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ABOUT THE CLAIM
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While defaults of busy specialized subcontractors can often lead to simultaneous claims, when a major general contractor goes under (think billions of dollars in revenue, not mere millions), both the number of surety claims and the financial size thereof multiply proportionately. Such was the case when this global contractor’s hearty appetite for growth got the better of it.
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ABOUT THE INVESTIGATION
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While initially called in to consult on one minor project, once Guardian, the surety and the principal had a clear grasp on the rapid, downward trajectory the principal was on, the consulting scope grew to include dozens of projects spread across the country. From libraries, schools, hospitals, and roadways to high-rise offices, condominium towers, an airport expansion, a wastewater treatment plant and even a baseball stadium, there was very little in which this aggressive-growth company hadn’t gotten itself involved. Each default required its own investigation and a resolution recommendation based upon ultimate efficiency and risk mitigation for the surety.
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ABOUT THE RESOLUTION
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Buy-outs, surety financing, relets, project management, the development of affirmative claims, disbursement accounts, defense of delay claims, expert testimony, construction defects, and warranty work all came into play, and senior management held bi-weekly status meetings to report recommendations and job status on every open project. Success on complex, multiple-project defaults requires the same combination of technical skill and claims handling abilities one needs on any single claim, but with an even more pronounced proficiency. Fortunately, Guardian already had the manpower, team mobilization capability, and information systems in place in order to streamline and expedite resolution. Without such expertise on the project(s), it was estimated the surety may have faced upwards of four times the loss.
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ABOUT GUARDIAN GROUP
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From small, daily contract and commercial claims and on up to investigations and project takeovers on some of the world’s largest, most problem-ridden construction, Guardian Group helps sureties resolve their claims rapidly and cost-effectively. Combining construction and engineering excellence with a seasoned knowledge of the claims investigation and handling processes, only Guardian Group, now a division of YA Group, brings this much surety expertise to the fore. The 700+ strong team of experts help sureties with everything from daily surety bond claims to complete claim outsourcing, from pre-bonding evaluations and pre-default investigations to post-default investigations, subrogation and recovery, litigation support and expert witness services. Call on the ones who have been helping sureties succeed for over 30 years. Kindly call on the Guardian and YA Group team today.