America’s infrastructure is desperately in need of upgrading.
According to the American Society of Civil Engineers (ASCE), the four states in the NY metropolitan area (NY, NJ, CT, PA) earned grades between C- and D+ in their most recent reports (Check your state’s grade using this link).
Politicians are united on this issue and action is imminent. Continue reading…
Surety bonds are basically insurance products. So it’s not surprising that most surety bond agencies come from an insurance background.
Does that matter?
It very well might.
If you happen to be in the Construction Industry and handle government contracts, that acronym may conjure thoughts of extra layers of compliance, issues with finding qualified firms or any number of other stress-related feelings.
Governments at all levels and many Fortune 1000 firms are requiring a percentage of their capital expenditures be set-aside for Certified Minority Firms. In addition, traditional non-MBE firms that compete for government contracts are often Continue reading…
It’s interesting how a slew of Latin legal words and terms are rarely used but synonymously conjure an action that is often easily overlooked. Force Majeure is the perfect term given the current worldwide state of affairs. How often has this clause been briefly considered or even skipped over when reading a construction contract? It may be time to re-read this clause and confirm how it applies to your job performance and contractual obligations, or those of your clients.
Job delays caused by labor shortages, gathering restrictions, delivery delays, and material back-orders as well as cost overruns and performance deficiencies may occur, and be beyond your control. As the world has come to a pause, you should be proactive and review existing contracts and any new ones you are considering. You should involve your attorneys, and should examine your supply chains and your own operations, to see how they may be affected. Continue reading…
Let’s face it. Getting bonded, like many other things in life, is necessary, but can seem like an awful hassle. And it sometimes is, with the required documentation and constant back and forth communications and delays. If you do a high volume of projects tasks such as renewals, cancellations, riders and other record keeping can be a challenge as well.
Streamlining the process
That was yesterday. New, streamlined web portals, such as the SuretyWave Bond Portal offered by Blaise Group, eliminate much of the tedium. You still have to supply financials and other documentation (we have a simplified underwriting process for bonds under $750K that helps solve that), but the process is so much faster and more convenient with SuretyWave.
The complexity of providing Surety Bonds to Public/Private Partnership (P3) projects is similar to the Ying and Yang of nature. Insurance Carriers have a need to provide coverage for a proven construction related project, while understanding the operational piece of that project which, typically is the revenue driver for P3 Consortiums.
Backtrack to Europe in the late 1970’s and 1980’s, when many governments were experiencing high public debt while staring down a gloomy need for infrastructure and public works spending. So they would develop a private finance initiative (PFI). One can arguably track this development to the United Kingdom & Australia in the 1990’s, when the PFI was a way of fusing public projects to private capital, and was largely encouraged. Continue reading…
Blaise Group NY, LLC specializes exclusively in surety and fidelity performance bonds. Our new website will help you to better understand and navigate the world of surety bonding, and to understand the different types of bonds that are available.
In addition, we will be publishing articles on a regular basis to help clients and potential clients stay current on issues related to surety bonding. Whether you are a contractor, corporation, law firm, non-profit, government entity or anyone else who requires bonding, we are here to help.
If you have any topics you would like to know more about, please feel free to contact us at (914) 667-7700.