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The future of the World Trade Center (WTC), including the insurance settlement on the structures destroyed in the September 11, 2001 terrorist attacks, remains unknown. Published reports this week suggest the City of New York has offered to take control of the site from the Port Authority, in exchange for control of the sites of […]
By Canadian Underwriter | August 6, 2002
1 min read
About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBAA). An additional US$4.5 billion in deals have either been delayed or were changed in terms of pricing, adds the Washington-based association representing the real estate finance […]
July 31, 2002
In the assessment of its duty to defend, an insurer is entitled to go beyond the pleadings rule. Recent decisions from the Supreme Court of Canada have shed new light on the thorny question of when an insurer's duty to defend is triggered.
By Ani Abdalyan | July 31, 2002
6 min read
A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO). The losses include homeowners, auto and business claims. The fire destroyed approximately 300 dwellings, resulting […]
2 min read
U.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this was not the largest loss event of the quarter by far. Severe weather between April […]
By Canadian Underwriter | July 30, 2002
A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO). The losses include homeowners, auto and business claims.The fire destroyed approximately 300 dwellings, resulting in […]
By Canadian Underwriter | July 18, 2002
About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBA). An additional US$4.5 billion in deals have either been delayed or changed in terms of pricing, adds the Washington-based association representing the real estate finance industry.The […]
By Canadian Underwriter | July 16, 2002
Members of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various disassembled auto parts and other valuable stolen assets from the 4,000 square foot “chop shop”. […]
By Canadian Underwriter | June 21, 2002
The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure, which takes into account commercial and personal property claims as well as related covers such […]
By Canadian Underwriter | June 19, 2002
U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to the Insurance Services Office (ISO). In total, approximately 218,000 claims from businesses and homeowners were […]
May 31, 2002
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