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Performance Bond Demand Will Increase from Hurricane Sandy

Experts are predicting the total loss from Hurricane Sandy to from $30 billion to $50 billion with insured losses of $10 billion to $20 billion.  Damage to homes, businesses and business interruption insurance will be the majority of the insured losses.  A big portion of the non-insured loss will be damage to infrastructure and other non-insured public facilities.

Rebuilding  the public infrastructure and facilities will require performance and payment bonding.   While not to make light of the human cost of the storm; the storm will result in a much needed shot in the arm to the construction industry in the affected regions.

If a contractor wants to take advantage of the coming influx in public works projects as a result of the storm, securing a bond line is a good place to start.  Hire a surety bond agent, start getting your financial information together, and get pre-approved for the surety bond line.  That way, when the post Sandy repair work starts to be released  you will be ready to pursue it.


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