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Construction

Driving Less Hurts the U.S. Competitiveness?

Driving Less Hurts the U.S. Competitiveness?

According to the U.S. Energy Information Administration,  In 2011, the United States consumed about 134 billion gallons1 (or 3.19 billion  barrels2) of gasoline, a daily average of about 367.08 million gallons (8.74 million barrels). This was about 6% less than the record high of about 142.38 billion gallons (or 3.39 billion barrels) consumed in 2007.  Sounds great right?  The problem is, …

 

CA tops in efficiency standards in the building industry.

CA tops in efficiency standards in the building industry.

The impact of the new regulations for building more energy efficient homes has not seen the resistance expected by naysayers in the industry. Originally the new mandates were expected to increase the cost of compliance for the builders by up to $10,000 per new residential home.  However, the energy commission decided to downgrade the standards to reduce the expense to a 25%  increase which would …

 

Which states are the friendliest for subcontractors?

Which states are the friendliest for subcontractors?

The American Subcontractors Association names Texas as the state with the best laws and environment for subcontractors for 2011. Texas Governor Rick Perry signed six new laws in 2011 that subcontractors in Texas have already started benefiting from. The laws are:
1. Allows subcontractors 30 days after completion to provide lien notices.
2. Established lien waiver for progress payments and …

 

North Carolina Bond Threshold Now $500,000

North Carolina Bond Threshold Now $500,000

North Carolina House has passed a new requirement for all projects over $500,000 to have a bond for Department of Transportation, Department of Administration and University of North Carolina.  This was done to decrease the amount of losses on project for these entities.  These agencies are required to report their defaults to the Joint Committee on Government Operations.  This amendment …

 

How does ineffective financial management lead to contractor failure?

How does ineffective financial management lead to contractor failure?

Many people believe that the majority of the risk is with the performance bond; in fact most claims are on the payment bond.  Especially in today’s economy, contractors are at risk of job cost borrowing in order to keep their company from bankruptcy.  Contractors are notorious for running out of the necessary cash to complete their projects.  They can be …

 

Surety 1 is the 23rd Fastest Growing Company In Sacramento Region

Surety 1 is the 23rd Fastest Growing Company In Sacramento Region

The Sacramento Business Journal has named Surety 1 the 23rd fastest growing company in the Sacramento Region.  The award was accepted by John T. Page, the President and founder of Surety 1 in 2003.  It is an honor for Surety 1 to be ranked by the Sacramento Business Journal, and we feel this is even more impressive given the current …

 

Bonding Subcontractors

Bonding Subcontractors

I sell bonds for a living, so it is easy to assume that the purpose of this argument is self serving.  While this would not be a totally misguided opinion, we have seen are several disturbing trends of late that make me believe all General Contractors should re-visit their bonding requirements and all subcontractors should be prepared to bond – …

 

Undwriting Revealed

Undwriting Revealed

Surety bond company underwriting revealed

 

New Bond Requirements for Connecticut Mortgage Lenders, Brokers, and Originators

New Bond Requirements for Connecticut Mortgage Lenders, Brokers, and Originators

Effective July 31st 2010- The state of Connecticut has new requirements for Mortgage bonds depending on the dollar amount of total loans originated.
Depending on how much business you write, your bond may no longer be sufficient to legally operate in Connecticut.
Here is a quick break down of the new requirements and how to calculate what level of coverage …

 

Finding a Surety Bond Producer

Finding a Surety Bond Producer

Since private work is not expected to rejuvenate itself in the near future, you’ve decided to enter the public work arena to supplement revenues.  It’s a great decision, where to begin?  The construction isn’t different; it’s the process of becoming qualified for public work that often stumps contractors starting to bid on public projects.  
The best place to start …