Insurance executive: Carriers more amenable to providing new, broader coverages | Boring contractor to fund transit system construction, pocket revenue from fees | Ga. county wants power company to obtain bond to protect taxpayers
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June 20, 2018
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Industry News
Insurance executive: Carriers more amenable to providing new, broader coverages
Providers are becoming more amenable to providing new and broader coverage options for builder's risk insurance in an effort to differentiate themselves from competitors, an insurance executive said. Among the new choices are sub-limited coverage offerings for contract penalty, cyberrisk and other categories.
Engineering News-Record (6/18) 
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Boring contractor to fund transit system construction, pocket revenue from fees
Boring contractor to fund transit system construction, pocket revenue from fees
(Pixabay)
The company hired to build a high-speed transit system between O'Hare International Airport and downtown Chicago would pay for the entire cost of the system and then keep all revenue from fees and other sources. A source said the company can build the system for less than $1 billion, although its methods and technology are new and have yet to be tested.
Chicago Tribune (tiered subscription model) (6/14),  The Verge (6/14) 
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Ga. county wants power company to obtain bond to protect taxpayers
Officials in Madison County, Ga., want a power company that plans to build a power plant to obtain a surety bond to cover costs associated with infrastructure improvements. The county wants to ensure its taxpayers will not be on the hook for a $4 million water line if the plant is not built.
Madison Journal TODAY (Jefferson, Ga.) (6/18) 
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Risk & Compliance
Another Canadian province to introduce rules protecting contractors from late payments
Another Canadian province to introduce rules protecting contractors from late payments
(Pixabay)
Saskatchewan's provincial government is expected to introduce legislation that would add prompt payment requirements to the Builders Lien Act. If passed, the law would make the province the second one after Ontario to require prompt payment of outstanding invoices.
The StarPhoenix (Saskatoon, Saskatchewan) (6/18) 
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UK attorney: Court case examines surety bond clause's poor language
A court case from the UK shows what can happen when a surety bond clause is poorly written, an attorney writes. Rewriting a key provision in the standard form created ambiguous language.
Lexology (6/13) 
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Association News
Help your contractor clients improve their bottom line; attend June 26 NASBP Virtual Seminar
On Tuesday, June 26 at 2:00 p.m. Eastern, Bobbi Hayes of the CPA firm Carr, Riggs & Ingram, LLC will examine the accounting standards treatment for direct and indirect job costs that contractors face as well as changes under the FASB revenue recognition standard, which go into effect for nonpublic companies on December 15, 2018. Hayes, who serves as partner-in-charge of consulting services and co-leader of regional construction services at Carr, Riggs & Ingram, will explain how paying careful attention to specific financial statement line items can help contractors improve their bottom line. Surety professionals are in the business of helping to build strong businesses. Attend this NASBP Virtual Seminar, and arm yourself with information that will foster your clients' success. Be guaranteed to succeed! This is an opportunity for surety professionals to host NASBP Virtual Seminars for construction clients or to share the information on how clients can register to participate in the live or recorded seminar. Register now.
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NASBP President Bob Shaw is going on the road and is bringing a show to a town near you!
Bob invites everyone to the Bonding with Bob Road Shows, which are a series of half-day educational and networking programs covering surety industry hot topics as well as NASBP resources and benefits. Each road show will conclude with a networking reception. With a registration of only $67.50 per person, NASBP encourages everyone to attend -- from support staff to the CEO. Bob also invites all interested in surety matters and in the opportunities afforded by NASBP membership, regardless of current membership status. Upcoming dates are: July 17, 2018 at Villanova University Conference Center in Villanova, PA and July 19, 2018 at The Lyceum in Hartford, CT. More dates and locations to be announced soon. Register now. For more information, visit nasbp.org.
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Trends & Technology
More GCs may need subs that can provide BIM expertise, support
More GCs may need subs that can provide BIM expertise, support
(Pixabay)
Building information modeling is currently confined to higher-end projects, because the technology proves challenging for smaller contractors, an expert writes. As BIM trickles down to smaller projects, more general contractors will need subcontractors that can provide expertise and support.
Global Construction Review (UK) (6/15) 
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Opinion Poll
Would your contractor clients be willing to discount their invoices in exchange for payment within 30 days?
Not sure  37.04%
Yes  37.04%
No  25.92%
Are you seeing greater availability and broader coverages in contractor insurance policies?   
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It is pleasant to observe by what regular gradations we surmount the force of local prejudice as we enlarge our acquaintance with the world.
Thomas Paine,
philosopher, political theorist and revolutionary
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About NASBP
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.
 
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Fax: 240-200-1295

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