Crain's Spotlights New Union Contractor Bond Program
From Crain's ...
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The Small Contractors Surety Bond Assistance Program, created by the union-labor owned Ullico Casualty Group and national insurance broker NFP, is working to remove significant structural and financial barriers small and emerging contractors face when bidding for construction jobs.
"This program is not only going to give a lot more contractors the ability to get a bond where they otherwise couldn't, I think this will move the needle for women- and minority-owned companies, as well," said David Wondolowski, executive secretary of the Cleveland Building and Construction Union. Surety, or contractor, bonds often are required for larger commercial jobs, and they're always required for civil or public work, Wondolowski said. The surety bond acts as a form of credit that guarantees all work is completed and involves a three-party agreement between the surety company, a contractor and the project owner.
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