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§ion=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