Mechanical Piping Plumbing Journal 2008 - (Page 41) In some cases, subcontractors simply may not have the track record or the financial reliance placed on a third party to medi- resources to qualify for ate a solution. When a default situation the bond. arises, the surety determines the best course of action for resolution and goes about implementing it. Many contractors find this aspect of the process to be frustrating as it takes the remedy out of their hands and trusts it to the surety. From the subcontractor point of view, surety bonds can be difficult to procure given the extensive preliminary investigation required for qualification. In some cases, subcontractors simply may not have the track record or the financial resources to qualify for the bond. Clearly, anything that might limit a subcontractor’s ability to take on work is going to be seen in a negative light. Finally, the cost of surety bonds is thought to be somewhat prohibitive. Generally speaking, the bond premiums are in the range of 0.85 to 1 per cent of the subcontract value. Depending on the size of the contract, this can be an expense many aren’t willing to take on. SDI: ALTERNATIVE TO SURETY BONDS In 1996, the American insurance giant, Zurich North America, began offering something they called Subcontractor Default Insurance, or as it is known by its trademarked name, Subguard®. Developed in response to the frustration some contractors were expressing about surety bonds, Subguard® sought to address several perceived problems with surety bonds. These were: a.) the delays in resolving claims brought about by default; b.) the high cost of the bonds; c.) the lack of control over prequalification of subcontractors; and, d.) the necessity of a “third-party” to effect the solution to the default. It was Mechanical Contractors Associations of Alberta, B.C., Manitoba & Saskatchewan 2008 41
Table of Contents Feed for the Digital Edition of Mechanical Piping Plumbing Journal 2008 Mechanical Piping Plumbing Journal 2008 Contents MCA Canada Chairman MCA Alberta MCA British Columbia MCA Manitoba MCA Saskatchewan Alberta British Columbia Saskatchewan Manitoba Demographics & Management Employees Insurance – The Pros & Cons of Subguard® Construction Sector Council Data Richmond Olympic Oval Uses the Ice to Heat Things Up B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative The Manitoba Hydro Tower Project Index to Advertisers Mechanical Piping Plumbing Journal 2008 Mechanical Piping Plumbing Journal 2008 - Mechanical Piping Plumbing Journal 2008 (Page Cover1) Mechanical Piping Plumbing Journal 2008 - Mechanical Piping Plumbing Journal 2008 (Page Cover2) Mechanical Piping Plumbing Journal 2008 - Mechanical Piping Plumbing Journal 2008 (Page 3) Mechanical Piping Plumbing Journal 2008 - Mechanical Piping Plumbing Journal 2008 (Page 4) Mechanical Piping Plumbing Journal 2008 - Contents (Page 5) Mechanical Piping Plumbing Journal 2008 - Contents (Page 6) Mechanical Piping Plumbing Journal 2008 - MCA Canada Chairman (Page 7) Mechanical Piping Plumbing Journal 2008 - MCA Canada Chairman (Page 8) Mechanical Piping Plumbing Journal 2008 - MCA Canada Chairman (Page 9) Mechanical Piping Plumbing Journal 2008 - MCA Canada Chairman (Page 10) Mechanical Piping Plumbing Journal 2008 - MCA Alberta (Page 11) Mechanical Piping Plumbing Journal 2008 - MCA Alberta (Page 12) Mechanical Piping Plumbing Journal 2008 - MCA British Columbia (Page 13) Mechanical Piping Plumbing Journal 2008 - MCA British Columbia (Page 14) Mechanical Piping Plumbing Journal 2008 - MCA Manitoba (Page 15) Mechanical Piping Plumbing Journal 2008 - MCA Manitoba (Page 16) Mechanical Piping Plumbing Journal 2008 - MCA Saskatchewan (Page 17) Mechanical Piping Plumbing Journal 2008 - MCA Saskatchewan (Page 18) Mechanical Piping Plumbing Journal 2008 - MCA Saskatchewan (Page 19) Mechanical Piping Plumbing Journal 2008 - MCA Saskatchewan (Page 20) Mechanical Piping Plumbing Journal 2008 - Alberta (Page 21) Mechanical Piping Plumbing Journal 2008 - Alberta (Page 22) Mechanical Piping Plumbing Journal 2008 - Alberta (Page 23) Mechanical Piping Plumbing Journal 2008 - Alberta (Page 24) Mechanical Piping Plumbing Journal 2008 - British Columbia (Page 25) Mechanical Piping Plumbing Journal 2008 - British Columbia (Page 26) Mechanical Piping Plumbing Journal 2008 - British Columbia (Page 27) Mechanical Piping Plumbing Journal 2008 - British Columbia (Page 28) Mechanical Piping Plumbing Journal 2008 - Saskatchewan (Page 29) Mechanical Piping Plumbing Journal 2008 - Saskatchewan (Page 30) Mechanical Piping Plumbing Journal 2008 - Manitoba (Page 31) Mechanical Piping Plumbing Journal 2008 - Manitoba (Page 32) Mechanical Piping Plumbing Journal 2008 - Manitoba (Page 33) Mechanical Piping Plumbing Journal 2008 - Demographics & Management Employees (Page 34) Mechanical Piping Plumbing Journal 2008 - Demographics & Management Employees (Page 35) Mechanical Piping Plumbing Journal 2008 - Demographics & Management Employees (Page 36) Mechanical Piping Plumbing Journal 2008 - Demographics & Management Employees (Page 37) Mechanical Piping Plumbing Journal 2008 - Demographics & Management Employees (Page 38) Mechanical Piping Plumbing Journal 2008 - Demographics & Management Employees (Page 39) Mechanical Piping Plumbing Journal 2008 - Insurance – The Pros & Cons of Subguard® (Page 40) Mechanical Piping Plumbing Journal 2008 - Insurance – The Pros & Cons of Subguard® (Page 41) Mechanical Piping Plumbing Journal 2008 - Insurance – The Pros & Cons of Subguard® (Page 42) Mechanical Piping Plumbing Journal 2008 - Insurance – The Pros & Cons of Subguard® (Page 43) Mechanical Piping Plumbing Journal 2008 - Insurance – The Pros & Cons of Subguard® (Page 44) Mechanical Piping Plumbing Journal 2008 - Insurance – The Pros & Cons of Subguard® (Page 45) Mechanical Piping Plumbing Journal 2008 - Construction Sector Council Data (Page 46) Mechanical Piping Plumbing Journal 2008 - Construction Sector Council Data (Page 47) Mechanical Piping Plumbing Journal 2008 - Construction Sector Council Data (Page 48) Mechanical Piping Plumbing Journal 2008 - Construction Sector Council Data (Page 49) Mechanical Piping Plumbing Journal 2008 - Construction Sector Council Data (Page 50) Mechanical Piping Plumbing Journal 2008 - Construction Sector Council Data (Page 51) Mechanical Piping Plumbing Journal 2008 - Richmond Olympic Oval Uses the Ice to Heat Things Up (Page 52) Mechanical Piping Plumbing Journal 2008 - Richmond Olympic Oval Uses the Ice to Heat Things Up (Page 53) Mechanical Piping Plumbing Journal 2008 - Richmond Olympic Oval Uses the Ice to Heat Things Up (Page 54) Mechanical Piping Plumbing Journal 2008 - Richmond Olympic Oval Uses the Ice to Heat Things Up (Page 55) Mechanical Piping Plumbing Journal 2008 - Richmond Olympic Oval Uses the Ice to Heat Things Up (Page 56) Mechanical Piping Plumbing Journal 2008 - Richmond Olympic Oval Uses the Ice to Heat Things Up (Page 57) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 58) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 59) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 60) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 61) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 62) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 63) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 64) Mechanical Piping Plumbing Journal 2008 - B.C.’s Hydrogen Highway™: The Hydrogen + Fuel Cell Alternative (Page 65) Mechanical Piping Plumbing Journal 2008 - The Manitoba Hydro Tower Project (Page 66) Mechanical Piping Plumbing Journal 2008 - The Manitoba Hydro Tower Project (Page 67) Mechanical Piping Plumbing Journal 2008 - The Manitoba Hydro Tower Project (Page 68) Mechanical Piping Plumbing Journal 2008 - The Manitoba Hydro Tower Project (Page 69) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page 70) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page 71) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page 72) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page 73) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page 74) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page Cover3) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page Cover4) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page HR1) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page HR2) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page HR3) Mechanical Piping Plumbing Journal 2008 - Index to Advertisers (Page HR4)
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