*NEW*
Online preparation courses for Ontario |
ILS Learning Corporation,
the #1 provider of Online Continuing Education courses
for Insurance brokers in Canada is currently developing
2 new Licensing Courses for Ontario:
- RIBO Licensing
(for Brokers)
- Other than Life Licensing Exam
(for Direct Writers)
Both these courses will be available for an introductory
price of $399.95 for 6 month access.
|
Friendly
Reminder |
| Life and A&S agents in Alberta
are reminded they must have all CE hours in place by February
15 in order to renew their license.
Call 1-800-404-2211 or visit ilscorp.com
if you need hours.
|
Live
CAIB 3 Exam preparation Course presented by West Coast
Training |
|  All
Students in BC Preparing to write their CAIB 3 Examination
in February please be aware that the registration cutoff
date is Friday, January 12, 2007. You may register either
online at www.westcoasttraining.ca
using West Coast Training's secure registration form
or by calling 1-800-591-6029.
|
|
Industry Briefs |
| B.C. winter storms
will be costly for insurers
Much of southwest British Columbia has been repeatedly
hammered with winter storms, Strong winds, coupled with
snow and rain, have assaulted much of the province since
mid-November.
In mid-December, Vancouver Island and Lower Mainland
residents suffered three storms in five days, with violent
winds leaving a record 250,000 without power. In Vancouver’s
Stanley Park, over 3,000 trees have fallen.
Insurers are expecting weather-related claims costs
to hit about $80 million. One insurer in Sooke, B.C.
said that a total of 20 trees hit a single garage belonging
to one of his insureds.
--
Maritimes try to lure residents back from Alberta
Thousands of Maritimers have left the East Coast in
search of better employment and have found it in Alberta.
Now, some Atlantic publishers are sending out advertising
messages that urge Maritimers to come home. Over 300,000
copies of a glossy insert called "Come Home"
went out with Alberta newspapers in mid-December. The
insert profiled Maritimers who returned to find work
in the skilled trades, health care and IT industries.
Health authorities in New Brunswick and Nova Scotia,
the Atlantic Lottery Corporation and Research in Motion
were prominent advertisers in the supplement which showcased
over 2,600 employment opportunities in the Maritimes.
The Nova Scotia government, nearing a shortage of skilled
workers, has also launched a marketing campaign that’s
targeting Nova Scotians currently working in Calgary.
Their campaign includes print ads and billboards with
messages such as "Calgary is a nice place to visit"
and "Buy a home or two", playing off of the
reasonable home costs in Nova Scotia, especially compared
to Calgary.
--
Work-related deaths on the rise in Canada
According to a recent report by the Centre for the
Study of Living Standards, as many as five Canadians
a day are dying from accidents on the job and from long-term
exposure to health hazards including asbestos.
Workplace fatalities in Canada totaled 1,097 in 2005,
an 18 percent increase from 2004. This works out to
be about 6.8 deaths per 100,000 workers.
The most dangerous industry in Canada is fishing and
trapping, with 52 fatalities per 100,000, or one out
of every 5,000 workers. Mining, including quarrying
and oil wells, logging and forestry and construction
followed.
The financial and insurance industries were considered
the least dangerous industries in which to work, with
only 0.3 fatalities per 100,000 workers, or one death
for every 333,000 workers.
The report also found that men are much more likely
to die on the job than women. In 2005, the incidence
of workplace death was 30 times higher among men than
women – 12.4 deaths per 100,000 male workers vs.
0.4 deaths per 100,000 female workers.
Workplace fatalities occur as a result of both accidents
and occupational diseases. In 2005, out of the 1,097
workplace fatalities, 491 (44.8 percent) were from accidents
and 557 (50.8 percent) from occupational diseases. Asbestos-related
deaths alone accounted for about 340 deaths in 2005
– 61 percent of deaths from occupational diseases
and 31 percent of total workplace fatalities.
|
|
Are floods due to man-made acts covered by Homeowners Policies?
 While
most homeowners policies contain widespread water damage exclusions,
a recent court decision in the United States has ruled that
ambiguities in some policies leave open the possibility that
flooding due to "man-made" acts could actually be
covered.
The United States District Court for the Eastern District
of Louisiana released a ruling in several consolidated cases
in which plaintiffs argued that flood damage "arising
out of all levee breaches which occurred in the aftermath
of Hurricane Katrina" should be covered since such flooding
is not specifically excluded in the policies. In denying insurers'
attempts to have the lawsuits dismissed, the judge cited ambiguous
language in the water damage exclusions in some policies.
The ruling applies to a number of cases that were consolidated
in "In re: Katrina Canal Breaches Consolidated Litigation."
The consolidated case was not a class action though "has
become the umbrella for all cases which concern damages caused
by flooding as a result of breaches or overtopping in the
areas of the 17th Street Canal, the London Avenue Canal, the
Industrial Canal, and the Mississippi Gulf river Outlet,"
according to the judge's order.
Plaintiffs said that the breaking of the levees was due to
negligence on the part of the Orleans Levee District (OLD)
and since that third-party negligence was the efficient proximate
cause of the loss, the subsequent flooding of the plaintiffs’
homes should be covered under their homeowners policies.
What do you think? Should flooding due to "man-made"
acts be covered under homeowners policies?
Planning on saving money in 2007?
With every New Year’s Eve celebration, millions of
Canadians around the country put pen to paper and write out
a list of goals or achievements they’d like to make
in the following year. The solutions are as varied as you
could possibly imagine, a few goals regularly top the list:
lose weight, learn a new skill, volunteer more and get in
better financial shape.
Financial experts are offering their advice to consumers
who are hoping to tighten the purse strings this year. David
Chilton, author of the financial advice book “The Wealthy
Barber” says that by taking a packed lunch to work or
even eating meals at home more often are “outstanding”
ways to curb spending and keep more in the coffers.
One financial planner from ScotiaMcLeod believes that consolidating
credit card debt will prove to be helpful to many. For example,
a 5,000 debt on a credit card with 18% interest will accrue
$4,500 in interest over a single year. Transferring that $25,000
debt load to a lower interest credit card or line of credit
with a 7% interest rate will mean less than $1,800 in interest
will be spent over the year.
In the same vein, many experts believe that mortgage refinancing,
if it is an available option, can help save thousands. Do
beware of refinancing ahead of schedule as the costs involved
in doing so may mean that there’s little to no savings.
Using your own automobile to get around offers unparalleled
freedom, but the costs associated can be high. Factor in car
payments, insurance, gas and parking and the cost of driving
to and from work every day can be budget-breaking. If your
town or city offers public transit, taking advantage of it
may just provide you with a little monetary relief.
Of course, cutting unnecessary expenses will work just as
well. Plan for major purchases and avoid impulse buys. Chilton
suggests keeping the basics in mind: “Live within your
means and spend less than what you make.”
How do you plan on saving money this year? Take our poll
and see what others are planning on doing!
A rose by any other name would smell...
By Todd Hochban
Insurance policies are written in English and arranged in
an understandable format. Insurers try to be as clear as possible
in policies they write. Our legal system seems to look for
opportunities to confuse and baffle rather than clarify and
reinforce efforts of insurers.
In Merlin v. British Nuclear Fuels,
a British court considered the definition of bodily injury.
The plaintiff lived near a nuclear processing plant. Tests
indicated that the plaintiff and his family members had ingested
alfa-emitting radionuclides. Was the presence of radioactive
materials in the body enough to constitute bodily injury?
This court said that risk of injury is not bodily injury.
The plaintiff did have an increased risk of cancer and other
ailments, but this alone does not constitute bodily injury.
A Touch of Humour
If you do not to wish receive this newsletter, or
wish to subscribe another email address, please select your
option below.
|
