Claims
The British Columbia Court of Appeal has ruled partly against four commercial insurance carriers, in a disputed claim on a course–of-construction policy, arising during construction on a hospital in Victoria. The insurers must pay $8.5 million to the contractor, as a result of a subcontractor placing concrete slabs that were later found to be deflecting, […]
By Canadian Underwriter | August 20, 2015
5 min read
British Columbia’s Minister of State for Emergency Preparedness, Naomi Yamamoto, has announced the setting up of a community resilience centre for those affected by wildfires in Rock Creek and Oliver. Yamamoto made the announcement on Tuesday, while visited wildfire-impacted communities. “We know this is a difficult and uncertain time for many residents,” she said in […]
2 min read
One decade after Hurricane Katrina caused US$41 billion in p&c insurance losses – the most expensive catastrophe ever experienced by the global insurance industry – rising sea levels are driving up expected economic and insurance losses from hurricane-driven storm surge in coastal cities across the United States, according to new analysis by risk management firm […]
3 min read
The Ontario government plans to replace its Disaster Relief Assistance Program next year with two new programs, one of which is intended to help homeowners replace essential property lost as a result of a natural disaster and not covered by insurance. The province plans to launch Municipal Disaster Recovery Assistance and Disaster Recovery Assistance for […]
NEW YORK – Target has reached a deal to pay up to $67 million to settle Visa claims related to a massive 2013 data breach that resulted in the theft of millions of debit and credit card numbers. Both Target Corp. and Visa Inc. confirmed the agreement Tuesday, but wouldn’t put a dollar amount on […]
By Canadian Underwriter | August 19, 2015
The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop next month on lessons from Hurricane Sandy. Storm Surge – Lessons from Hurricane Sandy will be held on Thursday, Sept. 3 from 10 a.m. to 11:30 a.m. EST at the ICLR office on 20 Richmond St. E., Suite 210 in Toronto. The forum […]
The Court of Appeal for Ontario recently dismissed an appeal, from American Home Assurance Company, of a disputed directors’ and officers’ liability claim. The insurer must now pay the $15-million limit on one policy – in addition to $13.89 million already paid out on a different policy – to cover legal costs of four Canadians […]
6 min read
Insurance losses associated with a series of explosions at a chemical warehouse in the Port of Tianjin Aug. 12 are likely to be material for Chinese insurance companies, Fitch Ratings reports, estimating that losses could potentially exceed from US$1 billion to US$ 1.5 billion. “The high insurance penetration rate in this area could make the […]
Major catastrophes frequently mean longer hours and extended periods away from home for claims staff on catastrophe duty, but approaches to managing and compensating these workers in the United States vary across geographies, company size and employee rank, according to a study released on Wednesday by Property Claim Services (PCS). The Catastrophe Compensation Report surveyed […]
British Columbia’s Ministry of Forests, Lands and Natural Resource Operations is reminding operators of unmanned aerial vehicles to “keep the drones at home” when firefighting personnel are battling wildfires in the province. “The presence of drones near an active wildfire can slow down or completely shut down aerial firefighting efforts due to safety concerns,” the […]
By Canadian Underwriter | August 18, 2015
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