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Insurer loses $255,000 subrogation claim over modified excavator

AIG Insurance Company lost a $255,275 subrogation claim Tuesday on behalf of its insured, a forest management and logging company, because the insured could not prove a fire to an excavator it bought from Volvo didn’t start because of an

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Why the hard market and COVID-19 shifted brokers’ focus

Commercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After

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Westland appoints industry veteran to new VP role

Westland Insurance has appointed senior industry executive Robert Beauchamp as its new vice president of Quebec operations. Beauchamp will spearhead operations and drive growth in Quebec, the brokerage said in a press release. “This appointment marks Westland’s commitment to expanding

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Feds looking to create national emergency response agency

OTTAWA – The federal government is looking at creating some kind of national disaster response agency in the face of an unusually intense and destructive start to the wildfire season across the country. At the moment, federal departments including Emergency

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Insurance Institute of Ontario- Virtual Teaching & Presentation Techniques (4-day program)

Do you need to enhance your teaching and facilitation skills for virtual presentations? If so, this four-day program is for you. (Course takes place 4 days: October 6, 14, 20 & 27, 2023) This instructional course will give you the

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Insurance Institute of Ontario- Leading Insurance Coverage & Liability Cases (2022-2023)

In order for Brokers to advise clients about the foreseeable insurable risks that may impact their home, automobile and business exposures, Brokers need to understand current liability and coverage issues. Join us November 2, as Mario Fiorino, Senior Council of

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How the cyber line should source its talent

When recruiting for talent to sell cyber insurance, widening the expectations around job experience may be one place to start, suggested experts at a Gallagher Re Industry Event in Toronto. “The space is changing so quickly that 15- or 20-years’

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Acquisition broadens NFP’s Ontario base

NFP has acquired Rhodes & Williams Ltd. in a transaction that closed May 24, the company said in a press release. The move expands NFP’s Ontario presence “and increases its P&C capabilities and scale across personal risk and commercial lines,”

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Auto insurers pay out record amount for auto theft

Supply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in

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More evacuations in Quebec as record breaking fires continue to burn

MONTREAL — Quebec’s wildfire season, which has forced thousands from their homes and left other communities on high alert, is the worst on record, officials said Wednesday. Premier Francois Legault told reporters in Quebec City that the areas in the

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Will lack of diversity mean the end of your brokerage?

Investing in diversity, equity and inclusion (DEI) initiatives could literally spell the difference between survival and death for a brokerage, a panellist suggested Tuesday during a Canadian Underwriter webinar. Colette Taylor, chief operating officer at Sovereign Insurance, expressed concern about

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Will fewer mergers reduce reps and warranties insurance pricing?

Pricing in the representations and warranties (R&W) insurance market has softened relative to the hard market conditions experienced from the start of 2021 into the first half of 2022, industry professionals told CU. R&W insurance protects against financial loss arising

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Bank of Canada raises key interest rate amid stubbornly high inflation

OTTAWA – The Bank of Canada announced a quarter-percentage point rate hike Wednesday, the first interest rate increase since January, as high inflation persists. Its key interest rate now sits at 4.75 per cent, the highest it’s been since 2001.

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Oracle RMS Insurance Brokerage to Acquire Spacca Insurance Brokers Ltd.

CONCORD, ON, JUNE 7, 2023/insPRESS/ – Today Oracle Risk Management Services Inc. (Oracle RMS) Insurance Brokerage announced they have acquired Spacca Insurance Brokers Ltd. (Spacca Insurance). Founded in 1972, Spacca Insurance is a family-owned and operated insurance brokerage that prides

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Westland widens Ontario footprint with new acquisitions

Westland Insurance has acquired two Ontario-based brokerages, MYCOR Insurance Solutions Inc. and Murphy Insurance Services Inc., further expanding its fleet in the province.   The acquisitions, effective June 1, will enable Westland to continue growing in Canada, “both organically and through

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Insurance Institute of Ontario- Bucket vs. Searchlight – a Scientific Approach to Investigating Exceptional & Suspicious Claims

As part of an overall strategy response for cost containment, insurance systems often apply some form of a procedural If/Then claim triage algorithm. These types of If/Then decision models are akin to what is known in systems theory as a

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Insurance Institute of Ontario- Open Source Intelligence – Turning Information into Actionable Intelligence

Open-source intelligence is a process designed to gather information from public sources such as websites and government databases. The application of intelligence gathering of open and restricted data sources include the collection, processing, exploitation, analysis and use of multiple sources

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Insurance Institute of Ontario- Underlying Risks of Solar Panels Webinar

Through the years we are more engaged in protecting the environment by “going green” Did you know that the number of solar panels on roofs has been increasing by 50% every year since 2010? This webinar aims to help you

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Insurance Institute of Ontario- Delegated Authority: The Magic Behind the MGA Marketplace

The MGA marketplace is where complex and interesting risks are written. What enables the market to function is the pooling of these extraordinary risks in specialized MGAs. This is accomplished through the contractual arrangement known as delegated authority. Discover how

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Easy, low-cost ways to improve DEI at your brokerage

Brokerages that might not have resources to embark on large-scale diversity, equity and inclusion (DEI) programs can start small by committing to change, a speaker said Tuesday during a Canadian Underwriter webinar. “If you’re a small brokerage, maybe don’t have

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Province to launch restricted licence for incidental insurance

B.C.’s broker regulator, the Insurance Council of B.C., is now consulting on a proposed new restricted licensing framework to regulate the sale of incidental insurance, the council announced in late May. The regulator’s initiative follows the province’s Bill 37, which

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BrokerLink buys Burlington brokerage

For the sixth time so far in 2023, BrokerLink has grown its market share through M&A, this time with the acquisition of Burlington, Ont.-based T.K. WoodMar Insurance & Financial Group. WoodMar has offered commercial (business owner, liability and commercial vehicle),

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Insurance Institute of Ontario- The Automated Vehicle – Immediate and Short Term Insurance Implications

The rapid deployment of automated vehicles will have immediate implications for all operators, owners and occupants of both personal and commercial vehicles whether automated or not. In the short to midterm semi and fully autonomous vehicles will be sharing the

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Insurance Institute of Ontario- Coaching for Performance

Many business leaders and owners make the big mistake of not performance coaching their people. Yet it is the fastest way to engage your employees and deliver better results. Coaching is so much more than laying out the expectations and

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Will this be the worst wildfire season Canada has ever seen?

OTTAWA – This is on track to be the worst fire season Canada has ever seen and the risk of wildfires will remain well above average in most of the country throughout the summer, the federal government warned Monday. At

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CHES Special Announces Customized Insurance for the Wedding Season

TORONTO, ON, JUNE 6, 2023/insPRESS/ – As the summer sun graces the Canadian landscape, the wedding industry experiences a significant upswing during the season. This surge in business extends to a wide array of professionals, including wedding planners, photographers, caterers,

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Origin and Cause Expands Team with Materials Engineer in Vancouver, B.C. 

VANCOUVER, BC, JUNE 6, 2023/insPRESS/ – Origin and Cause, a leading forensic engineering and fire investigation firm with offices across Canada, is proud to announce the addition of Paul Emadi, Ph.d., P.Eng. to their Vancouver office.   Paul is a Materials

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The art of writing long-haul trucking

Long-haul trucking (LHT) insurance isn’t just for cargo and trailers — coverage must extend beyond the roadway. When underwriters consider long-haul trucking risks, they should examine broader business criteria such as a fleet’s age and size, vehicle class, the distance

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Are you covered for driving through flood water?

British Columbia’s Civil Resolution Tribunal (CRT) has ruled in favour of the province’s public auto insurer after finding it properly classified a water-damaged vehicle under collision coverage. At issue was whether Insurance Corporation of British Columbia (ICBC) correctly determined water

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What Canadian P&C workers look like today

Canada’s property and casualty (P&C) insurance industry workers are more diverse, younger, and better-educated than they were five years ago, according to the Insurance Institute of Canada’s 2022-23 demographics research report. Three-quarters of the more than 4,700 Canadian P&C industry

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