Levelset

SEPTEMBER 30, 2022

Insurance is one part of a strategy to keep your carpentry business financially healthy. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet. . What is carpenter insurance? Does a carpenter need insurance? Insurance serves another purpose.

Insurance 52

Insurance Liability Accidents Injury 52

Construction Business Owner

MAY 2, 2018

There are many questions concerning the insurance and surety marketplace for construction in the United States in 2018. Will auto insurance rates continue to increase? How will the aftermath of Hurricanes Harvey, Irma and Maria affect insurance rates? What should construction companies budget for builder’s risk insurance?

Risk 213

Risk Insurance United States Budgeting 213

Levelset

AUGUST 31, 2022

Whether you’re just starting your business or looking to change insurance carriers, it pays to go with a company that has experience and knowledge in providing insurance for the construction industry. These days you can purchase insurance on your own or go through a local agent. Best construction insurance companies.

Insurance 52

Insurance Liability Compensation Construction 52

Levelset

SEPTEMBER 20, 2022

HVAC contractor insurance is the primary way to help protect your financial interest if things go wrong on the job. This contractor’s insurance solution is typically the most cost-effective means to secure coverage and give you peace of mind. What is HVAC contractor insurance? Who needs HVAC insurance?

Insurance 52

Insurance Contractors Liability Accidents 52

NH Construction Law

DECEMBER 19, 2020

It is often said that a payment bond surety may assert all of the contractual defenses to payment enjoyed by its principal. 2d 404 (1990), construing Florida law, held that general contractor’s “pay-if-paid” defense was not available to a surety. CNA Surety Corp. , United States ex rel. Walton Technology v.

Subcontracting 40

Subcontracting New Hampshire Liability Defense 40

Construction Business Owner

JUNE 20, 2017

Part 1 discussed an explanation of the difference between insurance and bonding, the three Cs of surety underwriting and more. In the June issue of Construction Business Owner magazine , we featured The Basics of Bonding: Part 1 , by Marilyn Klinger. The following article is a continuation of Part 1.

Insurance 136

Insurance Construction 136

Constructonomics

OCTOBER 3, 2010

One important consideration that sometimes slips through the cracks is the use of surety bonds. Surety bonds offer financial protection similar to insurance, although there is a distinct difference in how they work. Construction bonds work like other surety bonds, but they apply to stakeholders in the construction industry.

Contractors 140

Contractors Regulation Insurance Claims 140

Construction Business Owner

NOVEMBER 15, 2016

The conference featured three general sessions and 27 seminars presented by more than 60 nationally recognized insurance, risk management, safety and surety experts. CBO Editor Kathy Wells was there on the conference floor along with 2,000 industry professionals who manage or insurance construction risks.

Conference 120

Conference Risk Roads Insurance 120

Construction Business Owner

JULY 10, 2017

Membership in CFMA is represented by all types of general contractors, specialty trades and construction managers, with a large number of professionals in the accounting, insurance, surety, software, legal and banking industries.

CFMA 136

CFMA Conference United States Banking 136

Construction Law Monitor

APRIL 15, 2015

Common misconceptions range from the idea that surety bonds are unaffordable to questioning whether they are necessary at all. Myth #2: No Surety Bonds Are Needed by Large Construction Companies. Currently, the company that provided bonding to Truland, XL Specialty Insurance Co., Myth #3: Surety Companies Never Have Losses.

Insurance 40

Insurance Bankruptcy Contract Claims 40

Construction Law Monitor

OCTOBER 19, 2011

To add to the pile of paperwork, surety bonds are usually the starting process to not only begin construction work, but it’s also required of many businesses prior to opening their doors. Although they are a necessity for a wide-range of industries many still ask, what is a surety bond ? Surety bonds are another form of insurance.

Insurance 51

Insurance Compensation Claims Agreement 51

Viewpoint Construction Technology

AUGUST 8, 2012

This week, I’m pleased to welcome Danielle Rodabaugh, chief editor at SuretyBonds.com, a nationwide surety provider that works with construction professionals. Whether you're new to the construction industry or have been working in it for decades, you've probably realized that getting a surety bond can be confusing.

Insurance 208

Insurance Contractors Risk Industrial 208

Construction Law Monitor

APRIL 15, 2015

Common misconceptions range from the idea that surety bonds are unaffordable to questioning whether they are necessary at all. Myth #2: No Surety Bonds Are Needed by Large Construction Companies. Currently, the company that provided bonding to Truland, XL Specialty Insurance Co., Myth #3: Surety Companies Never Have Losses.

Insurance 40

Insurance Bankruptcy Contract Contractors 40

NH Construction Law

JULY 26, 2020

“May unintentionally faulty subcontractor work that damages an insured’s work product constitute an ‘accident’ under a commercial general liability insurance policy?” ”); National Surety Corp. ”); National Surety Corp. 2d 871, 880 (Fla. ”); Lamar Homes, Inc. 3d 1, 12 (Tex.

Insurance 40

Insurance Liability Accidents Michigan 40

Construction Business Owner

DECEMBER 19, 2013

Once a year, contractors, brokers, underwriters, risk managers and attorneys gather at the International Risk Management Institute (IRMI) Construction Risk Conference to examine the most pressing insurance and surety-related issues contractors are facing.

Conference 136

Conference Risk San Diego Insurance 136

Construction Business Owner

DECEMBER 19, 2013

Since the creation of Subcontractor Default Insurance (SDI) in 1995, contractors have developed many informed and uninformed perspectives about this insurance product and how it functions. Multiple insurance carriers now widely use and offer SDI as a risk management tool to secure subcontractor performance.'

Insurance 120

Insurance Security Risk Products 120

Levelset

JULY 21, 2022

Well, every state sets its own rules for contractor licensing, and contractors often must purchase a surety bond in order to legally practice their trade. The three parties involved in a contractor license bond are the obligee, the principal, and the surety company. The surety company is a third-party entity issuing the bond.

Contractors 52

Contractors Claims Oregon Residential 52

Levelset

AUGUST 16, 2022

Whenever you need to get construction bonds to perform work on a proposed project, your priority is to show the surety company how you plan to manage the particular risks and minimize the downside. One of the factors surety companies will consider is your experience handling projects of similar complexity.

Risk 52

Risk Cash Flow Construction Banking 52

Best Practices Construction Law

MAY 30, 2013

" The General Assembly has passed, and the Governor has signed, legislation which sets standards for what constitutes a “good and solvent” surety bond, found at Public Chapter 195 (pdf). The new law states that: the bond must be written by a surety company listed on the U.S. Treasury list; and.

Tennessee 48

Tennessee Construction Insurance Roads 48

Green Building Law Update

DECEMBER 1, 2011

I will also be participating in an upcoming green building legal webinar with the ABA Fidelity and Surety Law Committee. Surety bonds are often misunderstood within the green building industry. Hope you enjoy the podcast and let me know if you any thoughts or questions. For more information on this program, click here.

Green 159

Green Liability Legal Risk 159

NH Construction Law

AUGUST 21, 2022

Many performance bonds (the popular AIA A312 is an example) state that the surety’s obligation is not triggered unless the principal’s contract has been terminated. Conversely, not terminating also forgoes the protection of the bond – if termination is an enforceable condition of the surety’s liability.

Liability 40

Liability Contract AIA Contractors 40

Constructlaw

MAY 12, 2020

Travelers Casualty & Surety Company of America,1 effectively narrowing the scope of enforceable “pay-when-paid” provisions in construction subcontracts to the extent the subcontractor seeks recovery against a general contractor’s payment bond surety. Lee On April 17, the California Court of Appeal decided Crosno Construction, Inc.

Subcontracting 52

Subcontracting California Travel America 52

ENR Construction

JANUARY 15, 2013

The surety that began liquidation proceedings last year is now the subject of fraud accusations from the Pennsylvania Insurance Department.

Pennsylvania 28

Pennsylvania Insurance Office Management 28

Construction Business Owner

AUGUST 18, 2011

INSURANCE |. In a way, a surety bond is like insurance; it is a three-part agreement between the contractor, the organization requiring the bond (e.g. government-funded projects), and the surety company. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Accounting & Finance.

Cash Flow 168

Cash Flow Software Software Accounting 168

Fieldwire

AUGUST 14, 2023

Retention bonds can help you get paid faster Some surety companies offer retention bonds, which is essentially an insurance policy that takes the place of retainage as a guarantee of workmanship. If an issue later arises for which the hiring party would have used retainage to cover the cost, the surety company steps in to pay.

Contractors 98

Contractors Cash Flow Lien Negotiation 98

Construction Marketing Ideas

MARCH 11, 2016

McNamara of Pillsbury Winthrop Shaw Pittman LLP , who discusses the distinctions between Subcontractor Default Insurance (SDI) and bonding and takes aim at a surety provider arguing against SDI. Too often, surety bonds are “fight first, pay much later, and only if you have to.”. SDI is “pay first, question later, if necessary.”

Legal 48

Legal Consulting Subcontracting Industrial 48

Green Building Law Update

OCTOBER 19, 2011

Insurance and surety companies will struggle to ensure the risks associated with confusing green building codes. I have already heard one large insurance company state that the adoption of green building codes will change the standard of care for design professionals going forward.

Green 120

Green Insurance Risk Design 120

Construction Law Monitor

AUGUST 4, 2011

Infinity Surety Agency, LLC, et al , 2010 CA 0123, Louisiana First Circuit Court of Appeal (Rendered September 10, 2010) was wrong and the case was remanded for trial. The reasoning behind the line of thought was that State should have known that the surety was unauthorized thereby making the bidder unresponsive.

Louisiana 44

Louisiana Bidding Contract Insurance 44

NH Construction Law

NOVEMBER 30, 2020

Keeping the Miller Act claim in court, but staying it pending arbitration of the breach of contract claim between the subcontractor and the general contractor, works well if the surety is bound by the outcome of the arbitration. United States f/b/o Maverick Construction Management Services, Inc. Consigli Construction Co., 873 F.Supp.2d

Claims 40

Claims Subcontracting United States Contract 40

Construction Cost Estimating

NOVEMBER 25, 2014

Office Forms for Construction : Transmittal, Submittal Log, Minutes of Meeting, FAX Cover, FAX Log, Memo, Memo - Log, Phone Log, Phone Conversation Record, Insurance Verification Log, Petty Cash, Project Payment Summary, RFI - Request for Info, RFI Request for Info Log, Financial Statement, Bar Schedule, Insurance Specifications, Request for Substitution, (..)

Lien 45

Lien Change Orders Construction Estimating 45

Green Building Law Update

NOVEMBER 27, 2016

The project was substantially completed in 2014, late and over budget, but only days ago on October 28, 2016, a complaint was filed against the architect, general contractor, flooring contractor and insurance companies.

Green 120

Green Claims Certification North Carolina 120

Contractor Bookkeeping

MARCH 25, 2014

Below is a brief primer on the process to obtain a surety bond. The first step is to make a good connection with a respected surety bond producer. These are professionals who specialize in construction surety programs. The underwriter may have a number of questions during this process.

Cash Flow 52

Cash Flow Accounting Profitability Work in Progress 52

Construction Business Owner

FEBRUARY 16, 2012

INSURANCE |. Being fully extended on your line of credit can make it harder to obtain surety bonding and can be viewed as a weakness by the banks. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management.

Banking 120

Banking Construction Cash Flow Finance 120

Construction Law Monitor

AUGUST 9, 2011

Liberty Mutual Insurance Company (“Sloan”), the US Court of Appeals for the Third Circuit has an in depth discussion regarding some technical yet very important clauses found within many construction contracts between general contractor, subcontractors, owner and the surety. In a recent decision, Sloan & Company v.

Agreement 57

Agreement Contract Insurance Construction 57

Construction Lawyer

DECEMBER 17, 2014

Notwithstanding any other provision of law, contract actions against a surety on a payment or performance bond shall be commenced, if at all, within the same time limitation applicable to the bond principal. general insurance litigation news' This statute is ripe for challenge by the right party.

Illinois 45

Illinois Environment Injury Insurance 45

Construction Lawyer

JULY 20, 2012

The Seventh Circuit has affirmed a lower court ruling in favor of a surety on a payment bond. The Seventh Circuit held that the language of the contract contained a pay-if-paid provision; that the surety could assert all of the defenses of its principal; and that this provision was not void under Indiana public policy. Categories.

Illinois 40

Illinois Subcontracting Liability AIA 40

Contractor Bookkeeping

JUNE 20, 2014

Insurance - Is critical to your construction company. General Liability and Auto/rental equipment insurance can help protect you and your company against claims for personal injury and property damage, and may provide you with legal defense of those claims. Bonds or guarantees are provided by surety companies.

Insurance 48

Insurance Construction Accounting Claims 48