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CHES Special Risk Announces Enhanced Specialization in E&O Insurance Products 0

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CHES Special Risk Announces Enhanced Specialization in E&O Insurance Products

Comprehensive Coverage, Expert Support, Industry Expertise, and Broker Support as the Cornerstone Toronto, ON (July 8, 2024) – E&O insurance, also known as Professional Liability insurance, is crucial for professionals who offer advice or services. It protects them from potential legal claims arising from negligence, errors, or omissions in their work. Understanding the increasing demand for robust E&O coverage, CHES Special Risk has expanded its offerings to cater to the unique needs of a wide range of professions. This strategic development underscores CHES Special Risk’s commitment to providing comprehensive and tailored insurance solutions to professionals across various industries. As professionals in diverse fields face increasing risks and complexities, leading MGA in Canada, is committed to delivering tailored E&O policies that address specific professional liabilities. Their specialized E&O insurance offerings cater to a wide range of professions, including: Accountants Actuaries Architects Engineers Insurance brokers Patent agents Solicitors Surveyors Managing General Agents (MGAs) and binding authorities. Comprehensive Coverage for Specific Professional Risks CHES Special Risk’s E&O insurance policies are meticulously crafted to cover a broad spectrum of professional risks. Senior Underwriter Hoang Quan Nguyen emphasized, “Our goal is to provide policies that are not only comprehensive but also finely tuned to the...

Westland Insurance acquires Alberta Best Insurance Ltd. 0

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Westland Insurance acquires Alberta Best Insurance Ltd.

Westland continues to grow across Canada with an Alberta acquisition Surrey, BC (July 8, 2024) – Westland Insurance is pleased to announce that it has acquired Alberta Best Insurance Ltd., effective July 2. This marks Westland’s continued expansion across Canada and strengthens its position in Alberta. Alberta Best Insurance is a well-established property and casualty brokerage with locations in both Beaumont and Leduc, Alberta. For over 35 years, Alberta Best Insurance and their team of expert insurance professionals have built a strong reputation for their unwavering dedication to helping clients find the insurance solutions that best suit their needs. “We’re thrilled to welcome Alberta Best Insurance to the Westland Insurance family and expand our distribution footprint in the province,” said Jamie Lyons, President and CEO of Westland Insurance. “This partnership not only strengthens our market presence but also underscores our commitment to delivering exceptional insurance advice and options to the broader Alberta community. Alberta Best’s dedication to exceptional client service also aligns with our core values, and we’re confident that this will bring immense value to our Albertan clients.” Westland continues to invest in and grow its business in Canada, both organically and through strategic acquisitions. About Westland Insurance Group...

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Follow Harry Dent at Your Own Peril

My friends here at ThinkAdvisor just ran a story featuring Harry Dent, noting his latest prediction: that the S&P 500 is going to fall by 86%. I’m writing to say that, when it comes to Harry Dent, the best thing you can do is the exact opposite of whatever he says. Dent cites the coming 86% crash in his most recent book, “Crash of a Lifetime.” Actually, he says, the crash was supposed to happen in 2022, but since it didn’t, it’s going to occur in 2024. Before you (or your clients) panic over Dent’s extreme bearishness, you might want to read all his prior books. On Jan. 1, 1994, Dent published “Great Boom Ahead: Your Guide to Personal and Business Profit in the New Era of Prosperity.” That year, 1994, the S&P 500 gained only 1%. In 1999, he wrote “The Roaring 2000s: Building the Wealth and Lifestyle You Desire in the Greatest Boom in History.” You know what happened next: the dot-com bubble burst, causing the stock market to fall 9% in 2000, 12% in 2001 and 22% in 2002. If you had $100 in the stock market in 1999 and followed what Harry told you to do, your...

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Michigan DIFS Bulletin Prohibits Discounting Labor Costs for Depreciation

Article 0 Comments Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox released a new bulletin explicitly prohibiting insurers from discounting labor costs for depreciation when paying a homeowners insurance claim unless the insured has agreed in advance to the reduction in exchange for a lower premium. Fox said the new bulletin ensures that beginning next year, consumers who incur a covered loss to their home will not have labor costs discounted from their claim payment due to depreciation unless the consumer chose that coverage in exchange for a lower premium. “As a consumer protection agency, DIFS works to ensure that consumers are protected from confusing or deceptive contract language,” said Fox “Consumers might not be aware that their insurer depreciates not only damaged property, but also the cost of labor to repair the damaged property. he new DIFS bulletin clarifies that because labor to repair covered damage is not a physical object that can depreciate, consumers may be confused or misled by policies that include labor in the definition of ACV or depreciation. Beginning in January, carriers cannot include this language in their standard policy definitions. However, consumers may be able to include an optional endorsement allowing...

Goose Insurance Rebrands In U.S., Launches SmartBunny App 0

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Goose Insurance Rebrands In U.S., Launches SmartBunny App

New app will provide easy-to-purchase travel, renters, and other specialty insurance plans Bellingham, WA (July 1, 2024) – Goose Insurance Services Inc., the innovative creator of a cutting-edge insurance Super-App, is rebranding in the U.S. with the launch of its new app, SmartBunny Insurance. SmartBunny aims to help tens of millions of underserved consumers, offering a seamless and user-friendly platform for instant insurance coverage. The app provides a wide range of insurance options, including renters, phone insurance, final expenses, term life, travel medical, and more, ensuring users can easily access the protection they need within minutes. “Insurance doesn’t have to be complicated or burdensome. You no longer need to call multiple insurance agents or wait on hold for hours. Our Super-Apps eliminate the barriers that once prevented people from getting the coverage they need, making the process quick and convenient,” said Dejan Mirkovic, Co-Founder and CEO of Goose Insurance Services Inc. “The SmartBunny app is the fastest way to buy insurance, enabling consumers to self-serve and get coverage easily. Simply download the SmartBunny app from the Apple App Store or Google Play, and in minutes, you can secure the insurance you need.” SmartBunny reflects this name change as an exciting...

Hudson Restoration Expands into Niagara region 0

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Hudson Restoration Expands into Niagara region

Hudson Restoration expands to Niagara with new office and branch manager Toronto, ON (July 2, 2024) – Hudson Restoration, a leading boutique and eco-friendly property restoration firm, is excited to announce the opening of its new office in the Niagara region. This expansion underscores Hudson Restoration’s commitment to providing exceptional service and sustainable solutions across Southern Ontario. Greg Creedon, who has been a vital part of the Hudson Restoration team as the Senior Project Manager at our GTA location, has been appointed as the new Branch Manager for the Niagara office. Greg brings extensive experience, dedication, and leadership to his new role, ensuring that the Niagara community will benefit from the high standards of service and sustainability that Hudson Restoration is known for. “Our expansion into Niagara represents a significant milestone for Hudson Restoration. With Greg Creedon leading the new branch, we are confident in our ability to deliver the same level of excellence and environmental responsibility that our clients expect from us,” said Nick Hudson, President of Hudson Restoration. This new office will enable Hudson Restoration to better serve the Niagara region with their specialized services, which include remediation, restoration, and reconstruction for luxury residential and commercial properties. The...

GUS Welcomes The Restorators to Its Growing Network of Property Restoration Professionals 0

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GUS Welcomes The Restorators to Its Growing Network of Property Restoration Professionals

GUS welcomes The Restorators to network of property restoration professionals in the Niagara region Toronto, ON (July 1, 2024) – GUS, the largest Canadian network of property restoration professionals, is pleased to announce the addition of The Restorators to its esteemed network of franchise partners. As part of our commitment to expanding coverage and enhancing services across the country, we are thrilled to welcome The Restorators to the GUS family, serving the Niagara and Greater Toronto regions. The Restorators offer a comprehensive suite of solutions for policyholders, including 24/7 emergency response, water, fire, smoke, wind damage restoration, mold remediation, and asbestos abatement. Since its establishment in 1993, The Restorators has consistently delivered exemplary services marked by professionalism and expertise. Their commitment to excellence and reliability has resulted in impeccable Google ratings, two Best of HomeStars awards in 2022, and successful completion of large-scale projects, including a massive COVID cleaning contract for a mining site in Nunavut and a multimillion-dollar water loss restoration at a retirement home in downtown Toronto. The Restorators has grown to become a leading force in the property restoration industry, their steadfast dedication to restoring properties to their pre-damaged state with the ultimate care and compassion earning...

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Search Suspended for Missing Boater in Lake Erie After 2 Rescued, 1 Dead

Article 0 Comments CLEVELAND (AP) — Authorities have suspended the search for a missing boater in Lake Erie after rescuing two others and pulling another person from the water who later died. The U.S. Coast Guard Great Lakes station said a distress call was received just after 10:30 a.m. Saturday, which authorities said directed them to an area off a Painesville communications tower. A helicopter was launched from the Coast Guard air station in Detroit and a boat crew from the Cleveland harbor headed out to search, but an hour later the helicopter was diverted to a separate rescue in the lake off Ashtabula. Shortly before 2 p.m. Saturday, a local fire rescue boat crew reported finding coolers and other debris floating in the water off the Perry nuclear power plant. Divers with the Lake County dive team also found a capsized and partially submerged 23-foot vessel. The Detroit crew, after refueling, rejoined the search and rescued one person in the water while the fire department boat crew rescued another person. The two, a man and a woman, were wearing life jackets. The Cleveland harbor crew rescued another man, who was unresponsive and was later pronounced dead at a local...

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House Panel to Vote on Resolution to Kill DOL Fiduciary Rule

The House Education and Workforce Committee has scheduled for Wednesday a vote on a Congressional Review Act resolution to disapprove the Labor Department’s new fiduciary rule, according to a notice on the committee’s website. The Insured Retirement Institute, which calls the rule an “attempt to impose a one-size-fits-all fiduciary standard on virtually all financial professionals who sell retirement products,” said that it was urging committee members to approve it. The Congressional Review Act allows Congress to overturn rules issued by a presidential administration through a joint resolution of disapproval. The resolution must pass the House and Senate and be signed by the president, or Congress must override the president’s veto. More Congressional Moves On June 26, the House Appropriations subcommittee on Labor, Health and Human Services, Education and related agencies passed by voice vote funding legislation for fiscal year 2025 that would prevent Labor from using any funds to administer, implement or enforce its new fiduciary rule and related prohibited transaction exemptions. The House Subcommittee on Health, Employment, Labor and Pensions, chaired by Rep. Bob Good, R-Va., held a hearing June 27 to examine the policies and priorities of Labor’s Employee Benefits Security Administration. Lisa Gomez, head of EBSA, testified.

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Putting Retirement Portfolios to Work to Produce Income

What You Need to Know The current level of interest rate yields is a leading indicator of retirees’ spending equation. Proper diversification is a key tool to counteract the impact of inflation. Annuities’ guaranteed payment can help negate the longevity risk that retirees face. With over 10,000 people turning 65 each day in the United States, generating a dependable retirement income stream is a top priority for financial advisors and their clients. At the recent Morningstar Investment Conference, held for the first time at Chicago’s Navy Pier, one of the sessions was a panel discussion on retirement savings needs and income strategies. The conversation was moderated by Jason Kephart, director of multi-asset ratings for Morningstar Research Services. Panelists included Christine Benz, director of personal finance and retirement planning for Morningstar; Erin Browne, managing director and portfolio manager for PIMCO; and Andrew Jacobs van Merlen, portfolio manager for T. Rowe Price. The panelists discussed a number of things that retirees and their financial advisors need to consider in building a portfolio that has a chance to last for the length of their retirement. Here are some highlights and key points from the session.  Magic Number for Retirement Kephart’s first topic centered on...