Keyword
construction
How this Supreme Court ruling impacts contractor insolvency risk
November 3, 2020 by Greg MeckbachA recent Supreme Court of Canada ruling means construction clients need to be careful about contract wording that refers to insolvency or bankruptcy. With the Oct. 2 ruling, the Supreme Court of Canada has taken away a tool that a…
Why the status quo can be dangerous in the construction insurance world
September 9, 2020 by Jason Contant“We’ve always done it this way” are six dangerous words in the construction world, and equally dangerous for those trying to assess or procure adequate insurance for construction projects. “Doing what we’ve always done rarely is OK when we’re facing…
How your advice can help flood-proof future real estate development
August 26, 2020 by Adam MalikThere’s not enough collaboration between stakeholders in Canada’s real estate sector and risk professionals with information about natural hazards, and real estate investments could drown as a result, an expert warned. If real estate is constantly being exposed to damage…
Briefing Note: Manitoba
July 5, 2020 Canadian Underwriter StaffResidential real estate and construction have been hit with rate increases ranging from 8% to 650% this year in Manitoba, says Colin Matchyuk, a commercial account executive at HUB International’s Winnipeg office. That’s because apartment buildings built within 150 feet…
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…