For more than two decades, Mike Dugan has expertly helped contractors across the United States secure both surety bonding and insurance. He provides guidance to construction firms on important topics such as balance sheet protection, profitability and coverage gap analysis, helping his clients to flourish in both growth and challenging economies.
He is active in various industry associations on both a local and a national level, including the Associated General Contractors Association, Utility Transportation Contractors Association, and American Subcontractors Association of America, among others. Mike is a New Jersey native and a graduate of Syracuse University.
STARTED IN SURETY INDUSTRY
- Balance Sheet Analysis: By thoroughly analyzing your financial statements, I can help you maximize bonding capacity—even suggesting alternative surety companies, if necessary. Additionally, I can calculate an appropriate cost of risk for your firm that not only includes target premium for an insurance policy, but also loss retention, indirect costs, and compliance expenses, among many others factors that make up your total cost of risk.
- Rate Benchmarking: With our surety rate benchmarking system, discover what the average bonding rate is for other firms of your size, niche and geography. If appropriate, I can work on your behalf to negotiate a more favorable rate to make your construction firm more competitive.
- Insurance Coverage Survey: Are you paying too much for insurance? It’s possible that your state has your firm misclassified. Or perhaps you have potentially costly gaps in coverage. I’ll take a thorough look at your current risk transfer methods and, if needed, suggest best practices based on my years of experience working with contractors of all shapes and sizes.
- Backup Surety: By establishing a reserve bonding company, you’ll have surety support ready to go if and when your primary surety cannot meet your needs.
Contractual Risk Transfer Methods
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