Construction Technology and Software Rundown: April 24, 2020
Here's a rundown of the latest in construction technology and software.
Surety Bonding
Comprehending and Maximizing Surety Credit
Surety credit is an essential component of the viability of many contractors. Planning for how the contractor’s financial statements will look prior to year-end ensures that contractors will receive maximum surety credit benefits needed to secure both current and future projects.
The 4th “C” of Bonding: What It All Means to Surety Agents
There is a little-known rule that prohibits writing about bonding without mentioning the three “Cs”: capital, capacity and character—but there is a fourth “C” that may be even more important when sureties review contractors’ financial statements. In order to understand the mysterious surety world, contractors need to know the fourth “C.”
The Construction Surety Industry: Looking Ahead
According to data published by Aon Insurance, surety division, total construction industry surety losses in 2019 were fairly favorable at fewer than 20%. Initially, this trend was expected to continue into 2020, subject to any financial issues related to megaprojects currently in place. But the impact of COVID-19 has increased surety exposure to a much higher level, similar to other credit programs.
2020 Executive Insights: Insurance and Surety Bonding
Industry experts share their insights on best practices for insurance and bonding.
COVID-19 Could Impact Contractor Performance Bonds
As COVID-19 continues to expand around the United States and the world, it may only be a matter of time before U.S. construction projects are affected by the virus. What, if any, impact could the virus have on a contractor’s surety bond program?
Now’s the Time to Evaluate Surety Bonds vs. SDI Risk Management Tools
Subcontractor Default Insurance has grown into a competitive market, which gives contractors more options and has kept pricing and terms attractive for those with positive loss experiences.
Demystifying the Surety Industry’s Expedited Dispute Resolution Bond
An EDR bond expedites dispute resolution between parties to the bond as to the surety’s obligation for project completion when a contractor defaults.
