At its core, risk management involves identifying, assessing, and mitigating potential risks to minimize losses and ensure business continuity. A routinely used and universally accepted risk management resource that...more
As construction claim lawyers, we are always on the lookout for insurance policies or “bonds” that might satisfy our client’s claim. On federal projects, this includes performance and payment bonds known as Miller Act bonds....more
Key Insurance Types for Construction - Construction projects often involve numerous risks, but various insurance policies are designed to mitigate these....more
What You Need to Know About the New Classes of Treasury-Authorized Reinsurers in Advance of the August 9, 2024 Implementation Date - As we reported in our June 24, 2024 Legal Briefing, the US Department of the Treasury...more
On September 1, 2022, the Superior Court of Pennsylvania held, as a matter of first impression, that a surety is not subject to Pennsylvania’s bad faith statute, 42 Pa.C.S.A. § 8731. In Eastern Steel Constructors, Inc. v....more
The United States Environmental Protection Agency (“EPA”) issued a June 17th Resource Conservation and Recovery Act (“RCRA”) guidance memorandum (“Memo”) titled: Overseeing the Validity of Financial Assurance Mechanisms...more
The US Department of the Treasury (Treasury), Bureau of the Fiscal Service (Fiscal Service) has published a Notice of Proposed Rulemaking relating to the federal regulations governing the corporate Federal surety bond program...more
On July 6, 2017, the Washington Supreme Court confirmed that the equitable rule announced in Olympic Steamship—providing for attorney fees where the insurer compels the insured to take legal action—applies to performance bond...more