Insurance Business Magazine: Adam Wagman on Why Canada’s Boating Insurance Gap Is an Industry Problem

Insurance Business Magazine spoke with HSH partner Adam Wagman about the systemic risk created by Canada’s lack of mandatory boating liability insurance, a gap he says leaves victims of catastrophic and fatal accidents with no path to recovery. Adam detailed how the absence of insurance requirements, combined with the $1.5-million federal liability cap and the fact that boat owners aren’t automatically liable for those they lend a vessel to, can leave even the most sympathetic victims without recourse. He called on brokers to flag the exposure for clients and argued the industry itself would benefit from a legal mandate to carry coverage. Read the full piece at Insurance Business Magazine.