TORONTO, ON, AUGUST 2, 2022/insPRESS/ – With the number of construction projects mounting as we return to normal it’s critical to acknowledge and learn more about the issues insureds are currently facing- whether it is delays with permits, increased material costs, or finding the right insurer to provide flexible cover for all uncertainties caused by:
- Changes in the economy: The recent surge in gas prices has had a direct impact on everyone’s daily lives, from commuting to grocery shopping. This has an impact on industries as well. The cost of construction materials – from the time lumber is manufactured to shipping costs – is affected in the construction business. Insureds must expect construction costs to surpass their budgets.
- Natural disasters and calamities: When everyone thought, they were just beginning to see the light at the end of the hard market, Mother Nature had other plans. With the resultant damage from the recent storms, the market is taking another hit with restricted capacity and higher deductibles.
- Geographic developments and other variables: As Canada contractors continue to develop land, brokers and insureds must keep the fire protection factor in mind when rating. The further away from the major cities, the less likely it is to be protected. Although it would benefit the book of business to consider volunteer fire stations as ‘protected,’ insureds must consider the worst-case scenario.
Be certain that CHES Special Risk has the right solution for you!
“Construction projects vary from big to small, an extension to an existing home to a multi-millionaire dollar course of construction. We at CHES Special Risk like to consider us a one stop shop for both. When reviewing large course of construction projects, it would be ideal to analyze the exposure by phase. It reduces the exposure and is presented with more appeal to the markets rather than underwriting the project as a whole from the get-go.”, mentioned Joyce Rajadurai, Senior Underwriter, CHES Special Risk.
“As a 5 Star Construction Insurance provider and expert in underwriting Construction, CHES Special Risk aim to provide solutions to insurance offerings especially in a time where added effort goes a long way. We have substantial in-house capacity for both none combustible and frame and are always available to discuss the risk on your desk!” added Rajadurai.
ABOUT CHES Special Risk Inc.
CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to broker demand to a hardening marketplace, commencing with a particular specialty in the entertainment and hospitality business, later becoming a fully accredited Lloyd’s cover holder in 2009.
CHES Special Risk and Sister Companies are a fully Independent MGA delivering “A” rated capacity both in the hard to place, and standard lines classes and support their retail brokers in growing and developing their businesses.
Additional information regarding CHES Special Risk can be found at: http://www.CHESspecialrisk.ca.
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If you would like more information about this topic, please call us at 416-452-7850 or email Gary.Hirst@CHESspecialrisk.ca
