Claims
AIR Worldwide is estimating that “industry ground-up insurable losses” from the flooding in Louisiana during August will be between US$8.5 billion and US$11 billion. The catastrophe modelling firm explained in a press release issued on Monday that the “industry ground-up insurable losses” include exposures eligible for coverage – regardless of whether they are actually insured […]
By Canadian Underwriter | September 19, 2016
3 min read
Earl Ray Tomblin, the Governor of West Virginia, announced on Friday an extraordinary session of the state legislature to address the state’s share of costs associated with flooding in late June of this year. “The June flooding was unprecedented in our state’s history, claiming 23 lives and ravaging our communities,” Gov. Tomblin said in a […]
Almost two-thirds of surveyed large and medium-sized organizations in the United Kingdom do not conduct or estimate the financial impact of a cyber attack, notes a new report issued Monday by Marsh. Despite a 56% rise in boardroom ownership of cyber risk, notes a Marsh statement, 64.6% of firms taking part in the survey are […]
4 min read
TORONTO – Residents, cottage and business owners on some of the biggest lakes in Muskoka are launching a $900-million class-action suit against the Ontario government because of flooding caused by high water levels. People living on Lakes Muskoka, Lake Joseph and Lake Rosseau say they suffered extensive damage during this year’s spring thaw because of […]
Customer loyalty. It’s the Holy Grail for any business, isn’t it? Yes, every business owner wants as many sales as possible. But most business owners want something more than one-time customers. They want raving, lifetime fans who will identify with their brand, stick with them, and spread the word to spark referral business. But these […]
By Dara Banga, President & Chief Adjusting Officer, DSB Claims | September 19, 2016
5 min read
Insurance firms writing an all risks policy for an office building under construction in Edmonton must cover the multi-million dollar cost of replacing windows damaged by cleaning, despite an exclusion for “the cost of making good faulty workmanship,” the Supreme Court of Canada has ruled. In its ruling released Thursday in Ledcor Construction Ltd. v. […]
By Canadian Underwriter | September 16, 2016
6 min read
Researchers from cybersecurity company Kaspersky Lab said on Thursday that they have found vulnerabilities and security deficiencies in digital kiosks, interactive terminals and speed cameras that make them susceptible to cyberattacks. Modern cities are complicated ecosystems made up of hundreds of different components, including digital ones, Kaspersky Lab noted in a statement. Aimed at making […]
Although Typhoon Meranti weakened significantly as it approached China, it still came ashore with a central pressure of 940 mbar, the equivalent of a Category 4 hurricane – the strongest typhoon in the region since 1949, according to catastrophe modelling firm AIR Worldwide. Typhoon Meranti passed south of Taiwan on Sept. 14 and made landfall […]
Addressing the changing professional liability insurance needs of architects, engineers and other design professionals is at the heart of XL Catlin’s enhancements to its Design Professional insurance policy form. One rapid change in the design professional industry reflected in the form enhancements revolves around improved coverage for exposures related to 3D printing and other computer-assisted […]
1 min read
A proposal to require Ontario lawyers and paralegals to disclose how they calculate fees is supported by The Co-operators Group Ltd. Bill 12 – An Act to amend the Law Society Act, the Insurance Act and the Solicitors Act with respect to referral fees, contingency fees and awards for personal injury involving the use of […]
By Canadian Underwriter | September 15, 2016
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