It is the Georgia Board for Residential and General Contractors that is responsible for regulating and licensing individuals who plan to work as a contractor in the state.
We often get asked about subcontractor default insurance (SDI) and how it compares to bonding. Some people just call it “Subguard”. Subguard is Zurich’s proprietary product that was first introduced to the market, and that many contractors are familiar with that term. However, many insurance companies have entered this product field over the years. SDI […]
Continuity and succession planning are important to bond companies. There are many ways in which contractors can accomplish the transitioning of their business. One popular method we are seeing more of is the Employee Stock Ownership Plan (ESOPs). ESOPs are a tax-qualified retirement plan that invests in the stock of the company. They can be […]
Several years ago, Senate Bill 1092 was approved, which revised the existing surety bond requirements for all construction trucking service brokers in the state of California. This bill was signed into law in September of 2012 and it went into effect in January of 2013.
If you live in New York and want to repair, remodel, or build residential properties, you must obtain a home improvement contractor license. This is a required legal step. Acquiring a license is something that’s required by state authorities to guarantee that the contractors are fully qualified and that they are safe to do business […]
It is required by the Freight Motor Carrier Safety Administration, or the FMCSA for short, for both freight forwarders and brokers to purchase a surety bond of $75,000 before receiving their freight broker license. These bonds are often referred to as the ICC broker bond or the BMC 84 bond. More information is available at […]
The reclamation bond is a type of performance surety bond. It’s required by BLM – the Bureau of Land Management – and it is required by some state government agencies that provide permits for specific mining operations.
As of the date of this blog, there are over 280,000 contractors in the state of California. The public can search for actively licensed contractors at their site. With so many operating contractors, California like many states requires contractors to be licensed and provide a surety bond to protect the general public. A California contractor […]
The most popular method for construction project delivery is still design-bid-build. This is where a design professional and owner create plans for a project before sending the project out to bid. A contractor is then selected to build the project. However, that is changing. According to a study by FMI last year, Design Build projects […]
With surety bonds, collateral is typically used for protecting the surety bond company from a possible loss. Here, you can learn about the collateral used for surety bonds, along with some pros and cons of each.