At Trisura, we always brag about how our people are the best in the industry. While their experience and expertise places them above their industry peers, what really separates them is their understanding of this rapid-paced world in which we do business.
What better way to share some of these observations than in an online 'blog'. We plan on sharing some of the musings going on in our head as we are still pondering them. Some entries will cover industry issues while others will tackle business trends and the world at large.
They will be short, concise, and laden with attitude and opinion. We hope they are insightful, interesting, and prompt some debate. And we'd love your feedback.
Our postings will change often, so be sure to check back again soon. Here are a few things that are occupying our minds right now.
Blog Entries
Title:
Trisura Staff Member Shaves Head for Cancer
Author:
Richard Grant
(VP, Corporate Risk, Trisura Guarantee Insurance Company)
Published:
June 14, 2010
On June 13th, Nadine Dodeman from our Montreal office shaved her head as she raised $2,500 for Leucan. Leucan is a non-profit organization whose mission is to enhance the well-being, healing and recovery of children with cancer and to ensure support for their families.
Congratulations go out to Nadine for participating in a great cause. If you would like to contribute you may still do so by visiting:
Leucan
Title:
Professional Liability Underwriting Society (PLUS) Upcoming Events...
Author:
Richard Grant
(VP, Corporate Risk, Trisura Guarantee Insurance Company)
Published:
May 17, 2010
PLUS Canada has a very busy schedule over the next month as they are holding three separate events in Toronto, Montreal and Calgary. Details of the events are as follows:
Canadian Chapter Networking Mixer - MontrealJune 03, 2010
Restaurant La Coupole, Montreal
Fraud Schemes in Canada - TorontoJune 03, 2010
The Hilton Toronto, Toronto
Directors' and Officers' Liability Insurance Market Update - CalgaryJune 17, 2010
The Metropolitan Conference Centre, Calgary
Title:
Toronto Directors' and Officers' Liability Seminar with Nicholl Paskell-Mede
Author:
Richard Grant
(VP, Corporate Risk, Trisura Guarantee Insurance Company)
Published:
May 13, 2010
Thanks to our broker partners who attended this mornings Directors' and Officers' Liability insurance seminar in Toronto. We had 125 brokers show up to hear John Nicholl, Catherine Tyndale and Mary Margaret Fox from the law firm Nicholl Paskell-Mede speak on recent claims developments involving the D&O product line. The session was very informative and we look forward to holding future sessions across Canada!
Title:
HST coming for Ontario and B.C. – Effect on Surety Premiums?
Author:
Chris Sekine
(SVP, Surety, Trisura Guarantee Insurance Company)
Published:
April 29, 2010
We have been fielding questions about the pending July 1, 2010 implementation of Harmonized Sales Tax (HST) in British Columbia and Ontario.
Many of the questions and concerns are the same as when GST was first introduced in 1991 and when the provinces in Atlantic Canada harmonized in 1997.
Due to the additional scope of risk that GST and HST brought to bear in a surety claims event, many sureties adopted the practice of calculating surety premiums based on contract price plus GST or HST. Trisura endorses and utilizes this method of premium calculation and will continue to do after HST is implemented in Ontario and B.C.. We refer you to the Surety Association of Canada and the Position Paper PP011 GST/HST and Surety Bond Premiums for detailed background information.
When contractors quote contract prices in Ontario and B.C. their prices generally include a provision for PST. GST, however, is a value added tax in addition to the contract price. After July 1, 2010 contract prices will not include PST as the PST will be harmonized with the GST outside of the contract price.
As a result, a contract price plus GST quoted before July 1, 2010 should be equal to a contract price plus HST quoted after July 1, 2010. Consequently, contractors should be aware that the implementation of HST will have a neutral effect on surety premiums.
We see the biggest issue being premium adjustments for those contracts bonded before July 1, 2010 and with completion dates after. In order to make the transition as easy as possible for our brokers and their clients, Trisura will adopt the following practice:
- Premium on contracts bonded before July 1, 2010 (“GST Contracts” ) will still be calculated based on contract price plus GST
- Premium adjustments on GST Contracts will be calculated based on contract price plus GST, even if those adjustments are after July 1, 2010.
- Premium on contracts bonded after July 1, 2010 (“HST Contracts”) will be calculated based on contract price plus HST.
- Premium adjustments on HST Contracts will be calculated based on contract price plus HST.
If you have any questions, do not hesitate to contact your Trisura Surety Underwriter.
Title:
Insurance Council of Manitoba E&O Requirements
Author:
Richard Grant
(VP, Corporate Risk, Trisura Guarantee Insurance Company)
Published:
April 29, 2010
The Insurance Council of Manitoba has amended the Insurance Agents and Adjusters Regulation in order to make it a requirement that both fraud and dishonest acts be included as a mandatory requirement of errors and omissions insurance.
This requirement will commence subsequent to the May 31, 2010 license renewals, and all licensed agents (life, accident & sickness, general and auto) will be required to have fraud and dishonest acts included as a mandatory requirement of their errors and omissions insurance no later than May 31, 2011.
Trisura has amended our Professional Liability Manitoba Regulatory Coverage Endorsement in order to comply with the new regulations.
If you have any questions please do not hesitate to contact one of your Trisura Corporate Risk underwriters.