Developer's bond to pay for street coating, storm-drain repairs in N.J. | Pa. insurance commissioner files lawsuit against failed surety's execs | Texas county aims to attract, hire more minority construction firms
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November 29, 2012
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Industry News
Developer's bond to pay for street coating, storm-drain repairs in N.J.
A developer did not complete all of its work in a community in Woodstown, N.J., but a bond for the project will help tackle the unfinished work. The $300,000 performance bond will be used to pay for street coating and to fix storm drains in the development. Borough officials estimate, however, that the total cost of remaining work on the development will be $450,000. NJ.com (Hackensack, N.J.) (11/26)
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Pa. insurance commissioner files lawsuit against failed surety's execs
Top executives of a failed surety company are facing a lawsuit from Pennsylvania's insurance commissioner. According to the lawsuit, the executives are together responsible for diverting money to other businesses and for "the wrongful raiding of over $3.5 million." The surety was taken over by the commissioner's department earlier this year. Philly.com (Philadelphia) (11/28)
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Texas county aims to attract, hire more minority construction firms
Travis County, Texas, has failed to achieve its goals for providing government work to minority- and women-owned companies in recent years, according to an analysis. For example, the county managed to hire women-owned companies for less than 4% of construction work last year despite having a goal of involving them in 13.8% of such work. Local officials are considering ways to improve the county's hiring of businesses owned by minorities and women. Austin American-Statesman (Texas) (free registration) (11/24)
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Unlicensed bidder loses Miss. jail project award
A man who was awarded a $100,000 contract to repair the roof of the jail in Hinds County, Miss., will not be able to do the work. State law requires a license for contractors on projects worth $50,000 or more, according to this article. An official said the county plans to require bidders on future projects to provide proof of a license and performance bond, which it didn't do for the jail roof project. The Clarion-Ledger (Jackson, Miss.) (tiered subscription model) (11/20)
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Policy Update
Experts: Workforce, exemptions hinder U.S. contracts for small firms
About 45% of the $10.6 billion designated by U.S. acquisition rules to be awarded to small businesses in the 2011 fiscal year instead went to large corporations, government data show. Big firms received $4.74 billion in such government contracts during the year ended Sept. 30, 2011. The discrepancy is partly because of the use of exemptions and the undersized acquisition workforce, experts say. The Washington Post (tiered subscription model) (11/18)
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NASBP News
Be sure to register for both of next week's NASBP Virtual Seminars,
to be held Dec. 4 and 7

First, close the year 2012 with a bang and set the table for the best year ever in 2013 by joining us for the Tuesday, Dec. 4, Virtual Seminar, titled "It's About Time: How to Get Twice as Much Done in Half the Time", at 2 p.m. Eastern time. Best-selling author and inspirational speaker Mark Matteson of Pinnacle Service Group will describe how surety professionals can gather life- and business-changing insights to dramatically increase their effectiveness, attract more business and incentivize clients to stay with their firms. Participants are sure to be inspired to laugh, think and act after experiencing Matteson's teaching style, "Edu-Training," which employs positive humor and peak-performance tools. Registrants will learn Matteson's proven tips in managing time and conducting effective meetings and will receive a copy of Matteson's e-book "It's About Time -- How To Get Twice As Much Done In Half The Time," which includes practice exercises, checklists and inspirational quotes.

Then, be sure to join us at 2 p.m. Eastern time Friday, Dec. 7, for the complimentary Virtual Seminar titled "News from the SBA: Successes, Initiatives, and Future Plans," with Director of the U.S. Small Business Administration Surety Bond Guarantee Program Frank Lalumiere, who will describe recent changes to the SBA program and plans for 2013. Lalumiere will be joined by NASBP members Joshua Etemadi of Construction Bonds, a division of Murray Securus, and Michael Williams of CCI Surety, who will share ways the SBA program can be used effectively to help clients and to increase surety premiums. Visit NASBP.org to register for these Virtual Seminars now.

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Pay one fee now for all 2013 NASBP Virtual Seminars and save $500 -- purchase by Dec. 21
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 should understand to be a success 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 and coached by members of the Virtual Seminar Editorial Board. 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, however, you must purchase the NASBP Virtual Seminar Subscription Series by 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 2012 Virtual Seminars is available at NASBP.org.
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Market Trends
Wyo. small businesses fear sequestration's effect on contracting
Small-business owners in Wyoming and elsewhere are concerned about the impact that sequestration could have on their businesses if Congress is unable to avert the "fiscal cliff" before the beginning of next year. If Congress fails to act, $1.2 trillion will be cut from the budget, a move that might reduce the number of contracts available for small businesses. The impact could be significant, experts say; the Department of Defense worked with more than 56,000 small businesses across the country last year. Billings Gazette (Mont.) (11/18)
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SmartQuote
I ask not for a lighter burden, but for broader shoulders.
Jewish proverb
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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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National Association of Surety Bond Producers
1140 19th Street, NW, Suite 800
Washington, DC 20036

Phone: (202) 686-3700
Fax: (202) 686-3656

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