News and current information for our surety bond clients.
By Sarah Licata for AssuredPartners Construction insurance and surety bonds both provide different types of protection on a construction project, but a common misconception is that a surety bond is another type of insurance. So, what is the difference between the two? What is Construction Insurance and How Does it Work? Construction insurance is an agreement between two parties: The …
Posted by Collin Belcher, AFSB, for OldRepublicSurety This article originally was published by the National Association of Surety Bond Producers and is being republished with the express permission of NASBP. Placing a bid on a public construction project comes with a host of risks for both contractors and public entities. A surety bond is an essential risk management tool for …
Posted by Nancy Germond, MA, ARM, AIC, ITP, SPHR, SHRM-SCP, for 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. …
Posted by Daniel Christianson, AFSB, for OldRepublicSurety Anyone who has dealt with surety has come across a reference to the three Cs of underwriting: Capital Character Capacity These three criterion have been constants of the surety industry since its inception. Read more about the three here>>>
Posted by Wayne Messick, AFSB, for OldRepublicSurety The definition of cash flow is pretty straightforward: It’s the money that comes into your business minus the money that goes out. It’s a part of your CPA-prepared financials and is usually shown in a separate cash flow statement. Yet cash flow is more than an accounting exercise. It’s a key financial indicator …
Posted by OldRepublicSurety Dan Pope, Senior Vice President of Underwriting for Old Republic Surety, recently joined NASBP “Let’s Get Surety” podcast hosts Kat Shamapande and Mark McCallum for episode No. 59 about relationships in the surety business. The hosts asked Pope to define a relationship-based surety. It’s “a surety that’s in the business for the long haul, both in the relationship …
Posted by United States Department of Labor Fatalities caused by falls from elevation continue to be a leading cause of death for construction employees, accounting for 351 of the 1,008 construction fatalities recorded in 2020 (BLS data). Those deaths were preventable. The National Safety Stand-Down raises fall hazard awareness across the country in an effort to stop fall fatalities and injuries. …
Posted by Erik Mueller, for OldRepublicSurety In my first blog on this topic, we talked about the importance of a professional surety agent and how to find one, and the financial information you will need to prepare. Here’s more you’ll want to know: Start the process early To ensure timely approval, begin the submission process well before the date you need the …
Posted by Darrel Lamb, CPCU, AFSB, for OldRepublicSurety It’s really old Not only was surety mentioned in the ancient Code of Hammurabi (circa 1754 BC), it is mentioned in the Bible and in The Quran. Ancient Roman ordinances required surety for the construction of buildings, walls and highways. Corporate surety as we know it today began in the United States …
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. …
