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Friday, December 15, 2017

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FA&A has extensive experience in surety claims management and contractor defaults. This experience is drawn from its principals' prior experience working for major surety companies, which allows FA&A to approach construction solutions from the surety's viewpoint.

With its construction background and experience, combined with the prior in-house surety experience, FA&A is capable of providing services to the surety industry to complement and not duplicate their needs. This surety perspective allows FA&A to more efficiently assist the surety professional within the direction and work scope received from the surety client.

Beyond the numbers and the typical construction consultant duties, FA&A is capable of assessing the principal's position and providing the surety with insight as to the principal and the possible tactical solutions that can be tailored to fit the particular bonded principal.

A sample of some of the prior surety assignments includes:

  • Determine status of project completion on single and multiple project assignments.
  • Provide "Cost-to-Complete" and "Time-to-Complete" evaluations.
  • Investigate alleged terminations for default.
  • Analyze the surety's performance bond exposure.
  • Analyze the surety's payment bond exposure.
  • Determine progress and current status of construction contracts, bonded and unbonded.
  • Assist the surety in the turnaround of troubled construction projects and companies.
  • Preparation of defensive and affirmative claims.
  • Preparation of proof of damages.
  • Assess submitted cash flow information and project new cash flows based on progress of construction.
  • Evaluate backcharges and extra work claims.
  • Identify and quantify contract receivables, payables and commitments.
  • Provide job cost accounting audits.
  • Evaluate exposure to liquidated, consequential and other damages.
  • Evaluate financial condition of principal/indemnitor.
  • Evaluate alleged defective work claims.
  • Produce bid packages, scopes of work, and re-bid and re-let contracts.
  • Manage project completion for on-time and on-budget performance.
  • Manage contract funds of bond principals for both underwriting and claims — "Funds Administration".
  • Provide run-off and overflow surety claims management services.

Surety Claims Assistance

In addition, FA&A is also capable of providing sureties with assistance in the handling of surety claims when the surety is not sufficiently staffed for peak periods, when an increase in claim volume occurs over a short period of time; or when a surety claims department is in run-off, FA&A will respond to claim notices on behalf of the surety. A sample of some of the tasks to be performed include the following:

  • Acknowledge the claimant's notice of claim and request additional pertinent documents.
  • Obtain proofs of claim from the claimant.
  • Make contact with the principal.
  • Obtain the principal's response.
  • Investigate the principal and claimant's positions.
  • Provide and manage outside service providers where necessary should further investigation be required.
  • Provide a detailed response to the claim.