Subcontractor Default Insurance
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Know the pros and cons of subcontractor default insurance so you are prepared for your next project.
Are you involved on a complex and large-scale construction project, whether from the owner or general contractor's perspective? If so, has the topic of subcontractor default insurance (SDI) been discussed? If you are involved in such a project, SDI is an important topic since SDI would generally serve as an alternative to requiring subcontractors to obtain performance bonds. SDI is a first-party insurance policy, but operates differently than the first-party insurance policies you typically think of such as a property insurance/builder's risk policy. SDI is not a performance bond and operates differently than a performance bond. SDI is designed to cover more catastrophic-type defaults and can be a useful insurance policy on well-managed projects. This topic will explain the differences between a performance bond and SDI, discuss how a SDI policy operates, and touch upon the positives and negatives of SDI.
AuthorsDavid Adelstein, Kirwin Norris, P.A.
Overview of Subcontractor Performance Bonds
Overview of SDI
How SDI Works
SDI Is Not a Performance Bond
Positives and Negatives of SDI