How Performance Bonds Work in Construction
A performance bond guarantees a contractor's performance under a contract. Here’s an overview of why they are required and how they work.
2019 Executive Insights: Insurance and Bonding
Industry experts share their insights on best practices for insurance and bonding.
England’s Carillion Collapse Forces a New Global Surety Standard
In many countries, only 5-10% of contract value is covered in event of loss or default. In the U.S., surety bonds prevent disaster from happening in the first place but if a loss occurs, cover 100% of contract value.
Don’t Ignore Auto Insurance, Excess Liability and Cybersecurity Risks
Now that businesses are settled into the new year, it’s a good time to consider some of the top insurance and risk management challenges that contractors and other construction organizations should expect in 2019.
Joint Ventures: Costly If Not Cautious
Companies may wish to share the risk on a project, secure additional bonding capacity or enter a new market segment with a more experienced contractor, as well as offer additional resources, including working capital and other trades needed for a project. However, many risks need to be addressed prior to officially forming a joint venture.
2019 Insurance Market Outlook: High Surplus and Mediocre Returns Yield Flat Rates
Regardless of whether insurance is mandated by law or contract, or purchased as a best practice, it represents a major expense for most businesses. As such, it’s wise to have a full grasp on the current economics of the insurance industry and where rates are headed.
Industrial Insights on Emergency Preparedness
Companies that are able to recover quickly from natural or manmade disasters spend considerable time and resources to prepare for those events.
Prepare for a Safe Year
Rick Keegan, president of construction at Travelers, shares lessons learned from the flurry of natural disasters during the past few years, as well as insights on the role technology plays in making workers and equipment safer.
