What Surety Underwriters Review on Your Bond Applications & Contracts

Nina Conner News

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 …

Getting Contractors Ready for Disaster: Tips for Strong Business Continuity and Recovery Plans

Nina Conner News

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 …

Key Items in Your Construction Contract – Damages for Delay

Nina Conner News

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 …

Why the Full Surety Team Matters

Nina Conner News

Posted by Beth Harbeck, OldRepublicSurety The internal workings of the surety make or break agent experience. You know the situation: marketing comes in, does a great presentation, and ratchets up the energy level. The desired result occurs, and bond agents commit to increasing production; then, they enter the underwriting process and… How many agents have become frustrated with sludge-like responsiveness, …

Key Items in Your Construction Contract – Damages for Delay

Nina Conner News

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 …

Fast Facts about Fidelity Bonds and Public Official Bonds

Nina Conner News

Posted by Becky Nichols, OldRepublicSurety Fidelity and public official bonds both involve protection from fraudulent or dishonest behavior by individuals. Are you worried your employees might steal from you? Then it would help if you looked into fidelity bonds. Are you a public figure required by law to be bonded? If so, you will need a public official bond. Old …

Reduce Your Chances of a Surety Claim

Nina Conner 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 …

SBA Proposed Rule Relaxes Change of 8(a) Program Ownership, Allows Limited Populated Joint Ventures

Nina Conner News

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 …

Maintaining Surety Credit in Times of Growth and Transition

Nina Conner News

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 …

Understanding the Claim Process for Bonds vs. Insurance

Nina Conner News

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, …