To help contractors minimize subcontractor performance risks, the North America Construction insurance unit of XL Group announced two new subcontractor prequalification programs, through partnerships with Houston-based SureTec Information Systems, Inc. and ConstructSecure, a Marlborough, Massachusetts-based construction technology firm.
The programs provide independent evaluations of subcontractors’ financials and operations to help contractors make informative subcontract decisions.
XL Group’s Subcontractor Default Insurance (SDI) customers will have complete access to ConstructSecure’s online system that allows subcontractor financial statements to be uploaded and reviewed in seconds. This system saves customers time and money by freeing up field or home office personnel who are currently doing this function and will have the added benefit of more consistent and timely reviews.
The company’s customers will also have access to subcontractor financial analysis performed by SureTec’s dedicated 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.
“Particularly in today’s construction market, our customers are looking for every opportunity to shore up their risk management practices,” said Jason LaMonica, XL Group’s vice president of Construction Performance Risk
Source: XL Group
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