SAC Headstart Subcontractor Performance Bond

Recorded On: 05/09/2017

Headstart is an innovative, fast-tracked solution to the multitude of problems that can beset a GC faced with default of a subcontractor. Some Canadians consider Headstart as an alternative to subcontractor default insurance and to the conventional approach where the surety is required to fully investigate any declaration of default. Introduced to the Canadian marketplace in 2014, Headstart recognizes the importance to the GC (obligee) of minimizing project delay with a speedy project restart in the event a subcontractor is not in a position to complete its subcontract.

Frank Faieta, MBA, P.Eng, CIP

National Vice President, Specialty Lines Claims Canada, The Guarantee Company of North America

Frank Faieta is a 25 year veteran of the Surety industry.  He joined The Guarantee Company of North America in 1992 to handle surety claims after spending several years in varied project management roles on construction projects.  In his current role, Mr. Faieta is responsible for claims operations in Surety, Fidelity, and Directors and Officers Liability lines across Canada for The Guarantee.  In addition to his role in claims, Mr. Faieta is Chair of Product Innovation for The Guarantee. Mr. Faieta was instrumental in the development of the Guarantee Surety School program delivered across Canada and developed the Surety Association of Canada’s “SAC Headstart Subcontractor Performance Bond currently in use in Canada”.

Mr. Faieta is a licensed Professional Engineer having graduated with a degree in Civil Engineering from University of Toronto and is a member of Professional Engineers Ontario.  He has an MBA from the Schulich School of Business at York University and also holds the designation of Chartered Insurance Professional. 

Steve Ness

President, Surety Association of Canada

Steven D Ness is the President of the Surety Association of Canada having assumed the post in August 1994. He is also a founder of the organization and one of its original directors. Steve has authored a number of articles on surety bonds and the suretyship process He has spoken on the subject in North America and in Europe. He has also lectured on the role of suretyship in the construction process at the University of Toronto and the Insurance Institute of Canada. In 1992, Steve joined forces with five industry “renegades” to form what would later become the Surety Association of Canada.  As a founding member, he established the new organization as the voice of surety in Canada by inducing all sectors of the industry to join. Today the Surety Association represents 97% of the industry from coast to coast.



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Open to view video. NASBP Virtual Seminar: SAC Headstart Subcontractor Performance Bond - May 2017
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