Trisura, one of Ontario’s major surety providers, says Bill 142 will result in a new group of contractors reaching out for brokers’ support and advice in preparing to provide bonds where they otherwise may not have been required in the past. “This is a generational opportunity that has the potential to increase the Ontario surety premium pool in a material way,” the company says in a statement.
Early in the lien act review process, The Surety Association of Canada (SAC) commissioned a report by The Canadian Centre for Economic Analysis (CANCEA) which provided an impartial look at the value of surety bonds in Canada. The findings strongly supported the economic value of surety bonds in protecting the construction process and the wider economy, the Trisura statement said.
“This report was instrumental in demonstrating the value of our industry’s primary product. Throughout this process, Trisura has had members of various working groups participating in discussion and development related to the surety bonds and their role in the lien act review. We are certainly excited at the outcome and look forward to further developments as regulations are crafted, as this is where all the details will be contained about the new act.
“As the construction landscape continues to shift, Trisura continues to innovate with new offerings like our e-Bond Platform which was launched in 2017 to provide Trisura brokers and contractors access to a free online platform to procure their electronic bonds. We’ve also developed the Contractors’ Bond Program which provides brokers with the ability to obtain modest surety credit for their clients through a streamlined, online process.”