Nuts & Bolts:
The Chubb Group of Insurance Cos. introduced its new SuretyPlus product, which reportedly can provide up to $250 million in excess surety bond protection for projects over $500 million. It is designed to enable qualified construction firms and consortiums involved in a variety of projects, from roads to commercial buildings and power plants, to provide project owners with performance and payment bonds of up to $250 million in excess of a minimum of $500 million of primary bond limits. The product is available to retail agents and brokers through Atlantic Star Intermediaries LLC, an insurance broker specializing in the construction and real estate industries.
Dollars:
Premiums vary according to the risk. There is no deductible.
Carrier:
Federal Insurance Co., Vigilant Insurance Co. or Pacific Indemnity Co., all admitted.
States Available:
All.
Contact:
Nate Lampard, (212) 233-5015 or nlampard@atlstar.com. Bob Kelly, (908) 903-4584 or rgkelly@chubb.com.
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