Knowledge Corner

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Surety bonds are instruments that have been around for well over 100 years, in fact Suretyship, or guarantees, have been around for centuries. While Surety is classified as a form of insurance because of capital requirements, it is treated more like a banking instrument since a contractor must qualify for a “surety credit”.

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Surety bonds are instruments that have been around for well over 100 years, in fact Suretyship, or guarantees, have been around for centuries. While Surety is classified as a form of insurance because of capital requirements, it is treated more like a banking instrument since a contractor must qualify for a “surety credit”.

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There are dozens of carriers offering a form of environmental or pollution coverage and the most common include Pollution Legal Liability (PLL) and Contractor’s Pollution Liability (CPL).

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Whether you are a General Contractor, Subcontractor, or Property Owner, your business risk is covered by a variety of insurance coverages – Workers’ Compensation, Auto Liability, and General Liability to name a few. Is Builder’s Risk coverage part of your insurance portfolio?

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We have all seen the TV ads about mechanical breakdown insurance for your personal vehicle. You may be thinking:

• What is Car Repair Insurance?
• Is that the same thing as auto insurance?
• What does car repair insurance cover?
• Is it worth the additional expense above my mandatory auto insurance?

Continue reading below to find out the answers to all your car repair questions and if you really need it.

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As a contractor, you should be aware if your corporate insurance policy has a Wrap-Up Exclusion. This exclusion can potentially create issues for you if your company does any work on Wrap-Up projects.

Every year TSIB works with an organization that positively impacts our communities. This year we chose to work with Project Sunshine.

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Deciding the type of insurance plan can be frustrating. Ultimately you want the best coverage, for the most cost-effective price. There are different insurance types or risk financing options you can choose based on your company. One popular option is a Deductible plan.

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Insurance is usually one of the last things companies want to talk about. It’s not fun or exciting, it’s simply a means to transferring risk. The necessity of insurance doesn’t make it any easier when figuring out the best risk financing option for your company. Depending on your trade and the type of risk you are wanting to transfer, will determine the best insurance option for you.

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Having an effective closeout strategy is critical to successfully completing your Wrap-Up program. The overall process of a program closeout starts as soon as early trades complete their work on the project.