To help clients in the construction and real estate markets manage risk by providing a PLATFORM for protection, growth, strategic advantage, and reliability. When a business partnership is founded on these principles, a solid relationship is created which yields both short-term and long-term mutual benefits.
Protecting your balance sheet and the work, time and money you have invested in your business is our number one priority. At PLATFORM, we will ensure you receive best in class insurance, surety and performance security terms.
For Contractors, Developers and Owners, whether your project is worth $100,000 or $1 billion, we offer the expertise and experience you need to help you succeed. What’s more, with PLATFORM we’ll help you navigate our extensive network for key partners who can help you grow your business.
We deliver innovative solutions to help you to make the most efficient use of your capital and resources. Whether your company is looking for alternative security, or expanding into new delivery models such as Public Private Partnerships (P3’s), Construction Management and Integrated Project Delivery, the team at PLATFORM has the experience to help you make the right decisions.
Certificates, bid bonds, final bonds, binders and policy documents are critical to your business and need to be delivered in an accurate and timely fashion. We know that failure to deliver on even the simplest things can delay your project with costly consequences, which is why we have made customer service our top priority.
At PLATFORM, a thorough understanding of a client’s needs, and delivering meaningful solutions is the foundation for building a long-lasting relationship. We promise to work closely with you, providing highly specialized services and solutions that are specific to the scope of your business, while keeping your investment safe, solid and protected.
With our industry focused approach, the team at PLATFORM has the product expertise needed to address the unique needs of our clients. Through constant interaction with the industry’s leading insurance carriers, we ensure our clients receive the latest in innovative solutions and coverage. Our job is to ensure you receive best in class insurance, surety and performance security terms.
The primary lines of business we provide our clients include:
PLATFORM specializes in construction and real estate risk. We have the experience and ability to successfully negotiate your core annual property, business interruption, crime, general liability, umbrella liability, and commercial automobile liability policies with the broadest possible terms and conditions. We understand the unique requirements of construction contracts and real estate portfolios. For example, in construction the insurance requirements for any given project can differ significantly depending on the contract. We will ensure your coverage complies with your contractual obligations, while also recommending enhancements to standard insurance policies, ensuring next level protection for your assets.
Builders Risk, also known as Course of Construction insurance, protects the Owner, General Contractor, Consultants and all Sub-Contractors with respect to damage to the project. These specialty policies differ greatly from insurer to insurer and may contain clauses and limitations which restrict or exclude coverage. The policy limit is determined by the contract value. No matter what size the project, the wording needs to meet a minimum quality benchmark before PLATFORM will bind the coverage for its clients. We compare and contrast our insurance carrier policy forms to ensure the broadest protection is placed for our clients at the best possible price. The importance of having best in class coverage is paramount when a claim occurs, as cost of construction delays can often exceed the actual cost of property loss.
Similar to Builders Risk, a wrap-up liability policy also protects the Owner, Consultant, General Contractor and Sub-Contractors on a project specific basis. These policies cover the risk of third-party bodily injury or property damage. It is important to ensure the wrap-up policy integrates properly with your annual liability policy wording. The partners at PLATFORM will help you analyze the unique risks of your project to assist in determining the appropriate limits you should be carrying.
More and more, the cause of major insurance claims on North American construction projects has not been a result of traditional risks. Instead it is the result of specialty risks such as professional liability. A common misconception remains that this product is meant only for Architects and Engineers. General Contractors undertaking design build and construction management contracts need to give serious consideration to this coverage as a means to adequately protect their balance sheet from unnecessary exposure. Sources of loss include vicarious liability associated with subcontracting design, performance specifications under contract, providing scheduling and sub-contractor selection consulting, offering expertise regarding means and methods for construction, and general project delay, which is often the largest exposure. PLATFORM has partnered with the leading experts in professional liability to provide best in class advice, coverage and pricing to our clients. We can assist in the procurement of both practice professional liability policies and project specific policies.
Also known as pollution liability, this is the other leading source of claims among insurers who specialize in construction and real estate risk. It is becoming common place for Contractors and Owners alike to carry project specific, practice, or fixed site Environmental Liability coverage, and for good reason. The team at PLATFORM has in-depth experience consulting with clients about the risks associated with environmental liability exposures, and benchmarking the right coverage and pricing. Additionally, when a tender comes in at the last minute and has a requirement for pollution coverage, we make it our business to know exactly how much you should budget for, and provide you with a recommendation as soon as possible.
PLATFORM recognizes that surety bonds can represent the lifeblood of a contractor’s organization, and therefore, you need a broker whose judgement and integrity you can trust implicitly. Our team is an industry leader in this area, drawing on the latest developments in the surety market place to provide innovative solutions for our clients to maximize surety capacity. Having first-hand experience with the most complex projects and issues, we are well equipped to leverage a client’s balance sheet and ensure the most efficient use of capital. Our surety team is dedicated to providing personalized service and will keep your team in the loop throughout the process, ensuring delivery of all documents in a timely and accurate fashion. What’s more, our reputation and experience allows PLATFORM to maintain relationships with every major surety provider in Canada, with in-house powers of attorney for most providers. This gives you the freedom to work with a carrier that truly offers the best overall fit for the scope of your business.
Subcontractor default insurance has enjoyed considerable growth throughout Canada over the past several years, with many of Canada’s largest general contractors turning to this product to protect against subcontractor failure. Developed as an alternative to more traditional surety bonds, SDI represents a significant change in how business is undertaken for both general contractors and subcontractors. PLATFORM is one of the few brokers in Canada to have hands-on experience with SDI. We are home to Canada’s leading SDI expert, Shaun McPherson, who has been responsible for establishing and administering the majority of Canada’s existing programs, and for educating countless industry stakeholders and partners on the subject. Whether it is navigating the underwriting process, implementing a new program, or working as a subcontractor under this program, PLATFORM has the track record to ensure your team receives the advice it needs to navigate this often misunderstood product.
Tarion ensures that developers comply with the Ontario New Home Warranties Plan Act and protects purchaser deposits when developers fail to perform their obligations. Tarion Bonds guarantee each purchaser’s deposit up to $20,000 per condominium and provides the warranty protection required by Tarion. Developers benefit from a Tarion Bond since it eliminates the need to post a letter of credit or other type of security to Tarion. In addition, the first $20,000 of deposits is eligible to be released to the Developer to help finance the development of the project. In comparison to a letter of credit or project financing, Tarion bonds are an economical source for developers to keep the cost of borrowing down.
The Condominium Act requires that deposits paid by a purchaser to a condominium developer be held by a trustee. Deposits may be released to the developer so long as an ECDI or CDI policy is issued. ECDI policies are issued for condominium projects covered by the Ontario New Home Warranties Plan Act. The ECDI policy guarantees the return of the purchasers’ deposits in excess of the $20,000 guaranteed by the Tarion Bond. A CDI policy is issued for condominium projects that are not covered by the Ontario New Home Warranties Plan Act, such as:
- Commercial condominiums
- Office condominiums
- Retail condominiums
- Residential condominium conversions
Developers benefit from ECDI or CDI because the spread in interest cost to the project can sometimes be as much as 400-500 basis points lower compared to project financing or letters or credit.
This coverage is often overlooked, but is becoming more common among privately held companies. The Directors and Officers of a corporation have significant exposures related to the liability created through the management of a company. If not careful, decisions made, particularly as it relates to the management of employees, could potentially lead to claims down the road. It is important to be aware of precedents, and the frequency and severity of claims experienced to date in Canada to avoid making the same mistakes and mitigate risk. PLATFORM will ensure your company’s leadership team and balance sheet remain protected with this crucial coverage.
Our surety partners underwrite requests to support large development companies that wish to provide bonds as an alternative to letters of credit to secure their residential development obligations to municipalities.
Various other types of coverage for which we can provide consultation and advice include:
- Marine Liability
- Data Breach
PLATFORM has the track record to provide your team with the advice, resources and protection you need to move forward in your business, while keeping your balance sheet safe and protected.
The team at PLATFORM has unparalleled expertise in mapping exposures to effective risk transfer solutions. Whether it’s creating a small business package for a local contractor, or negotiating terms for a large infrastructure project, our team has seen them all through to successful conclusion. We’d like the opportunity to do the same for you. We pride ourselves in the consultative approach we employ with our clients and as such, we’re prepared to provide as much education on insurance products as you are interested to learn. It’s simply good practice to know what you are buying, and as your broker we make sure that you do.
Here are some of the ways we can help you protect your business:
- A detailed and confidential review of your existing insurance program, advising on any shortfalls that do not meet industry best in class standards. Our goal is to provide discreet advice which will enable you to determine how well your balance sheet is protected. This will enable you to make an informed decision on the best way to proceed with managing your insurance program.
- We will review your program regularly to ensure the terms, rates and coverage remains best in class, while delivering certificates of insurance, pre-qualification letters and other documentation in a timely, reliable manner.
- A detailed and confidential review of your existing surety terms and conditions, including analysis of your financial statements. Based on our findings, Platform will provide recommendations to help you maximize your use of capital and surety capacity.
- We will review your program regularly to ensure the terms and conditions remain best in class, while delivering bid bonds, finals bonds, pre-qualification letters and any other documentation in a timely, reliable manner.
- We are experts in placing coverage for projects, big and small. We help clients choose the best coverage for the contract and to protect their balance sheet. Builders Risk/Course of Construction, Wrap-Up Liability, Pollution Liability and Professional Liability are examples of the type of project specific policies we regularly negotiate for our clients.
- SDI is a niche product that is being used more and more among medium and large contractors in North America. Whether you’re a General Contractor interested in pursuing an alternative to surety, or a Subcontractor interested in understanding the pre-qualification process, we can help you make the right choice for your business. Our President, Shaun McPherson, is one of Canada’s leading authorities on SDI and will be pleased to share his unique and valuable insight into the pros & cons of using surety versus the use of this alternative product.
- Our team has spent thousands of hours reviewing tender documents and contracts for owners and contractors. We know the general conditions found on most commonly used contracts such as CCDC, OPSS, PWGSC, DCC, and more. Our high level of skill in reviewing contracts allows us to provide fast and meaningful advice on how to protect your interests.
- The team at PLATFORM has extensive experience working with contractors and owners on projects ranging from $1 Million to $1 Billion in value. More frequently owners are considering the use of the Public Private Partnerships on smaller projects, which means contractors of all size should begin to develop a better understanding of P3’s. We can provide your firm with a platform for growth and protection by helping you form a business strategy for penetrating the P3 market, while using innovative surety & Insurance products to alleviate the financial constraints these new delivery models can have on your balance sheet.
- Call us 24 hours a day, 7 days a week to report a claim at 1-844-409-3552 or email your account representative. We will report the loss to your insurer and provide ongoing support and advocacy to ensure a smooth claims settlement process.
Winner of the 2016 Insurance Business Awards for the Best Brokerage Over 10 People, PLATFORM’s success has attracted top talent. Be a part of a dynamic, growing industry-leading team of professionals.
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416 434 4322
1 844 409 3552
20 Toronto Street, Suite 440
Toronto, Ontario M5C 2B8