Building Endurance Series: Subcontractor Default Insurance (SDI) and Surety considerations during and after COVID-19

Date and Time

Thursday May 14, 2020
12:00 PM - 1:15 PM EDT

Thursday, May 14
12:00 - 1:15pm

Location

Zoom Webinar

Fees/Admission

Members: Free
Non-members: $55

Contact Information

Kara Morgan
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Description

AGC MA BUILDING ENDURANCE SERIES: LEARNING TO NAVIGATE THE COVID-19 CRISIS
An AGC MA series addressing the immediate challenges that COVID-19 represents to the workforce, clients and employees.

Please join us for our next webinar of the series presented by Rob Rapp and Greg Steele, Construction Risk Partners.

Subcontractor Default Insurance (SDI) and Surety considerations during and after COVID-19

It’s difficult to predict the ultimate impact COVID-19 will have on our economy. We are seeing disruption across the country with some geographic regions like Boston, NYC, NJ and PA feeling greater pain. Job shutdowns, sub and supply chain issues, delayed starts, and postponed bids impact construction timelines. There is little doubt that these dynamics heighten the risk of contractor defaults and ultimate failures. Please join AGC of MA and Construction Risk Partners as we offer our thoughts on critical actions to be considered to maintain a surety and subcontractor default program that continues to be a competitive advantage for your business.

Key Takeaways

Overall market update - how are SDI and Surety carriers responding?
Best practices to identify and manage project risk
Risk mitigation strategies to de-risk projects
Areas of emphasis on current and future contracts
Proactive strategies to optimize surety capacity

Speakers

Rob Rapp, Partner, Construction Risk Partners
Rob Rapp is one of the leading national product technicians for subcontractor default insurance (SDI). He is responsible for expanding and managing Construction Risk Partners’ SDI practice, cultivating and servicing surety clients and providing technical and strategic leadership to the overall company.

In 2011, Rob joined the team at Construction Risk Partners from Aon Construction Services Group where he was co-director of contractor default insurance and surety. His responsibilities included developing and managing the national default insurance operations along with management and business development of regional surety business. Prior to this, Rob held the position of senior surety underwriting officer at Chubb Surety.

Rob is an active member of numerous local and national industry associations and is the former New Jersey Chapter president of the Construction Financial Management Association (CFMA).

Greg Steele, Director, Construction Risk Partners
Greg Steele joined Construction Risk Partners (CRP) in August 2017 to help lead CRP's expansion and growth into New England. His depth of technical underwriting and brokerage experience paired with his ability to cultivate client and carrier relationships, are significant assets to our national surety practice. He is responsible for developing new business opportunities, while leveraging his expertise on complex surety deals to assist with program management of existing clients.

Prior to CRP, Greg was Vice President, Surety Account Executive/Broker with Aon Risk Solutions in Boston, MA. In this role he was responsible for managing a large and diverse book of contract and commercial surety business, providing strategic advisory to new and existing clients, driving business development opportunities, carrier negotiations, and delivering innovative performance security solutions that aligned with organizational and risk management goals. Prior to Aon, Greg spent nearly seven years on the carrier side with Travelers and Liberty Mutual, underwriting large contract surety business.

Greg is an active member of numerous local and national industry associations. He is a past President of the Surety Association of Massachusetts (SAM), the Vice President of the Massachusetts Chapter of the Construction Financial Management Association (CFMA), and is a member of the Association of General Contractors (AGC) of Massachusetts Program Advisory and BWiC Committees.