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By the end of 2018, the construction and surety industries remained robust and resilient. For most contractors, backlogs are as strong as they have been in over a decade, margins have returned to pre-recession highs and work is abundant. For surety companies, profits are at an all-time high, loss margins remain low and demand for bonding, along with total...

AmTrust Financial Services; Crum & Forster, American Financial Group; The Travelers Indemnity Company; Liberty Mutual Insurance Company Surety Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period....

DES MOINES, Iowa — Iowa Attorney General Tom Miller is busy making sure Iowans know a scam when they see one. Miller is cracking down on contractors. He proposed a new law that would require contractors to have a $75,000 bond they would pay customers if they fail to complete a job properly. The Attorney General’s office says the...

The economy could see more businesses becoming insolvent, with the number of trade credit insurance claims shooting up 41% in the December quarter from a year earlier. Data collected by National Credit Insurance (NCI) puts the value of each claim at about $97,000. Last year insurers paid out $64 million in trade credit claims, which was up 19% from...

With a historic law overhauling California’s cash bail system on hold, bail customers on Tuesday filed a class-action lawsuit against more than 20 surety companies and agents in the state, alleging they have conspired to keep premiums high for criminal defendants. The antitrust case, which the plaintiffs’ attorneys said could be the first of its kind in the country,...

United States ex rel. Am. Civ. Constr., LLC v. Hirani Eng’g & Land Surveying, P.C., 2018 U.S. Dist. LEXIS 200829 (D.D.C. Nov 28, 2018). The case involved the construction of a levee wall on the National Mall in Washington, D.C. In September 2010, the Army Corps of Engineers awarded Hirani Engineering & Land Surveying, P.C. (“Hirani”) the prime contract...

In its fourth week, the government shutdown that started on December 21, 2018, has had a profound impact on the U.S. economy. Going down in history as the longest shutdown, it has paralyzed whole sectors because federal institutions are closed or are functioning at limited capacity. J.P. Morgan estimated that the losses account to $1.5 billion for every week...

Navillus Settles Into Normal Business Life After One-Year Bankruptcy Trouble appears to be over between Navillus, one of New York City’s biggest contractors, and five building trades unions. Navillus sought bankruptcy protection 14 months ago after a federal judge ordered it to pay $76 million to union pension and benefit funds. The unions, with which the contractor had agreements,...

Automation is set to transform commercial insurance lines with investments in this field expected to increase, particularly affecting the property business, according to a survey including 300 commercial insurers conducted by Intelligent Insurer. https://www.intelligentinsurer.com/news/automation-to-transform-commercial-insurance-survey-17437

The strategy chief for surety construction services talks about having the right people to prevent failures ENR recently exchanged email questions and answers with Gregg Lyon, chief strategy officer for Bond Construction Services, Strategic Initiatives and Product Management at Travelers. A graduate of Babson College, he has worked 28 years for the company in various underwriting and surety related...