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December 20, 2012
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Targeted news for the surety professional

  Industry News 
  • Farmer: $50,000 bond increase would not help regulate grain buyers
    Farmers in South Dakota weighed in recently on proposed changes to a law designed to help regulators determine when a grain buyer is in financial trouble. Attention has been focused on the subject since the failure of Anderson Seed, which left farmers unpaid for millions of dollars' worth of seeds after closing earlier this year. In addition to an increase in bonding requirements, the proposed changes deal with disclosures of financial information as well as criminal penalties. "The bond is a joke," one farmer said. "I have said it before, increasing a bond by $50,000 won't do anything." Dickinson Press (N.D.) (12/15) LinkedInFacebookTwitterEmail this Story
  • Sureties help bolster e-procurement security in Canada, expert says
    The Canadian construction industry is prepared to make the move to electronic procurement, according to experts. Electronic procurement has many benefits, including the potential for such a system to catch mistakes while a bid is being filled out, experts say. Some people are worried about the security of electronic systems, but one expert notes that the construction and surety industries have worked together to address concerns. Daily Commercial News (12/17) LinkedInFacebookTwitterEmail this Story
  • Concern arises over states losing control in P3 highway projects
    As states struggle to find funds to pay for road construction and repair, some are turning to private companies and forming public-private partnerships. When control over building and maintenance is in private hands, however, some wonder what will happen if the private sector doesn't do the maintaining. Others see more positives than negatives from such partnerships if contracts are handled properly, one expert says. CNNMoney (12/18) LinkedInFacebookTwitterEmail this Story
  • Construction analysts: Fewer federal dollars, tax credits likely in 2013
    This piece asks various experts about the key issues that the construction industry faced in 2012 and what they expect in 2013. Among the concerns discussed are highway construction, residential and multifamily construction, unemployment, materials costs and the economy in general. Some analysts expect that public funding for construction will decrease and that certain tax credits will probably be allowed to expire. ForConstructionPros.com (12/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • GAO: $2.3B in sole-source contract awards weren't justified
    Small, disadvantaged companies were able to win more than $2.3 billion in contracts that lacked the required justification, the Government Accountability Office has found. Under a provision in the fiscal 2010 National Defense Authorization Act, agencies have to provide written justification for certain sole-source contracts, but officials failed to implement the rule within the 180-day window they were given. Federal Computer Week (12/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • Pay one fee now for all 2013 NASBP Virtual Seminars and save $500 -- purchase by Friday
    Help your staff prepare for what they will face in 2013 by registering your company for the 2013 NASBP Virtual Seminars in advance for a discounted price of $995, a savings of $500. The 2013 NASBP Virtual Seminars will address many issues that surety professionals will find informative and timely in 2013. With an average of two live telephone presentations a month, this subscription offers a cost-effective and time-saving way to help keep staff and customers abreast of the industry's current issues, run your business profitably, and improve your and your staff's professional skills. Virtual Seminar topics and presenters are identified by members of the Virtual Seminar Editorial Board, who are experienced surety professionals. As part of this subscription package, you'll also have recordings of each Virtual Seminar e-mailed directly to you soon after they've occurred, including seminars you were unable to attend. Instead of buying each NASBP Virtual Seminar individually, buy a year's worth at this discounted price of $995. To receive this discount in 2012, please purchase the NASBP Virtual Seminar Subscription Series by Friday, Dec. 21. To buy the 2013 NASBP Virtual Seminar Subscription Series now, visit NASBP.org. For more information about this subscription, go to NASBP.org or contact Cathrine Nelson at cnelson@nasbp.org. Information about upcoming Virtual Seminars is available at NASBP.org. LinkedInFacebookTwitterEmail this Story
  • 5 free ConsensusDocs prequalification forms available at ConsensusDocs.org
    The ConsensusDocs Coalition is offering a set of five prequalification forms free to make the design and construction bidding process easier for all construction project parties. "Making these documents available for free is the best way to ensure the broadest number of firms bid on projects using ConsensusDocs," said Brian Perlberg, ConsensusDocs executive director and counsel. "Bidding on a ConsensusDocs project should be as easy as working on a ConsensusDocs project." Perlberg noted that an increasing number of public and private owners are requiring firms to use ConsensusDocs contracts for their projects. Offering the package of documents free will allow firms to bid on these projects without having to first pay for the prequalification forms. The five free electronic forms, which are among more than 100 documents on the cloud-based ConsensusDocs software, are: 220 Constructor's Statement of Qualifications for Engineered Construction, 221 Constructor's Statement of Qualifications, 222 Architect-Engineer's Statement of Qualifications, 421 Design-Builder's Statement of Qualifications and 721 Subcontractor's Statement of Qualifications. Access to the free forms requires registering at www.consensusdocs.org, going through the purchase process, and selecting the "Prequalification Forms Package." The purchase amount will be $0 for unlimited use for one year. NASBP is an endorsing organization of the ConsensusDocs coalition, an unprecedented effort by 38 industry organizations to identify industry best practices and to incorporate such practices in a new generation of consensus industry standard form documents. Learn more about NASBP's involvement with ConsensusDocs. LinkedInFacebookTwitterEmail this Story
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  Market Trends 
  • P/C insurance rates are likely to keep edging upward, reports say
    Modest increases in property/casualty insurance rates are expected to continue next year, but insurers appear unlikely to experience a hard market, according to reports. P/C insurers can expect "not much improvement in underlying underwriting profitability and persistent low interest rates that continue to weaken investment returns," according to one report. The industry may see "gentle premium increases," which could be the optimal scenario "as carriers' financial stability is sustained, capacity/coverage remains plentiful, and buyers do not face painful 'sticker shock' at renewal," according to another report. PropertyCasualty360 (12/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Editor's Note 
  • NASBP SmartBrief will not publish Dec. 27
    NASBP SmartBrief will not publish Thursday, Dec. 27. Publication will resume Thursday, Jan. 3. Enjoy the holidays! LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Is life not a hundred times too short for us to stifle ourselves?"
--Friedrich Nietzsche,
German philosopher


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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
info@nasbp.org
www.nasbp.org
 
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. 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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