Canada: Insurance Laws and Products

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Article
Why Did My Insurer Only Pay Part Of My Claim? Understanding Co-Insurance Penalties In BC
Picture this: a pipe bursts, or a small fire breaks out in the back office, and you file a commercial property insurance claim expecting it to be straightforward. Instead, the cheque that arrives is thousands of dollars short of what you lost. Nine times out of ten, the reason is buried in a clause most policyholders never read closely, the co-insurance clause. By the time they find out about it, it’s too late to do anything but pay the difference themselves.
Canada Insurance
WG
Watson Goepel LLP
Article
Ontario Court Of Appeal: Insurance Coverage Analysis Turns On Nature Of Loss, Not Coverage Grant Selected
The Ontario Court of Appeal's decision in Panasonic Canada Inc. v. XL Specialty Insurance Company establishes that coverage analysis must focus on the true nature of the loss rather than the coverage provision an insured selects. When a ransomware endorsement contains specific language governing losses connected to cyber-extortion threats, that endorsement may control the claim even when the insured seeks recovery under different policy provisions and never paid a ransom.
Canada Insurance
BL
Borden Ladner Gervais LLP
Article
Ontario Superior Court Clarifies Surety Bond Fees Subject To 3% Premium Tax Under The Corporations Tax Act
The Ontario Superior Court has ruled that fees received by insurers for surety products written in Ontario are subject to the 3% premium tax under the Corporations Tax Act. This decision clarifies the tax treatment of surety bonds by interpreting ambiguous statutory language through reference to federal Income Tax Act provisions and legislative history. Insurers licensed to write surety business in Ontario should review their premium-tax reporting practices in light of this ruling.
Canada Insurance
GW
Gowling WLG
Article
Regulatory Alert: FSRA Warns Of Unlicensed GAP Insurance Sales In Ontario
Ontario's Financial Services Regulatory Authority has issued a warning about unlicensed businesses selling Guaranteed Asset Protection (GAP) insurance through vehicle dealerships, leaving consumers potentially unprotected despite paying hundreds of dollars for coverage. The regulatory body has identified cases where GAP products reference insurers that never actually underwrote the policies, and is now taking enforcement action against violators while monitoring the market for compliance with licensing requ
Canada Insurance
GW
Gowling WLG
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