Surety Association of Canada responds to Ontario Federal Budget
Please find (click here) a media release (English and French) from the Surety Association of Canada regarding the recent announcement of infrastructure investments that are being made by the Ontario and Federal Governments.
As quoted by Steven D. Ness, President of the Surety Association Canada in the release:
“The commitments by both the Federal and Ontario governments will assist in stabilizing both the construction and surety markets and will help to position surety products as a necessary and dependable product to minimize risk going forward for construction and infrastructure projects,” stated Steven D. Ness, President of the Surety Association of Canada. “These investments are a much-needed boost for the surety industry, as our members are working hard to fix the problems created by the recent failures of three mega-contractors in 2018,” Last year, sureties incurred more than half a billion dollars in claims; more than any other year in its history. “The good news here is that the surety industry has stepped up to pay the outstanding bills and arrange for the completion of the abandoned projects. The swift and responsive action of our members helped to lessen the impact of what would otherwise have been a total calamity,” Ness further stated.