The North America Construction insurance unit of XL Group plc has created two new subcontractor prequalification programs, through partnerships with Houston-based SureTec Information Systems, Inc. and ConstructSecure, a Marlborough, Mass.-based construction technology firm. The programs provide independent evaluations of subcontractors’ financials and operations to help contractors make informative subcontract decisions.
ConstructSecure has now applied their patented technology to help automate the review of financial statements. XL Group’s Subcontractor Default Insurance (SDI) customers will now have complete access to ConstructSecure’s online system that allows subcontractor financial statements to be uploaded (via PDF) and reviewed in seconds.
XL Group’s SDI customers will also have access to subcontractor financial analysis performed by SureTec’s financial analysis team. The analysis and reports include an objective and confidential assessment of a subcontractor’s financial strength and capacity to perform its work.