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ISTOCK.COM/CYBRAIN and BRIANAJACKSON By David B. Dolnick In the first part of this discussion (See SBQ Web Exclusive Article Helping Your Clients in a Rapidly Changing Insurance Market), we took a look at what’s happening with commercial insurance rates and at prior market cycles. We made some educated estimates about where the insurance market appears to be heading, as uncertain ...

SPONSORED CONTENT BY LIBERTY MUTUAL SURETY When selecting a surety partner, contractors may not anticipate, or even consider, claims that may be made against the bonds securing their obligations. Surety claims are, however, a real-world possibility, and even well-managed and well-capitalized contractors may find themselves faced with disputes that could result in surety claims. The risk of surety claims is ...

Updated: March 13, 2020 By: Alexander Gorelik, Joshua E. Holt, Brian N. Krulick, Shoshana E. Rothman, A. Michelle West, and Brian S. Wood The outbreak of COVID-19 (“coronavirus”) has wreaked a considerable human toll of death, physical suffering, fear, and anxiety internationally. Much of the fear and anxiety results from a lack of information or a full understanding about the ...

By Jeremiah M. Welch Boston’s recent decision to temporarily shut down city construction projects has many in the industry asking what impact, if any, a COVID-19 related shutdown would have on project insurance. For this article, the focus is not on the question of whether there is coverage for damages or liabilities because of COVID-19; there are many other articles ...

By David Robbins In this unprecedented time of global pandemic, government contractors, and industries supporting them have spent substantial effort understanding contract terms like force majeure, excusable delay, changes, and Defense Production Act rated orders. The surety industry is also rapidly learning these terms and clauses and how they apply to Miller Act bonds issued for federal construction contracts. The Miller ...

ISTOCK/HAZEMMKAMAL By Levi W. Barrett, Steven M. Charney, Warren E. Friedman, and Christopher B. Kinzel The Coronavirus has been the subject of an extraordinary amount of media coverage since the start of 2020. As we approach the end of the first quarter of the year, its impact on local and global economies and our way of life cannot be ignored. ...

Ktasimar/Shutterstock.com By Toby Miclette I heard a story recently about a public owner in the state of Texas using a security bond in an attempt to force a general contractor (GC) into executing a guaranteed maximum price (GMP) contract amendment at a price no greater than the Initial GMP (IGMP), even though there had been scope changes subsequent to establishing ...