Surety Blog

Hope everyone has a fun and safe Halloween!

By now I'm sure everyone's heard about the issues surrounding the Daytona Convention Hotel & Condo project. The General Contractor, W.G. Yates was kicked off the job earlier this month and work was halted while the owner, Photogroup, worked to replace them. Construction as officially resumed on the job and www.constructiondive.com wrote an article which [...]

By: Sarah O'Linn If you’re a contractor watching the latest Hurricane Michael footage and forecasts, you’re probably praying for the safety of those affected by the hurricane's path. You also realize that you have a set of unique skills to help with recovery efforts. There are hundreds of billions of hurricane recovery dollars contracted out [...]

1. CREDIT BASED “Quick” Applications (up to $500,000) Application Only, No Financials! 2. SMALL CONTRACT ($500,000 - $1,500,000) Application + Corporate Inhouse Financials, Personal Financial Statements and Tax Returns. 3. STANDARD (Over $1,500,000) Full File…. Application + Qualifying CPA Prepared Financial Statements, Personal Financial Statements, etc. This is the most competitive. More information means larger [...]

Another year, another great Expo. The expo theme this year was music…genres, eras, banks, songs, albums, etc. Of course, we are a bonding agency, so we had to go with the James BOND theme songs…the Florida Surety “Bond Girls” had a great time decorating our booth and serving our non-martini dirty martinis (aka Pinot Grigio [...]

Orange County, Florida just announced 119 public construction projects as part of the County's projected procurements for the 2018/2019 fiscal year.  The projected budgets for these construction projects exceed $360,000,000.  Construction projects over $100,000 for the state of Florida and its political subdivisions require surety bonds pursuant to Fla. Stat. § 255.05.  Although cities and [...]

Effective today, October 1, 2018, the Small Business Administration's Surety Bond Guarantee program cut its fee for surety bond guarantees from $7.29 per $1,000, to $6.00 per $1,000.  The SBA guarantees contracts up to $10 million for contractors who are unable to obtain bonding through regular commercial channels.  The SBA's fee is in addition to the premium charged [...]

We are seeing more and more Florida schools, military bases and cities pursuing solar electricity to power their communities and hope the below article from the Construction Executive on "Surviving the 'Solarcoaster': How to Succeed Amid Evolving Technology and Regulations" helps our solar contractors who are looking for a competitive edge in our current marketplace. [...]

Per the Local 10 Miami News, five companies have finally been collectively fined for more than $86,000. "The U.S. Department of Labor's Occupational Safety and Health Administration fined multiple contractors Friday for safety violations after one employee died and five other employees sustained serious injuries when a pedestrian bridge at Florida International University's main campus collapsed. [...]

According to an article on roadsbridges.com, some feel P3's still have a bright future with public owners and in the private sector. It's an interesting arcticle, so I wanted to share. "Ask someone about the industry’s adoption of public-private partnerships (P3s), and they may describe it as slow. But is it really? Or is it [...]