Claims
The price buyers pay for brokerage firms is often not set in stone but rather depends on the financial performance of the acquired business after it’s sold, and this can lead to disagreements that wind up in court, lawyers say. Some mergers and acquisitions — in insurance and other sectors — involve earnout agreements, Stephen […]
By Greg Meckbach | January 15, 2018
3 min read
MONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada. One report released last summer predicts Montrealers could suffer $45 billion in economic losses if […]
By Jason Contant | January 15, 2018
4 min read
Intact is on the hook for legal costs to settle a personal injury lawsuit against a business executive whose friend was injured at a workplace after hours. Intact provided liability coverage under a homeowner policy. The company unsuccessfully argued before an Ontario court that the situation was an excess of loss scenario; two other insurers […]
By Greg Meckbach | January 12, 2018
2 min read
Using drone technology to process high volumes of claims during catastrophe events is one of several ways the claims process may become automated in the future, RSA Canada reports. “Drone-type technology (satellite and remote camera technologies) will enable us to expedite the handling and processing of high volume claims in an efficient and timely manner […]
By David Gambrill | January 12, 2018
Manitoba Public Insurance (MPI) has released its top five frauds of 2017. The annual list is selected by reviewing a number of factors, including “sheer uniqueness of the fraud, financial savings for MPI and investigative excellence in unearthing the fraud.” Number 1: Muddy Situation In this case, a vehicle owner reported travelling on a gravel […]
By Jason Contant | January 12, 2018
B.C. broker Elliott Herrera had his license suspended for a year after the provincial regulator found that he had his unlicensed spouse assist him with insurance activities. Once his spouse had obtained an insurance licence, Herrera then provided client information belonging to the brokerage where he was employed to his spouse and her employing brokerage […]
By Jason Contant | January 11, 2018
A British Columbia strata corporation is not negligent in attempting to fix a leaking skylight by re-caulking instead of replacing it, even though the skylight started leaking later, the province’s civil resolution tribunal found in a ruling released Tuesday. Karen Mellor owns a unit in a strata complex of 28 townhouses. The strata corporation hired […]
By Greg Meckbach | January 11, 2018
The federal government’s push to legalize recreational marijuana is raising concerns within the insurance industry about commercial auto safety and eliciting calls for random drug testing among commercial drivers. Once marijuana is legal, this will “have an impact on the balance between privacy and safety in the workplace,” Linda McKay-Panos, a University of Calgary law […]
Ian Russell told attendees at an Empire Club of Canada luncheon on Thursday in Toronto that firms’ financial integrity and cybersecurity may not be matched by third-party vendors hired to enhance efficiencies, compensate for scale and reduce costs. To remedy this, he says regulators within Canada need to co-operate and co-ordinate across the financial sector, […]
By The Canadian Press | January 11, 2018
1 min read
An email chain arising from a dispute between two brothers who acquired a St. Catharines brokerage is protected by solicitor-client privilege, an Ontario judge has ruled. Verge Insurance Brokers Ltd. has had a multitude of legal disputes with Richard Sherk, who retired as secretary/treasurer in 2012 when he turned 65. Court records indicate that Verge, […]
By Greg Meckbach | January 10, 2018
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