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Posted by Joseph C. De Graft and Kim Moore, Surety Bond Quarterly THIS ARTICLE IS offered to help bond producers and their small contractor clients address surety-related questions that may arise during performance of a construction project. Let’s assume the bonded small contractor (principal) is performing a project on which the owner (obligee) issued a notice to proceed some nine months …

Posted by AP Construction & Surety, AssuredPartners Construction is a trillion-dollar industry, but construction can’t happen without subcontractors. With specialized skills, such as plumbing, electrical work, carpentry, and roofing, subcontractors allow general contractors to focus on managing the projects while adjusting their workforce to meet project demands. Because subcontractors are a vital part of the construction industry, it’s important to recognize …

Posted by AP Construction & Surety, AssuredPartners Every industry is susceptible to cyber security risks, and the construction industry is no exception. The construction industry is largely unregulated when it comes to cybersecurity, so many companies fail to prioritize this issue. Many believe that their company doesn’t have anything a hacker could want, when in fact they hold sensitive information …

Posted by Nancy Germond, MA, ARM, AIC, ITP, SPHR, SHRM-SCP, OldRepublicSurety Once an owner or developer selects your company for a construction project, one of your many tasks is to ensure that your workers’ compensation program meets all contractual requirements. On larger projects, construction contracts normally detail which contractor is responsible for ensuring all workers have workers’ comp coverage. Not …

Posted by AssuredPartners The price of surety bonds can vary greatly, and many people are unclear of why this is. When determining premium, surety companies are looking to determine the amount of risk there is with an applicant by considering at a variety of indicating factors. Below are some key factors that may be considered when determining bond premium. Type …

Posted by Gary Semmer, AssuredPartners A Controlled Insurance Program (CIP) is commonly known as a “wrap-up” insurance program and can take the form of an OCIP (owner sponsored) or CCIP (contactor sponsored). Traditional OCIP’s & CCIP’s can include workers’ compensation, general liability and excess liability providing coverage for the owner, general contractor, and “on-site” enrolled subcontractors. A traditional OCIP or …

Posted by Lynne W. Cook, AssuredPartners So, your attorney calls to inform you that you are facing a bond requirement. You are confused.  Since you are not in jail, there’s no need for a bail bond, and James Bond is the only other bond that immediately comes to mind! Ironically, there are thousands of surety bonds, but most people are …

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 …