The recession is killing off many smaller construction firms, and surety losses are growing. But bigger, better-managed companies continue to win jobs. Further, overall, the surety losses will be manageable.
Speaking at the International Risk Management Institute's construction conference in San Diego, Richard Resnick, senior vice president of Aon Construction Services Group, noted that the number of new contractor-controlled wrap-up insurance programs has pulled even with those of new, owner-controlled programs.