Learning The Importance Of Surety Bonding, The Hard Way
by: Michael Weisbrot
Sometimes people won?t listen to solid advice unless it directly effects them. Unfortunately, some people simply need to learn the hard way before they make more sound decisions. This can be seen almost every time suretyship makes its way to the news. Since surety bonds are not the most exciting thing in the world, you typically only hear about them when there is a problem, especially when it comes to contract bonds.
The Westchester, New York School District is a prime example of city officials learning the importance of requiring bonds. In the article ?Westchester Schools?? Dumping Deals Costly To Taxpayers?, the contractor hired to do the work never submitted a surety bond guaranteeing the work. The district allowed the contractor to begin work prior to submitting the bond. The end result was the contractor running out of funds and defaulting on the project. Had the job been secured by a bond, the surety could have hired another local company to complete the work.
Why would an obligee not require a bond? There are numerous reasons why, sometimes the government simply lets it slide by due to red tape. Often, private obligees and sometimes public, simply do not want the cost of the bond to be included with the bid and therefore do not require it. Sure this keeps costs down, if everything goes right that is. By that logic, there is no reason to have any type of insurance product at all. However, we all know gambling is not a wise decision if you plan on being fiscally responsible.
Tax payers should be pleased to hear that most articles found in the news regarding suretyship are situations where a bond was obtained. Jackson County, Indiana required a bid bond for the demolition of a building to make way for a new police station. The lowest bidder was unable to do the work at the amount submitted. The city attorney stated: ?I am not sure how they think they could do this job with that low of an amount,?? and ??They might as well have written their bid proposal on a napkin and submitted it.??. The Fidelity and Deposit Co. of Maryland, Colonial American Casualty and Surety Co., and Zurich American Insurance Co. had to assume control of a project for an addition to a Dallas courthouse after the contractor walked off the job.
Surety associations are making a great effort to show the private sector the importance and benefits of surety bonds. I do not know of any statistics regarding increases in surety requirements requested from the private sector. However, personally I have seen little difference. Hopefully businesses nationwide will open their eyes to the benefits of suretyship.
About The Author
Michael Weisbrot is Vice-President of JW Surety Bonds, a bond only agency. Commercial Bonds: mortgage broker bonds, dealer bonds, all license bonds, etc. Contract Bonds: bid bonds, performance bonds, subdivision bonds, etc.
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Getting Discounts From Your Auto Insurance Company
Getting Discounts From Your Auto Insurance Company
by: Stu Pearson
Let?s face it an auto insurance company is a business that is created to make a profit and if we are not careful we might end up paying super high premium rates when we could have paid much lower premiums if we only did some research.
Here is a list that I hope will help car owners in lowering their premium rates:
? Safety devices against car thieves
Who would ever think that theft devices are valuable not only in guarding your car against thieves, but also in lowering your premium? Theft devices come in various types. Some are automatic while some need to be manually operated. All these theft devices provide extra premium discounts. In some states window sketching may also be a source of additional premium discounts.
? Multiple car discount
Let us say that you have two cars (for the sake of the illustration) that you want to insure with an auto insurance...
Getting Discounts From Your Auto Insurance Company
Term life insurance > Getting Discounts From Your Auto Insurance Company
Credit Card Extras
Credit Card Extras
by: Peter Kenny
Depending on which company supplies your credit card and which credit card you have, you are likely to have access to a whole range of additional services that come along with your credit card. These will be different for all credit card providers who each offer their own benefits and advantages to their customers.
Some credit cards will offer you special discounts or benefits from specific stores or companies. So you may for example get a discount for all purchases you make from a specific company. This will especially be the case if the credit card provider is in some way affiliated with a store or major retailer.
Another benefit you may get from your credit card is when you rent a car. Many credit card companies will offer you car rental insurance when you use the card to pay for the car rental. The same may be true of booking flights or other travel purchases. A benefit of the credit card may that...
Credit Card Extras
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Home-Based Business Owners, You Need Insurance Coverage
Home-Based Business Owners, You Need Insurance Coverage
by: Matt McWilliams
When you start a home-based business, buying insurance may not be your first priority, but you cannot afford to ignore it either. When the unexpected happens -- and it will -- having insurance coverage may mean the difference between the success and failure of your home-based business.
You may not require all types of insurance listed here, but taking some time now to consider your insurance needs can save you money and headaches in the future. Ultimately, after reading this article, the best way to determine your complete needs is to consult with your insurance agent. Explain to them the details of your home-based business and he or she should be able to determine the best insurance coverage for you (and any employees).
Health Insurance
Health insurance should be the first consideration for yourself and any employees you may have. If you have just left...
Home-Based Business Owners, You Need Insurance Coverage
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Vehicular Accidents: If This Doesn?t Happen To You Now Then Expects For It Later
Vehicular Accidents: If This Doesn?t Happen To You Now Then Expects For It Later
by: Jinky C. Mesias
You can hear people say that owning a vehicle is like signing your own death sentence. In some way this saying may contain some truth to it. You may be very careful when driving but then there would always be those careless few. So the best thing is for you to prepare for the inevitable. There are safety driving tips as well as things to do during an accident that every driver ought to know.
Let us first discuss the safety tips:
1. Check everything from your car tires, to your car?s brakes to every single screw and bolts you can find in order to ensure the running condition of your car.
2. Check all the lights if they are working and then check also the oil (brake fluid, engine oil, etc).
3. Check if your radiator has water
5. Bring along your first aid kit, camera, emergency lights, repair tool box and early warning devices.
6....
Vehicular Accidents: If This Doesn?t Happen To You Now Then Expects For It Later
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Tips to Reduce Your Home Insurance Costs
Tips to Reduce Your Home Insurance Costs
by: Matt McWilliams
All homeowners are looking for ways to reduce our home insurance costs.
Costs continue to rise and budgets get tighter and tighter with each passing year.
Here are 8 tips to reduce your home insurance costs.
1. Increased Home Security
Most homes are fitted with some sort of security device. To make the most of your Home Security Discount make sure that you home is fitted with: dead bolt locks, smoke detectors, fire extinguishers and a burglar and fire alarm that are monitored. You do not have to have all of these to receive a discount on your home insurance so even if you only have one or two make sure that you ask for the savings.
2. Keep your credit score as high as possible.
While it would seem that a good credit score would have nothing to do with insurance rates, it is a fact that they do. Home Insurance companies are using your credit score...
Tips to Reduce Your Home Insurance Costs
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