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ABOUT THE CLAIM
YA’s Surety Group was called in to consult on a 250+ lot subdivision bond claim. The surety was not only aware of the YA team’s extensive experience resolving subdivision bond claims, they knew of those unique capabilities firsthand as they had previously leveraged our expert personnel on many prior claims. Work on subdivision bond claims typically includes the completion of off-site improvements, often via relet, including utility installations, paving, and landscaping. Additionally, YA’s experts have carved out a reputation for a unique ability to creatively problem-solve and to broker cooperation with all vested parties. Though YA utilizes its nationwide network of strategically located personnel to consult on claims of all sizes throughout the U.S., this particular claim, on a bond of about $1.5MM, was located in the East Coast.
ABOUT THE INVESTIGATION
Immediately deploying to the scene, YA’s construction and engineering experts performed an on-site inspection that revealed both incomplete and incorrectly installed sewer laterals. Additionally, the fact that the final course of road paving had never been completed gave way to erosion. The erosion on all of the streets was so profound repaving was required throughout the subdivision. Lastly, large areas of landscaping remained unfinished.
ABOUT THE RESOLUTION
YA’s experts met with the county’s attorney and engineer, ultimately reaching agreement on a plan forward. Then, YA prepared RFPs and collaborated with the engineer in the selection of suitable contractors to provide competitive bids. The surety’s counsel was grateful for YA’s help in achieving an agreement with the county attorney to get the surety bond released. Upon the selection of the completion contractor, YA experts worked closely with the chosen firm all the way through completion and acceptance by the owner. In this case, the surety’s losses on the bond were limited to less than 50%.
ABOUT YA GROUP
From small, everyday contract and non-contract claims to subdivisions, large or high-volume claims and complicated takeovers, YA’s surety team serves the unique needs of sureties and their counsel with distinction. Marrying technical construction and engineering expertise with seasoned surety consulting, YA helps clients understand exactly what happened, why, and provides solutions for remedying the situation while minimizing costs and risks. When any type of surety claim arises, regardless of size, technical complexity or location, the answers you need are closer than you may think. In fact, they’re only a phone call away. Call on the surety experts at YA Group today.