The Building BITE

This episode takes a BITE out of Subcontractor Default Insurance with Jim Budwell, Director of SDI Risk Management at Construction Risk Partners. Jim shares CRP’s 9 Step Process to Managing Subcontractor Default Risk. Steps include: Being Alert for Early Warning Signs, Follow Your T&Cs, Communicate/Escalate Accordingly, Act Promptly and Formally, Determine Whether to Supplement or Terminate, Document Site Conditions Related to the Defaulted Sub, Set Up a Cost Code Specific to the Defaulted Sub, Define Default Resolution/Mitigation Plan and Communication of Default Status with Broker partners and SDI Carriers. Follow @TheBuildingBITE Listen to the show at http://www.TheBuildingBITE.com/