Warren Alter with the Alter Surety Group spoke to a packed house at the Miami Construction Forum’s session on why and when you need to use surety bonds.
Bonds are a risk transfer mechanism, especially important in the construction industry where the failure rate has historically been some 30% annually.
Surety companies paid out almost $14 billion dollars from 1995-2014 due to contractor defaults, with $84 million in losses being paid out in 2014 on private construction jobs gone bad.
The Forum ( www.miamiconstructionforum.com) meets the 3rd Wednesday of each month, bringing in experts to share their knowledge on topics of current interest to those in the construction industry. Interested in attending – contact Narcy at ninterian@barthet.com.
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