The president of a fraud detection and risk management firm, whopreviously gained prominence investigating public constructionfraud, said insurers and their clients are losing vast sums onprivate building project scams.
The losses, said Thomas D. Thacher, president and chiefexecutive officer of New York-based Thacher Associates, could beavoided if insurers and risk managers were more proactive invetting contractors.
By doing advance checking, "In the long run, they [insurers]would save enormous amounts of money," Mr. Thacher said in aninterview yesterday with NU Online.
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