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February 21, 2013
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Targeted news for the surety professional

  Industry News 
  • Bonding company chooses subcontractor to complete N.C. bridge
    Construction has resumed on an $11.8 million bridge project in North Carolina, and work is expected to be completed on time this summer. Construction came to a halt in the fall, when the original contractor filed for bankruptcy protection, but the surety company has hired a subcontractor to finish the job. The project was ahead of schedule when the original contractor ceased work. The Daily News (Jacksonville, N.C.) (2/17) LinkedInFacebookTwitterEmail this Story
  • Surety to select replacement contractor for N.C. highway project
    Financial problems have led to a contractor's removal from a road-widening project in North Carolina, a state transportation official says. The project's bonding company is now in charge and will select another firm to take over the work. The North Carolina Department of Transportation is still aiming for work to be finished by October 2015, the official said. High Country Press (Boone, N.C.) (2/13) LinkedInFacebookTwitterEmail this Story
  • Sureties work to ensure completion of hospital projects
    Two hospital-construction projects in Canada could face delays because the subcontractors reportedly aren't being paid by the general contractor. The projects are mostly complete, however, and bonding companies are helping ensure that construction continues. (Canada) (2/17) LinkedInFacebookTwitterEmail this Story
  • Timeline for Canadian bridge is reviewed amid welding concerns
    Additional welding work may be needed to ensure that a Canadian bridge meets specifications, but whether that will affect the Aug. 31 completion date is unclear, according to a local official. The bridge originally was to be finished last year, but the bonding company had to pick a new company to finish the project after the original contractor went into receivership. Ottawa Citizen (Ontario) (2/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • Firms' perceived debt may rise under lease-accounting changes
    The Financial Accounting Standards Board has proposed a change to lease-accounting rules that means that "companies' perceived debt in their accounting statements could increase enormously," according to this article. The rules have yet to be finalized, but companies can begin to prepare by gathering lease data and by testing their processes. Area Development online (2/14) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • NASBP March 5 Virtual Seminar: "Contractual Risk Allocation Provisions: It's Not My Fault, But Is It My Responsibility?"
    Join us from 2 to 3 p.m. Eastern time March 5 for the NASBP Virtual Seminar "Contractual Risk Allocation Provisions: It's Not My Fault, But Is It My Responsibility?" Risk-shifting provisions in construction contracts have the potential of adding substantial additional costs to a contractor's performance. Attorneys Rolly Chambers and Gene Rash, partners in the law firm of Smith, Currie & Hancock of Charlotte, N.C., will review key contractual risk-allocation provisions and risk-mitigation practices that surety professionals frequently must help their construction clients understand. In addition, Chambers and Rash will address why differing site conditions provisions are needed, delay issues and no-damage-for-delay provisions, contractual indemnity clauses, design review provisions, the Spearin Doctrine and green warranties. Consider inviting your clients to join you at your office for this Virtual Seminar. Registration for each Virtual Seminar is $69 per site. Register now. LinkedInFacebookTwitterEmail this Story
  • Have you paid your NASBP membership dues? Final deadline April 8
    Be sure you continue to receive the many benefits of your NASBP membership. NASBP would like to remind you that if you haven't paid your membership dues, your membership will terminate automatically for nonpayment of dues within 90 days after the date on which they are due or within two weeks of the first day of the NASBP Annual Meeting (April 21). We urge you to pay your membership dues before your NASBP benefits are terminated April 8. We know you don't want to be without NASBP's critical legislative and regulatory news about the surety product, networking access at NASBP annual and regional meetings, informative NASBP educational programs and online courses, analyses and information about surety and legal issues, NASBP Tool Kit forms, and numerous NASBP membership discounts. To review the benefits of NASBP membership and the accomplishments of NASBP in 2012, view the NASBP 2012 Highlights Year-in-Review. Don't lose your membership to the only association dedicated solely to the surety-bond producer. If you have any questions or concerns, contact Dasha Brock at (202) 464-1179 or LinkedInFacebookTwitterEmail this Story
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  Market Trends 
  • Insurers expect to boost IT investments, report says
    More insurers intend to raise their information-technology budgets this year, with 5% of carriers seeking an increase of at least 10%, according to a white paper. "The big theme for IT budgets and plans is the continuing emphasis on core systems, with a significant shift to more focus on front- and middle-office applications that will help insurers drive differentiation and advantage," the white paper says. Insurance Networking News (2/13) LinkedInFacebookTwitterEmail this Story
  • Other News
The psychic task which a person can and must set for himself is not to feel secure, but to be able to tolerate insecurity."
--Erich Fromm,
German psychologist

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Contact NASBP
National Association of Surety Bond Producers
1140 19th Street, NW, Suite 800
Washington, DC 20036
Phone: (202) 686-3700
Fax: (202) 686-3656
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. NASBP producers engage in contract and commercial surety production throughout the United States, Puerto Rico, Guam, and a number of countries. They have broad knowledge of the surety marketplace and the business strategies and underwriting differences among surety companies. As trusted advisors, professional surety bond producers act in many key roles to position their clients to meet the underwriting requirements for surety credit.
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