Claims
To the Editor, We would like to respond to your editorial titled “Regulators, leave subscription policies alone,” dated Dec. 7, 2020. It is true that these are turbulent times in the insurance market, and that insurers have been experiencing losses from fires, natural disasters, and Covid-19, as well as lower interest rates. It is also […]
By David Gambrill | February 26, 2021
2 min read
ABBOTSFORD, B.C. – Improperly discarded smoking materials likely played a part in a recent fire in an Abbotsford, B.C., apartment building that left more than 100 people homeless. Assistant chief Ron Hull, with Abbotsford Fire Rescue Services, says the extent of the damage means an investigation hasn’t pinpointed a cause of the blaze and it […]
By The Canadian Press | February 24, 2021
1 min read
Aviva Canada is facing two proposed class-action lawsuits in Ontario from clients whose business interruption claims were denied during the ongoing pandemic. Allegations that Aviva has breached insurance contracts by denying BI claims have not been proven in court. Nordik Windows is the proposed representative plaintiff in one of Ontario lawsuits, Stephen Birman, a partner […]
By Greg Meckbach | February 23, 2021
5 min read
A trial in an Ontario coverage dispute lawsuit, on a Big 5 bank’s $300-million commercial claim, is being pushed back from its originally-scheduled start date of Sept. 13, 2021. Toronto Dominion Bank is suing a group of insurers, including six Lloyd’s syndicates, for breach of contract arising from denial of coverage. Allegations against the insurers […]
By Greg Meckbach | February 22, 2021
4 min read
There’s good and bad news when it comes to the flood preparedness of 16 major Canadian cities. The bad news is that the average level of flood preparedness has remained stagnant from 2015 to 2019-20, showing a considerable margin for improvement, according to a recent report from the Intact Centre on Climate Adaptation (ICCA). The […]
By Jason Contant | February 19, 2021
3 min read
Intact Financial Corp. is aiming to build capacity in what CEO Charles Brindamour calls the “super-fragmented” restoration contractor industry. “Our thought process with On Side [Restoration] is very much consistent with what we tried to do with BrokerLink a decade ago – to build capacity at scale and then profitably,” Brindamour said during a recent […]
By Greg Meckbach | February 19, 2021
When broader government assistance is available for earthquake insurance, the take-up rates for private earthquake insurance appear to be suppressed, according to a new study on the difference between earthquake insurance rates in B.C.’s Lower Mainland and neighbouring Washington State in the United States. In addition, citizens who do not trust government authorities to safeguard […]
By Jason Contant | February 18, 2021
A recent Supreme Court of Canada ruling in a breach-of-contract lawsuit means risk managers need to be careful about drafting agreements that give parties discretionary powers, a Toronto-based litigation lawyer warns. Wastech Services Ltd. v. Greater Vancouver Sewerage and Drainage District arose from a decision made in 2010 by the regional board in charge of […]
By Greg Meckbach | February 17, 2021
Business interruption claims arising from the COVID-19 pandemic are expected to cost Fairfax Financial Holdings Ltd. nearly Cdn$300 million. Toronto-based Fairfax released Feb. 11 its financial results for 2020, reporting US$669 million in COVID-19 losses across all of its insurers. Of that US$669 million, 35% is from business interruption, Fairfax CEO Prem Watsa said during […]
Recent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in Calgary. “A large portion of those claims were estimated in June and July,” said Jim […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.