Back before we knew the term COVID-19, the “crisis” in the construction industry was the labor shortage, an aging generation of skilled tradesmen, or the nation’s infrastructure
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
The Importance of State Legislative Elections From California to New York, national campaigns and governor’s races are receiving the majority of the attention in the press, while state legislative races virtually go unreported. However, both major parties are very engaged in state legislative elections because of the large impact they have on redistricting. Redistricting is the process of redrawing state legislative and congressional district boundaries every 10 years by state legislatures following the decennial U.S. Census. The party controlling their respective state legislatures controls the drawing of the maps, which can reshape the political landscape for the following 10 years. According to the National Conference of State Legislatures (NCSL) of the 50 state legislatures, 27 are controlled by the Democrats, 14 are controlled by the Republicans, and 8 are divided between the two parties; 1 legislature (Nebraska) is nonpartisan
These type of efficiencies are sorely needed, especially as the industry is trying to recover from supply chain issues, lockdown challenges and social distancing requirements resulting from the pandemic
NASBP works closely with surety companies, construction industry partners, and other key organizations to advance the use and understanding of surety bonding. NASBP also pursues partnering agreements with key groups, such as construction industry associations. These strategic partnerships enhance and expedite communications between the organizations on a variety of important issues, including the state of the surety market, the importance of bonding requirements to preserve payment protections, and effective risk management practices
By Jodie Clark McDougal of Davis Brown Law Firm Published March 16, 2021 With high rates of fatal and non-fatal injuries, the construction industry is one of the most hazardous, but many do not realize that the safety and health concerns go beyond job site accidents. People in the construction industry are particularly susceptible to mental health issues and suicide, and the COVID-19 pandemic has increased the rates of mental health issues across the industry and country as a whole. As reported by the NAHB , more construction workers die by suicide each day than all workplace-related fatalities combined, and per a CDC report , the construction and extraction occupational group has had the highest male suicide rate out of all major occupation groups multiple times within the last 10 years
NASBP advocates for, protects, and advances the State interests of professional surety bond producers and of suretyship. Throughout the course of any state legislative session, NASBP may be confronted with a number of issues that could negatively or positively impact the surety profession
As President Biden’s $1.9 trillion coronavirus relief plan is pending final approval, the industry remains hopeful for further relief and provisions addressing the shortcomings of previous legislation. COVID-19 Relief Package 2.0, a 5,593-page omnibus bill, included a number of provisions meant to not only bolster business for contractors, but the construction industry as a whole
Most surety bonds are written by subsidiaries or divisions of insurance companies, which are regulated by state departments of insurance. Surety companies are authorized and qualified to do business by the state insurance commissioner where they are domiciled and in the jurisdiction where the bond is issued
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