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Nordlocker, an encryption software firm, conducted research in 2021 and found that the construction industry faced the highest risk of ransomware attacks among 35 analyzed industries. This risk has increased since then, with Nordlocker reporting in 2023 that the construction sector experienced the most ransomware attacks from January 2022 to January 2023. The construction industry’s…
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For many aspiring mortgage brokers and seasoned industry professionals alike, the term “Mortgage Broker Bond” can seem like a puzzling requirement on the road to doing business legally. However, understanding what a Mortgage Broker Bond is and its significance is crucial in the world of mortgage lending. In this blog article, we’ll break down the…
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In the world of construction, bonding plays a crucial role. For many contractors, obtaining a bond isn’t just a mark of credibility, but also a legal necessity for many projects, especially government ones. For those who are unfamiliar or just starting, understanding the smaller nuances of bonds can be daunting. One of the initial steps…
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Most construction projects require contractors to provide bonds, which protect the owner against non-payment, lack of performance, shuttered business, or warranty issues. Also known as contract bonds, construction bonds guarantee the bondholder will fulfill the contract terms. Contractors generally purchase construction bonds to protect project owners from monetary loss. If an issue arises, the owner…
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The establishment of electronic surety bonds is owed to the National Multistate Licensing System and Registry (NMLS), an organization that simplifies the process of obtaining and validating professional credentials, such as licenses, across different states. The creation and prevalence of electronic surety bonds are primarily due to NMLS’s advocacy for their adoption and their provision…
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To Our Construction Bonding Specialists Friends & Customers, Our office will be closed: at 1:00 pm on Thursday, July 13th, and all day on Friday, July 14th as we pack up our office and move to our new location in Novi! As of Monday, July 17th, our new office will be located at: 42400 Grand…
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