Subcontractor Default Insurance: Overview & Market UpdateSpeaker:
Darrin Weber, CEO of the Weber Group AdvisorsAbout this program:
Construction is risky. Because of this risk, unfortunately, subcontractors fail causing problems for project owners and general contractors. Failure rates for some trade contractors can exceed 30% annually. Causes of these defaults include cash flow issues, unrealistic growth, mismanagement and a dozen other issues.
How do general contractors (and owners indirectly) protect themselves? Subcontractor Default Insurance (SDI) and bonding subcontractors are potential solutions. In this session, we will discuss bonding subcontractors and using Subcontractor Default Insurance. SDI’s has continued to evolve. We will visit SDI's history, concept, trends, and the evolution of the product.
Darrin will also discuss methods General Contractors can use to protect themselves against these subcontractor defaults. The goal is simply to reduce risk including minimizing critical path issues, successfully meeting completion times, and reducing the negative impacts to the contractors P & L and balance sheet.
Darrin Weber is the President & CEO of the Weber Group Advisors. Darrin has 30 years of underwriting and brokerage experience specializing in the construction industry. He acts as an insurance and surety bond advocate and partner for his clients. The Weber Group’s primary goal is to earn their clients trust and protect their assets while helping them grow their business. Their clients receive a consultative approach along with access to a strong network of professionals and resources.
Specialties: Surety Bonds, Construction Insurance, Risk Management, Subcontractor Default Insurance, Accounting, Employee Benefits
Member: $0 Non-Member: $50CONTINUING EDUCATION INFORMATION* CPE Credit: 1 hour* Prerequisite: None* Course Level: Basic* Advanced Preparation: None