Below you'll find a list of all posts from 2023
Posted by Thomas A. Littlefield, OldRepublicSurety When a construction project is delayed, damage claims can result, and fingers are quickly pointed at the contractor to be held accountable for these damages. Planning for all the potential delays that can affect a project is not easy ― especially in today’s unpredictable pandemic environment with its supply chain shortages, volatile prices of …
Posted by Regan Hupf, AssuredPartners Surety bonds offer compelling advantages as a type of security against contract default when compared to guarantees offered by banks. The demand for surety bonds as a financial instrument as opposed to merely a statutory requirement has been gaining traction. Most businesses with a leased facility or office space will have some sort of security …
Posted by OldRepublicSurety As 2023’s economic landscape materializes, it may be valuable to take a quick look back at 2021’s infrastructure funding bill and the implications for surety producers. Dan Pope, Senior Vice President of Underwriting at Old Republic Surety, gave a concise review of the $1.2 trillion package in a Rough Notes article that’s worth a second look as we …
Posted by OldRepublicSurety Dan Pope, Senior Vice President, Old Republic Surety, offers key considerations for preventing payment-guarantee gaps, in his blog “Mind the Gap: Start Early to Guarantee Payment to Subcontractors” on the website of the Construction Financial Management Association. There are numerous reasons why construction payments could get delayed across the various tiers of a construction project. Regardless, the …
Posted by OldRepublicSurety Surety underwriters ask a lot of questions. They do so to fully understand your business to better support your project opportunities. Part of the process is determining you qualify for the size and scope of the projects for which you require bonds. If your organization cannot carry out the construction contract, your surety is obligated to carry …
Posted by Rich Sghiatti, OldRepublicSurety Ninety percent of U.S. counties had a weather disaster in the decade between 2011 and 2021, according to research released in November 2022 by Rebuild by Design. Those disasters included severe storms, wildfire, flooding and landslides, and most resulted in loss of power and other serious infrastructure damage. Contractors with good business continuity and disaster …
Posted by Kelly Kimmel, OldRepublicSurety There is a saying in the construction surety world: “Contract is king.” If your contract and bonds end up in a litigation setting, courts tend to hold the surety to the contract over the bond forms. Performance and payment bonds, by their nature, carry out the terms of a contract and therefore are inherently attached …
