Insurable Interest Canadian Insurance Blog

Toronto, ON (July 23, 2024) – CSIO is pleased to announce that the CL Working Group is driving CL Data Standards forward by publishing business requirements to quote and bind four more industry segments: Wholesale, Manufacturing/Processing, Education and Member Organization Services. When CL Data Standards are programmed, BMS and insurer systems talk to one another in real-time as an Application Programming Interface (API) call, enabling the accurate exchange of data in a structured format along the insurance value chain. With this achievement, there are now twelve small business industry segments with published CL Data Standards, making this an even more compelling solution for insurers, brokers and vendors. The four new segments represent the largest number of segments published by the CL Working Group in a single release and cover over 60 new IBC codes. Related business requirements are included in CSIO’s latest XML 1.47 Standards release version. The CL Data Standards created by the Working Group allow brokers to exchange data with insurers via API directly in their BMS. Insurers and BMS vendors who programmed CSIO’s Commercial Lines Minimum Data Set (CL MDS) are realizing many quoting benefits. Leveraging Member feedback, CSIO created the Adoption Scorecard, which reveals that brokers...

Comprehensive Coverage, Expert Support, Industry Expertise, and Broker Support as the Cornerstone Toronto, ON (July 24, 2024) – Vacant properties often face heightened risks due to their lack of supervision, making them prime targets for criminal activities and accidents. Recognizing this critical vulnerability, CHES Special Risk provides comprehensive Fire Damage Coverage for Vacant Properties. This comprehensive coverage ensures that property owners can effectively manage risks and safeguard their investments. Real-Life Scenarios Demonstrating the Importance of Protection: Scenario 1: An unoccupied building caught fire after children playing with matches accidentally ignited some nearby materials. The lack of immediate supervision allowed the fire to spread, causing significant damage before it could be contained. Scenario 2: Individuals seeking shelter in an unoccupied building started a fire to keep warm. The fire quickly grew out of control due to improper containment, resulting in extensive damage to the property. These scenarios underscore the critical need for safeguarding vacant properties. How CHES Special Risk’s Vacant Property Insurance Helps: Protect Against Fire Damage: The policy covers fire damage, allowing property owners to repair the building without financial strain, ensuring it remains suitable for future use. Protect Investments: CHES Special Risk reinforces its commitment to protecting vacant properties...

Toronto, ON (July 24, 2024) – Accident Support Services International Ltd. (ASSI) is pleased to announce the opening of Prince Edward Island’s first Collision Reporting Centre (CRC), in partnership with Charlottetown Police Services. Located at 10 Kirkwood Drive, Charlottetown, the CRC opened on Tuesday, July 23, 2024, and operates from 10:00 am to 6:00 pm Monday through Friday. The Highway Traffic Act requires any motor vehicle collision involving death, injury or property damage exceeding $2,000 must be reported to police immediately. Drivers involved in a vehicle collision that does not require a police officer to respond, must attend a CRC to self-report their collision. Police will still attend collisions involving criminal charges, dangerous goods, or serious injuries. All other collisions will be directed to the CRC. Supporting insurers fund the program – there is no cost to the police or the public for these services. Operating since, 1994 the Collision Reporting Centre program allows police officers to be freed up for higher priority needs in the community. Citizens will have the convenience of attending a safe, comfortable location to complete their collision report. Additionally, Accident Support Services’ Collision Reporting and Occurrence Management System (CROMS), will be provided to capture electronically...

Start Slideshow Some 1.2 million individuals with net worth of more than $5 million are expected to pass on collective wealth of almost $31 trillion over the next 10 years, according to Altrata’s Family Wealth Transfer 2024 report, which is based on data from the firm’s Wealth-X unit. Individuals with a net worth of more than $100 million will account for almost half of the amount being passed on.  The value of wealth being transferred will vary enormously across the different wealth tiers. Very high-net-worth individuals — those with fortunes of between $5 million and $30 million — will account for 87% of all the people transferring this wealth. The remaining 13%, ultra-wealthy individuals with more than $30 million, will pass on 64% of the total wealth. Altrata noted that wealth transfers are increasingly taking place during the lifetime of the head of a family, for practical reasons such as tax planning and the desire to prepare heirs for future financial stewardship. This shift, coupled with rising global wealth and younger generations’ differing values, underpins the need for families to align on succession plans early.  It also opens new opportunities for organizations that advise, prospect for and engage with the wealthy. ...

Millions of customers to benefit from tailored travel protection powered by award-winning XCover global distribution platform New York, NY (July 17, 2024) – Priceline, the iconic innovator of online travel, and Cover Genius, the insurtech for embedded protection, are pleased to announce a new North American partnership to introduce enhanced travel protection for flights, hotels, rental cars and packages booked with Priceline. By integrating with Cover Genius’ award-winning global distribution platform, XCover, Priceline’s customers enjoy several customer-centric features that elevate the travel protection experience. After purchasing protection, users can easily review policy details, access support, file claims and receive instant payments for approved claims through their XCover Account. Cover Genius’ hassle-free digital claims are backed by policies in 40+ languages, instant payments for approved claims in 90+ currencies and an industry-leading post-claims Net Promoter Score. “We’re excited to collaborate with Priceline to bring our customer-centric protection to their travelers,” said Angus McDonald, CEO and Co-founder of Cover Genius. “We avoid ‘off-the-shelf’ offerings and build technology-driven solutions that we constantly test and iterate for the best possible insurance experience. This helps develop meaningful touchpoints with customers and drives additional revenue for our partners – in fact, after launching with us, Priceline...

Toronto, ON (July 16, 2024) – Accident Support Services International Ltd. (ASSI) has been providing post-collision care to drivers since 1994.  Through 47 Collision Reporting Centres in Ontario, Alberta, and Prince Edward Island (opening July 23, 2024), ASSI assists customers with the completion of reports for motor vehicle collisions in partnership with the police services at no cost. This service guides customers through the collision reporting process and frees police to attend to higher priority needs. The program is funded by the licensed insurers through the savings they realize. ASSI is proud to announce its “Start From Home” – the next phase to collision reporting. When citizens have been involved in a collision that meets the threshold to attend a Collision Reporting Centre (CRC), they can start online from their own device at reportacollision.com. A secure site that allows drivers to provide a typed statement and capture a number of the fields required to complete the form. The driver receives a unique reference number and must report to a CRC to ensure the accuracy and consistency of the information collected. At the CRC, ASSI staff will take photographs, verify the information, and work with the citizen to finish the process....