SB157/HB2482 seeks to amend Section 1 (30 ILCS 550/1) of the Public Construction Bond Act, Illinois’ Little Miller Act, by raising the current bond threshold from $50,000 to $5,000,000. The legislation also creates a “self-insured risk pool” to pay claims or damages arising under a public works construction contract valued at $5,000,000 or less because of a contractor’s failure.
Topic
Advocacy, Contract Surety, Risk Management and Insurance
Publish Date
February 23, 2023
Region
Illinois, States
Audience
Agents, Owners, Sureties
Resource Type
Comment Letter, Resource Map
Project Owners Beware – Don’t Eliminate Prime Bonds in Favor of Dual Obligee Status on Subcontract Bonds