With a long standing reputation for excellence in representing many of Canada’s top developers, Masters Insurance boasts a dedicated Developer Surety Department. We offer a full spectrum of products including TARION Bonds, Excess Condominium Deposit Insurance (ECDI), Condominium Deposit Insurance (CDI) and Subdivision Bonds. Masters Insurance enjoys the support of Canada’s leading insurance carriers, providing clients with competitive, customized and most importantly, objective solutions to their developer surety needs.
TARION Bonds – These bonds enable condominium developers to satisfy their security requirements under TARION’s Builder Bulletin 28. They cover both deposit claims (up to $20,000) and construction deficiency claims.
Deposit Insurance (ECDI & CDI) – In Ontario, the Condominium Act requires that deposits paid to the developer by a condominium purchaser, must be held by a prescribed trustee in a separate trust account. Our goal is to help our clients improve cash flow and profitability by eliminating letters of credit to TARION, thereby providing access to all purchaser deposits as a source of project financing.
Subdivision Bonds – In order to satisfy local security requirements for subdivision servicing projects, many Ontario jurisdictions will accept subdivision bonds in lieu of letters of credit. Subdivision bonds can be a cost effective alternative to letters of credit, allowing developers to maximize their borrowing capacity.
To find out more, please contact:
Mike Naples, Manager