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Articles

The Use of Construction Technology in Surety Bond Claims

July 15, 2020

The use of cloud-based and SaaS project management platforms in the surety’s investigation, monitoring, and completion of bonded projects has increased significantly over the last ten years.

It wasn’t long ago that submittals and shop drawings required that seven or more hard copies be prepared, circulated, and returned in hard copy format. Today, construction management firms, general contractors, subcontractors, project owners, and AEC firms rely on cloud-based technology and Software as a Service (SaaS) platforms for the paperless transmittal and storage of project documents. Digital versions of plans and specifications, submittals, shop drawings, and record drawings, as well as the preparation and tracking of daily reports, change order requests, meeting minutes and more are now are the norm.

There’s little doubt that these platforms, which include Submittal Exchange, Projectmates, and e-Builder, have made a lasting impact on how the business of construction is done. The general consensus is that, when used properly, these innovations are valuable in providing a comprehensive record for continuous access by all project stakeholders.

What does this technology mean for sureties? How does this innovation help the investigation, monitoring, and completion of bonded projects? VERTEX’s Frank Benway, Division Manager of Surety Claims Consulting, examines the role of cloud-based and SaaS project management platforms in the work of surety claim professionals.

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