b'INSURANCE INSURANCETherearesomeconsiderablekeyabove. If you have been with the samestrategy? Ask to see the submission that factorsthebusinessownerandtheirinsurer for more than five years and areis going out to insurance companies. If insurance broker or agent must considerclaims-free, you should expect a renewalyou have had claims over the past few when dealing with this market cycle: thatcomesinwithareasonablerateyears,understandwhytheyhappenedDoyouknowwhoyouractualincrease.Keepinmindthatthereareandcomeupwithaplantoprevent always exceptions to this rule.them from happening again. Insurance insurancecompanyis?Nottheis like a bank account. If you use your broker or agent, but the firm whoAsk your broker well in advance ofbankaccounttoooftenandoverdraw is putting up the capital to protectyour renewal datewe suggest 90 days youraccount,thebankerwillwantto your business? on what to expect with your renewal. Docharge you more. Ifyourpoliciesareplacedwithwe need to shop, and if so, what is the Construction company owners need LloydsofLondon,doyouknowto be organized and communicate with whatthatmeans?Howdidyour broker get to Lloyds? Do you knowThe days of cheap andtheirinsurancebroker.Understand theactualsyndicateorsyndicateshowtheywork,whattheirprocessis whoarecoveringyou,asLloydsand what they are going to do to help isabrandandnotaninsuranceeasy insurance aremitigateincreasesandreductionsin company? Is the syndicate stayingcoverage. The days of cheap and easy inthelineofbusinesstheyareinsuranceareoverforthenearterm. writing, or pulling out of the classover for the near term.Now, making the relationship with your of business you are in? Lloyds is abroker and insurance company is more driving force in the changes in theimportant than ever.current market cycle. Now, making theChrisHaagisapartneratWilsonM.Do you know why your broker placedBeckInsuranceServicesInc.,specializing inriskmanagementforgeneralcontractors, you with that insurer, other than therelationship with yourtrade contractors and real estate development. fact they were the cheapest option? With 25 years ofexperience in the insuranceHaveyoubeenwiththesame brokerage industry, Chris is well-versed in all insurer for an extended length ofbroker and insuranceaspectsof theinsurancecycle,includingthe time,ordoestheinsurerchangehard market.frequently either because the broker switches your carrier or you jumpcompany is moreJames Clapp is a partner at Wilson M. Beck from broker to broker? Insurance Services Inc., specializing in construc-tion insurance and surety, with an emphasis onDoyouknowwhatyourbrokerroofing contractors. James has been working insays about you to insurance compa- important than ever. the insurance industry for over 20 years.nies?Insurersrateyourbusiness basedonwhatyourbrokersays aboutyou.Haveyouseenthe submissionthebrokersendsto insurance companies? Is it accurate, how safe your company is and what makes you unique or best in class for your industry?What rate increase are you receivingPride, Quality, Innovation, Performance & Safetythisyear?AreyournewratestheIt`s who we are, it`s what we dosame as where your rates were just a few years ago, or are they higher? IfLow Slope Roof SystemsMetal the increase amounts to the insurerRoof SystemsWall Systemsrecapturing a couple of years of infla- Shingle Roof Systemstion, then you may be okay. If the increase is substantial and puts your rates much higher than they were 4-5 years ago, you will need to discuss aPhone:250.336.8088renewal strategy with your broker. Toll Free: 1.888.318.8642This leads to the question of how towww.nelsonroong.commitigate costs. Communicate with yourcontact@nelsonroong.combroker and understand the issues notedComox Valley, Campbell River, Powell Riverwww.rcabc.org l19'