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Workers who built the Southmost Hike and Bike Trail in Brownsville claim they haven’t been paid. Jorge Contla said he worked on the hike and bike trail project as a subcontractor for ARRCO General Construction Group. The city of Brownsville, though, provided documents to CBS 4 News showing Contla presented himself as a representative of ARRCO. Contla and other...

The feared robot takeover of insurance jobs may soon press ahead – UK industry giant Aviva, which sold its Aviva USA operations in 2013, is planning to consult its 16,000 employees on possible automation of roles, The Sunday Times reports. According to the report, Aviva will ask its workers whether their jobs could be better done by robots. Those...

Work-in-process, or WIP, is an account on the balance sheet where all the costs referring to a product or asset in production are recorded. It covers costs related to direct labor, direct materials, and MOH (applied manufacturing overhead). The “WIP” account is debited (increased) by direct materials used in production, direct labor involved in production, and by the amount...

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Accredited Surety and Casualty Company, Inc. (Accredited) (Orlando, FL). The outlook of these Credit Ratings (ratings) is stable. Accredited is wholly owned by Randall & Quilter Investment Holdings Ltd. (R&Q) (AIM:RQIH). R&Q owns non-life insurance portfolios in...

Contractors on public and private projects are often required to obtain surety bonds to secure their bidding, payment, and performance obligations under a construction contract. A bond is a three-party contract entered into by the surety, the principal (contractor) and the obligee (owner) in which the surety guarantees to the obligee that the principal will perform certain obligations under...

Once again, the University Estates development in northwest Athens is the subject of litigation, with a bonding company called Developers Surety & Indemnity filing a complaint against UE and its former developer Dr. Richard Conard, along with secretary Elizabeth Conard. During Conard’s time developing University Estates, the allotment off Ohio Rt. 682 and Armitage Road was the subject of...

EVANSVILLE, IN (WFIE) – Court documents show Peyronnin Construction filed for Chapter 7 bankruptcy on Monday. That means several multi-million dollar construction projects are in the lurch, including the McLean County Regional Water Treatment Plant, the International Blue Grass Museum, Owensboro Community and Technical College, and a gravity-fed sewer line in Mt. Vernon. Owensboro Community and Technical College –...

RICHMOND, Va. and HOUSTON, Feb. 1, 2017 /PRNewswire/ — Markel Corporation (“Markel”) (NYSE: MKL) and SureTec Financial Corp. (“SureTec”) announced today that they have entered into a definitive agreement for Markel to acquire SureTec for approximately $250 million, inclusive of a three-year earn out. The transaction is subject to customary closing conditions, including insurance regulatory approvals, and is expected...

TAMPA — The Tampa Housing Authority thought it had seen the last of the Siltek Group when in July it fired the contractor building a signature $25.6 million The Tempo at Encore was behind schedule and had fallen prey to shoddy workmanship and poor management, said Housing Authority officials. And Siltek owner Ana Silveira-Sierra continued to let her husband,...

Several surety bond companies that are partners with the U.S. Small Business Administration (SBA) in helping small contracting businesses with their surety bond needs were recently honored by SBA’s Office of Surety Guarantees at a ceremony held at the Agency’s headquarters in Washington, D.C. Michael Konzen, with CCI Surety Inc., was recognized as Surety Agent of the Year. Carol...