Topic Construction
Beware the tax implications of unlicensed insurance
May 3, 2022 by Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
How guaranteed replacement fits within a world of rising home costs
April 26, 2022 by Philip PoradoWhile federal budget proposals aimed at dampening home-price escalation may modestly help insurers control reconstruction costs for insureds, there’s another side to the conversation. What if it doesn’t work? Beyond price appreciation, lots of factors — like updates to building…
Ukraine war insured losses could outstrip 9-11
April 20, 2022 by Philip PoradoWhen adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty…
Proposal to end real estate bidding wars could affect P&C insurers
April 19, 2022 by Philip PoradoCracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions…
Does federal budget create new tax liability for P&C industry?
April 12, 2022 by Greg MeckbachA federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…
B.C. mayors dealing with flooding and wildfire damage call on feds to deliver funds
April 12, 2022 by Camille Bains - THE CANADIAN PRESSVANCOUVER – British Columbia mayors whose communities were devastated by last year’s flooding and wildfires want the federal government to deliver billions of dollars in promised funding as soon as possible. Abbotsford Mayor Henry Braun said he was among 28…
Key challenges facing your construction industry clients
April 6, 2022 by Jason ContantAn ongoing labour shortage, exacerbated by the COVID-19 pandemic, is one of the key issues facing the construction industry in general, says the head of risk control with Travelers Canada. “I think the biggest prolonged challenge that comes around, seems…
How brokers can help clients nip construction defects in the bud
April 5, 2022 by Jason ContantUnderstanding proper storage and handling of materials can help your construction clients avoid a loss later down the road. Being able to identify material damaged by ultraviolet rays or weather is a key component of a construction risk management plan,…
Exiting the commercial hard market may be prolonged: Insurers
April 5, 2022 by David GambrillCanada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the…
How inflation could prolong the hard market
February 25, 2022 by David GambrillInflation could prolong the hard market in Canada’s property and casualty lines, brokers caution. RMS Canada reports that inflation will hit 5% in 2022 before approaching 3% by the year’s end. “Persistent inflation is primarily due to supply constraints and…
Politicians condemn violence at Coastal GasLink construction site in northern B.C.
February 22, 2022 by Hina Alam - THE CANADIAN PRESSPoliticians are denouncing what police have called a violent confrontation in separate attacks against officers and employees at a construction site for a natural gas pipeline being built across northern British Columbia. Federal Public Safety Minister Marco Mendicino called the…
Recent NatCats reveal need to boost construction standards
February 4, 2022 by Greg MeckbachEnforcing existing building codes, bringing in new construction standards and improving community planning are among the measures governments can take to mitigate the cost of property losses from natural catastrophes, industry watchers say. And arming consumers with better information about…