January storm caused over $95 million in insured damage

TORONTO, Feb. 18, 2020 /CNW/ – The January 10 to 12 storm in southern Ontario and Quebec caused over $95 million in insured damage, $81.6 million in Ontario and $13.7 million in Quebec, according to Catastrophe Indices and Quantification Inc.* Most of the damage was to personal property.

In southern Ontario, overnight temperatures rose to record-breaking highs of between 10°C and 15°C prior to the storm. The rain began on January 10 and continued through to January 11, and on January 12 turned to snow. From Windsor to London, 60 to 70 mm of rain fell. In Toronto, 78 mm of rainfall was recorded. The Ottawa Airport reported 34 mm of rain, and 12 cm of snow and ice pellets.

On January 11, rain began in Montreal where the afternoon high reached 6.5°C, then came freezing rain as the cold front passed through. After midnight, the freezing rain became mixed with ice pellets, then there was an ice pellet-snow mix and later snow. Montreal received 40 mm of rain, and 13 cm of snow and ice pellets.

The combination of frozen ground, snowmelt and heavy rain led to widespread overland flooding, sewer backups and seepage. There were significant reports of flooded basements and multiple flooded roads, which resulted in closures across southern Ontario and Quebec. Wind damage was also a factor, especially in the Niagara Peninsula. Thousands of citizens were without power. The strong winds caused storm surges, which resulted in road closures in Fort Erie, Ontario.

“We continue to see the devastating consequences of severe weather events happening ever more frequently and with greater intensity,” said Kim Donaldson, Vice-President, Ontario, Insurance Bureau of Canada (IBC). “In particular, storms with severe winds that cause flooding are becoming more common. While the insured damage from these storms is significant, the total economic cost to all stakeholders, government, and personal loss to homeowners is even greater.”

Both taxpayers and insurers share the cost for severe weather damage. For every dollar paid in insurance claims for damaged homes and businesses, Canadian governments and taxpayers pay out much more to repair public infrastructure that the severe weather damages.

“It is important that property owners take precautions and protect their properties to minimize potential damage,” continued Donaldson. “They should also understand their insurance policies and know whether they have overland flood coverage.”

Visit IBC’s website for information on how to prepare for a disaster and ways to prevent flood damage to your home.

* Catastrophe Indices and Quantification Inc. (CatIQ) estimated the amount of insured damage under licence to IBC. For more information on CatIQ, visit www.catiq.com.

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays over $9 billion in taxes and has a total premium base of $59.6 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @IBC_Ontario or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada

www.ibc.ca

SkyWatch.AI and Starr Insurance Companies Launch Drone Insurance in Canada

The excerpted article was written by Miriam McNabb | DRONELIFE

SkyWatch.AI is drone insurance for skilled professional operators – providing drone insurance that not only offers a sophisticated risk analysis platform, but also allows pilots to reduce their costs as they establish a safety record.

SkyWatch’s differentiators include their flexibility – pilots can receive liability coverage by hour, month, or year – and their risk platform, based on which allows pilots and enterprises the tools they need to analyze their flight performance from a risk perspective.

Palo Alto, California, February 11, 2020 Today, SkyWatch.AI, the world’s first on-demand, telematics-based insurance platform for commercial drone pilots, launched its drone insurance product in Ontario, Canada. SkyWatch.AI’s dedicated drone insurance allows professional drone pilots to easily set and manage their coverage through their mobile or desktop devices. The policies are underwritten by a member of Starr Insurance Companies, the leading aviation insurance company in North America, which has insurance carriers rated “A” (excellent) by AM. Best.

Through Skywatch.AI, commercial and recreational drone (RPAS) pilots rapidly receive flexible liability insurance by the hour, month or year. The telemetry-based risk analysis platform provides a best-in-class risk map to help pilots plan their flights, get real-time quotes, proactively avoid potential hazards and analyze their performance.

SkyWatch.AI will allow eligible drone pilots to reduce their insurance premiums as they fly safely over time. Their telemetry-based Safety Score differentiates SkyWatch.AI from any other drone insurance products and can be used to set an industry benchmark for operators to improve their score.

“The drone industry is rapidly growing and 2020 is set to be a pivotal year for drone pilots on all levels. We want to provide drone pilots innovative technology and insurance with extremely flexible coverage plans.” said Tomer Kashi, CEO and co-founder of SkyWatch.AI. “We’re excited to have SkyWatch.AI expand into Canada, and after our initial run in the province of Ontario, we plan to expand to more regions and provide more Canadian drone pilots with our advanced insurance solutions.”

“After setting a new standard for drone insurance in the United States in terms of coverage, flexibility, automation and ease of use, we are proud to expand our relationship with SkyWatch.AI to Canada,” said Paul O’Ryan, Canadian territory manager, general aviation at Starr. “The need for usage based insurance is rapidly growing, and we look forward to meeting the demands of professional drone operators in Canada as well.”

SkyWatch.AI’s drone insurance is now available on the SkyWatch website www.skywatch.ai/ca and on Google Play and Apple App store.

About Starr Insurance Companies

Starr Insurance Companies (or Starr) is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on six continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Singapore, U.K. and Malta each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong).

About SkyWatch.AI

SkyWatch.AI is the world’s first on-demand, telematics-based insurance platform for commercial drones. The SkyWatch.AI platform leverages the power of machine learning to assess and mitigate risks and provide on-demand insurance for drone pilots across the US, Canada, UK and Israel.

Murdered Vancouver gangster’s family denied insurance payout

The excerpted article was written by KIM BOLAN | Vancouver Sun

Jodh Manj, 31, was gunned down in the parking lot of a commercial complex in the Mexico City neighbourhood of Santa Fe on Dec. 6, 2018. No one has been charged.

Manj, who grew up on Vancouver’s south slope, was associated with the United Nations gang and had been spending long periods of time in Mexico for years.

He bought the RBC life insurance policy in February 2009, according to court documents filed last week in B.C. Supreme Court by his relatives Kirpal, Aman and Yasbir Manj.

The three said in their suit that RBC Insurance sent out a series of letters on July 9, 2019 refusing to pay out the $500,000 death benefit.

The Manj relatives claim the insurance company is in breach of contract and “was obligated to pay to the plaintiffs $500,000 upon the death of the life insured.”

But in court documents, the RBC says the policy is void because Jodh Manj falsely claimed not to have any criminal convictions when he applied for the insurance policy 11 years ago.

“The defendant says that contrary to Manj’s representations, Manj had been convicted under the Youth Criminal Justice Act offences prior to February 2007 and that he had been convicted of breaching the terms of his sentence for theses convictions,” RBC said in its response to the suit, adding that “Manj made these representations knowingly, without belief in truth, or recklessly, careless whether they were true or false.”

RBC Insurance “relied upon these misrepresentations in agreeing to issue the policy,” the court document said.

“The defendant says that the policy is void as a result of Manj’s fraudulent misrepresentations.”

The Manj relatives said there is insufficient evidence that Jodh Manj defrauded anyone.

“The defendant breached its duty of good faith and fair dealing by denying the plaintiffs’ claim when it knew, or ought to have known, that it did not have sufficient evidence to prove that Jodh S. Manj fraudulently made a material misrepresentation in his application for life insurance,” their claim said.

They said that after they applied to be paid out, RBC initially made no determination about cancelling the policy despite a file review by a case manager.

Only after an underwriter spoke to an RBC insurance investigator in an “undocumented call” on June 5, 2009 was a decision made to rescind the policy, the Manj suit said, adding that no notes were kept of the phone conversation.

On June 6, 2009, the underwriter “prepared a single page memorandum in which she stated that the policy could be rescinded for a material misrepresentation in the application.”

The Manjs are seeking damages and court costs, on top of the insurance money, which was supposed to have been split three ways.

Until 2017, Jodh Manj was facing charges of conspiracy to import and distribute methamphetamine, ecstasy and pseudoephedrine in Oregon, California, Washington and Canada.

The U.S. attorney in Portland alleged Manj had conspired with several others to smuggle ecstasy and pseudoephedrine from Canada into the U.S., then transport methamphetamine north to the Pacific Northwest and into B.C. from 2008 to 2010.

In 2009, Manj was intercepted by U.S. agents talking on the phone to the head of a drug trafficking organization about selling him 15,000 ecstasy pills.

The charges against Manj were dismissed in February 2017 because the “defendant has not been apprehended, his whereabouts are unknown, and it would be difficult to locate the witnesses and exhibits necessary for successful prosecution of this case,” U.S. court document state.

Source: Vancouver Sun

Government of Canada helps grain farmers manage risk and build public trust

Grains sector backed to develop export rejection insurance

The excerpted article was written by 

The organization representing Canada’s crops sector will get public funding to develop an insurance plan against the “unpredictability” of export customers.

Federal Agriculture Minister Marie-Claude Bibeau, speaking Wednesday at the CropConnect conference in Winnipeg, announced over $430,000 for the Canada Grains Council to develop a pilot insurance product for grain exporters.

Such an insurance plan would go to “address the risks they face of having their shipments rejected at the border of the importing country,” the government said.

Ottawa “wants to insure that grain farmers are protected against the unpredictability of the international market and the risks of regulatory trade barriers, particularly around the input residues on seeds,” the government said in a release.

The council will also get $789,558 toward developing a voluntary “code of practice for farm production of Canadian grains.”

The guidelines to be developed “will help farmers encode the best practices to follow to be considered sustainable, for both market and public trust purposes,” the government said.

The codes for crops would “cover a range of topics, including fertilizer management, pesticide use, soil management, farm workers and protection of wildlife habitat, as well as food safety and work safety.”

‘Market readiness’

The Canada Grains Council, in operation since 1969, represents the crops value chain nationwide and is tasked with spearheading efforts to boost sales and use of Canadian grain in domestic and international markets.

Public money for the CGC’s insurance project will flow through AgriRisk Initiatives (ARI), a five-year, $55 million program to support development of new risk management tools through the federal/provincial; Canadian Agricultural Partnership funding framework.

The code of practice project will be backed via the federal AgriAssurance program, budgeted for up to $74 million over five years to help ag sector groups develop “systems, standards and tools that enable them to make credible, meaningful and verifiable claims about the health and safety of Canadian agricultural and agri-food products, and the manner in which they are produced.”

Codes of practice for production aren’t new to Canada’s ag sector; similar codes for care and handling of various types and breeds of livestock are today being developed and updated by the National Farm Animal Care Council, which was set up in 2005.

The $1.2 million total funding envelope announced Wednesday for the grains council is expected to help address “two key issues facing the sector: better risk management tools and market readiness,” Bibeau said in the government’s release.

“Despite Canada’s solid reputation worldwide as a high-quality and trustworthy provider of grain and oilseed products, we cannot take this for granted,” CGC president Tyler Bjornson said in the same release.

“Exploring new ways to help producers and industry address market access risks, as well as maintain consumer confidence that we are doing the right things to produce sustainable and safe food, are an essential part of our long-term strategy as a sector.” — Glacier FarmMedia Network

Source: AGCanada.com

IBC Launches Commercial Task Force

TORONTOFeb. 10, 2020 /CNW/ – Media headlines about increased commercial insurance premiums have grabbed the attention of many Canadians over the past few months. Commercial insurance is becoming challenging on a global level following years of significant losses. Insurance Bureau of Canada (IBC) is launching the National Commercial Insurance Task Force to examine how this is impacting Canadian companies and consumers.

National Commercial Task Force

The task force will bring together insurers, insurance brokers, local chambers of commerce, small businesses, trucking stakeholders, and risk experts to examine the impacts of the hardening global market and develop recommendations to help keep insurance affordable and available across the country. The task force will examine ways to help consumers mitigate risk and manage costs.

“We’ve heard from concerned parties across the country about challenges with finding affordable insurance and we want to know what can be done to overcome the problems,” said Don Forgeron, President and CEO, IBC. “We strongly believe that if all stakeholders work together, we can find solutions to control costs and, ultimately, improve insurance availability.”

The task force includes representatives from Canadian Condominium Institute, Canadian Trucking Alliance, Canadian Federation of Independent Business, Insurance Brokers Association of Canada, Risk and Insurance Management Society, IBC, the insurance industry and other stakeholders.

The task force will hold its inaugural meeting in Edmonton in February, followed by meetings in VancouverHalifaxToronto and Montreal in the coming months. Its report providing recommendations is due this fall.

Condominium Action Plan

In Alberta, to further assist affected condominium corporations, IBC is developing a Condominium Action Plan that includes:

  • Engaging a risk manager to assist condominium corporations find reasonable insurance
  • Providing education and information on insurance and the importance of risk management and loss prevention strategies for condominiums
  • Providing the government with best practices used in other jurisdictions
  • Engaging insurers, stakeholders and government to directly assist condominium corporations facing issues in the marketplace

“The industry wants to work with all stakeholders to help condominium corporations find adequate and affordable insurance,” stated Forgeron. “The Condominium Action Plan is a multi-faceted approach that will help consumers directly, ensure everyone has the best up-to-date information available and promote the critical importance of risk mitigation and loss prevention in condominiums in Alberta and across the country.”

Consumers who have questions or want to learn more about commercial insurance, risk management or factors that impact premiums can call 1-844-2ASK-IBC or visit ibc.ca.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada

For further information: Media Contact: Vanessa Barrasa – Manager, Media Relations – 416-550-9062, vbarrasa@ibc.ca

Related Links

www.ibc.ca

Ins and outs of travel insurance amid novel coronavirus outbreak

VANCOUVER _ Travellers nervous about globe-trotting during the novel coronavirus outbreak may be eligible to receive a refund for cancelling their travels, say insurance experts, but it depends on the destination, their insurance policy and other factors.

“I think in any case of sort of an epidemic like this, it’s really an evolving situation and every day is different, something new happens,” said Joan Weir, director of health and disability policy for the Canadian Life and Health Insurance Association. CLHIA represents 99 per cent of the country’s life and health insurance companies, according to its website.

Travel insurers watch the unfolding situation very carefully, she said, and the association is frequently checking in with all its members about what they’re experiencing.

There are now more than 31,000 confirmed cases of coronavirus, which originated in Wuhan, China, according to the World Health Organization.

The bulk of these are in China, where there have also been 637 deaths. Across 24 other countries, there are 270 confirmed cases and one death. There are five confirmed cases in Canada.

The WHO declared the outbreak a global health emergency in late January.

The Canadian government issued a Level 3 advisory for China, asking Canadians to avoid non-essential travel. There is only one higher level, which advises travellers to avoid all travel.

The government recommends people avoid travelling to Hubei Province, where Wuhan city is located. The province has recorded 22,112 of China’s 31,211 coronavirus cases, according to the WHO.

As soon as the Canadian government declares a Level 3 or 4 travel advisory, a person may cancel their upcoming trip and their insurance should cover any lost expenses, said Weir.

“You’d have to submit receipts,” she said, but travellers should receive refunds for flights, hotels and other costs.

Trips booked before the government issues these advisories are often covered by travel insurance, said an emailed statement from the insurance company RSA Canada.

“Trips booked after this point are not eligible for medical coverage or trip cancellation/interruption coverage.”

Allianz Global Assistance Canada, which declined to comment due to  “how quickly the current coronavirus is evolving and the changing advisories” from Canada’s government and others, posted a notice on its website to customers about the outbreak indicating booking timing mattered for coverage eligibility.

People travelling to China whose trip cancellation benefits kick in if the government issues a Level 3 advisory would be eligible to submit a claim if they purchased insurance before Jan. 29, when the government issued its advisory, according to the statement.

For those who do qualify, it doesn’t matter whether their trip is next week or in six months, said Weir.

However, the destination matters. While 24 countries have confirmed coronavirus cases, Canada’s travel advisory applies only to China. That means a person who feels uncomfortable travelling to any of the other countries won’t be able to get a refund for cancelling their trip, she said.

That is, unless they purchased what’s known as
cancel-for-any-reason insurance, she said, which does exactly what
the name implies.

Those who haven’t purchased any travel insurance may still be able to secure a refund, Weir noted, as many major credit cards offer some kind of coverage.

“But it depends on which credit card you have and what the benefits are,” she said.  “So it’s good to know what your credit card covers for trip cancellation, for trip health, all that.”

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