Archive for: 2019

Innovation in technology, the growing use and availability of data, and changing customer expectations are all putting pressure on the insurance industry to transform – and fast. Alongside other forces, like the competition for new talent, product innovation, and regulatory influence, carriers are having to figure out how to...

Innovation is one of the biggest buzz words in insurance right now. It means different things to different people. While one firm might see innovation as investment into new ideas coming out of the insurtech ecosystem, another might see it as using technology to make improvements to something they’ve...

This decision is a major victory for Ohio contractors and their sureties. The Fifth District Court of Appeals of Ohio issued a recent decision confirming that Ohio’s construction statute of repose, R.C. 2305.131, applies to breach of contract claims. It also confirmed that sureties are entitled to rely on...

‘We just can’t afford to let our infrastructure continue to age,’ Mayor John Tory says Toronto has embarked on its “busiest” construction season ever with slightly more than $1 billion budgeted this year for work on roads, bridges, expressways, sewers and water mains, Mayor John Tory says. “We just...

The level of payouts on trade credit insurance policies have reached a 10-year high in Northern Ireland, an industry expert has said. Nigel Birney, head of trade credit at Willis Towers Watson, has today warned that the spike in credit insurance claims is a reflection of challenges facing Northern...

Many contractors will promote that they’re bonded and insured. But what does that really mean for you as a consumer? In this week’s Angie’s List Report, we learn from Angie Hicks, the importance of asking about bonds and insurance. You’ll see it on their ads, their website, maybe even...

WASHINGTON, May 7, 2019 /PRNewswire/ — The U.S. Small Business Administration (SBA) recognizes the Office of Surety Guarantees award winners for their continued work to help small contracting businesses acquire surety bonds. Three SBA surety bond partners were selected to receive awards based on their participation, activity, claims and...

A report from the annual convention of surety brokers and agents The surety bond industry regularly reminds state and local governments, politely, that public works in all states must involve surety bonds That’s the law. And the National Association of Surety Bond Producers, the bond agents trade group, has...

An employee’s accidental death on the job, as well as any serious injury, can impact a contractor in several ways. First, an injury can result in a higher experience modification rate, which is what insurance carriers use to determine how much contractors will pay for workers’ compensation premiums. The...

BOSTON, April 15, 2019 /PRNewswire/ — Liberty Mutual Insurance announced today it has signed a definitive agreement to acquire the global surety and credit reinsurance operations of AmTrust Financial Services, Inc. (AmTrust), a multinational property and casualty insurer specializing in coverage for small to midsized businesses. Upon closing, Liberty Mutual will acquire four AmTrust businesses:  AmTrust Surety,...