CFC has launched a standalone Errors and Omissions (E&O) insurance policy for contractors in Canada. The new offering is intended to provide broader and more consistent coverage than the E&O extensions commonly included in general liability policies.
Access to dedicated E&O insurance has historically been limited for Canadian contractors, with many relying on restricted policy add-ons. CFC’s policy is structured to serve contractors of varying sizes and aims to address a range of liability exposures.
“Construction is the biggest single employment sector in Canada, with annual mega projects set to dramatically increase in the next 5 years. Current CCDC regulations mean contractors are increasingly required to have comprehensive E&O cover to protect against a variety of emerging exposures,” said Nathan McCabe, Canada Professions practice leader at CFC. “We’ve spent time listening to what our brokers tell us their clients need. The launch of our new solution covers regulatory requirements for larger contractors while also bridging the gap for smaller businesses that need access to cost efficient, broad E&O cover.”
The policy includes coverage for E&O, cyber risk, pollution liability and professional services under one policy. CFC states that this structure is intended to reduce potential coverage gaps and streamline the insurance process for contractors.
One of the features of the policy is rectification cost coverage, which allows for the correction of a mistake before it results in a formal claim - coverage that is not typically found in standard E&O offerings.
The product is available with entry-level pricing starting at $500. CFC noted this may provide smaller contractors with access to coverage they may not have previously considered.
The policy also includes access to cyber services, including threat intelligence and security alerts, delivered through CFC’s mobile app, Response.
In April, CFC introduced Cyber Proactive Response (CPR), a new cyber insurance product designed for businesses with annual revenues up to $250 million. The policy includes unlimited reinstatements, no deductible, and new coverage features intended to support a broader range of cyber risks.
In March, CFC appointed Emma Suschkov as cyber development manager in Canada. Based in Toronto, Suschkov is tasked with supporting brokers and clients in the region and contributing to the company’s cyber underwriting capabilities.
