http://www.fenninsurance.com/index.php/site/index/ en simon@fenninsurance.com Copyright 2011 2011-12-20T21:46:00-05:00 http://www.fenninsurance.com/index.php/site/tarion_warranty_corporation_bonds_and_excess_condominium_deposit_insurance1/ http://www.fenninsurance.com/index.php/site/tarion_warranty_corporation_bonds_and_excess_condominium_deposit_insurance1/#When:21:46:00Z A Simon Says Blog Posting For Developers Fenn & Fenn Insurance Practice Inc. is pleased to announce the availability of Tarion Warranty Corporation Bonds and Excess Condominium Deposit Insurance (ECDI) through our insurance and surety partners. Another specialty service that Fenn & Fenn Insurance Practice’s Construction Keystone service provides to its Construction and Development Industry clientele. Use us as your representative to negotiate your Tarion Bonds and ECDI. Don’t tie up your cash in Letters of Credit, consider Tarion bonds and ECDI as an alternative, after all, they are acceptable to Tarion Warranty Corporation. For more information see Tarion Builder Bulletin 28: http://www.tarion.com/New-Home-Builders/Registering-and-Renewing/Pages/Security-Requirements.aspx We’d be pleased to receive your inquiries at - 1 866 269 8799 or Hello@fenninsurance.com.  Tarion Warranty Corporation Bonds A Tarion Warranty Corporation Bond is a form of security accepted by the Tarion Warranty Corporation for condominium Developers in lieu of cash or letters of credit. The amount of security required by Tarion Warranty Corporation is $20,000 per unit. The bond provides protection to Tarion from any deposit losses or risk up to $20,000 per unit, and after title transfer, the subsequent one-year and two-year warranty coverage provided by Tarion to purchasers. Excess Condominium Deposit Insurance Under the Condominium Act, 1998 all purchaser deposits must be held in trust until transfer of title to the purchaser. This constraint restricts the builder from accessing these deposits during the construction phase of the project. The Condominium Act, 1998 does however permit builders to withdraw these monies from trust as long as the developer provides an Excess Condominium Deposit Insurance policy for the project. This policy provides protection to the purchasers of new condominium units in excess of the initial $20,000 that is covered by Tarion. These products are available to developers meeting the following criteria: - Low-rise and High-rise Condominium Experienced Developers. - A proven track record of successful completion of previous condominium projects - evidence required; - A strong financial position, both corporately and personally - financial information will be required; - A knowledgeable, seasoned and competent development team - team credentials may be requested; - Strong demonstrated construction capabilities - a capability statement, CCA Form 11 or other evidence may be required. Underwriters vary in risk appetite and information requirements. Fenn & Fenn acting as your broker will co-ordinate placement to help you determine the optimum Surety/Insurer for your project.  Blogging 2011-12-20T21:46:00-05:00 http://www.fenninsurance.com/index.php/site/an_ounce_of_prevention_during_holidaysis_worth_a_pound_of_cure/ http://www.fenninsurance.com/index.php/site/an_ounce_of_prevention_during_holidaysis_worth_a_pound_of_cure/#When:16:47:00Z Another Simon Says Blog Post December 19, 2011 Holiday Edition Hello Everyone During the Holiday Season it’s important to remember to take precautions when leaving your home for an extended period of time. This Blog Post discusses a few precautions you may wish to consider.  Holidays are always fun, the problem is they can also be lots of fun for others that would gain from theft of your property. During this Holiday Season, especially with a stressed economy, please be aware that even a brief absence from home can result in burglary. You may be signaling that you are away. Today probably the most important issue for many of us is maintaining our standard of living. When something goes wrong, our standard of living can be quickly threatened. A break in can affect your standard of living. The burglar casing your home may look for the following: - Visible wealth - neighbourhood, size of home, number of vehicles in the driveway and toys (boats, seadoos, skidoos). - Expensive items such as chandeliers, original paintings, grand pianos, widescreen TV visible through a large front window. - Habitual commute patterns will broadcast to criminals when you have gone to work. - The babysitter/nanny that arrives every morning. - Snow in the driveways when you’re away enjoying a beach or away for a weekend maybe attending a child’s sports meet. - Forgetting to cancel your newspaper delivery when you’re away, piles of newspapers on the porch are a direct invitation. - Many contractors habituate communities; they may be trustworthy but they often employ labourers that they may not even know very well. These people get to watch everything going on inside and outside your home. - A dark house, no lights from dusk until dawn. Remember the idiom: “An Ounce of Prevention is worth a pound of cure” by Benjamin Franklin? Well there are obviously measures you can take such as security systems, timer lights, advising neighbours, cancelling papers, arranging snow clearing etc., to try to make your home look normal during your absence. Sometimes just thinking about how obvious your habits are will encourage you to change them. I hope this posting helps you at least to an extent. Of course if all efforts fail, we do have insurance, but who really wants the stress associated with an invasion of your personal home and then having to prove what you have lost to an insurance company? Try to prevent burglaries by taking the right precautions. You’ll feel more comfortable next time you leave home. Have a Happy and Safe Holiday Season. Simon J. Fenn, CIP President Fenn & Fenn Insurance Practice Inc. 905 836 6066 Blogging 2011-12-19T16:47:00-05:00 http://www.fenninsurance.com/index.php/site/revisiting_general_liability_insurance_for_canadian_contractors/ http://www.fenninsurance.com/index.php/site/revisiting_general_liability_insurance_for_canadian_contractors/#When:16:30:01Z Another Simon Says Blog Post A number of months ago I posted the attached construction focused paper entitled How Much General Liability Insurance is Enough.  It received favourable feedback but I felt it necessary to do a re-release as I continue to meet contractors that buy the minimum amount of liability insurance mentioned in standard construction contracts, despite words like “not less than” that potentially increase contractors’ exposure to risk. Liability exposure cannot be easily quantified as there are no real measurable criteria to determine exposure to liability claims, except the depth to which a contractor is willing to conduct a project risk assessment and the contractor’s expertise. So, although a contract insurance specification may say for example “not less than $5,000,000 per occurrence” even on a very small project the actual exposure could be multiples of this amount. Failing to recognize that risk exists in contract and physically and to quantify as best as possible those risks, could be perilous. This paper is general in nature and cannot and should not be depended upon for specific projects or situations. It is also Canadian and intended for reference within Canada only.  HOW_MUCH_GENERAL_LIABILITY_INSURANCE_IS_ENOUGH_general.docx Blogging 2011-12-16T16:30:01-05:00 http://www.fenninsurance.com/index.php/site/executive_personal_home_insurance/ http://www.fenninsurance.com/index.php/site/executive_personal_home_insurance/#When:17:30:00Z At Fenn & Fenn Insurance Practice Inc., we strive to provide the highest quality combination of insurance coverage and service, along with a competitive price.  Our Executive Personal Home Insurance service provides a consultative approach to ensuring your assets are properly insured following a catastrophic loss event.  Additionally, we want to ensure that you sustain minimal inconvenience so we offer insurers that have a Client first mentality rather than a claims avoidance mentality. This article highlights some features of our Executive Home Insurance coverage. Feel free to contact me personally, if you’re interested in assistance.  Seasons Greetings.  Executive_Home_Services.doc Blogging 2011-12-15T17:30:00-05:00 http://www.fenninsurance.com/index.php/site/happy_holidays/ http://www.fenninsurance.com/index.php/site/happy_holidays/#When:14:08:00Z Seasons_Greetings.docx Blogging 2011-12-15T14:08:00-05:00 http://www.fenninsurance.com/index.php/site/simon_says_fashion_eyeglass_frames_may_represent_a_driving_risk/ http://www.fenninsurance.com/index.php/site/simon_says_fashion_eyeglass_frames_may_represent_a_driving_risk/#When:16:14:00Z I just bought new glasses and the arms are so thick I have to be extra careful checking my blindspot whilst driving.  Hello everyone - This is a far less technical blog than what you may be used to from me. According to WikiAnswers.com 64.2% of Canadians wear eyeglasses. It looks like I’m in great company. We should hold a convention, it’d be a spectacle! Recently I noticed that I was tilting my head at various angles so I could see around the scratches on my glasses. Being in a sales and marketing role and inherently self conscious about my appearance, I decided to embark on purchasing new eyeglasses. Well to cut a long story short I purchased two pairs. Unlike my battered and worn steel frames, I purchased more solid plastic “fashionable” executive frames. I was very happy indeed as I looked very important all of a sudden....in my own mind. As many of you have probably experienced, frames today come in a wide variety of shapes and sizes and the frames are of varying thicknesses with almost thin wire “arms” or to be correct ”eyeglass frame temples”, to sometimes over one inch eyeglass frame temples. Many of us among the 64.2% like the up to date look, so we have purchased the wider eyeglass frame temples. I was driving my son to his daily swim this morning and almost hit a car as I changed to the right hand lane. I had completed a shoulder check but my very fashionable executive eyeglass frame temples totally blocked my view of the blind spot, an ironic name considering the circumstances and the cause of my error. Thankfully I noticed my error and was clearly reminded by the blaring horn of the passing vehicle, an unpleasant experience especially at 5:00AM. So, recognizing Benjamin Franklin’s oft quoted ”an ounce of prevention is worth a pound of cure”, and being in the business of risk management, I thought I’d share this with you my bespectacled fellow Canadians in the hope that in the future when driving, crossing the road or in any situation where you have to look left, right or over your shoulders for the all clear, just remember to tilt your head slightly so you look UNDER or OVER your own eyeglass frame temples. This odd birdlike motion may look strange and will certainly attract attention to you, but may in fact prevent a day in hospital, or an even worse fate. Have a safe day! Blogging 2011-12-08T16:14:00-05:00 http://www.fenninsurance.com/index.php/site/simon_says_dont_place_your_construction_insurance_in_the_wrong_hands/ http://www.fenninsurance.com/index.php/site/simon_says_dont_place_your_construction_insurance_in_the_wrong_hands/#When:19:45:00Z Simon Fenn,CIP President Fenn & Fenn Insurance Practice Inc.  This Simon Says Blog is about picking the right broker for the job.  In this case Fenn & Fenn was introduced by one of our friends in the legal industry.  The customer involved, a mid sized engineering & construction company had two brokers, one working on its errors and omissions insurance and one on the balance, including some project specific insurance.  Our analysis revealed numerous errors that exposed the customer to serious gaps in coverage as well as potential breach of contract. Fenn & Fenn was appointed as broker on the strength of our findings, we rectified the issues and now have a client that recently said to us: “I don’t know where we’d be without your help over the past several months.” One of our legal industry allies recently referred us to an engineering/construction company (EPCM) that was concerned its insurance coverage was not being handled correctly. The EPCM had evolved from a design engineering company to a full engineering, procurement, construction management company, accepting the risk of construction works. For more than a year the EPCM had declared it was now performing construction works in renewal application forms for its errors and omissions/professional liability insurance it submitted to its broker. There was absolutely no information withheld by the EPCM. We were assigned to review the EPCM’s insurance portfolio which included insurance coverage arranged on a project specific basis for one of its larger industrial clients.  Here is what we unearthed from our review: 1) Project specific general liability insurance had been arranged on the project which was grossly non compliant with the contract insurance specifications. It only ran until substantial performance when it was required to run for 18 months past this date.  It was also required to cover the Owner as Additional Insured with a specified cancellation notice, neither was included. The coverage was also placed long after commencement of construction.  Exposure: Significant coverage gaps and inconsistencies with contract requirement placed our client in jeopardy of having coverage denied or even worse, in breach of contract with its customer. 2) The annual “office” insurance included general liability insurance with an insurer that was generally not involved in our client’s business type.  It was unclear if the insurer clearly understood the business in which our client was involved. Exposure: Uncertainty if insurer would respond to a claim or argue that the operations were never fully explained to the insurer.  3) The annual errors and omissions insurance covered the design engineering but contained a specific exclusion for design engineering errors and omissions where the EPCM assumes risk of construction. Exposure: At the time of the review approximately 80% of the EPCM’s work included construction. An errors and omissions claim arising from such work would have been denied.  As the construction contract also required the EPCM to carry e&o insurance, it was now also in breach of contract with its client. 4) One of the brokers had also arranged builders risk direct damage insurance on the project, which was not a contract requirement at all, as it was clear in the contract insurance specifications that the Owner had arranged this coverage.  The contract was also very clear that the EPCM could not arrange duplicate coverage.  Exposure:  Potential breach of contract by arranging duplicate insurance.  Thankfully within weeks our client managers at Fenn & Fenn replaced the office and general liability insurance with a more suitable insurer.  We also renegotiated the errors and omissions coverage to also include errors & omissions where construction works were at the EPCM’s risk and added essential environmental impairment liability (pollution) insurance.  We also managed to convince the e&o insurer to cover past design and construct projects retroactively, eliminating any past coverage gap: this in particular was a huge coup which is rarely accomplished. We also discontinued the redundant builder’s risk policy and secured whatever return premium we could for the client, although most had been lost into the coffers of the insurer as earned premium.  If you think your insurance is being handled correctly, maybe its time to let another pair of eyes take a look, buyer beware. Blogging 2011-11-15T19:45:00-05:00 http://www.fenninsurance.com/index.php/site/making_a_case_for_legal_expense_insurance/ http://www.fenninsurance.com/index.php/site/making_a_case_for_legal_expense_insurance/#When:21:22:00Z This is a Simon Says article on Legal Expense Insurance in a more “public” context than my last “contractor” focused article. If you are faced with legal disputes or overwhelmed by regulatory bodies imposing new rules and regulations on your business, you may wish to consider this protection. Enjoy the read.  Making_a_Case_for_Legal_Expense_Insurance_Blog.docx Blogging 2011-11-14T21:22:00-05:00 http://www.fenninsurance.com/index.php/site/why_take_the_law_into_your_own_hands_making_a_case_for_legal_epxense_insura/ http://www.fenninsurance.com/index.php/site/why_take_the_law_into_your_own_hands_making_a_case_for_legal_epxense_insura/#When:15:29:00Z Legal Expense Insurance has arrived in Canada after being offered in many other countries for over 80 years. It provides affordable access to justice for small to medium sized businesses. Based on a survey completed by DAS Canada (http://www.das.ca/), 2 days in Civil Court costs on average C$26,000 and the cost of legal services on average C$360/hour. Let’s face it: a small business has potential to be ruined when faced with legal action. When encountering a dispute, many businesses unwisely choose to shortcut the process by taking matters into their own hands and possibly running into deeper problems. Legal Expense Insurance provides you with access to leading legal experts at a fraction of the potential cost. It also will defend you in the event of specific Statutory and Criminal action against you.  To top it off, with reasonable prospects of success, it will also prosecute on your behalf.  The coverage is inexpensive and one product actually includes unlimited access to telephone legal advice for almost any reason in connection with operating the business.  Fenn & Fenn Insurance Practice now offers Legal Expense Insurance. This Blog entry provides more detail on the product with a Construction focus; however, no matter what your business is, you have access to this coverage through Fenn & Fenn. Inquiries welcome. We are pleased to offer this new product in Canada to all businesses that take interest. Feel free to contact us for a quotation.  Making_a_Case_for_Legal_Expense_Insurance.pdf Blogging 2011-11-02T15:29:00-05:00 http://www.fenninsurance.com/index.php/site/tarion_warranty_corporation_bonds_and_excess_condominium_deposit_insurance/ http://www.fenninsurance.com/index.php/site/tarion_warranty_corporation_bonds_and_excess_condominium_deposit_insurance/#When:15:00:00Z Fenn & Fenn is pleased to announce the availability of Tarion Warranty Corporation Bonds or Developer Marketing Bonds as well as Excess Condominium Deposit Insurance for Purchasers. Further details on information requirements available through our office at 1 866 269 8799 or 905 836 6066, ask for Simon or Danielle Fenn. Watch out for more details on these products. Have a Great Day.  Blogging 2011-10-12T15:00:00-05:00