Construction firms forced to take risks and go for ‘home runs’

As the construction industry in Canada becomes more prone to legal disputes, the need for robust construction insurance policies and surety bonding is growing critical in tandem. Insurance and bonding both play vital roles in ensuring both public and private construction projects are completed on time and on budget – two things rarely achieved by construction firms today. There...

Insurance company files lawsuit against Horry Co. Schools, others claiming nearly $3M owed for work [Selective]

CONWAY, SC (WBTW) – An insurance company has filed a lawsuit against Horry County Schools and others alleging they haven’t been paid nearly $3 million for work on schools. The lawsuit was filed by Selective Insurance Company of America on Monday, the lawsuit says. Horry County Schools, MetCon Construction, Inc., Firstfloor Energy Positive, LLC, Travelers Casualty and Surety Company...

Washburn Tech East sets up temporary classrooms at Antioch Family Life Center [Hartford]

While physical construction on the new Washburn Tech East campus is at a standstill, educational offerings will start as scheduled Jan. 7 at a temporary location, officials announced Monday. The Antioch Family Life Center, 1921 S.E. Indiana Ave., will host classrooms until construction is complete on Washburn Tech East, 2014 S.E. Washington St. “We wanted to do everything we...

Surety Disputes AECOM Hunt’s Claim on Austin Hotel Subcontractor Default [Liberty Mutual]

Partial termination and proper notice is contested Lawsuits are nothing new in construction insurance or surety, but some of them have novel twists. Such as a partial termination of a subcontractor by a prime contractor. And a countersuit by a surety against a contractor. One recent project had both. Hunt Construction Group, now known as AECOM Hunt, has tried...

Could surety bonds have saved Carillion’s customers from millions in financial loss?

One key lesson from Carillion’s demise is that risk mitigation tools may not provide the level of protection that contractors may need but the answer may be found in surety bonds When the UK’s second largest construction company declared insolvency on 15 January 2018 it sent shockwaves throughout the industry, with an estimated 25,000 to 30,000 subcontractors and other...

Duck Creek acquires distribution software provider

Duck Creek Technologies, the Boston-based insurance software company, has acquired Outline Systems LLC, a New Jersey-based provider of P&C insurance distribution channel management software, the companies announced Wednesday. “Outline’s distribution channel management software is a natural addition to Duck Creek’s platform and marks an important milestone in our growth strategy,” Duck Creek CEO Michael Jackowski said in a press...

Settlement With Martin Enterprises, Inc. and Its Surety for Submitting False Claims For Demolition Work Under the U.S. Treasury’s Blight Elimination Program [Phly]

FORT WAYNE, Indiana, Oct. 5 — The U.S. Attorney for the Northern District of Indiana, Thomas L. Kirsch II, issued the following news release: United States Attorney Thomas L. Kirsch II announced today a pre-suit settlement under the False Claims Act for fraudulently submitted claims payable with federal Blight Elimination Program funds for demolition work not performed properly. During...

Surety—Standing in the Shoes of Subcontractor—Is Barred From Asserting Defense of Concurrent Delay

Surety—Standing in the Shoes of Subcontractor—Is Barred From Asserting Defense of Concurrent Delay Because Subcontractor Failed to Seek a Time Extension as Required by the Subcontracts Fid. & Deposit Co. of Md. v. Travelers Cas. & Sur. Co. of Am., 2018 U.S. Dist. LEXIS 162265 (D. Nev., September 21, 2018) Clark County School District (“CCSD”) hired Big Town Mechanical...

Moody’s: Aserta wins approval to turn its sureties into insurance firms, a credit positive

legislation
On Wednesday, Mexico’s leading surety group, Grupo Financiero Aserta AM Best affirms credit ratings of Aserta Seguros Vida, Grupo Financiero Aserta: A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good), the Long-Term Issuer Credit Rating (Long-Term ICR) of bbb+ and the Mexico National Scale Rating of aa+.MX of Aserta Seguros Vida, S.A. de C.V., Grupo… ,...

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