Risk
When Kinga Surma moved eight kilometres to a new home, her auto insurance rate went up by $80 a month. “I wasn’t moving very far away,” Surma, Progressive Conservative MPP for the Toronto riding of Etobicoke Centre, told the Ontario legislature last week during debate on Bill 42. If passed into law, Bill 42 would […]
By Greg Meckbach | March 25, 2019
2 min read
If Ontario insurers want to reduce the risk of huge barn fires, they might want to consider advocating for the removal of an existing exemption for mandatory fire inspections of farms that is contained in the province’s Fire Code. As it stands right now, mandatory fire inspections of farms are linked to land occupancy and […]
By David Gambrill | March 22, 2019
3 min read
Insurance Bureau of Canada officials are hoping a $145-million commitment by the federal government towards cyber security will help the industry better understand how much a cyber incident could cost. In the 2019-20 budget document tabled Tuesday, federal Finance Minister Bill Morneau proposed to spend $144.9 million over five years critical cyber systems, including those […]
By Greg Meckbach | March 21, 2019
Despite using a wholly-owned captive insurance subsidiary and third-party insurance, ridesharing company Lyft Inc. cannot ensure its coverage will sustain all of its business risks and costs, the company acknowledged in a recent stock-listing prospectus of risk factors. San Francisco, Calif.-based Lyft uses the subsidiary and third-party insurance, which may include deductibles and self-insured retentions, […]
By Jason Contant | March 20, 2019
RICHMOND, B.C. – Transport Canada says two ships collided in Vancouver Harbour Sunday after one lost power, but no one was injured and no pollutants were released. The federal department says in a statement that the bulk carrier MV Caravos Harmony lost power and collided with the MV Pan Acacia early Sunday morning. It says […]
By Greg Meckbach | March 20, 2019
The federal government’s commitment Tuesday to spend $1 million a year on hazard awareness training – from a total budget of nearly $350 billion – will go a “long way” towards helping Canadians understand property risk, the Insurance Bureau of Canada suggests. It its 2019-20 budget document tabled Tuesday, the government said it is proposing […]
Canada’s five biggest banks are paying nearly $8 million a year collectively in premiums, for billions in directors’ and officers’ liability insurance with no deductibles, recent security filings show. The total coverage limit and the circumstances under which those policies apply vary by bank. The Canadian Imperial Bank of Commerce said its D&O policy protects […]
By Greg Meckbach | March 18, 2019
At some point in their lives, most Canadians will be subject to a tax audit from the Canada Revenue Agency (CRA). While the process can be anxiety-inducing and stressful, having the right insurance policy can help you prepare for an audit. It’s important to know what your rights are if you are audited and how […]
By Ad Ops | March 18, 2019
Some commercial clients are looking for more consistency across the industry in cyber policy wording. Survey data shows cyber is the Number 1 hot topic for members of Risk and Insurance Management Society (RIMS) Inc., said Jennifer Goodwin, chair of the RIMS Maritime Chapter. Cyber policies can be confusing and different insurers offer different wordings, […]
By Greg Meckbach | March 15, 2019
Canadian property clients could soon get an insurance discount by installing products from water flow sensing vendor Triple Plus Ltd. Triple Plus recently announced a pilot project in which American clients of Berkshire Hathaway GUARD can get lower property insurance rates if they install Triple Plus water leak damage prevention systems. Triple Plus will soon […]
By Greg Meckbach | March 13, 2019
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