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WCA | Construction Insurance and Surety Bonds

February 9 2023

Construction Insurance and Surety Bonds


Description
Are you protected and confident in managing your company's risk? Let the insurance and risk management experts help you gain a practical understanding of insurance and construction surety bonds.

In the first half of this session, you will get an overview of the insurance products needed to address the standard requirements found in the most common construction contracts in Canada. You will learn how the renewable package of insurance products maintained by most contractors meets these requirements, and which other insurance policies must be arranged specifically for each job a contractor undertakes.

The second half of this session focuses on construction surety bonds. By the end of this session, you will understand what bonding is, how to obtain bonds and how to manage a bonding facility. We'll also give an overview on how bond companies evaluate contactors and what types of bonds are used throughout the construction process.

TOPICS:
Insurance:

  • Insurance requirements of the standard construction contract

  • Common variations of insurance coverage requirements you may encounter

  • Course of construction property insurance

  • Delayed start-up coverage

  • General liability - coverages and exclusions

  • Wrap-up liability - who and what is covered

  • Insurance certificates and undertaking of insurance letters - what your broker needs to issue required documents

Surety Bonds:

  • Explanation on what bonding is, the parties involved and when bonds are required

  • Explanation on the different types of bonds and prequalification documents requested

  • How to request a bond or bonding letter - what information is needed in tender stage and after award

  • Components of a surety facility (indemnity agreement, limits, rates)

  • How to maintain a surety facility - what is required to keep the facility in good standing and what should be shared with your broker

  • Information your broker will collect from you and why they ask for it

  • What you can expect from your bond company and your broker

Intended Audience
Anyone in the industry looking to enhance their knowledge of construction insurance and surety bonds.

Presenter
Apex Surety & Insurance Ltd.

For further information CLICK HERE