Blog

PITTSBURGH – A surety bond issuer alleges it was damaged by several contractors/subcontractors because of a breach of indemnity agreements. Developers Surety and Indemnity Co. (Amtrust) filed a complaint on Oct. 19 in the U.S. District Court for the Western District of Pennsylvania against Iron City Constructors Inc., Iron City Constructors Inc. as general partner of MV Holdings, Chrisellie...

Contract surety could be a good business to get into in the next few years. A Canadian construction boom is needed to address the infrastructure deficit across the country – and that means an increased demand for contract surety bonds. One player on top of the trend is Trisura Guarantee Insurance Company, which focuses on small to mid-market surety...

A construction subcontractor that was not fully paid and whose claim on a surety bond was denied had its case heard Tuesday before the Supreme Court of Canada. In 2009, Langford Electric Ltd. subcontracted directional drilling work to Valard Construction Ltd. on a Suncor Energy oil sands project near Fort McMurray, Alta. Langford was a subcontractor for Bird Construction...

WASHINGTON, Nov. 7, 2017 /PRNewswire-USNewswire/ — The U.S. Small Business Administration announced today its most active surety companies and agencies for fiscal year (FY) 2017, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. “FY2017 yielded impressive numbers that would not have been possible without our top performing surety partners and bond agencies,” said Peter Gibbs,...

United States of America vs Walsh Construction Company II, LLC, Walsh Global, LLC and Travelers Casualty & Surety Company 1:2017cv04460 A Chicago-based contracting firm on Tuesday sued an insurance company and a surety bond provider for at least $6 million in D.C. federal court, alleging they failed to cover a subcontractor’s shoddy work on a hotel construction project in...

Great American Insurance Company, Canadian Branch, the specialty property and casualty insurer, is pleased to announce that Great American Insurance Company – Canadian Branch has obtained licenses to write Trade Credit Insurance in AB, BC, MB, NS, ON, and SK. This expands Great American Insurance Company and its affiliates’ footprint in Trade Credit Insurance from the U.S. and Europe...

The Small Business Administration has introduced changes to its Surety Bond Guarantee Program that aim to present better opportunities for small-scale contractors. The new rules apply as of September 20, 2017 and was published in the Federal Register in August 2017. The most important amendment raises the threshold for the SBA’s Quick Bond Application for contract surety bonds that...

Toronto, Oct. 30, 2017 — Trisura Group Ltd.(“Trisura”) and RSA Canada (“RSA”) are pleased to announce the transition of RSA’s contract and commercial surety business in Canada to Trisura Guarantee Insurance Company (“Trisura Guarantee”). RSA’s Canadian surety portfolio consist of approximately 450 contract and commercial surety accounts with annual premium in excess of $6 million. The management teams of...

A United States District Court ruled that there are instances where a surety and its broker could face liability for its principal’s violation of the Federal Government’s False Claim Act. In United States ex rel. Scollick v. Narula, 2017 WL 3268857 (July 31, 2017), an individual whistleblower brought an action under the False Claims Act alleging that construction companies,...

Liberty Mutual has agreed to pay all cost overruns associated with delays in the completion of Clearfield Municipal Authority’s new waste water treatment plant, announced CMA Engineer Jim Balliet of Gwin. Dobson & Foreman. In May 2014 CMA began a $35 million project to construct its waste water treatment plant. But in early 2015, the original contractor, NVP of...