WASHINGTON–The Small Business Administration would allow surety companies greater flexibility in setting rates for construction bonds required by minority contractors, under regulations proposed by the agency.
Other changes suggested by the surety bond industry and included in the proposal are reduced frequency of audits and a provision that the agency would guarantee 90 percent of the bond written for a small business owned by a veteran.
The Surety Bond Guaranty Program is designed to help minority contractors bidding on public works contracts.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
