Claims
PENTICTON, B.C. – British Columbia’s unusually quiet wildfire season ended abruptly as a fire flared in the southern Okanagan, forcing hundreds from their homes. Smoke from the blaze, above Skaha Lake near Penticton, was first spotted Tuesday afternoon and by midnight about 10 square kilometres of bush had been charred. The Regional District of Okanagan-Similkameen […]
By The Canadian Press | August 19, 2020
3 min read
Although some commercial clients may start “suing everybody” because their business interruption insurance did not cover income lost during the pandemic, brokers could not have obtained broad-scale pandemic coverage for all clients even if they wanted to because the exposure to insurers is in the trillions, the head of Marsh & McLennan Companies Inc. suggests. […]
By Greg Meckbach | August 18, 2020
TORONTO – Some private schools afraid they’d be blamed if a student gets COVID-19 are considering waivers to absolve them, but experts say that wouldn’t stop a parent from suing or a school from racking up legal bills. Toronto lawyer John Schuman says he’s provided “a couple of clients” with contracts that essentially have parents […]
By Jason Contant | August 18, 2020
5 min read
Three things in life are inevitable — death, taxes, and the transition to IFRS 17. With the country now over what appears to be the worst of the COVID-19 pandemic thus far, Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has issued new timelines related to federally regulated Canadian P&C insurance […]
By David Gambrill | August 17, 2020
The legal status of a release that excludes a personal injury claimant from pursuing further claims arising out of the incident “of any kind or nature whatsoever” against the City of Corner Brook, Nfld., is headed to the Supreme Court of Canada. The city contends that the release shields it from a third-party lawsuit initiated […]
By Greg Meckbach | August 14, 2020
6 min read
An Ontario court has ordered FM Global to pay compound pre-judgment interest of US$14.8 million (about CAD$21 million) on a $25-million court award. The business interruption claim arose out of a 2009 leak at the Chalk River, Ont., nuclear reactor. Based on this court award, insurance companies engaged in a protracted BI claim will want to […]
By David Gambrill | August 14, 2020
4 min read
The industry will likely learn next month the outcome of a business interruption coverage test case arising from the COVID-19 pandemic, but the verdict is likely to be appealed, a Bermuda insurance CEO suggests. The British Financial Conduct Authority filed this past June a claim with the High Court of England and Wales to resolve […]
By Greg Meckbach | August 13, 2020
Tens of thousands of claims, for a grand total of $1.2 billion in insured damaged, have been filed from the June 13 hail storm that hit the Calgary area
By Greg Meckbach, Associate Editor | August 13, 2020
Commercial clients are likely to see big price hikes at least through 2021 and the economic impact of COVID-19 is partly to blame, a Bermuda insurance executive suggests. “We saw double-digit rate increases in our Canadian specialty business,” Albert Benmichol, CEO of Axis Capital Holdings Limited, said during a recent earnings call. Hamilton, Bermuda-based Axis has […]
By Greg Meckbach | August 12, 2020
2 min read
RED LAKE, Ont. – Residents of Red Lake, Ont., continue to flee the community as a nearby wildfire continues to grow. A spokesman for provincial Ministry of the Solicitor General says aircraft are available to help with evacuations, and about 200 more people are expected to leave the town of approximately 4,000 today. Greg Flood […]
By The Canadian Press | August 12, 2020
1 min read
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