Netsurance Canada president, Scott Dekanich sits down to explain insurance and surety bonds in the construction industry with Tools of the Trade Podcast host Colin Toop in the Episodes 6 & 7 | Construction Insurance & Bonding Completely “Deconstructed”.
Construction Bonding Podcast
[00:06:23] Start of the episode after intro
[00:08:13] The future of the insurance industry
[00:13:41] Defining bonding
[00:16:02] What does Licensed, BONDED, and INSURED really mean? And the difference between the primary types of bonds
[00:24:29] Other insurance products to look out for and the truth behind being “bonded”
[00:27:52] Typical bonds a new contactor may be exposed to
[00:29:22] The 3 “C’s” of Surety
[00:38:51] The consequences of defaulting on a bond
[00:43:35] The bond application process
[00:46:00] The common types of bonds and typical limits
[00:48:44] What happens if the GC defaults on the bond?
[00:52:39] Are defaults common?
[00:54:40] What happens if you win a bid and turn down the work?
[00:57:09] Defining Consent of Surety
[01:00:54] Does you bond apply to the pre or post tax contract value?
[01:02:22] Defining Performance Bond
[01:09:18] Defining Maintenance Bond
[01:15:19] Is there one single bond product that catches all bonds mentioned?
[01:17:38] A Recap of rough bonding costs and Managing Bid Capacity
[01:36:42] Final Thoughts
Construction Insurance Podcast
[00:02:50] Start of the Episode
[00:03:06] Getting started with insurance for your business
[00:06:17] Ask your subs for their insurance certificates!
[00:09:36] What does naming someone as “Additional insured” mean?
[00:13:18] Where/how should you being your search for a broker?
[00:16:54] Which trades have the highest annual insurance premiums?
[00:19:12] What happens when your claim exceeds your policy limit?
[00:22:40] What is professional Liability and/or E&O Insurance
[00:26:00] Clarifying the word “design as it pertains to professional liability
[00:34:07] The importance of fully disclosing your operations
[00:38:11] Tools in your vehicle, is that Car Insurance or General Liability?
[00:42:08] Breaking down Deductibles
[00:46:07] If you are a victim of multiple thefts, does your premium go up regardless of whether it was your fault or not?
[00:50:41] An intro to Course of Construction Insurance
[00:56:51] How you need to think about insurance
[01:00:29] Things you didn’t know were insured…
[01:03:33] Is there such thing as a good deal on insurance?
[01:13:48] Rapid Fire Questions
Add Another Tool to your Belt with Tools of the Trade Podcast
Why is it so hard to find good stories from the pros in construction? Why does the industry lack so many business resources? Why won’t contractors tell the truth about their journey? These are questions that Tools of the Trade Podcast host Colin Toop had which sparked him to pursue this venture.
Let’s face it, construction isn’t glamorous. It’s physically taxing, it’s labelled a black sheep industry, it requires men and women to be up at 5AM and on site everyday in order to build our Cities and Nations. Join Colin, conversation by conversation, as he deconstructs the construction industry and the people in it to provide you with new tools of the trade.