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Philadelphia Surety Blog

Tag: Josh Quinter

CONSTRUCTION BACKLOG INDICATOR SHOWS OVERALL DIP

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Construction Industry News on Sep 24, 2016.

The Construction Backlog Indicator, or CBI, is a tool that measures backlog as an indicator of the health of the construction industry. The CBI is presently offering mixed signals to the market. While multi-national and large construction firms are showing the largest backlogs in history, this seems to correspond with a decrease in backlog for medium sized and small contractors.

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Sureties to the Rescue: Maintenance Bonds Suggested As Remedy to Allow for Timely Release of Retainage

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Pending Legislation on Sep 20, 2016.

The Pennsylvania state legislature has spent considerable time over the last 2-3 years addressing issues in the construction industry. One of the more recent changes under consideration are amendments to the Pennsylvania Contractor and Subcontractor Payment Act. This statute, which is designed to ensure prompt payment on private projects in Pennsylvania, contains a number of provisions that are in need of update. At least one of the proposed changes will have a direct impact on the surety industry.

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Surety Trivia

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Sep 9, 2016.

Surety contracts have become a signficant part of the construction marketplace; and there is a plethora of law surrounding how they work.  But can you guess the oldest known reference to suretyship in a written legal code?

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Surety Mistakenly Negates Its Own General Indemnity Agreement

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General Agreements of Indemnity on Sep 6, 2016.

Disputes between entities involved in construction projects often involve a number of different companies with different roles on a project. These different roles, and resulting relationships, inevitably lead to different contracts with competing contractual provisions. For the unsuspecting, this can lead to a battle of forms that may create problems of disastrous proportions. A recent federal court opinion issued in Nevada illustrates the point.

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Subcontractor Default Insurance Versus Surety Bonds

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Jun 13, 2016.

Although it’s hardly a new product at this stage, the introduction of Subcontractor Default Insurance (“SDI”) is much more recent than the use of surety bonds. Many of the very large general contractors are now using SDI because it allows them to control the claims process a bit more. These policies, while useful, should not be confused with surety bonds though. There are some important distinctions between the two that are worth noting.

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What is a General Agreement of Indemnity and How Does It Work?

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General Agreements of Indemnity on Jun 8, 2016.

For those who work in the world of construction sureties, General Agreements of Indemnity – or GIA’s as they are called – are a normal part of the process. For those unaccustomed to how sureties operate and how they differ from insurance companies, they are as foreign as an unfamiliar language. Here’s a quick primer on GIA’s and how they work.

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Unique “No Damages for Delay Clause” Not a Defense for Surety

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in No Damages for Delay Claims on May 24, 2016.

The United States District Court for the Northern District of Maryland recently considered an argument by Hartford Accident and Indemnity Company that it was exempt from paying a portion of a payment bond claim as a result of a no damages of delay clause. In deciding the issue, the Court determined that the clause was enforceable but did not preclude recovery against the surety.

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Can a surety be liable for violation of the bad faith statute in Pennsylvania?

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Apr 20, 2016.

The issue of whether a surety can be liable for violating Pennsylvania’s bad faith statute is one that often comes up in construction cases. Aside from the fact that bonds – and thus sureties – are most commonly found in construction cases, the remedy of treble damages and attorneys’ fees (mostly the second part) are attractive to litigants. Although there is very limited case law on the issue in the Pennsylvania courts, the answer to the question is presently no.

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Lexon Surety Group Purchased

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Surety Industry News on Apr 13, 2016.

Lexon Surety Group, a privately held insurance holding company that underwrites approximately $135 million in bond premium annually, is now wholly owned by Ironshore, Inc. Ironshore already held a 20% interest in Lexon before purchasing the remaining 80% in an all cash transaction.

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