For many business owners in the US, surety bonds are essential in helping their business grow and stay compliant with all state and federal regulations. Whether you operate a business that requires you to maintain a license or permit bond or intermittently need a contract bond to cover specific projects, it’s vital that you stay up to date with surety bond requirements in every state that your company conducts business in.
Continue reading “Surety Bond Updates Across the United States”
Surety Bonds Required for New Jersey Real Estate Appraisal Management Companies
As of November 11, 2017, any business operating as a real estate appraisal management company in New Jersey was required to have a surety bond in place to become officially registered with the Real Estate Appraiser Board. Continue reading “Surety Bonds Required for New Jersey Real Estate Appraisal Management Companies”
Study Shows the Long-Reaching Economic Value of Surety Bonds in Canada
The Canadian Center for Economic Analysis recently published the results of a study, conducted on behalf of the Surety Association of Canada, on the economic value of surety bonds in the country. CANCEA studied 150,000 bonded projects completed by 10,000 construction firms over the last 20 years to assess the impact these bonds had on the economy of the surrounding area. The study highlighted 5 key important findings: Continue reading “Study Shows the Long-Reaching Economic Value of Surety Bonds in Canada”
Construction Industry Trends for 2018
Staying ahead of the game is vital if you want your construction business to be a success. So what trends should you expect to see and what changes will you need to adopt to keep your business moving forward in 2018? Continue reading “Construction Industry Trends for 2018”
How Much Do You Know About Surety Bonds? [QUIZ]
Surety bonds play a vital role in many business activities from licensing requirements to contract protection in all 50 states, but how much do you know about surety bonds? Continue reading “How Much Do You Know About Surety Bonds? [QUIZ]”
Everything You Need To Know About Private School Surety Bonds
If you’re currently operating a private school or plan on opening one in the future it’s essential that you understand what private school bonds are and how they impact your business. Continue reading “Everything You Need To Know About Private School Surety Bonds”
Commercial vs. Contract Bonds
Commercial surety bonds and contract bonds serve a similar purpose in that both types of bonds provide protection for one of the parties named in the bond, but they also have unique purposes that are tailored to the industries they are used in. Continue reading “Commercial vs. Contract Bonds”
Types of Surety Bond Collateral
Surety bond applications generally only require a business to submit an application form, supporting documentation, and the premium amount in order for the bond to be underwritten. However, there are some circumstances where a surety may require the applicant to provide a form of collateral to secure the bond. This generally occurs when a surety bond deems that the risk of issuing the bond is too great without the additional protection of collateral. Continue reading “Types of Surety Bond Collateral”
Mortgage Broker Bonds
Shopping for a mortgage broker bond can often seem like a huge inconvenience and a waste of time, but you may be surprised to learn just how easy it is to find a bond. You might also be pleasantly surprised to learn that they can help your business grow! Continue reading “Mortgage Broker Bonds”
AIA Contract Documents – What’s New for Surety Bonds?
Every ten years the American Institute of Architects (AIA) updates its contract documents to address changes in the industry. With the last document changes made in 2007 it came as no surprise when the AIA issued new base documents in May 2017. One of the biggest and most significant changes to the documents for the surety industry was the removal of article 11 from contract A201-2007, this article covered the insurance and bond requirements of contractors. Continue reading “AIA Contract Documents – What’s New for Surety Bonds?”