Canada: The End Of A Shareholder’s Corporate Duties And The End Of Suretyship: An Illustration

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)...

The right technology partner can help carriers outlast market challenges

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...

FM Global EVP: ‘AI is going to be a huge factor in the insurance industry’

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...

Ohio Court of Appeals Confirms Applicability of Statute of Repose to Contract Claims and Sureties

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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...

‘Busiest’ construction season ever underway in Toronto with $1B in projects in the works

‘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...

Trade credit insurance policy payouts hit 10-year high in Northern Ireland

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...

SBA Recognizes the Office of Surety Guarantees Award Winners

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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...

Little Caesars Arena construction worker suicide case goes to state AG

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...

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