News and current information for our surety bond clients.
A warrant executed to search the home of a man who claimed to operate an insurance agency out of Providence alleges he made more than $1 million in one year selling “fake bonds” to companies around the country. Coventry Developer John Gauvin told Target 12 last year that he warned insurance officials in a number of states several times about …
A recent decision by the Armed Services Board of Contract Appeals reminds us of the importance of obtaining commitments from your key subcontractors after award. In CDM Constructors, Inc. (August 20, 2018), the ASBCA dismissed on summary judgment a construction contractor’s claim for increased costs arising out of a contract for the construction of dissolved oxygen injection systems at two …
Arranging bonds and a line of credit with a surety company requires extensive, detailed work for each contract bid submitted. Many insurance agents do not focus their main energy, attention, or professional endeavors on the surety line of business and may not navigate the surety bonding process successfully for their clients. NASBP bond producers are committed surety professionals. They focus …
A Syracuse-based contractor must pay more than $66,000 to the customers he deceived after he was found guilty again of violating a court order. Jason M. Briere was found in civil and criminal contempt Tuesday of a court order that barred him from running a home construction business without posting a $25,000 performance bond, state Attorney General Barbara Underwood announced …
In the construction industry, we see a growing trend of contractors, subcontractors and designers collaborating to pursue large construction contracts. Among many benefits, these collaborations enable companies to pursue projects that would otherwise be too large by combining their resources and skill sets with compatible partners. The terms of these collaborations are often outlined in “teaming agreements,” which define the …
The U.S. Small Business Administration will be trimming the fees it charges for its surety bond guarantees for one year, the first reduction in the charges in 12 years. The cuts apply to guarantees approved from Oct. 1 through Sept. 30, 2019, the end of the coming fiscal year, SBA said in a Sept. 4 release. The agency is cutting …
Transportation Secretary Tom Smith said Monday that runaway inflation in highway construction costs has the department concerned as West Virginia embarks on the $2.8 billion “Roads to Prosperity” initiative. “Those are concerning numbers when you have things escalating that far,” Smith said of reports of an 8.8 percent inflation rate for construction costs. Those costs might have been reflected last …
Historically, a construction company owner’s main concern was to find the next job and keep the company’s backlog at an appropriate level. In today’s fast paced, competitive, and complex construction market, owners are challenged with a range of other issues. Read about them here >>>
Whether it’s a contract, an insurance policy or another provision governing a construction project, all terms are spelled out in black and white – or they should be. If not, the risk for claims and disputes usually rises, often dramatically. Construction contracts alone can make or break projects before shovels hit the dirt, depending on whether the terms and conditions …
A South Abington Twp. insurance agent will spend up to six years in prison and will have to make more than $192,000 in restitution for defrauding business clients. Timothy A. Hewitt, 42, was sentenced Tuesday in Lackawanna County Court by President Judge Michael J. Barrasse to a total of 19 to 72 months in state prison, followed by 12 years …
