Below you'll find a list of all posts that have been categorized as “News”
Posted by Lisa Frasier, OldRepublicSurety Identifying potential problems in advance allows all parties to plan and act daily with a risk-avoidance mindset. Principals have a lot of control over surety losses. Adequate preparation and consistent follow-through will help prevent losses. Lisa Frasier, VP for claims at Old Republic Surety, recently wrote on NASBP’s Pipeline page about key indicators that trouble could be …
Posted by Shane McCall, SMALLGOVCON The SBA has issued new proposed rules relating to the 8(a) Program. The rules clarify some aspects of ownership and control requirements for the 8(a) Program, including making change of ownership a little easier and cleaning up some 8(a) set-aside processes. The rule would also allow for populated joint ventures between similarly situated joint venture members. Here …
Posted by Erik Mueller, OldRepublicSurety Most construction companies in the U.S. are owned by an individual or the members of a family. Yet, according to the Family Business Alliance, only 30% of family-owned businesses survive into the second generation, and just 12% remain viable into the third generation. That means when owners are ready to retire, they likely will sell to …
Posted by Barbara Micek, OldRepublicSurety Thinking about building a book of surety business? As an insurance agent, you’ll want to understand how the surety claims process differs from the insurance claims process. You’ll also want to share this post with your small business owner clients who may find bonding to be as intimidating as they find insurance. With your help, …
Posted by Sean Rummel, OldRepublicSurety America’s love of baseball is about so much more than the game itself. It’s also about the overall ballpark experience. From youth Little League fields to Major League Baseball stadiums, communities across the country invest significant resources into creating facilities where people can enjoy America’s pastime. Building or renovating a local baseball field can be …
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 Arthur Sonneland, for OldRepublicSurety No one wins — the principal, the obligee or the surety — when a principal is terminated on a bonded project. A termination will generally require the surety to step in and 1) find another contractor to complete the project, 2) complete the project itself or 3) offer a financial settlement to absolve itself …
Posted by Todd Taylor, AFSB, CPCU, for OldRepublicSurety What goes into determining the cost of a contract bond? Here is a basic introduction. Common Contract Bonds These are some of the most common contract bonds: Bid bond—surety consents to provide performance and payment bonds, if the contract is awarded Performance bond—guarantees performance according to contract, bond terms Payment bond—guarantees payment …
Posted by Shayne Albine, for OldRepublicSurety In today’s world, we are surrounded by advertisements. And whatever the product is, advertising consistently drives price to hook new customers. But is that the best approach? Think about advertising through the eyes of a consumer. I like to use the example of purchasing a new vehicle, which many of us can relate to. …
Posted by Todd Taylor, AFSB, CPCU, for OldRepublicSurety The number of surety companies represented in any region can make the task of prequalifying or differentiating among them challenging to say the least. Many bond agents and brokers have access to more than 30 surety company markets, and there can be important distinctions between each of them that should be understood …
