The construction insurance industry is constantly changing and the number of available insurance products continues to grow. The result is an increasingly complex market for construction project participants to navigate. Recognizing the need for more flexibility and adaptability, a new and comprehensive insurance exhibit has been created for use in conjunction with the following AIA Documents:
Sureties and banks, as well as rating agencies and governmental customers, analyze a contractor’s financial strength using different metrics and methods. Liquidity (the ability to meet obligations as they arise) is generally prized as the greatest strength, with leverage and profitability close behind. For bonding purposes, the contractor must understand the surety’s unique approach to liquidity analysis, with the goal being to steer the bonding company—rather than being steered by it.
This October, Construction Executive took a look at 12 companies making an impact on how construction is being implemented around the world. From charitable giving to the seamless integration of software, organization and cameras, these are the 12 hottest companies to keep your eye on this year. Their influence on the industry will be indelible. Continue »
The recent Maryland Court of Special Appeals opinion in the case of Schneider Electric v. Western Surety Company underscores the sometimes problematic interaction of incorporation by reference clauses in surety bonds.
Similar to retail developers, senior living housing developers focus on creating an appealing experience for their customers. Out are the sterile, utilitarian institutions of old, and in are senior living facilities that cater to baby boomers who are demanding more than the previous generation.
Equifax, one of the three largest consumer credit reporting and financial services providers in the nation, announced its data was breached on Sept. 7. The personal information of an estimated 143 million U.S. consumers (44 percent of the population) was stolen from May 13 to July 30. This includes full names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers.
Building a solid foundation for a good relationship with sureties is important to every contractor. Just as with any relationship, it must be built on trust, mutual respect and honest communication. Sureties want to work with contractors that are accountable and proactive. They also expect contractors to have good management skills so that a profit is realized on the majority of their projects.
Construction project planners know schedule details inside and out. They can look at a Gantt chart and easily see the relationship between tasks, the durations assigned and the resources committed. Unfortunately, few others in the construction process are interested in the symbols and graphs.
According to the National Bureau of Economic Research, the U.S. economy has gone through eight cycles of recession since 1960. This means the United States has found itself in a correction/recession every eight years in the past 56 years. The economy is now in its seventh year of official growth since 2009. These statistics suggest that in the next 18 to 24 months, the economy will face headwinds, or market correction.
The vital connection between America’s infrastructure and the well-being of our citizenry is never more apparent than in times of crisis. As residents of Texas, Florida and Puerto Rico deal with the aftermath of hurricanes Harvey and Irma, it’s clear rebuilding communities there will be an immense task; however, there are important lessons to be learned after Hurricanes Katrina, Irene and Sandy that could also be utilized to make infrastructure better and stronger as we rebuild after these latest weather crises. Continue »
Construction labor remains one of the largest hurdles in conquering a construction project. It is always at the forefront of industry news and it’s a legal problem, too, with new overtime regulations coming into play. When dealing with construction claims, one of the largest components of any request for additional compensation is labor costs.
Five Tips to Keep Business Running After a Natural Disaster Construction Contractors Affected by the Recent Hurricanes Can Take Steps to Minimize Operational Downtime
Coverage of the devastation caused by Hurricanes Harvey, Irma and Maria over the past few weeks has been almost inescapable. While large-scale recovery efforts are well under way, individual companies located or doing business in areas affected by the storms likely will be feeling the effects for much longer, with many facing the very real prospect of having to shutter their operations for good.