Release of Retainage Bonds: A Tool That Can Provide a Benefit to the Contractor
I was holding an annual surety account meeting out on the golf course one day with the agent and the contractor. This contractor works primarily as a ...
06/21/19
Can You Explain Your Bid Spread?
If you were to ask contractors what they like most about construction, they probably wouldn’t say, “I love preparing bids.” Most contractors love being on the job ...
06/19/19
Face-to-Face Meetings with Contractors Are Key
“Your word is your bond.” In no other line of work does this age-old phrase ring as true as in the surety business. We often talk about “the three c’s of credit” ...
05/20/19
Letter of Bondability - It is not the prequalification some think it is.
You may refer to them as Good Guy Letters, Sunshine Letters or just a Contractor Letter of Bondability. These letters have been around a long time, and their ...
05/08/19
Weather Delays & Construction Contracts - Are You Prepared?
Did you know that since 1980, there have been 246 weather-related disasters in the U.S. that cost $1 billion or more? Tropical storms, hurricanes, tornadoes, ...
04/23/19
Surety Bond Claims 101
There’s nothing quite like the sinking feeling you get when you hear there’s a claim against your bond. Despite your best intentions, it’s likely that you’ll face ...
12/07/18
Transitioning From Fastbonds to a Standard Bond Program
Here are some important reasons why a contractor would want to transition from a credit-based bond program, or Fastbond, to a standard bond program - and how to ...
10/15/18
It's Pig Iron Under Water!
To some of my fellow insurance professionals, the surety business has always had an air of mystery about it. Perhaps it is the exotic language we use referring to ...
10/12/18
Pure Guts - Pure Michigan
Michigan's two peninsulas were finally connected in 1957, after 20 years of planning, and close to $100 million in construction and engineering costs with the ...
10/10/18
How Work in Progress Reports Benefit Contractors, Accountants, and Everyone Else
Cost overruns are a common occurrence in the construction industry. It’s far too easy at the mid-point of any project to misjudge billing against the actual ...
10/08/18