Claims
Damage caused by Hurricane Igor will likely cost more than $100 million to repair, cbc.ca reports.It is too early to know insured damage estimates.Tom Hedderson, Newfoundland and Labrador’s acting minister responsible for emergency preparedness, toured damaged areas of the province with premier Danny Williams on Sept. 22, one day after the storm ripped through south […]
By Canadian Underwriter | September 23, 2010
1 min read
Defective workmanship can be interpreted as an “accident” under a Commercial General Liability (CGL) Policy, the Supreme Court of Canada has ruled, and “property damage” under a CGL is not necessarily limited to third-party property damage.In making this ruling in Progressive Homes Ltd. v. Lombard General Insurance, the Supreme Court of Canada ultimately ruled that […]
2 min read
Hamilton, Ontario saw a 39% increase in claims stemming from property damage or transit-related injuries between 2008 and 2009, reported The Hamilton Spectator.Of the 3,202 claims received in 2009, 1,453 were flood claims, arising largely from the July 26, 2009 floods. Sewer backups accounted for the most liability claims, but were not the most severe. […]
Finance Minister Jim Flaherty on Sept. 20 officially sounded the starting gun to the Bank Act review.The federal government is mandated to review statutes that govern federally regulated financial institutions every five years. The last legislative review was completed in 2007. The sunset date for the financial institutions statutes is April 2012.In a press release […]
By Canadian Underwriter | September 22, 2010
Ontario’s auto insurance reforms are barely a month old and already trial lawyers have tipped their hand that they might try to achieve through tort what they will no longer receive from the province’s no-fault benefit scheme.Ontario’s new, interim Minor Injury Guideline (MIG) places a $3,500 limit on benefits payments for ‘minor injuries,’ which include […]
Hurricane Igor’s eye brushed past southern Newfoundland on Sept. 21, causing at least 30 communities to declare states of emergency due to flooding, reported The Globe and Mail.The storm brought damaging 120 km-h winds, making it a Category 1 storm, according to Stormpulse.Sam Synard, mayor of Maryston, one of the affected communities, told the Globe […]
Ontario is entering into yet another optimistic phase of its seemingly perpetual auto insurance reform cycle, but many within the insurance industry appear to want to break out of this cycle and build an altogether new model for auto insurance in the province. “You get initial optimism,” said defence lawyer Lee Samis, principal of Samis […]
By Canadian Underwriter | September 21, 2010
3 min read
Research on cheating relevant to insurance fraud indicates a lot of people cheating a little bit is much more costly to society than a few people who cheat a lot.But if insurers are willing to change their approach and remind policyholders about their moral obligations before the purchase, that could help stem the flow of […]
By Canadian Underwriter | September 20, 2010
The Office of the Superintendent of Financial Institutions (OSFI) is now collaborating with Canada’s property and casualty industry to update Canada’s Earthquake Exposure Sound Practices Guideline, now 12 years old.The guideline establishes sound practices for the management and measurement of earthquake exposures, including the use of modeling to estimate a Maximum Probable Loss (PML) arising […]
Hurricane Igor, currently a Category 3 storm with maximum sustained winds of 195 km-h, is tracking to brush by the southeast of Newfoundland-Labrador as of Sept. 21-22.The U.S. National Hurricane Centre shows Igor’s potential influence – shown in the form of a ‘cone’ of activity – tracking northwest along the U.S. Atlantic coastline. In the […]
By Canadian Underwriter | September 17, 2010
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