President's Blog

Thursday, February 26, 2009

PROJECT SPECIFIC PROFESSIONAL LIABILITY INSURANCE

If you have a large construction project, Fenn & Fenn is one of the most experienced construction brokers with the capability of assembling the right insurance protection for your industrial, commercial or institutional project. We simplify your construction insurance experience at the same time providing the most appropriate insurance protection at the right price: backed by solid advice throughout the project.

For several years now choice for Project Specific Errors and Omissions has been limited. We are pleased to be able to announce that just as the rest of the marketplace seems to be “drawing in its horns” the Project E&O market continues to do the opposite. We have available markets starting at $10MM capacity. 

If you have a need for Project Specific Errors and Omissions Insurance, contact us now, we’d be pleased to help. 

Have a great day!

Simon Fenn, CIP
President

Wednesday, February 25, 2009

Contractors - Financial Stability of Insurers and Sureties is Critical in these times.

As an insurance broker Fenn & Fenn pays attention to the financial stability of Insurers and Surety companies and if you are a purchaser of or beneficiary of insurance coverage, you should too. 

In the Canadian construction industry it is not only the financial condition of insurers but also the sureties that you need to concern yourselves with, if you have an arrangement for contract surety bond services. 

A great reference tool to monitor your insurer/ surety financial shape is A.M. Best Company website http://www.ambest.com/ where you can look up almost any insurance company and review its financial status.  A. M. Best also has handy guides to help the layman understand their financial ratings. 

In the Canadian construction industry the stability of the surety company for bonding is also crucial as Public Works and Government Services Canada has a specific listing of acceptable Sureties. You can find this listing at this weblink: http://www.tbs-sct.gc.ca/pol/doc-eng.aspx?id=14494&section=text#appL .

If you are a Contractor that often bids PWGSC or Defence Construction projects and your Surety is not listed, you are in jeopardy of being disqualified at the time you bid.

To avoid this, contact us at Fenn & Fenn at 905 836 6066.

Have a great day!

Simon J. Fenn, CIP
President