July 25, 2007

Contractors shouldn’t become too casual: VRCA president

VANCOUVER

Insurance coverage is another field that indicates the increasing sophistication required for success in the construction industry, Keith Sashaw believes.

Sashaw, president of the Vancouver Regional Construction Association, says although the panic and confusion of the recent past about buying construction industry insurance has subsided, contractors should not become too casual about the issue.

He advises giving the same consideration to insurance policies as to building contracts.

“I’m getting the sense that it (insurance coverage) has stabilized,” Shashaw says.

“We’re not seeing the staggering increases that we were witnessing a year or so ago, but contractors should be cautious and understand what is being covered and pay attention to the wording.”

Insurance was formerly fairly standard and always readily available so contractors tended to take it for granted, but this has changed significantly and buying insurance will continue to require focus and understanding.

Insurance today is impacted by global issues ranging from acts of terrorism to natural disasters. In their wake insurance companies are seeking to mitigate risks and are more sensitive to the risks they assume.

Print | Email | Comment