Keyword
surety bonds
Trial required to assess Zurich’s right to rescind surety bonds: Appeal Court
August 25, 2022 by David GambrillAs a matter of legal principle, Zurich can rescind performance and payments surety bonds based on fraud or misrepresentation, even if that would affect the rights of innocent third parties in a construction dispute, Ontario’s Court for Appeal has ruled.…
Late payments a ‘threat to the viability’ of small construction business: MPP
October 5, 2017 by Canadian UnderwriterSmall businesses in the construction industry face “undue risk” of not being paid in a timely manner, a member of the opposition Progressive Conservative party suggested to the Ontario legislature Tuesday. With late payments to construction contractors, “the issue is…
Legislation would mandate surety bonds on public sector construction projects in Ontario
September 13, 2017 by Canadian UnderwriterSurety bonds written by licensed insurers will be mandatory for certain public construction projects in Ontario if a bill tabled Tuesday is passed into law. Bill 142, if passed into law, will “require surety bonds to be posted on public…
Northbridge Financial Corporation purchases surety underwriting business of Fenchurch General Insurance Company
May 10, 2017 by Canadian UnderwriterToronto-based commercial P&C insurer Northbridge Financial Corporation announced on Tuesday that it will enter the surety market in Canada by purchasing the surety underwriting business of Fenchurch General Insurance Company. Starting June 1, businesses across Canada will have access to…
Willis Towers Watson reports ‘meaningful’ price hike in commercial auto, modest price drops in other lines
December 12, 2016 by Canadian UnderwriterCommercial auto prices were generally up year over year in the third quarter, but there were “modest” prices decreases in other lines including commercial property and surety bonds, Willis Towers Watson plc said in its most recent Commercial Lines Insurance…