b'Insurance Notes InhisCanadian-focusedar- naryinflationarytrends.Some-ticle, Carrick states, with humourtimes we win, sometimes we lose, beyond that expected of an econ- but at least we try on behalf of omist,thatthegraphsascendour clientele.with a steepness that would chal- Thereisanimportantmes-lenge a mountain goat. sage to all of this that I wish to In my opening, I mentionedleavewithyou:myrealization a realization during my businessmentioned before. It is time to interruptionrefreshercourselook at your insurance portfolio well,alltheforegoingrelates. boring, yes, but important. You We at Fenn & Fenn/HUB Inter- do not just purchase liability in-nationalhavespentthelast30surance; you also purchase prop-monthsorsonegotiatingwitherty insurance as follows: underwritersonbehalfofour1.Buildings and their contents clienteleoverthecontinuously2.Contractors equipmentrising insurance costs, fully aware3. Builders risk insurance onthatliabilityinsuranceisratedprojects againstgrossrevenue(aratingThere is a very high likelihood methodonwhichIdisagree).that each of the foregoing have We have argued back and forthalso become more expensive to adnauseamthatourclientelereplace if lost or damaged.are not deserving of rate and ul- When was the last time you timatelypremiumincreases,assat with your insurance advisor youractualworkexposureisto determine todays replacement generally the same or marginallycost for your HQ? When was the different than the prior year, de- last time you did a value analysis spite increased revenues.of your contractors equipment?Indeed,2020tothepresentEven if you renewed your li-are years that should be consid- ability insurance six months ago, ered an anomaly, not somethingaretheestimatesyouusedfor thatcanbeconsideredsuddengrossrevenuestillaccurate,or success through greater work out- have they increased due to the put. As such, the prices shouldmaterials crisis? It may be best to not increase at the same pace asdiscuss this mid-term, so your in-revenue growth during this time.surers understand the cause may Yes, we have been in a hard cor- not necessarily be work success.rectiveinsurancemarketplace.There is a restrictive feature in Yes,insurancewasallowedbymany property insurance policies insurerstobecomeunsustain- designed to ensure you maintain able (aka too cheap) until 2018.insurancetothevalueofthe Butthereisnoquestionthat,property you are insuring. This is from 2020 to the present, a gooddue to people in the past realizing percentage of revenue growth intheycouldinsurepropertyata ICI roofing and other industrieslower cost and pay less premium. is attributable to most extraordi- Insurers grew wise and added a Quality materials.Thats how we roll!www.roofmart.ca16ONTARIO ROOFING NEWSISSUE 2 2022 THE ONLY SOURCE FOR PROFESSIONAL ICI ROOFING CONTRACTORS IN ONTARIO ORN'