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How surety supports construction growth

September 29, 2015

125 years of building relationships

Head of Surety

Robert Murray is the Head of Surety for Zurich North America, managing profit and loss for all... About this expert

Hoover Dam

The year was 1890. The tallest building in the U.S. — the New York World Building — measured 309 feet. The race to build bigger and taller was just beginning. That’s when a visionary named Edwin Warfield originated the idea of surety bonds through the Fidelity and Deposit Company of Maryland. From the construction of the Hoover Dam to the Massachusetts Turnpike, the Fidelity and Deposit Company of Maryland (F&D) bonded much of the structural growth of America, eventually becoming part of Zurich North America in 1993.

“We can’t do the important projects we do without the surety solutions Zurich offers,” explains Robert Boh, president of New Orleans-based Boh Brothers Construction. After the devastation of Hurricane Katrina, Zurich’s surety bonds made it possible for Boh Brothers to build an emergency bridge successfully for the I-10 span over Lake Pontchartrain, and eventually the permanent replacement.

Building complex designs such as the Mackinac Suspension Bridge takes a special understanding of construction risks, says CEO Mike Flowers of American Bridge, contractor for these iconic structures, as well as the Verrazano Narrows,New River Gorge and many others. “Zurich’s surety team collaborates with us in determining the level of risk within a contract, and gives us the confidence to move forward and bid on these tricky projects.”

As Zurich Surety celebrates 125 years, we know the successful growth of both regional and global contractors requires an aggressive focus on the evolving nature of financing. That’s why our latest innovative surety solution is for the fast-growing public-private partnership (P3) market. Our public-private partnership performance bond is supporting contractors to develop risk management solutions with P3 projects.

Who knows what the future of America’s structures will look like? Whatever the designers and engineers can dream, Zurich Surety is here to support the contractors that build complex and forward-thinking infrastructures.

 

The information in this publication was compiled from sources believed to be reliable for informational purposes only. All sample policies and procedures herein should serve as a guideline, which you can use to create your own policies and procedures. We trust that you will customize these samples to reflect your own operations and believe that these samples may serve as a helpful platform for this endeavor. Any and all information contained herein is not intended to constitute advice (particularly not legal advice). Accordingly, persons requiring advice should consult independent advisors when developing programs and policies. We do not guarantee the accuracy of this information or any results and further assume no liability in connection with this publication and sample policies and procedures, including any information, methods or safety suggestions contained herein. We undertake no obligation to publicly update or revise any of this information, whether to reflect new information, future developments, events or circumstances or otherwise. Moreover, Zurich reminds you that this cannot be assumed to contain every acceptable safety and compliance procedure or that additional procedures might not be appropriate under the circumstances. The subject matter of this publication is not tied to any specific insurance product nor will adopting these policies and procedures ensure coverage under any insurance policy.

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