Industry

Governments should improve efforts to prepare for large-scale disasters Fallback Image Decorative pattern

Industry

Governments should improve efforts to prepare for large-scale disasters

Governments need to improve how they prioritize efforts to prepare for large-scale disasters, according to an Organization for Economic Co-operation and Development (OECD) report, Innovation in Country Risk Management.Furthermore, they should work more closely with the private sector to ensure they can deal with crises quickly and cost-effectively, says the report, produced in conjunction with […]

By Canadian Underwriter | February 27, 2009

2 min read

Additional bailout money for ‘thrift’ insurers undermines healthy competition Fallback Image Decorative pattern

Industry

Additional bailout money for ‘thrift’ insurers undermines healthy competition

Giving additional bailout money to insurance companies that are also savings and loans (thrift) holding companies undermines healthy competitors, said the Property Casualty Insurers Association of America (PCIAA).“Insurers that become bank or thrift holding companies can get cheap federal loans through Treasury’s Capital Purchase Program and then shift this subsidized capital to their insurance affiliates,” […]

By Canadian Underwriter | February 27, 2009

1 min read

Defence counsel should seek to gain benefit of co-defendants’ contracts that limit professional liability Fallback Image Decorative pattern

Industry

Defence counsel should seek to gain benefit of co-defendants’ contracts that limit professional liability

Insurance lawyers defending professional liability claims should look into the possibility of limiting liability on the basis of contractual provisions, especially when co-defendents (such as architects) have contracts that limit the scope of liability.Andrew Heal of Blaney McMurtry made the comment at the Blaney McMurtry “Insurance Law: Winter Update 2009,” held in Toronto. Heal was […]

By Canadian Underwriter | February 26, 2009

2 min read

Insurers must be careful to differentiate duties of counsel from adjuster Fallback Image Decorative pattern

Industry

Insurers must be careful to differentiate duties of counsel from adjuster

Insurers must avoid turning counsel into loss adjusters, which not only wastes money, but risks turning counsel into a witness. Furthermore, counsel lose objectivity when they are asked to play the role of frontline investigators, Marcus Snowden, partner at Blaney McMurtry, told attendees at the Insurance Law: Winter Update 2009 in Toronto. He told of […]

By Canadian Underwriter | February 26, 2009

2 min read