Bonding for private projects is increasingly a necessity for smaller contractors

11/14/2013 | Business Insurance (tiered subscription model)

Private developers are more frequently requiring small and midsize contractors to procure surety bonds in the aftermath of the recession, according to experts. The trend, which reflects rising contractor and subcontractor defaults, shouldn't negatively affect financially stable firms that are dependable performers, experts said. "There are quite a few surety underwriters that are willing to entertain surety bonds for contractors at the $5 million to $10 million level," one executive said.

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