Insurable Interest Canadian Insurance Blog

New solution designed to wipe personal information associated with a range of devices – including GPS, mobile contacts, text messages, and garage- and gate-opening capabilities – after an auto accident resulting in an insured total loss Whitehouse Station, NJ (Sept. 12, 2019) – In response to new risks associated with today’s technologically-advanced automobiles, Chubb has launched a new exclusive service to help personal auto clients remove sensitive electronic information from their vehicles in the event of an insured total loss. To identify relevant information after a total loss, technicians will scan locations and wipe necessary systems on Chubb insured vehicles, subsequently clearing GPS, mobile contacts, text messages, and garage and gate opening capabilities from the vehicle. The service is available at no additional cost to Chubb auto clients nationwide that experience an insured total loss. “While hands-free GPS and mobile connectivity has made driving more convenient and safer, such conveniences come with their own set of unique risks,” said Fran O’Brien, Division President, North America Personal Risk Services at Chubb. “Personal information is often stored in a car’s electronics system and when an accident happens, the last thing on drivers’ minds is that type of data. If that information falls...

Julius Melnitzer | September 16, 2019 An Alberta court has ruled that employees receiving disability payments during the reasonable notice period can’t “double-dip” by receiving payments for lost wages. “The decision affirms the principle that employees are entitled only to what they would have received had they been working during the notice period,” says Sheena Owens, an employment lawyer at Stikeman Elliott LLP in Calgary. “Since employees receiving disability benefits would not be working, and therefore would not collect salary, they cannot be awarded both salary payments and disability payments in a wrongful dismissal claim.” Read: The challenges of terminating benefits for employees on disability Of particular interest in Belanger v. Western Ventilation Products Ltd., a decision by Jim Farrington, an Alberta Court of Queen’s Bench master in chambers, is the fact that Farrington reached his decision despite the parties’ agreement that Greg Belanger, an employee with 43 years of service, didn’t receive adequate notice of termination. On termination, the employer provided one year’s working notice with benefits to continue for at least two years from termination. But Belanger never worked during the notice period: he became ill and began receiving disability benefits from the company’s plan, to which he was entitled until age 65. Belanger...

Bakersfield Californian, The (CA) Sep. 15–Leslie Chance is schedule to appear before a Kern County Superior judge Wednesday. Chance, 52, is scheduled to appear for a hearing on a motion. She is accused of shooting her husband to death in August 2013 and leaving his body near a commercial orchard several miles northwest of Bakersfield. This is Chance’s second trial. Her first ended in a mistrial. Paul Cadman, Chance’s former court-appointed attorney, had to excuse himself from his service due to a conflict, and a mistrial was declared June 28 during jury selection. A new attorney will be appointed to Chance by the Indigent Defense Program. Chance was charged in the murder of her husband, Todd Chance, 45, on Aug. 25, 2013. If convicted, she could face life in prison. Prosecutors say the couple drove that morning to the area of Noriega Road near Enos Lane, where Chance is alleged to have shot and killed her husband. Prosecutors say she abandoned the car in a nearby neighborhood and returned home by taxi and on foot. Chance was first arrested days after her husband’s body was found, but was released days later when prosecutors requested further inquiry from investigators with the...

Assante Wealth Management announced Sept. 12 that it has partnered with WealthBar Financial Services, a fintech, to launch Assante Connect, a new online investing platform exclusively available to clients of Assante financial advisors. CI Financial is the parent company of Assante and WealthBar. “Assante Connect will broaden the reach of our advice by leveraging technology and an appealing and accessible digital experience combined with advice from experienced financial professionals,” said Sean Etherington, President of Assante. “What we’ve heard from clients is that over time their needs and the level of support they desire changes. This platform provides Assante advisors with the flexibility to stay connected with these clients and adapt to their evolving goals and complexity.” A new segment in Canadian financial services “Pairing online investing with wealth management advice is essentially a new segment in Canadian financial services and CI Financial is uniquely positioned to lead this space with our state-of-the-art digital platform and leading advisory firm in Assante,” said Kurt MacAlpine, Chief Executive Officer of CI Financial. “Assante Connect combines two of our wealth management businesses, enabling clients to access the expertise and services they need in the way that is most convenient for them, while supporting advisors...

CI Investments announced Sept. 13 that it will terminate the CI First Asset Core Canadian Equity ETF (TSX: CED) and the CI First Asset Core U.S. Equity ETF (TSX: CES.B; and CES.U) on or about Nov. 29, CI Investments will request that the TSX de-list units of each ETF from the Toronto Stock Exchange on or about Nov. 28, 2019. Until then, units of the ETFs will continue to be listed on the TSX. The company says that as soon as practicable following the termination date, the net assets of each ETF will be liquidated and the proceeds distributed pro rata among holders of record of the ETFs. Read the original article at insurance-journal.ca

The British Columbia Securities Commission (BCSC) announced Sept. 12 that it has reached a settlement agreement with a Richmond man who admitted to illegally selling shares of his company. John Cockburn was the sole officer and director of Smart Trak Technologies Inc., which at the time of the misconduct, was involved in developing a security device that tracked cargo using GPS. “Smart Trak sold shares to 83 investors, raising $866,000, without a prospectus, a formal document that explains the details of an investment and the risks involved. None of the investors qualified for an exemption from the prospectus requirements under the Securities Act,” says the BCSC. The BCSC issued a cease trade order against Smart Trak in 2017 for failing to file reports of the stock sales to the BCSC. As part of the settlement, Cockburn agreed to pay $20,000 to the BCSC. He is also prohibited for four years from: trading in or purchasing securities or exchange contracts (with some limited exceptions); being a director or officer of any issuer or registrant; being or acting as a registrant or promoter; acting in a management or consultative capacity in connection with the securities market; and engaging in investor relations activities. Read...

Staff | September 13, 2019 The Caisse de dépôt et placement du Québec is one of several investors participating in Element AI’s $200-million Series B funding round,. The Montreal-based company, founded by Jean-François Gagné and artificial intelligence pioneer Yoshua Bengio, develops AI-powered software solutions. To date, the company has raised $340 million. The Caisse’s contribution to the round is part of its newly created $250-million fund dedicated to AI and Quebec businesses with a proven track record in AI, according to a press release, which noted the goal of the fund is to commercialize AI solutions more quickly. Read: Caisse invests in Quebec venture capital tech firm “With this transaction, we are investing capital and expertise alongside partners who are ideally suited to transform Element AI into a company with a commercial focus that anticipates and creates AI products to address clients’ needs,” said Charles Émond, the Caisse’s executive vice-president and head of Quebec investments and global strategic planning. “Through this fund, la Caisse wants to actively contribute to build and strengthen Quebec’s global presence in artificial intelligence.” Read the full article at BenefitsCanada.com

Investment Executive | September 13, 2019 Climate risk disclosure and gender diversity on corporate boards are key issues attracting majority support from institutional investors, according to a new survey by proxy advisory firm Institutional Shareholder Services Inc. Its latest global benchmark policy survey generated 400 respondents from institutional investors, corporate executive and others in Canada, the U.S., Europe and Asia. It found 61 per cent of respondents said board diversity is “essential” to effective corporate governance. A similar proportion (60 per cent) said companies should be evaluating and disclosing their climate-related risks. And only five per cent of investors said climate risks are too uncertain for companies to assess. Read: Climate change task force launches new knowledge hub On the issue of directors sitting on too many boards, 42 per cent of respondents said four boards should be the limit for non-executive directors, while 45 per cent said two board seats is the appropriate maximum for chief executive officers. In late October, the ISS will release, for comment, draft voting policies for the upcoming proxy season. Its policies will be finalized in November for shareholder meetings starting Feb. 1, 2020. This article was originally published on Benefits Canada‘s companion publication Investment Executive. Read the full article...

Value of aligning risk management and information security comes into focus in new resource from RIMS and ISACA Schaumburg, IL (Sept. 9, 2019) – IT and risk management professionals must speak the same language to more effectively incorporate the benefits and uncertainties associated with data and technology into the organizations’ overall strategy and to add value, according to a newly published, complimentary white paper from ISACA and RIMS, Bridging the Digital Risk Gap: How Collaboration Between IT and Risk Management Can Enhance Value Creation. The “Bridging the Digital Risk Gap” white paper outlines how the changing digital risk landscape, new regulatory requirements, and greater understanding of commonalities between IT and risk management make a strong case for aligning the two in order to realize significant benefits. Additionally, the report highlights ISACA’s Risk IT Framework and how it integrates both IT and risk management, as well as demonstrates how risk management can be incorporated into the technology life cycle. The resource also points out how both IT and risk management professionals can integrate the frameworks that each uses—including the U.S. National Institute of Standards and Technology (NIST) Cybersecurity Framework, the risk process from the American National Standards Institute (ANSI) risk assessment...

Edmonton, AB (Sept. 12, 2019) – The severe storms that hit Alberta, Saskatchewan and Manitoba from July 13 to 15, and southern Alberta and Saskatchewan on July 30, caused more than $130 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ). Across both storms and all provinces, nearly two-thirds of the damage was to personal property, with the remaining losses impacting commercial property and auto. Initial estimates for July 13–15 Storm in Alberta, Saskatchewan and Manitoba Alberta: ​ $11 million​ in insured damage Saskatchewan: ​ $29 million​ Manitoba​:  $2 million​ Total:​  $41 million​ Initial estimates for July 30 Storm in Southern Alberta and Saskatchewan Alberta​:  $90 million​ Saskatchewan​:  $1 million​ Total: ​ ​$91 million Severe weather in the Prairies from July 13-15 caused significant hail, wind and water damage, with 102 km/h wind gusts and 68 mm of rain. Damage to homes and vehicles included siding torn off of homes and shingles torn off of roofs, and shattered windows and windshields. On the afternoon of July 30, severe storms developed in southern Alberta and southern Saskatchewan. Hail smashed windshields, dented hoods and cracked windows in vehicles. The storms also caused significant damage to homes. “Western Canada was...