NASBP, in collaboration with the Associated General Contractors of America (AGC), present the new revised Second Edition of the industry standard, The Basic Bond Book. For over two decades this publication has served as an introduction to contract surety bonding to those entering the construction and surety industries. To download a PDF of the book, please click here . If you are interested in ordering bound copies of the book, please visit AGC's bookstore
Typically, any claim resulting from an injury to the named insured’s employee is said to “arise out of” the named insured’s work if the employee was present on the jobsite by virtue of the named insured’s work on the project, whether or not the named insured’s work proximately caused the injury. On the other hand, the “caused…by” language requires that the named insured’s work proximately caused the injury
The Surety Underwriter’s Desk Book, a publication of the Fidelity & Surety Law Committee of the American Bar Association’s Tort Trial & Insurance Practice Section, has been generously provided as a resource to NASBP’s membership by the authors. This publication provides an overview of the legal considerations that pertain to surety bond underwriting on a state-by-state basis. We encourage you to be kind to the environment and use this publication electronically, as it is a very large document (over 1200 pages) and it will be updated periodically. To listen to the presentation that accompanies the overview, click here . To access the searchable PDF of The Surety Underwriter’s Desk Book, please click here
This 7-page document, developed by the Associated General Contractors of America, with input from NASBP and SFAA, provides owners, contractors, subcontractors, and other construction industry stakeholders with a basic understanding of the contract surety claims process
AGCofAm-ClaimsMay2014.pdf
Control is considered to exist if both of the following criteria are met: 1) the customer has the right to obtain substantially all of the economic benefits from use of an identified asset, and 2) the underlying asset is not highly dependent on or highly interrelated with other assets in the arrangement
By Ken Chapman and Frank Tanzola of IAT Surety, a member of IAT Insurance Group Published May 3, 2022 For many years, the construction industry has avoided the cyberthreat spotlight because of the appeal of other industries and large companies storing larger volumes of sensitive and therefore lucrative data
NASBP offers its own educational resources for contractors through the NASBP SuretyLearn for Contractors website , a one-stop shop loaded with free surety information for bond producers and their small contractor clients. The site links to many resources, including NASBP Virtual Seminars that focus on construction topics, NASBP Let’s Get Surety Podcast episodes, the NASBP Be Guaranteed to Succeed Campaign contractor resources, the Contractor Bonding Education and Mentoring Program , and other NASBP tools. SuretyLearn for Contractors also links to numerous articles and documents, including this one, “Answers to 51 Questions Small Contractors Ask About Bonding,” which has succinct, knowledgeable answers to many basic surety bonding questions your contractor clients may ask
Level I is intended for in-house bond department staff, producers new to contract surety, and those new to the industry. The curriculum includes an overview of the surety industry, introductory financial statement analysis, work in process concepts and application, surety credit information-gathering techniques, submissions to surety companies, review of regularly encountered surety documents and bond forms, commercial surety, introduction to claims handling concepts
By David Robbins Co-Chair, Government Contracts Practice of Jenner & Block The saga of the False Claims Act case U.S
Due to the NASBP membership's concerns about the False Claims Act and enforcement risks of the U.S