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Pursuing Business With ‘Risky’ Accounts

Prevailing business wisdom holds that the way to reduce credit risk is to limit credit lines, be stingy in allowing credit and freeze orders on past due accounts. This line of thought posits that it is generally impossible to lower “bad debt” losses without adverse consequences to sales and business expansion. Read The Full Story »

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With today’s unforgiving economy, the topic of risk management of major programs and the maturity of general project management within an organization is dominating discussion among senior management, executive leadership and boards.

What is project risk management?

Project risk management is not limited to one specific activity or task. Rather, it formalizes the risk monitoring process and provides project managers (PMs), management and the board with a framework for measuring project risk and milestones. Continue »

Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners who have demonstrated their surety savvy and collaboration for growth. We salute Lamair-Mulock-Condon Company of West Des Moines, IA for attaining the Champions Tour of surety professionals. Congratulations to Joe Schmit, Mark Keairnes and Nancy Schwarz for surety professionalism in 2012. Merchants Bonding has partnered with Lamair-Mulock-Condon Company for over a decade. We thank them for the successes we’ve had together and recognize them for sharing our common sense vision. See our online salute to Lamair-Mulock-Condon Company of West Des Moines, IA here. Continue »

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The second annual World Risk Day (WRD) on May 14, 2013 is the only annual event focused on increasing global awareness of the importance of effective risk management to all types of organizations. The event, themed “Shattering the Project Myth,” will feature a free global Virtual Summit of high-impact speakers, live social media discussions, and an online resource center providing the latest thinking on risk and project management. Project management experts, risk professionals and business executives from around the world are invited to participate in the free World Risk Day Virtual Summit. Continue »

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FMI’s research consultant Rick Tison and Michael Davis, director of Professional Liability Products at Zurich North America Construction, continue the dialogue on changes in today’s challenging operating environment and how new techniques, delivery methods, and construction materials are changing the game of managing risk in the construction process and how best-of-class firms are responding.

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Contractors need to identify additional ways to maintain good profit margins during an economic downturn and slow recovery. In today’s low-margin environment, a return-to-work (RTW) process is no longer simply an option. Regardless of the company size, injury management needs to become an owner or boardroom issue. A RTW process should become part of a company’s business solution for enhanced profit margins. Continue »

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The mechanic’s lien is a unique legal remedy available to the construction industry to secure and collect on debt that arises from services furnished to a construction project. Each state has specific rules about when the lien must be filed (see Lien Deadlines) and who has the right to file. This general rule stands across the country: Entities that furnish labor, materials, equipment or services to a project where real property was being improved in any way are entitled to secure that claim by filing a lien against the property, if the document is filed relatively soon after furnishing. And what is the exact value of a mechanics lien? Why should one be filed? How exactly does it work to get the claimant paid? Continue »

Each year, the Merchants Bonding Company™ Leaderboard Program salutes agency partners who have demonstrated their surety savvy and collaboration for growth. We salute Pinnacle Surety & Insurance Services of Costa Mesa, CA for attaining the Champions Tour of surety professionals. Congratulations Eric Lowey, Mark Richardson and Shawn Blume for surety professionalism in 2012. Merchants Bonding has partnered with Pinnacle Surety for over a decade. We thank them for the successes we’ve had together and recognize them for sharing our common sense vision. See our online salute to Pinnacle Surety & Insurance Services of Costa Mesa, CA here.  

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The Miller Act protects certain subcontractors, laborers and suppliers that provide labor or materials for the construction, alteration or repair of federal projects against the risk of nonpayment. Claimants that improve a federally owned project cannot record a claim of lien against the improvement. For example, despite its potential value on the open market, the Washington Monument cannot be foreclosed on by a subcontractor that performed certain construction improvements at the landmark. Continue »