Hi, this is Fred Wallace with ” Off the Wire “,….. proudly sponsored by Pete’s Auto Body.
Pete’s Auto Body; because we care about our community…..
In a report last week, two Ontario Hockey League clubs; Kingston and Sudbury, have filed lawsuits against insurance companies alleging that the insurers breached their contracts after refusing to cover the teams’ financial losses due to the COVID-19 pandemic.
The Kingston Frontenacs filed suit in January against Lloyd’s Insurance Company seeking $ 1 million dollars plus damages
The Sudbury Wolves meanwhile filed a $1-million lawsuit against Intact Insurance in March.
The claims are separate but the basis of the story is the same- the OHL clubs contend that they are owed compensation based on insurance agreements in place, while the two insurance companies have denied the claims.
In terms of the financial impact, the most recent public filings show Kingston turned a profit of $ 700,000 in 2016 while the Wolves last statement available to the public states Sudbury made $ 90,000 in 2014.
Meanwhile, a quick check with the Owen Sound Attack revealed no such insurance policy is in place for the organization.
According to the Attack, they do have an extensive and comprehensive insurance package.
However, in the words of the Attack, referring to the pandemic, ” who could have conceived of such a turn of events ? ”
But make no mistake when the Attack insurance policy is renewed or upgraded, there will be many new distinct stipulations in writing to cover every possible scenario.
For Pete’s Auto Body, I’m Fred Wallace.