Claims
It is illogical to think the insurer of an all-risk property insurance policy would intend to exclude damage to a building resulting from any kind of “settling,” regardless of how that settling was caused, according to the Alberta Court of Appeal. In Engle Estate v. Aviva Insurance Company, the plaintiff sued its all-risk property insurer […]
By Canadian Underwriter | June 8, 2010
1 min read
Primary insurers should make sure they get the blessing of their reinsurers when attempting to resolve class action claims, according to Mark Lichty, partner at Blaney McMurtry LLP. Lichty was speaking at the Canadian Defence Lawyers Annual Meeting & Conference, The Alchemy of Advocacy, in Toronto. This issue is now arising with much greater frequency, […]
Industry
Alberta’s commercial beekeepers have a June 20 deadline to sign on to the province’s Overwintering Insurance Program.The program provides coverage for the loss of bees in excess of normal losses resulting from naturally occurring perils beyond management control. Eligible perils include adverse weather, disease and pest infestations.Commercial beekeepers with more than 100 hives and registered […]
By Canadian Underwriter | June 7, 2010
The 2010 football World Cup will be insured for an estimated £6.2 billion (Cdn$9.5 billion) when it kicks off in less than a week. About half of that sum is related to stadiums built or refurbished for the tournament being held in South Africa.”The stadiums have…been the subject of much scrutiny, with major renovations having […]
Marsh & McLennan Companies Inc. (NYSE: MMC) is selling its risk consulting subsidiary company, Kroll Inc., to Altegrity Inc. for $1.13 billion in cash.Altegrity is an international screening and security solutions company owned by Providence Equity Partners, a global private equity firm specializing in equity investments in media, entertainment, communications and information companies.The transaction is […]
Environment Canada has confirmed the first two tornadoes of the 2010 season in Southern Ontario. An F1 tornado with estimated wind speeds of between 117 km-h and 180 km-h tracked eastward near the villages of Dalkeith and Ste-Anne-de-Prescott at about 5 p.m. on June 5, 2010. The damage path was eight kilometres long and ranged […]
2 min read
The “real and substantial” test in forum non conveniens law has been modified by the Ontario Court of Appeal in Van Breda v. Village Resorts Ltd., according to David A. Bertschi, a partner at Bertschi Orth Smith LLP. “That, from my perspective – and I would hope from your perspective – is somewhat significant, because […]
Insurers applying for and receiving auto rate reductions prior to Ontario’s reform implementation may be creating an unrealistic consumer expectation that auto insurance rates are now on the decline, Kevin McNeil, president and CEO of Gore Mutual said.McNeil spoke at the Young Brokers Council Annual Conference in Toronto on June 4.”One area I am worried […]
By Canadian Underwriter | June 4, 2010
Willis Group Holdings has described the Deepwater Horizon offshore oil rig explosion as a market-changing event that is expected to harden the upstream and reinsurance markets.”Even though a large portion of the Deepwater Horizon loss, which could amount to US$20 billion to $30 billion, is understood to be self-insured, [Willis] estimates that total claims to […]
Although Canada’s economy has had a “fantastic” first quarter, there is still quite a bit of uncertainty in the global financial environment, which has a knock-on effect on the Canadian property and casualty industry, Louis Gagnon, president of Intact Insurance, told delegates of the Young Brokers Council Annual Conference in Toronto.”Canada enjoyed 6.1% growth in […]
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