Everything Contractors Need to Know about Bid Bonds in 2020

Hello, and welcome back to Work in Progress. My name is Ben Williams with MG Surety Bonds, and this is our show dedicated to surety bonding and all things construction. Today we’re going back to the basics to talk about one of the most common types of contract surety bonds, which of course are bid […]

Contractor Bonds – 4 Easy Tips for Increasing Surety Bond Capacity

Hello and welcome. My name is Ben Williams with MG Surety Bonds. And this is our show, Work In Progress dedicated to surety bonding and all things construction. Today we’re going to give contractors four easy tips for increasing their bond capacity. Let’s get started. One thing we get asked by contractors of all sizes […]

Surety Bonds and the New Changes in Lease Accounting

The Financial Accounting Standards Board (FASB) began to overhaul the lease standard approximately 13 years ago. Educational materials can be found on their website. The new standard became applicable to private companies on December 15, 2019 (which means it is already in effect). Note that this change only affects private companies, as public business entities […]

Performance and Payment Bonds vs. Subcontractor Default Insurance

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 […]

ESOPs and Surety Bonding

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 […]

California Broker of Construction Trucking Bonds

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.

Becoming a New York Home Improvement Contractor and Obtaining a License Bond

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 […]

Freight Broker Bonds

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 […]

Reclamation Bonds

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.