Building Industry Hawaii March 2015 - (Page 26)

CE G IN ND BO & IN S AN UR Carriers Writing More Business as Construction Market Recovers BY DAVID PUTNAM I nsurance and bonding companies say they are once again in lockstep with contractors for projects in 2015 and beyond as Hawaii's construction industry continues to pick up steam after the financial crisis of 2008. "The bonding market in Hawaii is very sound. Contractors who have experience and a solid balance sheet have many choices when it comes to bonding companies," says Mike Grossi, managing director and executive vice president of Aon Risk Services of Hawaii, Inc. "All the major surety markets in the industry had a very profitable year in 2014. Currently, there is more surety capacity in the marketplace at this time than is needed." The current state of the insurance market also is "pretty healthy," says Paul Botts, principal, insurance and surety for Risk Solution Partners. "From what we are seeing, there is still plenty of capacity in the insurance industry to write more business. As a result of this we have seen insurance carriers actively looking to write more busi- Honolulu Builders was bonded by Aon Risk Services of Hawaii for the University of Hawaii's $36.75 million Warrior Recreation Center. 26 | BUILDING INDUSTRY HAWAII | MARCH 2015 ness and this includes insurance for construction companies." John Schapperle, president and CEO of Island Insurance Companies, says the "market is still very competitive in the area of insurance, although rates appear to be stabilizing. Bonding is still

Table of Contents for the Digital Edition of Building Industry Hawaii March 2015

FINANCING & DEVELOPMENT
BONDING & INSURANCE
AIRPORTS & HARBORS
INTERVIEW WITH RICK HOBSON
MULTIGENERATIONAL BUILDERS
GUAM’S NEW ZONE
News Beat
Datebook
Back in the Day
Contracts Awarded/ Low Bids
Spotlight on Success: dck-ecc Pacific Guam
News Makers
New Products
Faces: ABC Hawaii Ceremony
Faces: AIA Honolulu Kicks Off 2015
Faces: Showtime for BIA-Hawaii
Best Practices

Building Industry Hawaii March 2015