Claims
About 85 per cent of new car buyers will use some sort of financing to pay for their vehicle, according to credit reporting company Experian. If you’re such a buyer, you can expect that during your purchase a car dealership will try to sell you gap insurance. Gap insurance makes up the difference between what […]
By Greg Meckbach | November 28, 2018
4 min read
A major water leak from a Surrey, British Columbia strata unit has spawned debate among judges over whether landlords are liable in such cases. Crystal Thomas was renting a condo unit in Surrey in the summer of 2015. A large amount of water from her unit leaked into several other units, one of which was […]
2 min read
Commercial brokers could see fewer carriers offering directors and officers (D&O) liability in the future. That’s because “market consolidation is something that you might see on the carrier side,” said Ian Fraser, assistant vice president of technology, cyber and professional lines at Sovereign Insurance. He was commenting specifically on carriers whose products include D&O liability. […]
By Greg Meckbach | November 27, 2018
3 min read
Industry
Consolidation could potentially wind up regenerating Canada’s broker channel generally and managing general agents (MGA) specifically, a senior executive told delegates attending the 2018 MGA Symposium in Toronto on Tuesday. Organized by insurance-canada.ca, the event featured a panel of MGA executives who were asked for their views about consolidation in the Canadian property and casualty […]
By David Gambrill | November 27, 2018
VANCOUVER – Drenching rain that has deluged British Columbia’s south coast since Sunday night should begin to relent over the next 24 hours, although Environment Canada says another 40 millimetres of precipitation is expected across parts of the region by Wednesday. Rainfall warnings remain posted for the east coast of Vancouver and the inner south […]
By The Canadian Press | November 27, 2018
1 min read
Would directors’ and officers’ liability costs be lower if Canada had a national securities regulator? D&O liability insurance kicks in when shareholders go to court alleging a company misrepresented the true state of its financial affairs at the time they bought their shares. Shareholders’ misrepresentation lawsuits are often filed against the same defendants in multiple […]
By Greg Meckbach | November 26, 2018
Risk
The Insurance Corporation of British Columbia (ICBC) has posted a net loss of $582 million for the first six months of the current fiscal year. It’s also projecting a year-end financial loss of $890 million for 2018/19. This significant loss comes after ICBC reported a net loss of $1.3 billion for its 2017/18 fiscal year, […]
By Jason Contant | November 26, 2018
Intact Insurance won a coverage dispute in court but “poor customer relations” means the homeowner plaintiff does not have to pay Intact’s legal defence costs. Homeowner Arnie Augspols sued Intact and G. Bates Plumbing. Augspols noticed several problems in his home, including a slope in the basement floor and cracks in the driveway. Neither defendant […]
OTTAWA – Senators owner Eugene Melnyk is suing his business partner for $700 million in a development deal that was meant to bring a new NHL arena to Ottawa’s downtown. Capital Sports Management Inc., a group controlled by Melnyk, said in a release Friday that it has started legal proceedings against John Ruddy, the chair […]
By The Canadian Press | November 26, 2018
Commercial clients who do business over the Internet can reduce fraud risk if they have more than one way of verifying people’s identity, a major credit bureau suggests. “Any industry that is in the online channel has an opportunity to become a victim of organized crime trying to perpetrate identity theft,” Anne-Marie Kelly, executive director […]
By Greg Meckbach | November 23, 2018
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