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In June 2015, Location, a tool rental company, opened an account for the benefit of a company with which it was doing business, Boréalia. Boréalia obtained a thirty-day term to pay its bills and other benefits. Bussière was a shareholder of Boréalia, via his management company, and a director of Boréalia. Bussière is a party (with the other shareholders)...

Innovation in technology, the growing use and availability of data, and changing customer expectations are all putting pressure on the insurance industry to transform – and fast. Alongside other forces, like the competition for new talent, product innovation, and regulatory influence, carriers are having to figure out how to navigate a wave of changes, according to Celent’s 2019 Pace...

Innovation is one of the biggest buzz words in insurance right now. It means different things to different people. While one firm might see innovation as investment into new ideas coming out of the insurtech ecosystem, another might see it as using technology to make improvements to something they’ve always done. Regardless of how insurance companies tackle innovation, there...

This decision is a major victory for Ohio contractors and their sureties. The Fifth District Court of Appeals of Ohio issued a recent decision confirming that Ohio’s construction statute of repose, R.C. 2305.131, applies to breach of contract claims. It also confirmed that sureties are entitled to rely on the statute of repose as a defense to claims under...

‘We just can’t afford to let our infrastructure continue to age,’ Mayor John Tory says Toronto has embarked on its “busiest” construction season ever with slightly more than $1 billion budgeted this year for work on roads, bridges, expressways, sewers and water mains, Mayor John Tory says. “We just can’t afford to let our infrastructure continue to age,” Tory...

The level of payouts on trade credit insurance policies have reached a 10-year high in Northern Ireland, an industry expert has said. Nigel Birney, head of trade credit at Willis Towers Watson, has today warned that the spike in credit insurance claims is a reflection of challenges facing Northern Ireland companies amid what he called an extremely worrying number...

Many contractors will promote that they’re bonded and insured. But what does that really mean for you as a consumer? In this week’s Angie’s List Report, we learn from Angie Hicks, the importance of asking about bonds and insurance. You’ll see it on their ads, their website, maybe even the side of their truck. The roofer or builder you...

WASHINGTON, May 7, 2019 /PRNewswire/ — The U.S. Small Business Administration (SBA) recognizes the Office of Surety Guarantees award winners for their continued work to help small contracting businesses acquire surety bonds. Three SBA surety bond partners were selected to receive awards based on their participation, activity, claims and recovery, and their commitment to helping small businesses obtain contracts...

A report from the annual convention of surety brokers and agents The surety bond industry regularly reminds state and local governments, politely, that public works in all states must involve surety bonds That’s the law. And the National Association of Surety Bond Producers, the bond agents trade group, has been letting state and local officials know, in writing. The...

An employee’s accidental death on the job, as well as any serious injury, can impact a contractor in several ways. First, an injury can result in a higher experience modification rate, which is what insurance carriers use to determine how much contractors will pay for workers’ compensation premiums. The higher the rate, the higher the premium. The only way...