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Large Capital Projects |
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North Coast Surety has been retained on various occasions to develop risk management strategies with respect to contractor default exposures. While the clients have ranged from the Federal Transit Administration, contractors working on major Caltrans projects, General Contractors on large single and aggregate work programs to Developers of large scale business parks, they each shared the common element of being a large capital project with a need to mitigate the risk associated with contractor default, whether it was the prime contractor or subcontractor. Development of these strategies has necessitated a broad collaborative approach, the Surety Connection Project, and has resulted in the development of a series of applications and processes, such as the CHICO Process, to achieve the objective of a surety based risk management program. By developing a coordinated and collaborative approach North Coast Surety is able to offer |
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Public Agencies the broadest possible pool of contractors by improving their access to surety credit, and a more responsive surety product.
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Commercial Developers the ability to better manage their exposure to contractor default through improved communication and dispute resolution mechanisms with all project participants, particularly the various sureties, from the bidding process through completion.
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Surety Companies a cost effective and improved underwriting environment, with better information during the bidding phase and significantly enhanced monitoring information during the progress of the project.
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General Contractors a vastly improved subcontractor management program based on risk transfer instead of risk retention, with financial and dispute resolution mechanisms to manage and mitigate the risks of unresolved change orders.
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Subcontractors more access to opportunities with access to surety credit to support their participation, with financial and dispute resolution mechanisms to manage and mitigate the risks of unresolved change orders.
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