Providing expert advice is key to industry's growth, execs say

11/14/2012 | National Underwriter Property & Casualty

Pricing is soft in the surety market, but professionals have learned from the crash that shook the industry early last decade and are working with contractors that are on sound financial footing, experts say. The construction market seems to be recovering after the financial crisis, but it is also changing. "On the municipal side, jobs are larger, so there are fewer contractors that can apply for them," NASBP President Carl Dohn said. One key to future success for producers and sureties is building and capitalizing on consultative relationships with contractors. "This is definitely a market where sureties and brokers that have strong expertise in business and can be an adviser to their customer can be extremely valuable," according to one surety executive.

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