Surety files motion to take over projects from Texas contractor | Missed detail results in rejection of bid for government contract | Law on coverage for faulty workmanship upheld by S.C. high court
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December 13, 2012
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Surety files motion to take over projects from Texas contractor
A contractor involved with about 25 projects in Texas has filed for bankruptcy protection. The contractor's surety company has filed a motion to take charge of the unfinished work, which includes several highway projects. "Taxpayers will not incur any additional cost, but there will be some [project] delays, and we don't know at this point how long those delays are," said a spokeswoman for the Texas Department of Transportation. Corpus Christi Caller-Times (Texas) (free content) (12/10)
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Missed detail results in rejection of bid for government contract
A mistake that prevented a company from winning a government contract emphasizes the importance of paying attention to detail when submitting a bid, this blog post notes. The contractor said it would take 350 days to complete the work. However, an extension in the bid-opening date meant that the contractor wouldn't be able to meet the deadline for the project if work lasted that many days. Despite the contractor's arguments to the contrary, the Government Accountability Office determined that the bid had to be rejected as a result of the mistake. American City Business Journals/Washington, D.C./FedBiz Daily blog (12/7)
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Law on coverage for faulty workmanship upheld by S.C. high court
The South Carolina Supreme Court has upheld a law that includes coverage of damages from faulty workmanship in a contractor's general-liability policy, but the court said the measure does not apply to claims submitted before the law took effect last year. "Insurance coverage for construction liability lacks clarity, particularly with respect to whether construction defects constitute 'occurrences' under construction general insurance policies. The General Assembly properly exercised its authority in an attempt to definitively resolve or at least minimize this frequently-litigated issue," according to the majority opinion, written by the court's chief justice. Insurance Journal (12/6)
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Conn. city officials weigh nightclub-promoter bond requirement
Officials in a Connecticut town are considering an ordinance that would require nightclub promoters to obtain licenses and surety bonds. The licenses would cost $1,500, and a committee also added a requirement that promoters put up $20,000 or obtain a surety bond in that amount. The ordinance, which has been referred to a subcommittee, stems from recent shootings at a nightclub. The Herald (New Britain, Conn.) (12/12), The Herald (New Britain, Conn.) (12/5)
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Policy Update
Observers: Higher small-business set-aside goals may not be enough
The version of the National Defense Authorization Act passed by the House would increase the government's target for small-business contracting, but some think that may not be enough. An attorney suggests agencies may first need encouragement to meet current goals. The House's bill also would address the issue of improper contract bundling, which can make it harder for small businesses to get work, according to the chairman of the House Small Business Committee. Federal Computer Week (12/10)
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NASBP News
NASBP Dec. 18 Virtual Seminar: "Financial Guaranty Insurance
and Bonds"

Be sure to join us at 2 p.m. Eastern time Tuesday for the NASBP Virtual Seminar "Financial Guaranty Insurance and Bonds" to learn about the regulation of financial guaranty insurance and how it overlaps with the regulation of surety insurance. Also, gain insight into the regulatory approach taken by the state of New York and why it impacts the writing of surety business by property/casualty insurers outside the borders of New York even if the insurer is not domiciled in the state of New York. Participants will find out how to comply with the New York Financial Guaranty Law and its Appleton Rule as well as the surety laws of various states. Presenters Rosemary Quinn of CNA Surety and Lynne Cook of Early, Cassidy & Schilling will have a discussion that is sure to interest those who write commercial surety, or have ever thought about writing it. Cook is senior vice president at Early, Cassidy & Schilling (EC&S), where she leads the construction and bond teams, actively assists clients with their surety programs and manages the agency's carrier relationships for bonds. She joined EC&S in 1999 and has been a surety professional since 1979. Quinn is vice president and counsel for CNA Surety. Prior to joining CNA Surety in 2006, Quinn held similar positions with other surety companies. Consider inviting all of your staff to listen to this NASBP Virtual Seminar. Registration for each Virtual Seminar is $69 per site. Visit NASBP.org to register now.
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Complete your CE credits early by registering for the January 2013 NASBP William J. Angell Surety School
The popular Winter Session of NASBP's William J. Angell Surety School is approaching fast. Participants have the opportunity to complete many of their required annual continuing education credits in the first month of 2013 by participating in the Winter School. Depending on their state, many students can fulfill from six to 24 credits by attending Level I of the school, and from six to 41 credits by attending Level II of the school. To find out how many credits the school qualifies for in a specific state, visit NASBP.org or contact Ann Latham at NASBP at alatham@nasbp.org. Give yourself or your employees the gift of professional development and continuing education -- a long-lasting career benefit. Space is available in the Winter offering of Level I (Jan. 27 to 30) and Level II (Jan. 27 to Feb. 1) of the NASBP William J. Angell Surety School, which will be held at the Houston Renaissance Greenway Plaza Hotel in Houston. For more information and to register, visit NASBP.org.
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Market Trends
Report: Revenues to change little for insurance brokers next year
Insurance brokers are unlikely to experience substantial revenue growth next year because of competition and global economic difficulties, according to a report by a ratings firm that says the sector's earnings "are anticipated to remain relatively stable in 2013 with levels reported in the first nine months of 2012." Increasing premiums have not been accompanied by a significant increase in broker revenues this year, the report said. "This pricing trend appears sustainable into 2013, which should promote continued moderate growth going forward," the ratings firm said. PropertyCasualty360 (12/7)
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SmartQuote
Don't be fooled by the calendar. There are only as many days in the year as you make use of.
Charles Dow Richards,
Canadian judge and politician
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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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