Surety & Insurance Support Services in Construction

Understanding how builder’s risk insurance claims work is essential for contractors, developers, and other stakeholders involved in construction projects. Builder’s risk insurance covers property damage and losses that occur during construction due to a variety of reasons, including fire, theft, vandalism, and natural disasters. Typically, it is the owner or

Understanding the intricacies of bond claims in construction projects is essential for all parties involved, from contractors and subcontractors to project owners and surety companies. A bond claim in construction projects can potentially delay project completion and increase project costs. Common reasons for bond claims include contractor default, non-payment to

Surety bonds play a crucial role in the construction industry, providing financial protection and ensuring contractors meet their contractual obligations. Therefore, it is important to clarify various misconceptions surrounding them. First of all, construction surety bonds are not the same as construction insurance. While construction insurance protects the policyholder, bonds

As a key component of construction risk management strategies, surety can promote financial security, credibility, and compliance with legal and contractual obligations. Looking ahead, we are likely faced with multifaceted future trends and innovations in surety for construction. Technological advancements in bond issuance and management, as well as emerging trends

To ensure the successful completion of projects while safeguarding party interests, parties might consider surety bonds in construction projects. Such bonds involve an agreement between three parties: the principal (contractor), the obligee (project owner), and the surety (bonding company). These bonds provide a financial guarantee that the contractor will fulfill