Settlement for victims of runaway train in Lac Megantic clears another hurdle

MONTREAL _ A U.S. bankruptcy judge has approved plans for creditors in the Lac-Megantic train disaster to begin voting on terms of a $439-million settlement fund.

The fund was approved by a Canadian judge last Monday but also needs approval by a U.S. court for settlement cheques to be distributed to the families of the 47 people killed in July 2013.

Once the creditor voting in the United States has taken place, a judge is expected to consider on Sept. 24 whether to approve the plan.

Montreal Maine and Atlantic Railway Ltd. (MMA) owned the train that derailed but it didn’t have enough insurance to pay damages to victims and creditors, so it filed for bankruptcy in the United States and Canada.

About 25 companies accused in the derailment agreed to pay into a fund to compensate victims, which is tied to the bankruptcy proceedings in both countries.

Robert Keach, the court-appointed monitor for MMA’s bankruptcy proceedings in the United States, says he expects the settlement fund to be accepted south of the border.

“Both courts (U.S. and Canada) need to approve the plans,” Keach said in an interview Friday. “That condition has been satisfied in Canada and the next step is to get the U.S. judge to approve the plan.

“I am pretty confident that the creditors will vote for it and pretty confident it will be confirmed.”

The approved plan would see just under $200 million go to the government of Quebec and the town of Lac-Megantic for cleanup and other related costs.

About $111 million would be distributed to families of the deceased and the remaining millions are reserved for other claims such as psychological and material damages suffered as a result of the train derailment.

As much as $21 million is earmarked for lawyers’ fees.

canada-press

Intact Insurance Tops J.D. Power Auto Claims Customer Satisfaction Study

intactinsurance

TORONTO – Canadian auto insurance customers have rated Intact Insurance tops when it comes to starting a claim and providing an exceptional customer experience.

Intact Insurance, Canada’s largest provider of home, auto and business insurance company, scored highest among Canada’s insurance companies in J.D Power’s 2015 Canadian Auto Claims Satisfaction Study.

Intact Insurance led the pack in the first loss of notice study factor, which evaluated the initial call to start a claim.

The study is based on responses from more than 2,500 auto insurance customers in Canada who settled an auto insurance claim within the past 12 months.

“Our strategy is all about consistently delivering great service to customers, and being ranked highest in claims experience tells us this strategy is resonating,” said Louis Gagnon, President, Service and Distribution, Intact Financial Corporation. “Achieving the highest score in the first loss of notice factor is – something we know is a key driver of customer satisfaction. We believe this means that customers see the value in our 30 Minute Claims Guarantee.”

The Intact Insurance 30 Minute Claims Guarantee ensures that a customer’s call to report a claim will be started within 30 minutes of their call being answered – no matter the time of day.

We’ve examined how best to improve the customer experience, from starting a claim, to the systems our employees use to support customers, and invested accordingly,” said Gagnon. “Our ranking supports this approach and will spur us to continue to deliver exceptional customer experiences that are second to none,” adds Gagnon.

About Intact Insurance and Intact Financial Corporation

Intact Insurance is Canada’s largest home, auto and business insurance company, the choice of more than four million consumers. Its coast-to-coast presence and its strong relationship with insurance brokers mean the company can provide the outstanding service, comfort and continuity customers deserve. Intact Insurance (www.intact.ca) is a member company of Intact Financial Corporation (TSX: IFC), the largest provider of property and casualty insurance in Canada (www.intactfc.com).

Media Inquiries:

Stephanie Sorensen
Director, External Communications
1 416 344 8027
stephanie.sorensen@intact.net

 

Lack of insurance to cover sex assault not unique to doctors, court hears

By Robert Jones, CBC News

Toronto insurance broker told a Saint John courtroom Thursday that no medical professions in Canada protect patients against sexual assault because insurance companies will not take the risk.

The Canadian Medical Protective Association is being sued in Saint John for not paying compensation to Shirley Shannon, a woman sexually abused and threatened by a New Brunswick psychiatrist in the 1990s.

“Most policies I am aware of exclude deliberate acts,” said John Gelston, an insurance expert called to testify in the case of Shirley Shannon.

Shannon is suing the Canadian Medical Protective Association (CMPA) for not paying a damage award she won against her psychiatrist.

Dr. Kwabena Agyei Akuffo-Akoto sexually abused and threatened Shannon in the 1990s and then fled to Great Britain after being found out.

Akuffo-Akoto was a member of the CMPA at the time to fulfil New Brunswick legal requirements that he carry professional liability coverage, or something “to similar effect.”

Only pay for medical mistakes

Shannon’s lawyer says that means CMPA has to pay the damages for what Akuffo-Akoto did in his medical practice, but the CMPA says it has a policy to pay only for medical mistakes — not criminal acts.

To bolster its case, the CMPA commissioned Gelston to survey what kind of insurance is available to medical professionals in Canada.

Gelston said he could find no coverage available anywhere that would pay compensation for a medical professional assaulting a patient, including among dentists, pharmacists and optometrists.

However, Gelston said he believes a third party, such as a hospital, could obtain insurance that would cover patients who were assaulted by a doctor, as long as reasonable steps were taken by the hospital to prevent such assaults from happening.

Shannon’s case, which has taken longer than expected, has been adjourned until Sept. 2 to hear from three more witnesses.

Chestermere flood cleanup continues

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Allianz Global Corporate & Specialty Appoints Industry Veteran Bernard McNulty as Head of Claims in Canada

TORONTO–(BUSINESS WIRE)–Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced Monday 13, 2015 that Bernard McNulty has been named the head of claims Canada effective immediately. Based in Toronto, he will report directly to Ulrich Kadow, chief agent Canada, with a matrix report to Terry Campbell, regional head of claims North America.

“AGCS is extremely pleased to welcome someone with Bernard’s impressive technical expertise and industry reputation to head our Canada Claims team. As a trusted industrial insurer, AGCS Canada is positioned for growth with multiple lines of business and strong capital and capacity,“ said Mr. Kadow.”

Mr. McNulty is responsible for AGCS’s Claims division throughout Canada, leading a team of 14 professionals. AGCS Canada is one of the country’s largest industrial insurance carriers, insuring almost half of the top 100 companies in Canada.

Mr. McNulty is a respected industry veteran with strong technical expertise and over 22 years of experience in the insurance sector in underwriting, claims, and management roles. Most recently, he served as vice president, strategic broker and customer development, at RSA Group. Mr. McNulty previously held a variety of claims leadership roles at GCAN Insurance Co. and the ACE Group.

He earned a Bachelor of Arts in English and Economics at the University of Toronto and holds both Associate (AIIC) and Fellowship (FIIC) designation levels from the Insurance Institute of Canada (IIC).

About Allianz Global Corporate & Specialty

Allianz Global Corporate & Specialty (AGCS) is the Allianz Group’s dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs).

Worldwide, AGCS operates in 29 countries with own units and in more than 160 countries through the Allianz Group network and partners. In 2014 it employed more than 3,500 people and provided insurance solutions to more than half of the Fortune Global 500 companies, writing a total of €5.4 billion gross premium worldwide annually.

AGCS SE is rated AA by Standard & Poor’s and A+ by A.M. Best.

For more information please visit www.agcs.allianz.com or follow us on Twitter @AGCS_Insurance and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

Contacts

Allianz Global Corporate & Specialty
Jacqueline Maher, 646-472-1479
jacqueline.maher@agcs.allianz.com
or
Harden Communications Partners
Erin Burke, 631-239-6903
eburke@hardenpartners.com

Three quarters of Britons believe life insurance is important to have and a similar number think it is a significant consideration when moving job.

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