Relationships In The Surety Industry Require A Long-Term Approach

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Like runners preparing for a marathon, surety bond producers need to think long-term when building lasting connections with their contractor, subcontractor, and specialty trade clients. “The most important element in building a good relationship is building a level of trust,” said Eric Zimmerman, Vice President, Propel Insurance, Seattle, WA. “That just happens over time, with consistent feedback and follow-up and …

Meeting With Surety Agent Among Ways Contractors Can Effectively Manage Growth

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The U.S. commercial (non-residential) construction market outlook for the remainder of 2017 and through 2018 is expected to grow in the 4% range, according to the AIA Consensus Construction Forecast panel. This is slightly below its previous forecasts of 5-7% entering 2017. There are factors that could add tailwind to growth estimates, which include tax reform, financial deregulation, and a …

SBA Names CBI In Top 10 Bond Agencies for FY2017

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The U.S. Small Business Administration announced its most active surety companies and agencies for fiscal year (FY) 2017, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. Construction Bonds, Inc. (CBI) was named one of the top 10 performing bond agencies for 2017. The standing was determined by the number of bonds written through the SBG Program. …

Surety to Cover Cost Overruns for Delayed Pennsylvania Wastewater Facility

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Liberty Mutual has agreed to pay all cost overruns associated with delays in the completion of Clearfield Municipal Authority’s new waste water treatment plant, announced CMA Engineer Jim Balliet of Gwin. Dobson & Foreman. In May 2014 CMA began a $35 million project to construct its waste water treatment plant. But in early 2015, the original contractor, NVP of Jeanette, defaulted …

Top Five Surety Carriers Ranked by Net Premiums

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National Underwriter’s Top 100 and Heads of the Lines lists — the data for which is provided by S&P Global Market Intelligence — today offer a look at which P&C groups are premium leaders in 11 key lines: Private Auto, Commercial Auto, Commercial Multiperil; Inland Marine; Workers’ Compensation; Product Liability; Fire; Ocean Marine; Surety; D&O; and stand-alone Cybersecurity. Read more …