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.Bid credits are the amount saved when a contractor removes the cost of insurance from its bid. "If you look at the number of CCIPs 15 years ago, they might have
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.