Risk
It is rare to have members of the Ontario Court of Appeal attend insurance industry conventions to talk about proper procedures to follow when dealing with claims. In fact, it may never happen. But the next best thing to a personal attendance by a judge is a decision aimed at members of the industry, as well as insurance counsel and opposing counsel. Such a decision lies in the findings of Halifax Insurance Co. of Canada vs. Innopex, which takes aim at the duty to defend and the procedure for determining when the duty to defend arises.
By Will O'Hara of Gardiner Roberts L.L.P. | February 28, 2005
5 min read
Industry
It is common for equipment manufacturers and service providers to put clauses in customer contracts that exclude breakdown from incidents involving water, fire, mishandling, etc. These types of losses are usually covered by a property insurance policy. Since most of the vendors are aware of this fact they use this to advantage in an attempt to profit from an insured's loss.
By John Hicks of LWG Consulting | February 28, 2005
4 min read
Claims
Montreal-based Optimum General Inc. (TSX: OGI.SV.A) saw strong improvement in its results for year ending December 31, 2004, with earnings almost double that produced in 2003.2004 net income was $3.6 million, or $0.31 per share, up from income of $2 million, or $0.17 per share, in 2003. For the fourth quarter, however, the company did […]
By Canadian Underwriter | February 28, 2005
1 min read
All new drivers in Saskatchewan will be subject to a new graduated licensing system as of September 1, 2005, says the province’s public insurer.Saskatchewan Government Insurance (SGI) says the program has three stages learner, novice 1 and novice 2 which will allow new drivers to pass to a “class 5” driver’s license in 18 months […]
The sale of Fairfax’s Federated Life to Western Financial Group is now complete, with the company’s name to be changed to Western Life Assurance Co. Western Financial purchased the life insurer from Fairfax’s Northbridge Financial Corp. for $20 million, with the sale first announced last May.Concurrent with the sale, Western Financial issued 10.35 million common […]
Bermuda-based RenaissanceRe Holdings Ltd. says it has received a subpoena from the U.S. Securities Exchange Commission (SEC) in connection with the SEC’s investigation of “non-traditional” insurance products. As well, the SEC is seeking further information on RenRe’s recent announcement that it would restate earnings for the years 2001-2003. RenRe says it also expects to receive […]
In response to rising premiums and availability issues, B.C.’s tourism operators have some new tools to improve their risk profile and hopefully receive lower rates, but also to provide coverage in specific sectors.The province’s Council of Tourism Associations has put together a program which not only offers liability insurance, but also safety and risk management […]
By Canadian Underwriter | February 27, 2005
A new media campaign already underway for the Insurance Brokers Association of Canada (IBAC) includes television vignettes featuring independent brokers talking about the value they bring to consumers.IBAC spokesperson Janine Cavin says that as part of its media buy, the association’s advertising agency negotiated a contract to run eight 45-second vignettes on Bell Globemedia channels, […]
Reliance Insurance Group, which was placed in liquidation in the U.S. in 2001, has made a settlement with Pennsylvania Insurance Commissioner Diane Koken. Koken filed suit against the parent Reliance Group Holdings’ CEO Saul Steinberg and other directors and officers for mismanagement in 2002.Essentially the settlement is a means to ensure there are funds left […]
ICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in November, 2002. The two taxi drivers filed for lost wages, but it was found the […]
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