For the first time in its 20-year history, the Dallas/Fort Worth chapter of the Construction Financial Management Association (CFMA) has elected an insurance broker to the position of president. Aon Corporation announced that Luke J. Nolan Jr., director, Aon Construction Services Group, was nominated by the board of directors and voted president by members of the Dallas/Fort Worth CFMA in the organization’s spring election. He will serve a one-year term.
Said Mike Orr, second vice president, Dallas/Fort Worth CFMA and chief financial officer, Roger-O’Brien Construction Company: “Our members are pleased to have Mr. Nolan serve as the chapter’s next president. For more than seven years Luke has demonstrated a keen understanding of the issues facing the construction industry in the Dallas/Fort Worth area. The breadth and depth of his experience enable Luke to provide CFMA members with distinctive industry advice.”
As a national director at Aon Construction Services Group, Nolan is responsible for strategic planning, marketing and administrative functions related to Contractor Default Insurance (CDI). CDI was developed in 1996 in response to increasing problems that large prime contractors had in enforcing performance and payment bond claims against their subcontractors’ sureties. With CDI prime contractors have coverage for costs associated with completion of defaulted work, including legal expenses and charges incurred during an investigation, adjustment or litigation.
In addition to serving as local chapter president of CFMA, Nolan is a member of the organization’s national Construction Industry Liaison Committee. He is also on the Associated General Contractors Employee Compensation Committee for the highway sector and is active with the Associated Builders and Contractors Inc. North Texas Legislative Committee. Nolan also is a member of QUOIN, the North Texas chapter of Associated General Contractors. He is a licensed insurance agent in the state of Texas and a non-resident agent in more than 25 states.