b'It is time for all of you to review your insurance portfolio with your insurance advisers, avoid being potentially out of pocket at the time of a claim, ensure you have the right coverage and Supply Chain Pain avoid more unwanted surprises at renewals.L ike many of you in the roofing industry, we in the insur-ance industry are required to maintain a certain amount of education hours annually. I recently attended a busi-A Simon Says article ness interruption insurance refresher course. You will be re-lieved to know that I am not going to discuss business inter-ruption insurance or any deeply technical insurance subject, butIamgoingtotalkaboutmyrealizationduringthis course, after a short review of the current economic crises with which we are all coping. It is time for all of you to review your insurance portfolio with your insurance advisers, avoid being potentially out of pocket at the time of a claim, ensure you have the right coverage and avoid more unwanted sur-prises at renewals.As many of you are painfully aware, the cost of most ev-erything has risen significantly since various events such as COVID-19, the Suez Canal blockage, the cyber attack on a critical U.S. oil pipeline and now even the direct and pe-ripheral effects of the Russian invasion of Ukraine, including sanctions on Russia. The latter, while financially damaging to Russia, has had a ricochet impact on the EU and NATO and the rest of the free world. To punish Russia, it seems we must punish ourselves, too. In two recent articles posted on ConstructConnect in JuneIs the Softening in Construction Material Costs Real or Wishful Thinking, a U.S. focus, and Steep Ascents Seen in Canadian Material CostsConstructConnect Chief Econ-omist Alex Carrick illustrates the material costs volatility.Referring to the U.S. Producer Price Index, Carrick notes that construction input costs was +30% in 2021. He con-tinues, The latest y/y climb for May 2022 is down nearly half to 16.4%. And while that may be encouraging, he also states, The largest jumps are being recorded by energy-relat-ed productsDiesel fuel is +84.9% y/y; Asphalt +80.5% y/y and regular gasoline +67%. Adding some level of comfort, he states, The worst of the construction material input infla-tion may be receding.Then, in his Canadian-focused article, he states (as if sur-prised) that construction materials north of the border have been spiking to every bit the same degree as south of the bor-der. Canadas equivalent to the U.S. Producer Price Index is the Industrial Product Price Index, compiled by Statistics Canada to measure prices charged by manufacturers. Car-rick posts a table named Canadian Construction Material Cost Changes, which notably shows the following, directly applicable to ICI roofing, amongst many products listed: 1.MotorGasoline+58.3%May2022/May2021and +30.7% May 2022/February 2022. 2.Diesel & Biodiesel Fuels +101.5% May 2022/May 2021 and +43.3% May 2022/February 2022. 3. Asphalt and Asphalt Products +39.8% May 2022/May2021 and +18.6% May 2022/February 2022. Insulation, if categorized under Plastic and Foam Build-ing and Construction Materials, appears to have now start-ed a downward trajectory. There are many products used in ICI roofing; I have just pulled out a few of those still rising in cost. For most products, 2022 has been calmer than 2021. But as materials are often transported to jobsites and as many roofing products are petrochemical-based, it looks like ICI roofingdeliverywillcontinuetoclimbincoststhrough 2022, albeit at a slower pace (we can only hope) than in 2021. ORN THE ONLY SOURCE FOR PROFESSIONAL ICI ROOFING CONTRACTORS IN ONTARIO ONTARIO ROOFING NEWSISSUE 2 202215'