CNA’s distinctive offering for construction insurance

CNA’s distinctive offering for construction insurance | Insurance Business Canada

CNA’s distinctive offering for construction insurance

The construction industry in Canada has stayed strong throughout the COVID-19 pandemic. Despite shortages in material supplies, inflationary pressures on material costs and labour, as well as challenges around human safety, the industry has remained a safe and stable contributor to the Canadian economy.

In fact, the construction industry is projected to be on a steady growth trend. According to BuildForce Canada’s 2020–2029 Construction and Maintenance Looking Forward national report, employment in the sector is expected to grow by 50,200 workers by 2029, propelled mainly by major public transportation and infrastructure, utility, liquefied natural gas, pipeline, and health services projects. New-housing construction is also expected to bounce back post-pandemic, in conjunction with growing non-residential construction.

To help Canadian construction companies make the most of these burgeoning opportunities, CNA offers Oneworld+® Construction – a package solution designed to meet the complex challenges and threats that construction businesses face today. The package contains key coverages as standard (commercial general liability, property, business income, equipment breakdown, crime, voluntary workers compensation and employers’ liability, and umbrella) as well as a broad suite of distinctive coverages (D&O, event cancellation, media crisis management, currency devaluation, contractors E&O, and building material replacement).

“CNA’s Oneworld+® Construction package truly delivers distinctive coverages,” said Rob Herron, underwriting specialist – construction, CNA. “Insureds can get access to industry-leading coverage for their property, casualty, or inland marine exposures. Through Oneworld+® Construction, we also provide a broad range of value-added services, including support services and customized educational materials, exposure guides, seminars, claims analysis and on-site, phone or virtual consultations.”

Read next: CNA’s Oneworld+ delivers distinctive coverages for middle-market clients

As part of the package, CNA offers specialized risk control education to help customers identify and reduce their loss exposures from their everyday operations, through the CNA School of Risk Control Excellence (SORCE®). Insureds also have access to CNA’s interactive platform, PrepWise+™, which serves as a single hub where policyholders, agents, underwriters and risk control professionals can quickly access and share information.

“Every insured in the construction industry is different, and through Oneworld+® Construction, we partner with them to provide loss control solutions that meet their unique needs,” Herron told Insurance Business. “Whether you’re a road paving contractor, a HVAC contractor, or a general building construction firm, our services are tailored to meet the complex challenges that businesses face today.”

Bespoke risk control solutions are one of many reasons why small- and medium-sized construction companies, in particular, are drawn to package insurance solutions like CNA’s Oneworld+® Construction. They do not have the same internal risk management capabilities as their larger counterparts, and they often require a little extra help with education and loss control. Another differentiating factor for CNA’s Oneworld+® Construction, according to Herron, is the insurer’s claims handling capabilities. CNA has local claims teams across Canada that provide high service standards and quick response times.

Read more: Lessons to learn as Canadian businesses navigate the ongoing challenges of COVID-19

“Insureds also like having one insurer and underwriter point of contact,” Herron added. “If they have a question about their policy or a claim should arise, they know who to talk to at CNA, versus trying to decipher which market would be the most appropriate for their query. This is also helpful for our broker partners. Rather than having to shop multiple markets, they can speak to one of our expert underwriters, who will provide a tailored solution to ensure that their insured’s specific exposures and risks both current, and emerging, are covered.

“One thing we do need from our broker partners is strong communication – and that’s a responsibility that we share at CNA. We need brokers to convey the whole story of a particular account, including what the businesses do as their operations and what steps they take to ensure that projects are completed successfully. As the construction insurance market hardens, insurers will have a strong focus on risk selection and will want to work with insureds that have a good loss history, and the appropriate experience within the field to ensure their construction projects are completed successfully, and most importantly, safely.”     

To learn more about CNA’s Oneworld+® Construction or other package solutions available via Oneworld+®, click here.