Surety Matters

Our blog covering the latest in bonds and insurance
Contract Surety 04.03.2020

The Potential Impact COVID-19 Will Have on Contract Surety

The coronavirus pandemic fosters a plethora of uncertainty for contractors, subcontractors, suppliers, owners, and sureties. In every state across America, guidelines are being put in place to determine if construction is an “essential” infrastructure to…
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The Potential Impact COVID-19 Will Have on Contract Surety
Contract Surety 03.30.2020

New Hampshire Instructs “Non-Essential Businesses” to Close Operations

On March 27, 2020, Governor Chris Sununu of New Hampshire officially ordered all businesses who do not offer “essential” services to their customers to close physical in-person operations by 11:59PM of that day. All companies…
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New Hampshire Instructs “Non-Essential Businesses” to Close Operations
Contract Surety 03.27.2020

Construction Deemed “Essential” in New York

To help fend off the nascent coronavirus (COVID-19) epidemic, the state of New York has halted all but “essential” statewide services. Gyms, restaurants, bars and various other businesses are closing their doors to comply with…
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Construction Deemed “Essential” in New York
Contract Surety 03.18.2020

When Contractors Over or Underbill

Over or underbilling by a contractor can be a big problem for obtaining your bid and performance bonds from your surety bonding company. According to generally accepted accounting principals, contractors should report earnings based on the percentage…
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When Contractors Over or Underbill
Contract Surety 02.11.2020

Surety Bond Ensures No Added Construction Costs Despite Contractor Default

A Performance Bond has ensured that no additional construction costs will incur despite a delay caused by a defaulting contractor working on a Reynoldsburg, Ohio fire station. A new Truro Township fire station was set…
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Surety Bond Ensures No Added Construction Costs Despite Contractor Default
Contract Surety 02.06.2020

Construction Labor Shortage Risks Performance

According to the Associated Builders and Contractors, there were nearly 7 million open construction jobs in the United States as of July 2018. The biggest reason for the shortage is a lack of skilled construction…
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Construction Labor Shortage Risks Performance
Contract Surety 01.31.2020

Incorrect Project Estimates Cause Construction Cost Overrun

It’s extremely difficult for construction projects to come in under budget. Poor project management may be one reason for the error while unforeseeable circumstances may be another. But one of the most common causes of…
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Incorrect Project Estimates Cause Construction Cost Overrun
Contract Surety 01.31.2020

Massive Surety Industry Growth Expected by 2025

With much global infrastructure needing to be replaced in first world countries such as the United States, the global surety market is expected to grow by 7% per year up to the year 2025. There are going…
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Massive Surety Industry Growth Expected by 2025
Contract Surety 01.28.2020

Benefits of the Partnership Account for Associations

Our Partnership Account has helped streamline the bonding and insurance process for industry associations and their members. The Partnership Account is a business arrangement between Colonial Surety and industry associations that can help generate revenue…
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Benefits of the Partnership Account for Associations