Industry
Markel Insurance Co. of Canada recently introduced a new program to provide legal aid to Canadian truckers violating U.S. hours of service rules and other transport laws.The program Market LEGALink consists of a database of trucking-savvy U.S. attorneys who are able to provide policyholders’ drivers with contact information if they are cited for violations. In […]
By Canadian Underwriter | June 22, 2005
2 min read
Claims
Insurers are failing to provide U.S. businesses with adequate terrorist attack protection and, according to a new study, this means a major terrorist attack would result in nationwide economic disruption.The report, “Trends in Terrorism: Threats to the United States and the Future of the Terrorism Risk Insurance Act,” says that terrorism insurance does not cover […]
By Canadian Underwriter | June 21, 2005
1 min read
Risk
ING Canada Group (ING Canada) has recently been assigned issuer credit ratings (ICR) of “aa-” while ING Canada Inc. (TSX: IIC.LV) has been assigned an ICR of “a-” from A.M. Best. These ratings, according to A.M. Best, reflect ING Canada’s risk-based capitalization and the financial flexibility offered by ING Canada Inc.’s Dec. 2004 offering. In […]
Rumors surrounding Royal & SunAlliance plan to call for bids on the Company are completely false, according to Royal & SunAlliance Canada’s president and CEO Rowan Saunders. In response to recent media exposure of the Company’s consistently “plummeting shares” and alleged call for bids to “halt these losses,” Saunders says recent restructuring of the Company […]
On June 16, 2005, the newly formed company Assured Automotive representing the recent merger between Imperial Collision Centres and Oaktown Collision Centres held a charity boat cruise to raise money for Erinoak a charitable organization that aids children with physical disabilities. The charity cruise, held at the Toronto harbor, garnered support from more than 400 […]
3 min read
Lloyd’s of London and other London-market reinsurers recently moved to block units of ACE Ltd. from consolidating arbitration proceedings on dozens of asbestos claim-exposed reinsurance contracts. According to court filings, ACE units which filed 17 separate arbitration demands charged London reinsurers with a “pattern and practice of delay, obstruction and failure and refusal to timely […]
By Canadian Underwriter | June 20, 2005
The Internal Revenue Service (IRS) recently ruled that an organization that is the sole purchaser of coverage from an insurer cannot take a tax deduction for the premiums.In the Revenue Ruling 2005-40, the IRS states that insurance must involve risk distribution involving numerous parties, so that one insured is not “in significant part paying for […]
A recent fire in Richmond, BC is likely a result of a marijuana grow-op. The incident sets precedence for the new pot grow-op bylaw, set to take effect July 1, requiring landlords to check their premises for grow-ops every three months. It also heightens the issues surrounding a recent Nova Scotia-based symposium hosted by policing […]
In a recent statement, Deputy Prime Minister Anne McLellan recently offered Rob Renner, Minister of Municipal Affairs, any assistance required to aid against the damage caused by relentless floods in Alberta. McLellan, Canada’s Minister of Public Safety and Emergency Preparedness, says a liaison officer from Public Safety and Emergency Preparedness Canada’s Alberta Regional Office is […]
CORRECTION NOTICE: Royal & Sun Alliance Insurance Group Plc. is not calling for bids as was stated in the news release published on June 20, 2005. A Royal & Sun representative says the Company has no plans to call for bids on operations. A federal nuclear safety official representing the Canadian Nuclear Safety Commission says […]
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