Claims
Canada’s property and casualty insurance companies have upped the benefit amounts they will pay out to policyholders in the wake of an insurance company insolvency. In addition, they have broadened coverage for some commercial specialty lines customers who were previously ineligible for compensation payments. The Property and Casualty Insurance Compensation Corporation (PACICC) protects eligible Canadian […]
By David Gambrill | April 20, 2020
3 min read
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site Lately, our daily lives include reading complex news items with analysis of curves, simulations and models of COVID-19. Municipal governments present predictions of possible outcomes from […]
By Greg Meckbach | April 20, 2020
4 min read
Canadian Underwriter will host a free webinar exploring how brokers’ business continuity plans have responded and will continue to respond during the unfolding drama of the global COVID-19 pandemic. Scheduled for 1 pm EST on Wednesday, Apr. 22, the panel features IBAO president Joseph Carnevale, partner and managing director of sales at Brokers Trust Insurance […]
By David Gambrill | April 17, 2020
2 min read
If laws get passed retroactively changing business interruption policy wording so that pandemic losses now get covered, insurers will likely launch legal challenges that will be looked at by high court judges, Fairfax Financial CEO Prem Watsa suggests. During Fairfax’s annual general meeting April 16, a shareholder asked company officials what impact the COVID-19 pandemic […]
By Greg Meckbach | April 16, 2020
High winds affecting various areas in Eastern Canada Monday will not necessarily result in a catastrophe event for property insurers, but it’s too early to tell for sure. Early Environment Canada forecasts suggested the storm could potentially lead to the first catastrophe event during the pandemic shutdown, leading some to wonder how the industry would […]
By Greg Meckbach | April 15, 2020
Famed tennis tournament The Wimbledon Championships has been buying pandemic coverage at a cost of millions of dollars per year for nearly two decades. And it’s set for a claims payout this year, according to a data analytics company. GlobalData, based in the United Kingdom, released a report saying that Wimbledon — considered the most […]
By Adam Malik | April 14, 2020
Believe it or not, some commercial clients expect business interruption insurance to cover loss of income if the business gets interrupted, even if the cause of the interruption is a pandemic. Regina restaurant owner Thomas Siarkos is one such client. “I have been in the business 31 years and I always paid for insurance and […]
By Greg Meckbach | April 14, 2020
5 min read
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Author: Jocelyn Downie, James Palmer Chair in Public Policy and Law, University Research Professor, Dalhousie University Across Canada, the coronavirus pandemic is increasing the demand for […]
By Jason Contant | April 14, 2020
Canadian insurers have rolled out a number of measures to help Canadian homeowners, drivers and business owners in need over the past week, and now Canada’s national broker association is discussing with insurers additional relief measures for commercial clients affected by the ongoing COVID-19 pandemic. Insurance Brokers Association of Canada (IBAC) president Kent Rowe told […]
By Jason Contant | April 13, 2020
Brokers advising commercial clients that business interruption is not usually covered during a pandemic should not be surprised if those clients are hearing something different from their lawyers. “I would caution policyholders to thoroughly review their specific policy language before they assume that they don’t have coverage,” said Kim Winter, Kansas City, Mo.-based partner and insurance […]
By Greg Meckbach | April 9, 2020
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