Bond-Pro | Surety Technology

Two more lawsuits filed in Puerto Rico bankruptcy case [CNA]

SAN JUAN – Two more lawsuits have been filed in the Title III bankruptcy case against the Puerto Rico Highways & Transportation Authority (PRHTA) and the Puerto Rico Electric Power Authority (Prepa). The first was filed Wednesday by insurers Western Surety Co. and Continental Casualty Co. against the PRHTA,...

June 1, 2018 Bond-Pro Webmaster Blog, Claims, Repost.

Decade-old trouble comes to an end for Keystone Airpark [Hanover]

KEYSTONE HEIGHTS – After being awarded over $2 million in damages, the Keystone Heights Airpark can start repairing problems that started after the 2008 construction of two new hangars. About 10 years ago, in October 2008, the small airport entered into a contract with Pipeline Contractors Inc., a Starke-based...

May 20, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

SCC sues DOT, construction company over damaged building [Liberty Mutual]

Southwestern Community College is seeking compensation for damage to the Balsam Center building that it believes resulted from the R-5000 road project, a 0.7-mile connector road between N.C. 107 and N.C. 116 that wound up costing $30 million. A three-way finger-pointing contest over the damage has been ongoing since...

March 30, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

Supreme Court of Canada Provides Guidance on Trustees’ Duty to Disclose Construction Bonds to Beneficiaries

The Supreme Court of Canada (SCC) ruled in its recent decision, Valard Construction Ltd. v. Bird Construction Co. (Valard Construction), that an “obligee” or trustee under a labour and material payment bond (usually the owner or general contractor) may be required to disclose the bond’s existence to its beneficiaries...

March 12, 2018 Bond-Pro Webmaster Blog, Claims, Legislation, News, Repost.

State ups oversight on project (Travelers)

Final payment being withheld until completion State officials are withholding millions of dollars in payment from the contractor of the new Broughton Hospital until the project is completed. The amount of the final payment will be around $6 million, said Mark Benton, North Carolina deputy secretary of health services...

January 30, 2018 Bond-Pro Webmaster Blog, Claims, Repost.

Louisiana First Circuit Holds that Private Works Act Surety Cannot Raise Pay-if-Paid Defense (Hanover)

The Louisiana First Circuit recently held that a Private Works Act payment bond surety cannot raise a pay-if-paid provision in its principal’s contract as a defense to a claim against the bond. Bear Industries, Inc. v. Hanover Insurance Co. involved the construction of a Wal-Mart Supercenter in New Roads,...

January 29, 2018 Bond-Pro Webmaster Blog, Claims, Repost.

Trade credit insurers will be hit by Carillion claims: ABI

Trade credit insurers are expected to pay some £31 million to help firms in the supply chain recover from the collapse of UK construction company Carillion, according to the Association of British Insurers (ABI). And the collapse could also trigger legal action with potential claims for negligence and wrongful...

January 26, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

Developers Surety and Indemnity Co. (AmTrust) seeks reimbursement from Parkwood Pointe Associates, others

PITTSBURGH – A California company that issues performance bonds alleges that two entities and an individual have failed to perform their obligations under a bond. Developers Surety and Indemnity Co. filed a complaint on Dec. 19, 2017, in the U.S. District Court for the Western of Pennsylvania against Parkwood...

January 2, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

5th Circ. Affirms $1M Award In Contractor’s Coverage Dispute

Law360, New York (December 13, 2017, 7:03 PM EST) — Oklahoma Surety Co. is still on the hook for roughly $1 million in damages for denying coverage to a general contractor over a shoddy workmanship suit after the Fifth Circuit on Tuesday affirmed a lower court’s ruling that found...

December 20, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Travelers unit needn’t pay public project subcontractor

A federal appeals court has reversed its earlier ruling and held a Travelers Cos. Inc. unit is not obligated to pay a subcontractor in a public project under its payment and performance bonds. The complex case involves Pearl, Mississippi-based McMillan-Pitts Construction Co. L.L.C., which was selected as the prime...

December 18, 2017 Bond-Pro Webmaster Blog, Claims, News, Repost.