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 […]
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 […]
Contractors in Georgia usually need a license and a Contractor License Bond to perform construction work in the state. It is the Georgia Board for Residential and General Contractors that is responsible for regulating and licensing individuals and businesses.
We often get asked about subcontractor default insurance (SDI) and how it compares to surety 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. […]
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 and license bond. Acquiring a license is something that is required by state authorities to guarantee that the contractors are fully qualified and that they are safe to do business with. Consumers […]
Freight broker bonds are required for most freight brokers. The Freight Motor Carrier Safety Administration (FMCSA) requires both freight forwarders and brokers who intend to be licensed under Title 49 U.S.C. 13904, a to purchase a surety bond of $75,000 before receiving thier license. These bonds are often referred to as the ICC broker bond […]
A reclamation bond is a surety bond that is required by the Bureau of Land Management and other public owners for land disturbance and mining operations. A reclamation bond is usually a requirement if your business wants a permit to begin mining or a related operation at a certain project sight. The purpose of the […]
As of the date of this blog, there are over 280,000 contractors in the state of California. With so many operating contractors, California like many states requires contractors to be licensed and have a California Contractor License Bond to protect the general public. A California Contractor License Bond is a three-party guarantee between a contractor […]