YINAC Insurance Center

Changes of Security services act in BC

2009-09-29T23:47:13Z

Effective Nov. 1, 09, under the Security Services Act, all security workers, including in particular, door security for a liquor establishment must be licensed.

Check the official information from BC gov site.

Ontario lawyers see professional indemnity premium rate increases

2009-09-28T23:44:26Z

A continuing increase in the number and costs of claims, a decline in investment income and the anticipated affect of the harmonized sales tax have all caused the Lawyers' Professional Indemnity Company (LAWPRO) to increase its base premium for next year, according to LAWPRO.
Ontario lawyers will pay a base premium of Cdn$2,950 per lawyer for professional liability insurance in 2010, compared to Cdn$2,450 in 2009, according to a LAWPRO release.
Many lawyers will pay significantly less than this base premium, with some paying as little as Cdn$1,595, depending on practice and coverage options selected.
The Cdn$500 increase includes Cdn$200 related to claims development, Cdn$150 decline in investment income and Cdn$150 additional annual cost for HST, LAWPRO notes.

]]> "Claims-related costs account for more than 85% of LAWPRO's annual budget," the release reads. "The number of claims reported annually and the cost of resolving claims have been steadily increasing.
"The total cost of resolving claims reported in a given year was once in the $55- to $60-million range but is expected to be about $88.4 million for claims made in 2010."
Legal, investigation, defence and indemnity of claims fees will increase by about Cdn$3.2 million for claims in 2010 alone due to the planned implement of HST on Jul. 1, 2010, LAWPRO notes.
"LAWPRO's annual program administration expenses will also increase by about Cdn$250,000 per year (Cdn$125,000 in 2010) because of the HST," the company notes.

B.C. reintroduces amendments to Insurance Act

2009-09-16T19:51:15Z

Sixteen months after it shelved Bill 40, an act to amend B.C.'s dated Insurance Act, the B.C. legislature is now pressing ahead with insurance reform in Bill 6, the Insurance Amendment Act, 2009, introduced on Sept. 15, 2009.
"The proposed amendments will improve coverage for consumers, ensure better access to documents, and enhance dispute-resolution mechanisms," B.C. Finance Minister Colin Hansen said in a press release. "They are the result of ongoing review and consultation with consumers, insurance companies, insurance brokers and members of the legal community."

]]> Under the proposed legislation, insurance companies will be required to put in place internal complaint resolution procedures and offer consumers access to ombudsman-type services if disputes cannot be resolved internally.
The limitation period in which consumers can make legal claims against insurance companies will be increased to two years from one.
Also, the language of the Insurance Act has been amended to make sure that fire coverage includes fires resulting from any cause, except those that are specifically excluded by regulation. "In addition to improved protection, this change will provide consumers with more consistency across insurers," the B.C. government says.
The amendments are also designed to protect an "innocent co-insured" who may be denied coverage due to the wrongdoing of another person.
The B.C. government says further amendments "respond to insurance industry needs" by reducing red tape, as well as improving efficiency by removing unnecessary requirements and clarifying the legislation.
"For example, there will now be one set of provisions applicable to all property contracts, thereby avoiding the need to classify the insurance contract as a fire contract or a multi-peril contract," the government says in its release.
The British Columbia Insurance Act sets out the requirements for insurance contracts, including life, health and property insurance in British Columbia, but does not regulate automobile insurance contracts, which are covered by a separate statute.
Proposed changes also include the repeal of the Insurance (Marine) Act. "Marine insurance contracts are exclusively a matter of federal jurisdiction, and are subject to the federal Marine Insurance Act," the government notes in its release.

http://www.canadianunderwriter.ca/issues/ISArticle.asp?aid=1000341267&pc=CU

Commercial market bottoming out, capacity decreasing

2009-07-30T04:32:36Z

Despite the fact that capacity in the U.S. commercial insurance market is drying up, the market remains competitive, according to the Risk and Insurance Management Society (RIMS)'s 2009 Q2 Benchmark Survey.
The survey was produced by Advisen Ltd. It is based on policy renewal prices as reported by North American corporate risk managers.
The survey found commercial rates continue to drift downward despite the loss of US$81 billion in policyholders' surplus in 2008, a joint RIMS and Advisen release says.
Policyholders' surplus is a measure of insurance capacity. As surplus falls, the "supply" of insurance also decreases. Experts attribute the deteriorating investment markets as the principal cause in the decline in policyholders' surplus.
"Insurance capacity is disappearing at a startling rate, but the market nonetheless remains competitive," said David Bradford, executive vice president of Advisen Ltd. and editor-in-chief of the Benchmark Survey.

]]> "As a result of the recession, the demand for insurance capacity also has decreased, which has kept pressure on rates," he says. "Companies are downsizing, which means that there is simply less to insure."
While the recession has worked to prolong the soft market, experts at Advisen believe the market is bottoming out.
General liability posted a 1.1% drop in 2009 Q2, compared to a 5% decline in the same period of last year. D&O increased 2.9%, a reversal of the 6.4% average decrease in 2008 Q2. Property premiums fell less than 1%, which compares to a 6.1% drop in 2008 Q2, the survey found.

Hard Market Not Imminent: CIAB

2009-07-24T18:04:50Z

The much-anticipated hard market in commercial lines is taking its time to develop, as rates for U.S. commercial property/casualty premiums idled during the second quarter of the year, according to The Council of Insurance Agents & Brokers' (CIAB) quarterly Commercial P/C Market Index Survey.
"We saw no significant change in pricing trends from the first quarter to the second quarter," CIAB president Ken A. Crerar said in a release. "If a hard market is coming, it's up the road a bit. The pricing appears to be more a result of the weak economy than capacity."
Overall rate declines for small, medium and large accounts were fairly consistent, including decreases in the first quarter of the year, according to the CIAB.
Average commercial rates in the United States declined 4.9% in 2009 Q2, compared to a 5.1% decline in Q1.

]]> Large accounts, on average, declined 6.7 %, compared with a Q1 decline of 6.4%. Mid-sized accounts remained roughly the same with a decline of 5.7%.
The rate of decline for small accounts was 2.5%, compared to a 3.3% decrease in Q1.
Commercial auto rates were down 4.1% in Q2, whereas commercial property rates were down 3.3%.

http://www.canadianunderwriter.ca/issues/ISArticle.asp?aid=1000335782&pc=CU

New VOC regulations published

2009-07-14T16:29:32Z

The government of Canada has published the regulations surrounding low-Volatile Organic Compound (VOC) automotive refinishing products.
The regulations introduce VOC concentration limits for 14 categories of coatings and surface cleaners, which are used for refinishing or repairing the painted surfaces of automobiles, trucks, and other mobile equipment, according to Environment Canada's Web site.
The regulations will come into force on June 18, 2010 -- one year after the regulations were registered -- to allow for a transition period for automotive and refinishing product manufacturers and importers, according to Volatile Organic Compound (VOC) Concentration Limits for Automotive Refinishing Products Regulations.

]]> The full regulations can be read at:
http://canadagazette.gc.ca/rp-pr/p2/2009/2009-07-08/html/sor-dors197-eng.html
Carstar Canada notes most of its stores have already switched over in anticipation of the legislation. Those that haven't will be switched over long before they are required to do so.
The new paint requires a cleaner facility and good airflow to be effective. For most Carstar locations, only a modification or replacement of the paint booth will be required, Carstar said in an email exchange.
"The simple answer is anything that reduces the impact our industry has on the environment is a good thing," Carstar Canada chief operating officer Dave Lush says. "Yes it will cost our stores more money, but it also will have a positive impact on the health and safety on our employees. The consumer won't notice the change, largely our insurance partners won't notice the change."
There will be an 18-month sell-through period (until Dec. 18, 2010) for each automotive refinishing product category. This is intended to provide the industry with time to sell automotive refinishing products and allow repair shops to transition to low-VOC automobile refinishing products.

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Yinac Insurance Center has a plan of renovation

2009-07-13T23:18:48Z

OK. It is clear that our site will have a big plan to make a renovation.

The whole site will be changed to implement Web 2.0 tech as an insurance site.

We have Blog, Insurance News, Insurance Terms, Insurance Directory for brokers. We are also promote good insurance products to our users.

It is under development right now. The release day is August 1st.

Royal Canadian Mint to file claim related to unreconciled gold

2009-06-29T21:15:23Z

The Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately Cdn$15.3 million worth of unreconciled gold.
The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference in gold was the result of an accounting or transaction recording error.
The report concluded: "[T]he unaccounted-for difference in gold does not appear to relate to an accounting error in the reconciliation process, an accounting error in the physical stock count schedules or an accounting error in the recordkeeping of transactions during the year."
The Mint has requested the assistance of the RCMP to investigate the matter.

]]> Deloitte and Touche's report touches on three areas for the Mint to consider in connection with its risk management practices:
• a technical review of operations;
• an accounting review of prior periods; and
• security reviews.
"In response to the report's recommendations, the Mint has engaged third parties to assist the Corporation in its review of specific aspects of its operations, including refinery processes and internal controls," said Ian E. Bennett, president and CEO of the Royal Canadian Mint.

Fundamentals of Insurance will have online exams

2009-06-02T00:08:14Z

I am just noticed that IBABC is developing the online exam system for Fundamentals of Insurance.

The regular exam is handled at the IBABC office in Vancouver, Monday through Friday, three time slots each day. If you lived outside the Lower Mainland, you waited. You waited for a monthly exam date to roll around, you waited for your exam to be shipped back to IBABC for marking, and then you waited for those results to be returned to you by mail.

After the new online system released, it will be pretty easy for everyone to access at any time and any day.

How to marketing your Insurance Agent Site

2009-03-30T06:47:57Z

Here is some tips for you to do the online marketing for your Insurance Agent Site.

1) Submit to Insurance Directory
Yinac Insurance Directory.
G2links Directory - Insurance Category

2) Join some Insurance Forum
You need signup to get an account. Then participate into the topic. Put your site as signature.

3) Browse Insurance Blog, and leave your comment.
Normally it will show your site there.

It takes time. You may not see the result right away.

U.S. P&C loss reserves depleted by nearly US$14 billion in 2008: Moody's

2009-03-20T21:48:53Z

Loss reserves for the U.S. property and casualty insurance industry may have depleted by up to US$14 billion in 2008, according to a new report by Moody's Investors Service.
In its report, U.S. P&C Insurers' Reserve Adequacy Shrinks, Moody's estimates the U.S. P&C industry carried about US$5 billion to US$12 billion in excess loss reserves entering 2008. As of the end of the third quarter, about US$9 billion of this had been depleted.
"Based on an early look at regulatory financial statements, the pattern of reducing loss reserves accelerated in the fourth quarter, with a total of about [US]$14 billion in reserves being released for the year," says the report's author, vice president Paul Bauer.

]]> The reduction in loss reserve strength warrants caution for two reasons, Bauer says.
First, it implies lower profits for 2009, because property and casualty companies will be much less able to bolster current calendar-year earnings by using prior-year reserve releases, which has been the case in the recent past. "Secondly," the analyst states, "the decline in reserve adequacy implies a further weakening of balance sheet strength in what is already a difficult market environment."
Bauer concludes the overall trend is negative and that "insurers have fully harvested their reserve redundancies, leaving them little or nothing in the way of a cushion."
But putting the matter into perspective, Bauer says Moody's still believes "the property and casualty industry's overall capital adequacy remains relatively strong, with generally conservative underwriting leverage and with adequate -- although no longer comfortably redundant -- reserve levels."
As a result, he continues, "we would not expect to take any broad rating actions in the near- or medium-terms based solely on this trend."
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Investors acquire ING Canada

2009-03-16T17:00:21Z

ING Canada is rebranding as Intact Financial Corporation following the acquisition of the company from its previous Dutch owners.

The now wholly Canadian company owns online insurance brand Belairdirect, 50-plus insurer Grey Power, and a brokered insurance division called ING Insurance, which is also being rebranded as Intact Insurance.

Last week, Canadian investors acquired ownership of ING Canada from Amsterdam's ING Group for approximately $2.2 billion. Its new brand won't be made official until it is approved by shareholders in May, but the brokered insurance division's rebranding is effective immediately.

"By becoming a truly Canadian and independent organization, we have the unique opportunity to launch a new brand that speaks to what consumers are looking for from an insurance company, and a brand that reinforces our customer orientation," stated Charles Brindamour, chief executive of ING Canada.

The Intact name comes from branding agency GWP, which has been working with ING companies since 1996. GWP is the longtime agency of record for ING Direct, the consumer bank that remains in the hands of the Dutch ING Group. The Toronto agency has also worked on and off with other ING brands, including Grey Power and ING Insurance, on various positioning projects.

While GWP is not the agency of record for Intact, its executive creative director Philippe Garneau said his company is "working hard to become indispensable" to the insurer by managing its brand while the new owners reorganize the client-side marketing team.

According to a release from ING Canada, "[Intact] will roll out in the upcoming weeks a comprehensive rebranding, marketing and advertising campaign across the country that will also benefit its network of 1,800 insurance brokers across the country."

It claims an 11% share of the fragmented Canadian market for property and casualty insurance, and Brindamour has hinted at plans to grow further through acquisitions. ING Group, meanwhile, still owns ING Bank of Canada, a separate subsidiary operating as ING Direct. --Jeromy Lloyd with files from Canadian Press

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Handle insurance yourself

2009-03-01T08:19:15Z

As we know, insurance will cover you when something happen, just like an umbrella.

Do not turn too much over to a junior. If you do, it may cost your firm a lot of money. A junior can do very little that's really important.

You can be relieved of some routine chores such as making certain that endorsements changing your policies are received and liability insurance cards for new vehicles have been obtained; however, the junior cannot be expected to know when a change in your business or a purchase may necessitate altering one or more policies or buying a new one.

So, let a junior look after the minor details, but keep the control in your own hands.

It is so important. If the material change in your firm, but not inform insurance company, it may void your policy.

How to prevent water damage

2009-02-19T07:26:42Z

For home owner, water damage is very common.
So to do something to prevent water damage is so important for homeowner policy holder.

There are three places needed to be done.

1) Outdoors

Clear eavestroughs of leaves and other debris at least once a year - later fall is a good time.

If you have asphalt shingles, make sure they are not deteriorated, worn or curling

Packing your garden hose away for the winter? Don't forget to drain the pipe.

2) Indoors

Replace plastic or rubber water supply lines connecting appliances or plumbing fixtures in your home with flexible steel braided hoses.

If you're away for more than four consecutive days at a time during the regular heating season, have someone check the heating system daily - or shut off the water and drain the pipes before you leave.

Make sure your attic is properly insulated and ventilated

Consider connecting your plumbing and heating system to a 24-hour monitored alarm service

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3) In the basement

The basement is often the first place you'll experience water damage

Keep floor drains unobstructed - and be sure not to cover them

Store items in plastic storage containers on raised shelving

Always check your basement for leaks after heavy rainfall or a rapid thaw

The above water damage tips is provided by ING insurance.

Construction Definitions from Wawanesa BIP policy

2009-01-06T20:47:57Z

Fire Resistive, Modified Fire Resistive and Masonry Noncombustible.

Fire Resistive: Buildings where the exterior walls, floors and roof are of masonry or other fire resistive materials with a fire resistive rating of not less than two hours.

Modified Fire Resistive: Buildings where the exterior walls, floors and roof are masonry or other fire resistive materials with a fire resistive rating of not less than one hour.

Masonry Noncombustible: Buildings where the exterior walls are of brick, concrete, gypsum block, hollow or solid concrete block, stone, tile or similar materials, with floors and roof of unprotected metal or other noncombustible materials.

]]> Joisted Masonry and Noncombustible
Joisted Masonry: Buildings where the exterior walls are of masonry materials such as brick, concrete, gypsum block, hollow or solid concrete block, stone, tile or similar materials, with floors and roof of wood or other combustible materials.

Noncombustible: Buildings employing a system of prefabricated steel framing members. The roof is usually constructed of metal panels and the exterior walls of metal siding, sandwich panels or masonry materials. Light noncombustible construction is sometimes referred to as pre-engineered.