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Surety Bond Blog

Happy Thanksgiving from Surety 1!

Happy Thanksgiving from Surety 1!

On behalf of everyone at Surety 1, we want to wish you all a Happy Thanksgiving.  A time to relax, be with friends and family, maybe catch a football game, Surety 1 will be doing the same.  Our office will be closed at 3pm today, November 27 for the rest of the week.  We’ll be back writing bonds quicker than …

 

Importance of Communicating with your Agent

Importance of Communicating with your Agent

As surety professionals, most would agree the best working relationships are those with great communication.  The communication that leaves both the agent and the contractor on exactly the same page.  The surety is rarely surprised and the contractor always knows where they stand in terms of their ability to bond projects.  A win-win.  When communication is poor, both parties are …

 

Performance Bond Underwriting – The Three C’s

Performance Bond Underwriting – The Three C’s

We get calls almost every day with the simple questions on performance bonds, “What do you guys look for” or “How do I increase my bonding.”  While bonding can get complicated on different levels, the simplest answer is that performance/payment bonding credit is based on the surety industry accepted three “C’s.” They are Character, Capacity, and Capital.  Each characteristic has …

 

Subdivision Bonds 101 – The Basics

Subdivision Bonds 101 – The Basics

Similar to grading permit surety bonds, (click here for a refresher on the 3 parties of a surety bond, along with Grading Bonds 101), subdivision improvement bonds are a type of performance bond. They are required by municipalities to guaranty that public improvements associated with the development are completed such as street improvements, sidewalks, lights, curbs, gutters, drainage, etc.  While …

 

Surety Bond Fraud – Easy to Avoid Yet Continues to Occur

Surety Bond Fraud – Easy to Avoid Yet Continues to Occur

Every so often, a story comes out about fraudulent surety bonds.  Sometimes, it’s the contractor committing fraud by issuing his own unauthorized bonds as was the case of a Northern California contractor in 2010. Click here to read the article Other times it’s an agency issuing bogus bonds from admitted carriers without their knowledge most recently in the south involving larger …

 

Performance Bonds for Service Contracts Explained

When most business owners think of companies that need performance and payment bonds, they think construction. However, it’s becoming commonplace for janitorial, street sweeping, window washing, security guard, and other service contractors to be required to post bonds for public works.
When companies fail on a public project, without a bond the public entity has limited recourse, along with the defaulted …

 

CA Pest Control Bond Increasing to $12,500

CA Pest Control Bond Increasing to $12,500

September 6, 2013 California Governor Jerry Brown signed into law bill number SB662 effecting the surety bond requirement for thousands of licensed structural pest control companies operating in the state.
The previous structural pest control operators to  maintain a surety bond in the amount of $4,000 in order to maintain its license or company registration. If a structural pest control operator’s license …

 

Oregon Contractors License Bond – Commercial Requirements

Oregon Contractors License Bond – Commercial Requirements

Previously in this blog we covered the contractor’s license bond requirement for residential contractors.  (CLICK HERE TO SEE POST) Today we will talk about the Contractor’s License bond requirement for commercial contractors.
There 5 categories of commercial contractor in Oregon. Therese are:

Commercial General Contractor, Level 1  (CGC-1) – $75,000 Surety Bond
Commercial General Contractor, Level 2 (CGC-2) – $20,000 ” …

 

Performance and Payment Bonds – New Changes in California

Performance and Payment Bonds – New Changes in California

Recent legislation in California will result in some changes to how public entities procure construction work.  Both new laws specifically address the need to provide surety bonds as part of the procurement process. Bonding is a great prequalification tool; a point not lost on the California Legislature.
Passed and signed into law,  California SB 328 authorizes a county to use …

 

Oregon Contractors License Bond – Residential Requirements

Oregon Contractors License Bond – Residential Requirements

The State of Oregon requires a surety bond to obtain a contractors license.   The state requires ” anyone who works for compensation in any construction activity involving improvements to real property to be licensed with the Oregon Construction Contractors Board (CCB). This includes roofing, siding, painting, carpentry, concrete, on-site appliance repair, heating and air conditioning, home inspections, tree service, plumbing, …