I don’t think it is a NYPIA has the expertise to get involved in this. Their are National Bond companies like CNA who can do these and if the contractors do not qualify then maybe there is a reason for that.
1)NYPIUA would obviously bring in people familiar with this. People who underwrite property for the most part never heard of a bid bond and would not know the first thing about how to analyze a financial statement.
2) NYC presents many challenges for even the biggest national sureties. There are numerous issues with bond forms, liquidated damages, profitability etc..
Although there are firms that are too small to qualify for contract surety on their own, there are many good ones that need an outlet with which to be able to at least “get off the ground”. Even if it is only for a relatively short term, at least they can get a few smaller jobs under their belts which could open the doors to other sureties.
I don’t think it is a NYPIA has the expertise to get involved in this. Their are National Bond companies like CNA who can do these and if the contractors do not qualify then maybe there is a reason for that.
huh?
1)NYPIUA would obviously bring in people familiar with this. People who underwrite property for the most part never heard of a bid bond and would not know the first thing about how to analyze a financial statement.
2) NYC presents many challenges for even the biggest national sureties. There are numerous issues with bond forms, liquidated damages, profitability etc..
Although there are firms that are too small to qualify for contract surety on their own, there are many good ones that need an outlet with which to be able to at least “get off the ground”. Even if it is only for a relatively short term, at least they can get a few smaller jobs under their belts which could open the doors to other sureties.
Jeff