Claims
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 […]
By Canadian Underwriter | September 23, 2010
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. […]
1 min read
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
Industry
XN Financial has launched XN Special Risks, a virtual storefront providing Canadian insurance agents and brokers online access to a broad range of domestic and international specialty product lines. XN Special Risks’ online systems are designed to enable agents and brokers to submit insurance applications in a one-step, real-time process, thus expediting the paperless management […]
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 […]
The insurance industry is not prepared for a pandemic and does not know what to expect, Bob Krywiak, executive general adjuster at Crawford Global Technical Services, told delegates of the National Insurance Conference of Canada (NICC) on Sept. 21 in Montreal.During the session, ‘Managing Through a Pandemic,’ Krywiak asked delegates to raise their hand if […]
Canada’s property and casualty insurance industry is conducting research into the possibility of offering overland flood insurance, which is not currently available, as part of a homeowner’s policy.Panelists at the National Insurance Conference of Canada [NICC] in Montreal noted there is an important distinction between what consumers and insurers define as “flood.” Whereas insurance policies […]
By Canadian Underwriter | September 21, 2010
3 min read
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 […]
The Canadian property and casualty insurance marketplace is not as disciplined as its U.S. counterpart, according to information compiled by McKinsey & Company and presented at the National Insurance Conference of Canada in Montreal on Sept. 20. In the United States, there is a strong correlation between growth and underwriting performance, said Peter Walker, director […]
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