The Canadian construction boom is bringing new facets of the construction insurance sector into the limelight.
There’s a huge amount of competition in the sector, which is keeping insurers and brokers on their toes. Construction insurance is traditionally quite a tricky market to play in, and it requires sufficient technical knowledge and claims expertise for success.
A key industry trend observed by ENCON’s senior vice president of Construction and Environmental, Brian Cane, is a rise in the number of requests for pollution liability insurance for contractors.
This coverage protects contractors against claims for third party property damage, third party bodily injury or third party environmental damage caused by pollution that resulted from their work.
“Why has there been an upswing in demand for pollution liability insurance? I think it’s just that there’s more awareness regarding environmental exposures in the marketplace right now,” Cane told Insurance Business.
“More and more risk managers, municipalities, government entities and money lenders are becoming increasingly aware of the environmental exposures that exist in all sectors of insurance. They’re placing greater importance among insureds to make sure they have proper environmental coverage in place.”
Despite this supposed heightened awareness of environmental exposures in Canada, there are still some stumbling blocks for brokers to navigate when trying to sell pollution liability insurance to contractors.