Keyword
construction
Despite re-openings, time is ticking on construction clients’ inactivity limits
May 14, 2020 by Adam MalikA “snowball effect” could leave some construction companies facing major financial challenges despite the slow re-opening of some of their closed worksites, one brokerage warns. In some situations, the damage may already be done, leaving brokers scrambling to help out…
How to help construction clients who are no longer deemed “essential services”
April 6, 2020 by Adam MalikOntario brokers can expect to receive calls from their clients in the province’s construction industry, some of whom were recently de-listed from the province’s essential services list. Under pressure to reduce the spread of COVID-19 in Ontario, the province recently…
Supreme Court of Canada could review ‘joint and several liability’ clause in surety bond
February 12, 2020 by Greg MeckbachThe Guarantee Company of North America wants to take a disputed claim on a 20-year-old performance bond to the Supreme Court of Canada. The top court announced Feb. 7 that The Guarantee is applying for leave to appeal HOOPP Realty…
Former Tarion official calls for insurer-based new home warranty
February 3, 2020 by Greg MeckbachA former enforcement director with Tarion Warranty Corporation is calling for competition among insurers in new home warranty in Ontario. David Roberts, who retired in 2017 from Tarion, recommended the provincial government move the new home warranty system to a…
Unfinished business
January 5, 2020 By Kevin Shipley, Partner, XCG Consulting LimitedWhy a winter construction fire should give underwriters pause before covering the risk of unfinished buildings
How oil patch woes impact surety bond losses
July 29, 2019 by Greg MeckbachCutbacks in oil and gas is one reason bond claims have become more frequent in Western Canada, a surety expert for the nation’s largest insurer suggests. A slowdown in the construction market in Alberta – and to some extent in…
How construction clients could be taking on too much risk
July 26, 2019 by Greg MeckbachIf you place insurance for construction clients, they could be signing contracts that saddle them with risks that they should not be taking on. “We are beginning to see tenders coming out where not enough design work has been done…
Paid Steering the Course: Course of Construction (COC) Insurance Options
August 28, 2018 Neil Jeanson, Senior Class Underwriter, XL CatlinAll it takes is a spark. From a sander. Or errant cigarette. And POW! Igniting common, flammable construction materials like wood, solvents, packaging, and gasoline and turning a work in progress to a pile of ash. It’s a powerful blow…
Could this new construction method hike insurance costs?
August 27, 2018 by Greg MeckbachA client occupying a tall wood building could face higher insurance costs, a group of masonry producers claims, while one fire insurer confirms such a building deserves closer scrutiny from an underwriter. Your insurance premiums would be higher as an…
Property Loss Update: A review of recent cases, Part 1
November 3, 2017 Glenn GibsonThere have been a number of very important cases in recent months involving coverage issues, which are worthy of note. The Supreme Court of Canada has now become involved in trying to clarify the process that should be followed in…
Standard would help enhance flood resilience of new communities: report
September 26, 2017 by Angela StelmakowichResearch out of the University of Waterloo recommends a Canadian standard for new flood-resilient residential communities, one that employs almost two dozen best practices, be developed to bolster protection and reduce water-related losses. Requiring that new homes not be built…
Construction industry ‘particularly vulnerable to cybercrime,’ Northbridge warns
September 12, 2017 by Canadian UnderwriterLarge and small construction contractors are vulnerable to cyber crime, with “smart” building devices and lucrative engineering drawings in particular presenting vulnerabilities, Northbridge Insurance warns. “Major advancements in digital connectivity have left the construction industry particularly vulnerable to cybercrime,” Northbridge…