P3s: Strategies for Risk Evaluation and Mitigation for Subcontractors and Their Bond Producers and Sureties
Public Private Partnership projects are becoming more common in the USA, particularly for large and mega projects. P3s present subcontractors with new opportunities; and they also present significant new risks. This presentation will explore P3 projects from the perspective of the construction subcontractor and the subcontractor's bond producer and surety. The presentation will address some of the unique aspects of P3s as well as strategies to effectively identify and mitigate risk, such as the risk of inadequate payment protection.
Mary Jean Pethick
SVP, Head of Surety Risk Solutions
Mary Jean Pethick leads Zurich North America’s Surety Risk Solutions team of attorneys with responsibility for risk analysis, legal underwriting and training in coordination with the International, National Accounts, Middle Market, Canadian and Commercial Surety teams. She is a graduate of Rutgers University, cum laude, Phi Beta Kappa, and Georgetown University Law Center. Before joining Zurich in 2012, she was an associate at the law firm of Wolff & Samson, and worked at Reliance Surety, Travelers Bond, and Arch Insurance providing legal advice to underwriters and handling complex surety claims. As Senior Counsel in the American Insurance Association’s Law Department, she advocated for surety industry positions concerning legislative and regulatory matters in the federal arena and the fifty states. She is a past Vice-Chair of the American Bar Association’s Fidelity & Surety Law Committee and currently serves as Zurich’s representative on the Surety and Fidelity Association of America’s Corporate Counsel Advisory Committee and Government Affairs Advisory Committee. She has spoken at meetings of the American Bar Association’s Surety and Fidelity Law Committee, the Associated General Contractors of America, and other industry groups, as well as having written on various surety topics.
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