Over the next few weeks, Constructors Bonding will be providing "Partner Spotlights" to provide further insight into the depth of knowledge and expertise of those individuals either currently assisting you with your bond programs, or in the future. Joe excels at cultivating long term relationship which makes him a perfect, Managing Director of Surety Placement.
To kick it off, please meet Joe Clarken.
Joseph A Clarken III, Managing Director of Surety Placement
As Managing Director of Surety Placement, Joe Clarken leads CBI’s efforts in understanding the underwriting specialty of each of our surety companies as well as the search for new sureties to add to the CBI portfolio. Each bond company has its particular strengths and Joe leads the CBI team in recognizing the best markets in the CBI surety pool to assist partners with hard to place bond programs. Under Joe’s leadership CBI has grown to the #1 AZ based producer of surety business with 10 bond companies
Joe graduated from Lehigh University in Bethlehem, Pa. in 1987 with a BS in Finance and received his MBA in Finance from Seton Hall University in 1995. He began his surety career in 1987 with Continental Insurance serving various home office and branch office roles over the span of 7 years. He later spent 5 years with Amwest Surety where he ran and rapidly grew the Phoenix branch to over $5,000,000 in premium. Joe's association with CBI in 2015 rounds out the services CBI offers, expanding the focus further into both contract and commercial surety.
If you are a surety company looking for excellent representation or are a prospective client in need of the finest surety program available anywhere, reach out to Joe at email@example.com.
Constructors Bonding, Inc.
You Deserve Excellence. We Require It.
Constructors Bonding, Inc. is proud to be among the Drivers of Merchants Bonding Company's Elite. As an elite surety partner in the Merchants leaderboard program CBI is featured twice this year in top industry e-newsletters. Today, an advertisement for the firm was run in the AGC SmartBrief. Check it out!!!
In the surety industry, these relationships and recognition's are important not only to the agency, but also to the clients and partnerships of the agency. Having strong relationships with the bond companies Constructors Bonding works with, enables them to provide the best possible terms and conditions to their clients and potential clients.
Call Constructors Bonding Today For a Free Review of Your Bond Program!
YOU DESERVE EXCELLENCE, WE REQUIRE IT! Jun 042019
If you are a general contractor or subcontractor working in the state of California you have probably heard of the contract liability law that went into effect in 2018. Julie A. Su, the California Labor Secretary sums up the law by stating "Up-the-chain general contractors are now responsible for wage theft committed by their subcontractors on all construction projects in the state." "General Contractors who choose subcontractors that do not pay wages owed will pay a hefty price".
The Department of Industrial Relations in California issued a news release On May 29th which discussed citations totaling $597,933 in unpaid wages and penalties to Universal Structural Building Corp. of Chatsworth. This was after it came to their attention that 62 construction workers were never paid for weeks of work on two projects in Hollywood and Ventura.
The release went on to say "The Labor and Commissioner's Office will use all the tools at its disposal to return these stolen wages-including the placement of liens on these properties which will have a hold until the labor these workers poured into these projects is paid in full."
The article further highlights the importance of the mechanic's lien, "According to the California Constitution, this tool has guaranteed the right of construction workers since 1879 to obtain a court-ordered sale of property that they have worked on in order to recover unpaid wages, even if hired by a subcontractor."
Another important tool, that this particular release does not mention is a surety bond. A Performance and Payment bond, specifically the payment bond guarantees that subcontractors will be paid on a construction job. Chrystal Hedges, partner at Constructors Bonding, Inc., a surety management firm with corporate headquarters in Phoenix AZ comments: "Our firm works with hundreds of contractors, not only in California but all over the country. Surety bonds are essential in assisting in these situations and our firm has seen their benefits time and time again, going back to 1981. If you are a subcontractor, I suggest you ask the general contractor whether they are posting a Performance and Payment bond. If they are, you now know you have a large insurance company guaranteeing not only their performance, but that they will pay you, if they do not pay, you have recourse by filing a claim on their payment bond. If you are a general contractor, we suggest you require your critical path subs to post bonds to ensure they are also paying their subcontractors and vendors to mitigate these situations. All of us at CBI are here to answer any questions regarding this, and are happy to assist any contractor in obtaining a performance and payment bond."
There are of course guidelines on how to file mechanics liens, as well as payment claims on payment bonds. For example construction workers should exercise their lien rights within 90 days of the work being completed or they may loose the right to file. There are many lien service companies out there that can assist you with this, or you can always ask a construction attorney that understands the lien laws in your state. If you're looking to file a claim on the general contractors payment bond, or one of the critical path subs payment bonds, there are a few routes you can take;
- All bonds are filed with the obligee (the beneficiary or the one who requires the bond). The general contractor's bond would be filed with the owner. You can ask for a copy, if its a private job, they may not provide you a copy but you can always ask the owner. This will tell you the bond company to file the claim with. Ask your bonding agent for advise on how to handle.
- The subcontract bond would be filed with the general contractor and you can complete the same process after you obtain a copy of the bond or find out the bonding company named on the bond.
- Each bond company has their own process and requirements, so once you file the claim with them, their individual steps will be provided to you to assist you in the process.
Overall, specifically in the state of California, clearly wage theft has been an issue and they are working to rectify each situation and to put certain penalties in place to avoid future infractions. However, while this "up-the-chain" law currently only applies to CA, every contractor should be aware of their rights and tools (i.e. mechanics liens, bonds) to assist them if they are not being paid for completed work.
*Thank you to the Department of Industrial Relations for much of the content in this article.
Contact Constructors Bonding, Inc. Today For Answers!
You Deserve Excellence, We Require It.
Constructors Bonding, Inc. is excited to announce Ted Rarrick, founder and President of Construction Risk Partners, has joined the firm as Managing Director of Client Relations beginning as of 5/23/2019. Ted has over 30 years of surety experience and brings excellent client and surety relationships to the CBI Alliance.
Dave McKee, President of Constructors Bonding, Inc. said “Ted is the consummate surety professional that fits our corporate culture and value-added approach to client surety management. This is a win-win-win for our clients, for Ted and Construction Risk Partners, and for the CBI Alliance.” Rarrick added: “I am excited to join the CBI leadership team. Their commitment to the strongest surety relationships possible mirrors our culture perfectly and by combining our companies we will deliver a level of horsepower and service that is second to none”
Ted and his wife Kitty have been married 33 years and have three adult children, Chelsea, Cole and Casey
Ted will relocate to the Constructors Bonding headquarters at 7220 N. 16th Street, Building K, Phoenix, AZ 85020 in the near future and can be reached at Ted’s cell phone at 480-220-2577. For the near future, Ted will continue to be available at his old email address and office phone number as well. He will also be available at firstname.lastname@example.org or through the CBI switchboard at 480-878-4226.
Constructors Bonding, Inc. as Arizona’s oldest and largest surety-only agency operating in all states. As the leading producer with 10 major surety markets, Constructors Bonding has the experience, markets, and influence to secure the finest surety relationship available anywhere. For more on Constructors Bonding, visit www.cbialliance.com.
For Better Surety Service Call:
Constructors Bonding, Inc.
Constructors Bonding is excited to announce that they were just recognized as one of Merchants Bonding Company's Surety Elite Agencies! Elite partnerships with Merchants and being placed on their Leaderboard is a huge compliment. Constructors Bonding will be recognized twice during 2019 in top industry e-newsletters, which are distributed nationally.
Their first advertisement of 2019 just ran on Friday January 25 in Construction Executives under the Safety and Risk section.
Announcements can also be found on all of Merchants Bonding social media sites:
At Constructors Bonding they know that the surety industry requires specialists who are not just experts in their field, but who are committed to immediate service to you. CBI will deliver the expertise and commitment that today’s automated world demands. At CBI, our experienced surety professionals are devoted to your needs; providing the finest surety program available. Innovation, leadership and an unrelenting drive to exceed have been our mission since 1981. You deserve excellence. We require it.
Contact a surety expert today!
An article recently published by the CFMA (Construction Financial Management Association) written by Joyce Thomas discussed the benefits of whole and term life insurance and other financial security instruments available in today's marketplace. Constructors Bonding, Inc. prides themselves on 'Delivering More than a Bond' to their clients and providing information like this is just one of the value added services that they make available.
What you need to know:
- Nearly 70% of U.S. workers believe having a strong benefits program at work is important and workers who are very or extremely satisfied are nine times more likely to stay with their employers.
- Financial security is a strategic imperative that could and typically does impact the bottom-line.
- Personal finances are the leading cause of stress which can make someone up to 16% less productive at their job. For an employee who earns $50,000 annually, a drop of 16% in productivity equates to $8,000 in wages for which the company may not receive value.
- Expanding your benefit plan is an easy and relatively low cost way to differentiate your company in the market AND to retain your employees.
Term Life Insurance vs. Whole life Insurance:
- Term life is the most common type of insurance offered by employers.
- Group whole life, has received much less attention, but it can be equally important when planning for the unexpected.
- Whole life advantages; guaranteed premiums for life, guaranteed death benefits, and a guaranteed cash value account growth. This makes this type of insurance a reliable and consistent financial vehicle that can protect individuals and their families over the course of a lifetime
- Term life insurance is inexpensive at younger ages. However, the cost increases each year and can become prohibitively expensive in later years.
Attributes of Term Life vs. Whole Life
- Portability-Ability to maintain a policy independent of employer-WHOLE LIFE
- Builds cash value-WHOLE LIFE
- Pays dividends-WHOLE LIFE
- Guaranteed death benefits-BOTH
- Employer Sponsored-BOTH
- Cost remains level for life-WHOLE LIFE
- Provides protection for the insured's entire life-WHOLE LIFE
- Accepts prevailing wage and fringe benefits-BOTH
- 65% of employees believe they need more from a death benefit.
- 40% of insured employees only have group term life insurance with no individual coverage at all.
- Permanent life insurance can help provide a stable foundation and create financial security for workers which in turn lowers employee turnover and makes employees happier and want to work harder.
For the full article, please contact one of your partners at Constructors Bonding, Inc. The partners at Constructors Bonding, can also direct and guide you in the right direction should you want to make a change with the benefits offered to your employees. While they do not provide insurance services directly, Constructors Bonding's large network of experts can.
Constructors Bonding, Inc.
7220 N. 16th St. Bldg K Phoenix, AZ 85020