Construction Costs Inflation & Its Impact To Insurance
Course Description
IBAO is happy to present this panel discussion of leading experts on the ins & outs of changes in costs in construction materials and its impacts to insurance. More than a year into the pandemic, COVID-19 continues to change how businesses and industries operate; the commercial and residential construction industry being one of them. As prices of raw materials continue to rise, the cost to rebuild homes/buildings is outpacing the amount of insurance consumers have purchased. This creates a problem for consumers and brokers when claims amounts continue to grow beyond what was insured. With the fluctuation in home prices and construction costs, brokers must adapt and work out a fair rebuilding limit.
This panel discussion aims to explore what is happening in the industry, understand what current practices are, provide clarity in certain what-if scenarios, and understand steps to take in the future
Join a recording of a live panel discussion, hosted by IBAO’s Vice President, Greg Kruk, Principal of Sentinel Risk Insurance Group.
Greg will interview these three experts for their information and insight into the rise in construction costs;
– Greg McCutcheon, President, Opta Information Intelligence,
– Jonathan Ross, Director of Commercial Insurance For The Ontario Region, Wawanesa,
– Stephan Roy, National Director, ServiceMaster Restore.
Following this course, you will be able to:
1. Identify the reasons why construction costs have inflated so quickly over the past 12-18 months,
2. Identify how evaluations tools are being adjusted to take these increases into account,
3. Identify how to adjust losses for unintentionally under-insured individuals,
4. List what to do if construction costs revert to back to normal levels,
5. Articulate how guaranteed replacement cost policies are affected.
Recommended for: All Ontario Brokers
Note: this course is an eLearning version of a live recording held by the IBAO on May 20, 2021, and the information is correct as of this date.