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Builders’ risk insurance market remains tight

Despite some softening in other sectors across the country, Canada’s builders’ risk insurance market remains tight and higher deductibles and rates continue to reign. Cansure is looking to take brokers’ headaches away and help them navigate the space, said Ed Quek, vice president of commercial lines and construction at Cansure.

“Our wording is strong, our products are tested, all of our suppliers are benchmark domestic A-rated — we place 100% for you in the frame construction space,” Quek noted.

The builders’ risk market was balanced until two years ago when syndicates globally deciding to reduce or exit construction completely caused a huge contraction in London and a radical shift at Lloyd’s as they retracted capacity.

“There were very few syndicates left standing that do engineering and construction in London, and because of that there was a massive shortage that came about,” said Quek, adding the shortage on the large frame side of the construction marketplace raised the rates up 20-25%… [Read More]