Industry
Insurance industry counsel should consider telling their clients to get rid of backup data while rules preventing this still do not exist in Canada, Samuel Soloman, chairman and founder of DOAR Litigation Consulting, told delegates and counsel attending an ARC Group of Canada seminar on Oct. 25 in Toronto. Policies in the United States prevent […]
By Canadian Underwriter | October 26, 2007
2 min read
Claims
SHIP agents are increasingly faced with attempts to obtain delivery of cargo using forged emails, according to the International Transport Intermediaries Club (ITIC). “Fraud in shipping is endemic, cargoes are valuable, and it has never been easier to forge documents, electronic communications, bills of lading, etc, the ITIC notes in a statement. Carriers and their […]
By Canadian Underwriter | October 25, 2007
1 min read
If a danger related to the use of a product is not obvious, and a consumer seeks reassurance from a merchant concerning the safety of the product, the answer must not be misleading, the Ontario Court of Appeal has found in a recent product liability case. In Walford v. Jacuzzi Canada Ltd., Marion Walford wanted […]
3 min read
Wildfires ravaging large swathes of Southern California are likely to cost insurers between US$900 million and US$1.6 billion, making them among the most expensive in the region’s history, according to Risk Management Solutions (RMS).Of the 23 fires, the Witch Fire in San Diego has caused the most property damage so far and is likely to […]
Willis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a hit in its 2007 Q3 income based on a tax gain on the sale of its London headquarters and a significant expenditure on 2006 Shaping our Future initiatives.Shaping Our Future refers to a company strategy, outlined in Willis 2006 annual report, for achieving […]
Canadas insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on a number of reasons related to Canadas legal system and culture, a panelist told Swiss Res 2007 Casualty Seminar in Toronto.Its my firm belief that I dont think […]
By Canadian Underwriter | October 24, 2007
The Insurance Brokers Association of Ontario (IBAO) is asking the provincial brokers regulator, the Registered Insurance Brokers of Ontario (RIBO), to adopt a control-in-fact test to assess the independence of insurance brokers in Ontario.Brokers that do not meet the control-in-fact standard should be regulated as agents, said IBAO president-elect Rod Hancock in a speech to […]
FM Global clients will collectively be credited with an estimated US$380 million when policies are renewed in 2008. The credit is largely due to effective loss prevention efforts on the part of policyholders, which resulted in the companys excellent operating performance, FM Global said in a press release. Since 2001, FM Global has credited nearly […]
The Insurance Brokers Association of Ontario (IBAO) will be prohibiting its non-voting affinity members from using the Broker Identity Program (BIP) logo in any manner whatsoever, starting Apr. 1, 2008.The brokers association passed this bylaw during its annual general meeting at the Royal York Hotel in Toronto on Oct. 19. The Insurance Brokers Association of […]
By Canadian Underwriter | October 23, 2007
Risk
A vehicle-tracking device manufactured by Boomerang Tracking Inc. has helped locate and recover more than 6,000 missing or stolen vehicles, representing a total value of approximately Cdn$300 million, according to a company release. Members of the insurance industry have endorsed the Montreal-headquartered company, and some insurance companies are offering premium reductions for vehicles equipped with […]
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