PIDC's Small Contractor Workshop Series Tips

PIDC’s Small Contractor Workshop Series Tips

With more construction opportunities becoming available in the public and private sectors in the City of Philadelphia, PIDC hosted a 4-part Construction Workshop series to provide small contractors with the necessary tools for lasting success. Part 3 of the series was titled Understanding Contract Surety Bonding: An Orientation for Small Contractors led by strategic partner …

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NEW City of Philadelphia Demolition Contractor License Bond

NEW City of Philadelphia Demolition Contractor License Bond

In June 2013, a Philadelphia building undergoing demolition collapsed onto a neighboring building, killing six people and injuring 14. Philadelphia’s construction and demolition regulations were closely scrutinized in the wake of the collapse. In response, the Philadelphia City Council passed five bills in February 2014, imposing additional permitting, inspection, construction and licensing requirements for building …

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Bonds: An Important Weapon In Any Contractor’s Arsenal

Bonds: An Important Weapon In Any Contractor’s Arsenal

It is vital that construction contractors, regardless of tier or trade, understand the basic principles of contract surety bonds. An understanding of how bonds are used in construction; and, importantly, how the surety company prequalifies the contractor is critical. Surety Bonds are mandated by various federal, state and local laws, but may also be required …

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Surety Bond Associates Welcomes Commonwealth Insurance Company Customers

Surety Bond Associates is pleased to announce their commitment to former customers of Commonwealth Insurance Company by replacing their cancelled surety bonds. Surety Bond Associates, also located in Bala Cynwyd PA, is a full service surety bond agency providing specialty surety bond services to small and mid-sized contractors, including dedicated programs and services for minority, …

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Commonwealth Insurance Company of Bala Cynwyd PA in Liquidation

The Pennsylvania Insurance Department issued an order on March 19, 2014 to liquidate the Commonwealth Insurance Company of Bala Cynwyd PA.  The order was unanimously approved by Commonwealth Insurance’s board of directors and sole shareholder. The failure cancelled surety bonds of many construction contractors and other businesses effective April 19, 2014, possibly leaving taxpayers liable …

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Understanding Special Needs Trust Bonds

The essential purpose of a Special Needs Trust is usually to improve the quality of an individual’s life without disqualifying him or her from eligibility for public benefits, such as Medicaid, Social Security, or Mental Health or Mental Retardation benefits. The beneficiary of a special needs trust must be under the age of 65 and …

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New $75,000 Freight Broker Bond (formerly $10,000 ICC Broker Bond)

When Congress recently passed the “Moving Ahead for Progress in the 21st Century, this sweeping legislation included extensive changes regulating the activities of Freight Brokers by the Federal Motor Carrier Safety Administration (FMSCA), including replacement of the former $10,000 ICC Broker Bond (BMC-84) with a new $75,000 Freight Broker Bond. In addition, Freight Forwarders, who …

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Financial Planning Guide For Small Contractors To Maximize Bonding Capacity

A contractor’s aggregate bond limit is largely determined by their firm’s working capital, net worth and leverage positions as reflected in their fiscal year end financial statements. The year end statement is a tool primarily used to establish the following year’s bonding program with an interim statement, typically six months from the year end, used …

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Maryland Church Fights Unlicensed Individual Surety Over Bond on Failed Project

The Korean Seventh-day Adventist Church was supposed to be in business in Columbia by now. The church’s 150 members signed a deal, put money down and watched bulldozers roll. But construction stopped in late 2008 and the congregation never recouped its investment. Thanks in part, church officials say, because a bond that was supposed to …

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