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Insurer helping brokers prepare for reform
(Copyright Thompson’s World Insurance News Not to be redistributed by individual recipients.) RSA has invested close to $30,000 to help Ontario brokers prepare for e&o claims that may result from the province’s new auto reforms. “Lawyers’ groups in the province have already held some conferences on how members may possibly access brokers’ e&o coverage,” the insurer’s Ontario region vp Donna Ince said. “The reforms are plugging up loopholes so the plaintiffs’ bar will be looking for ways around them.” She expects new loopholes will be found. “That will determine how long these reforms will hold. We’ll see brokers getting sued sooner rather than later as the lawyers test the reforms.” The insurer held education session helping brokers prepare for the questions they’ll get from Ontario auto policyholders once the reforms are in place. She said more than 800 brokers attended 17 sessions across Ontario. “We didn’t want to duplicate the sessions led by the Insurance Brokers Association of Ontario. We wanted our information to build on what the brokers had already done.” The sessions bridged the gap between the theory of the reforms and their practical application and focused on where there may be shortfalls in coverage due to changes in the legislation and which customers are likely to be affected. Brokers were informed on how to mitigate any potential e&o exposures due to the changes in coverage. More in our July 12 2010 edition
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