Claims
FM Global has introduced Sustainability Select, a two-part coverage endorsement to its all-risk FM Global Advantage Policy.The Risk Improvement Coverage Endorsement allows clients to improve the “risk quality” at the location where the loss occurred, an FM Global release says. For example, if a building burns down, and it didn’t have a sprinkler system prior […]
By Canadian Underwriter | May 5, 2010
1 min read
Recent changes to New Brunswick’s general limitation periods bring the province’s laws in line with those of Ontario and Saskatchewan.Section 5 of New Brunswick’s Limitation of Actions Act now provides that the “basic” limitation for motor vehicle accidents, claims in simple negligence and the vast majority of other claims will be two years “from the […]
By Canadian Underwriter | May 4, 2010
The Insurance Bureau of Canada (IBC) has launched a new, national on-site insurance information service, the Community Assistance Mobile Pavilion (CAMP), which will be deployed to assist Canadians with insurance questions in the event of a natural catastrophe. IBC launched the new program on May 3 as part of Emergency Preparedness Week. CAMP will be […]
By Canadian Underwriter | May 3, 2010
The commercial market remains soft, despite an up-tick of natural catastrophes, reports Willis.“The Great Recession didn’t spark a rise in premiums, as some had expected,” wrote Joe Plumeri, Willis’ chairman and CEO, in Marketplace Realities & Risk Management Solutions. “Many now wonder if the recent upsurge in catastrophic events, from earthquakes to floods to volcanoes, […]
By Canadian Underwriter | April 29, 2010
2 min read
Manitoba’s Public Utilities Board (PUB) has gone to the province’s appeal court to get Manitoba Public Insurance (MPI) to disclose financial information that would ensure Autopac rates are set fairly.The fact the PUB went to court became a topic of debate in the Manitoba legislature on Apr. 27. “The Public Utilities Board has been concerned […]
Munich Re said it “achieved a clear profit” in 2010 Q1, despite heavy burdens from natural catastrophes. The reinsurer estimated a loss of €700 million (Cdn$932.7 million) in the first quarter due to natural catastrophes. The Chilean earthquake made up about €500 million (Cdn$666.4 million) of that total.“The year 2010 to date has been marked […]
By Canadian Underwriter | April 28, 2010
Cunningham Lindsey has deployed 10 of its Canadian adjusters to assist with catastrophe response efforts in Australia.Severe storm activity in March resulted in massive flooding in and around Perth.More than 120,500 property and motor vehicle claims were reported as of Apr. 14, with an estimated insurable cost of $889 million, according to the Insurance Council […]
The Ontario Court of Appeal has refined the concept of “damages too remote for recovery,” recently distinguishing the fact situation in Frazer v. Haukioja from that of the Supreme Court of Canada case, Mustapha v. Culligan of Canada Ltd. In Frazer, the Ontario Court of Appeal noted Grant Frazer was injured in a motorcycle accident […]
By Canadian Underwriter | April 27, 2010
3 min read
AIR Worldwide (AIR) is offering enhanced capabilities to help insurers, reinsurers, brokers and risk managers better assess the catastrophe risk to industrial facilities. A new component-based approach is designed to estimate property and business interruption losses to a wide variety of industrial facilities due to hurricanes, earthquakes and other natural catastrophes. “AIR conducts detailed, site-specific, […]
By Canadian Underwriter | April 26, 2010
Finance Minister Jim Flaherty expects to be sitting down with Canadian bank executives sometime over the next 10 days and discussing the government’s directive to remove insurance sales from their Web sites, according to media reports.Flaherty made the remarks to reporters in Washington, D.C. at a meeting of the Group of 20 finance ministers on […]
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