How NFP’s updating construction and infrastructure operations
September 7, 2023 Philip PoradoProperty and casualty broker NFP announced it will integrate its surety practice into its Construction & Infrastructure (C&I) group, which supports companies in the construction space. These changes impact operations worldwide, including Canada, NFP said. “Surety plays a vital role…
Insurance partnership helps condo buyers bridge builder fees
August 21, 2023 Philip PoradoAviva Canada said it’s invested in OneClose Inc., a technology company that provides a financial solution to help owners of newly built condos save on what are called ‘interim occupancy fees.’ “Consumers who buy a newly built condo in Ontario face a…
How Ontario is responding to surety writers’ COVID-19 concern
April 14, 2020 by Greg MeckbachConcerns from surety bond providers have prompted the Ontario government to make one change, effective this Thursday, to the state of emergency during the pandemic. As it stands, an emergency order suspending limitations means liens against construction projects technically never…
How COVID-19 impacts surety bond placement
March 26, 2020 by Greg MeckbachPlacing surety bonds has become more challenging with the social distancing precautions underway with the COVID-19 pandemic, but it is possible to do this electronically, says an association representing insurers who write surety bonds. Surety bonds can now be placed…
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…
How this surety bond could be examined by Supreme Court of Canada
December 9, 2019 by Greg MeckbachWhen do the terms of a surety bond allow a construction project owner to withhold payments to a contractor? This question could go to the Supreme Court of Canada, which recently announced a federal crown corporation wants to appeal a…
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…
How subrogated claim leads to landmark win for Guarantee
January 18, 2019 by Greg MeckbachA $1.9-million surety bond claim has resulted in a landmark court decision in favour of The Guarantee Company of North America. A-1 Asphalt Maintenance Ltd. went bankrupt in 2014. At that time it was a contractor on four road-paving projects in…
Top court could hear this surety bond dispute
December 17, 2018 by Greg MeckbachA dispute involving The Guarantee Company of North America arising from unpaid construction bills could reach the Supreme Court of Canada. The highest court announced Friday The Guarantee is applying for leave to appeal Guarantee Company of North America v…
Mandatory surety bond legislation lacking in Ontario: MPP
October 2, 2017 by Canadian UnderwriterMaking surety bonds mandatory on public sector construction projects in Ontario would help protect subcontractors and suppliers, a Liberal MPP suggested last week in the legislature. Bill 142, if passed into law, would make it mandatory for a contractor who…