The Chubb Group of Insurance Companies has announced the launch of a new surety bond product, SuretyPlus, that can provide up to $250 million in excess surety bond protection for projects over $500 million.
“Construction projects are becoming ever larger, more complex and expensive, and project owners increasingly have been unable to find sufficient capacity in today’s surety bond market,” said Terry Cavanaugh, managing director and senior vice president, Chubb & Son, and chief operating officer of Chubb Surety. “SuretyPlus responds to the needs of public and private owners who bear the responsibility for protecting their investments in complex, long-term mega projects.”
SuretyPlus enables 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 which specializes in the construction and real estate industries.
“Through this combination of primary and excess protection, qualified construction firms can obtain more than $750 million in seamless surety protection,” said Cavanaugh. “SuretyPlus also enables more firms to compete for mega projects knowing they can meet owners’ contractual bonding requirements. On public projects, it can be used to eliminate the need to seek legislative reductions or waivers of bonding requirements, which could create protracted and costly delays.”
Project owners, insurance agents and brokers interested in learning more about SuretyPlus should contact Nate Lampard, vice president, Atlantic Star Intermediaries, at (212) 233-5015 or firstname.lastname@example.org or Bob Kelly, vice president, Chubb Surety, at (908) 903-4584 or email@example.com. Construction companies should contact their surety agent or broker.
Atlantic Star Intermediaries LLC is a full service wholesale broker specializing in general liability, property, builder’s risk, umbrella, and errors and omissions coverages for the construction and real estate industries. Atlantic Star also serves as a program manager for a monoline railroad protective liability, and a owners and contractors protective liability facility.
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