Lloyd’s
suggest policy addition for celebrity spokespeople
Celebrity culture is becoming more popular than ever.
According to a study by the advertising agency WPP,
about one in four advertisements today features a celebrity
endorsement, compared with one in eight a decade ago.
However, if the celebrity endorser makes a bad public
relations move, becomes disgraced in the public mind
or even dies, the sponsoring company could find their
product popularity plummets.
Recently, photos of model and Chanel, H&M and Burberry
spokesperson Kate Moss allegedly taking cocaine were
published by a British national newspaper.
As a result, Lloyd’s is offering the unique 'Death
& Disgrace' policy to advertisers using celebrity
endorsements.
--
Industries at risk due to technology problems
A new survey done by Softchoice Corporation has discovered
that many North American industries – including
the insurance industry – are exposing themselves
to great risk by having poorly-managed technology.
The study examined statistics and IT inventory data
from 210 organizations, as well as recording the data
from over 90,000 desktop computers and servers from
across the U.S. and Canada.
Among the key problems identified by Softchoice were
the following: high instances of missing anti-virus
software; un-patched software; a prevalence of malware,
and the practice of using hardware well beyond its expected
lifecycle.
Malware is software designed to infiltrate or damage
a computer system, without the owner's consent. The
presence of malware can negatively affect the way a
computer runs, leaving it more susceptible to viruses
and hacks as well.
On average, 49% of the PCs were found to have moderate
to severe infestations of adware, spyware and other
malware.
--
Calgary pays out millions in liability claims;
Regina, thousands
In 2005, the city of Calgary paid out $4.4m to settle
liability claims ranging from icy sidewalks to collisions
involving vehicles driven by city employees.
That year, there were over 1,300 damage claims citing
civic negligence. The city also dealt with more than
3,400 claims involving city-owned vehicles.
Contrastingly, the city of Regina paid only of $384,457
in damage settlements last year, a great deal less even
after allowing for a population one-fifth that of Calgary.
The lower liability pay outs in Regina can be attributed
to the fact that all but a handful of the province's
car owners choose the no-fault option from SGI, so there
were no auto injury torts filed against the city in
2005.
--
Claim of illness enough to collect disability
policy in PEI
After reviewing the case of a woman who claimed she
was suffering from chronic fatigue, fibromyalgia, and
multiple chemical sensitivity, the Prince Edward Island
Appeal Court has ruled that a claim of illness is sufficient
to collect on a disability policy.
Illnesses such as those the woman claimed are subjective
diagnoses, with no objective medical pathology to justify
the claims.
This will affect section B (accident benefits) insurers,
meaning now subjective claims of illness no longer need
expert testimony or a diagnosis.
--
Circle July 27 on your calendars!
Click Play to Start
ILS Learning Corporation is happy to welcome Grant Hicks
as a Strategic Partner. To celebrate this alliance, “Guerrilla
Marketing for Financial Advisors”, a course by Grant
Hicks, will be offered exclusively to ILS Learning Corporation
students starting July 27. This course is a great way for
Life/A&S agents and Financial Planners to obtain CE credits.
But that’s not all! The first 50 On Track subscribers
to check out Grant’s course at www.ilscorp.com on July
27 will receive fantastic savings and ILS discounts, including:
FREE “Guerrilla Marketing for Financial Advisors”
e-book
$100 coupon towards The ILS Advantage Performance Series
(at Sea) Caribbean Cruise
FREE 1-hour teleconference with Grant Hicks. Receive
1 CE credit towards your mandatory continuing education
licensing requirements and learn how to grow your business!
Please note that this offer is only valid on July 27th to
the first 50 registrants.
No purchase is necessary.
In addition to writing courses, Grant Hicks is the President
of Hicks Financial and is one of Canada's leading authorities
on marketing financial services. He is a dynamic and entertaining
speaker with an amazing ability to motivate audiences to achieve
more. The average attendee writes seven pages of notes and
is captivated by his brilliant marketing ideas.
Grant has been an invited speaker by many organizations
including TD Bank, Manulife Financial, Standard Life, Advocis,
Federation Of Canadian Independent Deposit Brokers, RBC Dominion
Securities, Scotiamcleod, AIC Group of Funds and the Guerrilla
Marketing Association.
A frequent industry speaker, time spent with Grant at a live
seminar will re-energize your motivation to succeed and desire
to grow your business - further intensifying your ambition
to be the best you can be.
You can see him live, too. Grant will be one of the keynote
speakers on The Advantage Performance Series (at Sea) Caribbean
cruise in January 2007
2 FREE CHAPTERS!
Try out one of our ILS online video CAIB Exam Preparation
courses absolutely free! Sign-up and experience 2 chapters
of the same dynamic instruction that students receive at the
UBC or Saskatchewan CAIB immersion courses, without leaving
your home or office! See what everyone is talking about!
The ILS Advantage Performance Series (at Sea) is set to sail
from January 21, 2007 to January 28, 2007. Leave the cold
Canadian winter behind for a week and journey with ILS Learning
Corporation to Fort Lauderdale, St. Maarten, St. Thomas and
the Princess Cays.
While on board, receive up to 12 CE credit hours on board
towards your Life, A&S, General Insurance, Adjuster, Professional/Management
mandatory licensing requirements by taking part in seminars
by Steve Hawrishok and Grant Hicks.
The ILS Advantage Performance Series (at Sea) cruise is
the perfect way to obtain your CE credits and meet other professionals
in your industry and discuss the latest trends and ‘hot
topics’.
Each port-of-call let’s you get your land-legs back
and explore the Caribbean sands and shore. If you prefer,
you can stay aboard. The ship for the ILS Advantage Performance
Series (at Sea) is the Caribbean Princess, the most extravagant
of the Princess fleet, with the largest carrying capacity.
This ship’s 900 balcony staterooms and an entire deck
of Mini-Suites offer impressive private vistas. Hallmark features
include Movies Under the Stars, the premier Lotus Spa and
numerous formal and casual eating options.
At 952 feet long and packed with activities, you’ll
never be bored. With dozens of dining options, bars, casinos,
pools and hot-tubs, the fun just starts. You can relax for
a few hours in the ship’s library, practice your golf
at the putting course or at the virtual golf simulator. Try
taking a jog around the track or see how you fare at swimming
against the current in the Caribbean Princess’ lap pool.
And, if you are so inclined, you can even get married on board
at the Hearts and Minds Wedding Chapel.
The catch: Space is running out. Don’t be disappointed;
book soon.
Some of you may have noticed that the look of ILS Learning
Corporation is changing! Over the next few months, we will
be phasing in our new logo and making small changes to our
website. We hope that you like this new look and that you
will find that the changes make things even better for you!
ILS Learning Corporation would like to have you on board
for the inaugural Advantage Performance Series (at Sea) Caribbean
cruise in January 2007. Now, you can win your way there!
Every time you complete an ILS Learning Corporation online
course between July 1, 2006 and November 1, 2006, you will
automatically be entered in a draw for the trip. The more
courses you complete, the better your chances of winning!
Education really does have rewards.
For more information, check out our Web site: www.ilscorp.com
E & O
One E&O insurer doing business in British Columbia recently
stated that approximately 75% of the brokerages they insure
have had at least one E&O claim over the last 5-year period.
While more than half the reported claims closed without payment
to the claimant, brokerage management were still faced with
dealing with a lot of initial stress, concerns over possible
legal fees, and loss to their business reputation. Adopting
and implementing an E&O risk management program in your
brokerage will help reduce your changes of your becoming one
of the 75% group. It will also help avoid the other problems
that invariably arise as a consequence to it.
Test Your Knowledge!
The
following E&O scenario has been prepared for ILS subscribers
by Neo J. Tuytel, a partner with Clark Wilson LLP. He is the
Chair of the firm’s Environmental Law practice group
and a member of the Insurance and Business Litigation groups.
He obtained his LL.B. from the University of British Columbia
in 1984, and was called to the bar in 1985. He was also accredited
as a mediator, in 1994.
Mr. Tuytel has appeared before all levels of court, as well
as administrative decision-makers in British Columbia, and
was winning counsel in the Supreme Court of Canada in the
landmark overlapping insurance case: Family v Lombard as well
as various cases in the BC Court of Appeal. He also acts as
a mediator and is a prolific author and speaker.
Please note: Mr. Tuytel will be on annual leave until September,
so please contact Lawrence Munn, Chair of Clark Wilson LLP’s
Privacy Law Group if you would like further information about
E&O and insurance claims. Lawrence can be contacted at
(604) 643-3160 or lm@cwilson.com.
Please read the following scenario and determine whether the
agent is liable or not liable. Good luck!
Client walks into his insurance agent’s office seeking
broad cargo insurance for shipping computer components between
various countries around the world. The agent obtains coverage
through the London market and advises the client there is
world-wide coverage. There is a loss on a shipment from Amsterdam
to Hong Kong. When the claim is reported, the underwriter
declines coverage. The client then makes his own inquiries
of the London broker. The London broker sends along, to the
Canadian agent, a cover note and the policy wordings. The
cover note is confusing but states at one point that the insurance
in place is limited to shipments from Canada. The agent does
not read the cover note or the policy wordings and forwards
them to the client, who also does not read them. Subsequently,
there are losses on shipments from London to Miami and from
Düsseldorf to San Francisco. Is the agent liable?
ILS offers a two-part “Managing the Errors and
Omissions Exposure” course online at www.ilscorp.com.
The courses can be purchased on their own, but is included
for all members of the Broker Network Programs, and General
Insurance annual subscriptions. For further details, please
contact ILS at 1-800-404-2211 or email info@ilscorp.com.
However,
if you do not to wish receive this newsletter, or wish to
subscribe another email address, please select your option
below.
The
following E&O scenario has been prepared for ILS subscribers
by Neo J. Tuytel, a partner with Clark Wilson LLP. He is the
Chair of the firm’s Environmental Law practice group
and a member of the Insurance and Business Litigation groups.