The California construction industry faces a significant change as Assembly Bill 2622 raises the threshold for unlicensed contractor work from $500 to $1,000, effective January 1, 2025. This comprehensive guide explores what this change means for both licensed and unlicensed contractors in California. The New Legislation Explained Think of this change like updating an old […]
A Contract Performance and Payment Bond is a type of surety bond used in construction and other contracting projects to provide financial security and ensure that contractors fulfill their contractual obligations. It typically consists of two components: 1. Performance Bond Guarantees the contractor will complete the project as outlined in the contract. Protects the project
What is a Contract Performance and Payment Bond and How Do I Buy One? Read More »
A bid bond is a type of surety bond issued by a third-party guarantor (usually an insurance company or a bank) to ensure that a contractor will honor the terms of their bid and enter into a contract if awarded the project. Bid bonds are commonly used in construction projects, especially in public or large-scale
What is a Bid Bond, How Much Do They Cost, and How Do I Get One? Read More »
As a contractor, knowing the difference between admitted and non-admitted insurance companies is key—kind of like knowing the difference between a hammer and a nail gun! In the most simplistic terms, an “admitted” insurance provider has been approved by a state’s Department of Insurance, and a “non-admitted” carrier has not. While this simple definition might
What are Admitted carriers and Non-admitted – Surplus Lines Insurance carriers? Read More »
We understand that maintaining valuable relationships with your customers, vendors, and subcontractors are key to the success of your business. You take pride in the quality of your work which, by extension, includes the quality of your subcontractors’ work. Therefore, it’s important to consider potential unique circumstances and risks when hiring subcontractors. POTENTIAL BUSINESS LIABILITIES
What Is a Certificate of Insurance? A Certificate of Insurance provides evidence of insurance showing coverage limits, insurance company details, and expiration dates of policies. It is a simple method for offering proof to a third-party who has requested it that you carry commercial insurance. Its purpose is for notification only. The industry standard summarizing
What is a Certificate of Insurance – ACORD 25? Read More »
