutter created by telemarketers and Internet sales of home and auto insurance.IBANB chair Danny Harrigan explained the need to promote the advisory role of brokers in […]
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