Construction Business Owner, November 2007

Several days of relentless rain were starting to cost real money. Like all construction companies, this excavation specialist had built weather delays into the contract for its work on a major new office building project. But the company’s own estimates of potential weather delays—not to mention historical rainfall averages for the time of year in this city—were already under water. Now, the ground was saturated, and the forecast was for more of the same. Expensive equipment sat idle. Schedules were out the window (this was supposed to be the dry season). Penalties couldn’t be ruled out. Cash would be getting tight.

Tags: 2007 November Issue, risk, technology,

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With fewer construction companies competing for work in a still healthy construction market, opportunities to expand market share are within reach for some. The problem for many contractors, however, is they cannot take on larger projects unless they increase their bonding capacity. Unfortunately, as a result of losses in recent years, sureties have gone back to the basics in bond underwriting: A contractor has to earn the bond line, and earn it every year.

Tags: financial, insurance, management,

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If you gave more thought to buying your last pickup truck than you did to choosing your current business insurance policy, you're not alone.

Tags: 2006 July Issue, costs, financial, insurance,

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Construction Business Owner, August 2007 

At the start of every construction project, owners, contractors and surety companies all share the same goal: finishing the project on time and on budget. An owner wants the project completed correctly, on time, within budget and without liens. The contractor is looking to complete the work on schedule without defect, receive payment for his/her work and make a reasonable profit. The surety relies upon the contractor to complete the contract on time, without defect and to pay all labor, subcontractor and supplier expenses. Logically, the goal of all parties is the successful completion of the project.

Tags: 2007 August Issue, financial, insurance,

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