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SPONSORED CONTENT FROM OLD REPUBLIC SURETY Posted by Wayne Messick, AFSB Like it or not, ownership and management changes are a certainty in construction. According to FMI, every construction company that isn’t publicly traded will go through an ownership transition — usually every 25 to 30 years. With baby-boomer retirements on the rise, those changes are occurring with greater frequency. A ...

SPONSORED CONTENT FROM OLD REPUBLIC SURETY By Scot Albrinck, AFSB Growing up in a family that owned an electrical contracting business, I was always surrounded by a strong work ethic and dedication to the business. While my role was focused on pulling wire, bolting on stadium light pegs in the middle of winter, and sweeping floors, the heartbeat of the ...

Working with a surety agent and a surety from the earliest stages of planning a new project can mitigate risk.

Posted by Mike Sanders, AFSB Large overbillings or underbillings can be an indication of problems that could jeopardize the stability of a contractor’s bond program. Generally Accepted Accounting Principals (GAAP) state that to be accurate, the best way for a contractor to report earnings is most often on the Percentage of Completion (POC) method of accounting. This method ties together ...

Posted by Rich Sghiatti Cost overruns are a common occurrence in the construction industry. It’s far too easy at the mid-point of any project to misjudge billing against the actual status of the project. That’s where the Work in Progress (WIP) report comes in. The work in progress (WIP) report or WIP schedule is one of the most important reporting mechanisms in the ...

Planning When You Don’t Need It Will Save You When You Do By: Kirk Rathjen, Regional Vice President, Contract Underwriting, Merchants Bonding Company Construction and surety have grown strongly over the past ten years with plenty of capacity, keeping the market soft, but it is always cyclical, so it’s just a matter of time before we start leaning toward a ...

The added security on a construction project is a win-win for all parties involved, says expert Construction projects can be risk-filled propositions as contractors work to meet strict deadlines while trying to avoid poor workmanship and workplace injuries. However, a major risk facing these projects isn’t any of the above. According to National Escrow, a division of Allstar Financial Group; ...