Below you'll find a list of all posts that have been categorized as “News”
Posted by Thomas A. Littlefield, for 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 the today’s unpredictable pandemic environment with its supply chain shortages, volatile …
Posted by Shayne Albine, for OldRepublicSurety We often get questions about financial statements and why they are important to the bond underwriting process. Underwriters will generally ask for several key financial documents, including a balance sheet and an income statement. These financials help us determine the liquidity of a business and its ability to generate income. A balance sheet indicates a company’s …
Posted by Mike Sanders, AFSB for Old Republic Surety The agent you select for your surety bonds has a tremendous impact on your ability to get a project bond approved. Bond producers are key partners in getting that first bond written as well as in growing your business over time as you go after larger projects. It’s important to choose …
By Thomas A. Littlefield for Old Republic Surety 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 the today’s unpredictable pandemic environment with its supply chain shortages, …
Posted by Darrel Lamb, CPCU, AFSB, for OldRepublicSurety A few years ago one of my contractor clients wanted to bid a $24mm project. The project was about three times bigger than anything they had built to date, but the project made a lot of sense to them and after hearing the plan, it made sense to me, as a representative …
By Rich Sghiatti for Old Republic Surety It’s been a topsy-turvy period for contractors, but one thing I stressed back in November hasn’t changed: Project managers need to have a backup plan. That’s a given, regardless of the times, but it’s been especially critical during the pandemic, when uncertainty has been the operative word. Smart managers must assume there will …
Posted by Shayne Albine for OldRepublicSurety We often get questions about financial statements and why they are important to the bond underwriting process. Underwriters will generally ask for several key financial documents, including a balance sheet and an income statement. These financials help us determine the liquidity of a business and its ability to generate income. A balance sheet indicates …
By Kim Slowey for The Construction Broadsheet One of the big selling points of the recently passed, $1.2 trillion Infrastructure Investment and Jobs Act was that it would create opportunities in the construction industry. The IIJA includes approximately $550 billion of new spending, including $110 billion for roads and bridges, $66 billion for railroads, $65 billion for power grid upgrades, …
By Julie Strupp for ConstructionDive The toll of disputes on the industry is staggering. The value of claims on the 1,100-plus projects HKA, a global consulting firm, studied worldwide from 2018-2020 worked out to $48.6 billion (excluding legal and related fees) and the extensions of time claimed would accumulate to 593 years, according to the report. Click here to learn …
By William Chapman for Construction Executive The decision of whether to grow and expand is one that contractors face daily. Some of the many reasons why a contractor may decide to grow or expand include requests from key customers, access to additional capital, the addition of key personnel, market conditions, strategy or necessity. Growth and expansion can take many forms: …
