Surety Bond Quarterly - Summer 2017 - 5

Contents

WHAT'S INSIDE
SUMMER 2017

20

FEATURES
10

Howard Cowan-Building on
a Solid Foundation
NASBP's 2017-2018 President sees
many new opportunities for the
association's growth in advocacy
and communications about the
surety product and in preparing
talent to lead the surety industry.

12

22

24

Mitigating the Hidden
Risks in the "New Normal"
Construction Environment

Acting Director of
the U.S. SBA Office of
Surety Guarantees

Surety Bond Quarterly
AN OFFICIAL PUBLICATION OF
THE NATIONAL ASSOCIATION OF
SURETY BOND PRODUCERS

www.suretybondquarterly.org

HOT
ISSUES
in the
WORLD OF SURETY

Meet NASBP President
Howard Cowan
Risks in the
"New Normal" Environment
Drones Take Flight
New AIA-A201 Changes
Getting Paid by the Feds

www.nasbp.org

2017 AIA Contract Documents:
Selected Key Changes
Revisions made to the A201 General
Conditions of the Contract for
Construction and its related
owner-contractor, subcontract,
owner-architect, and consultant
agreements are of interest to all
project participants.

27

Peter Gibbs wants the SBG
Program, currently with
30 participating sureties, to work
efficiently and smarter, making it
easier for surety partners to ensure
small businesses are supported.

SUMMER 2017, VOL. 4, ISSUE 2

28

The benefits of using drones on
construction projects are clear, but
know the potential risks and take
steps to mitigate them.

This NASBP white paper provides
a framework for discussions with
project owners and others about
the present need for bonds.

20

Drones Take Flight in the
Construction Industry

NASBP to Release Continuing
Education Course:
Joint Ventures in Construction
At last, a comprehensive set of
materials addressing essential
issues in joint ventures for
surety professionals.

ON THE COVER

Here are tips how contractors can learn
how to work within the system and
how they can make the system work
for them. Part 2 will be published in the
fall issue.

32

Insurtech for Surety:
The Future Is Closer
than You Think!
On the brink of a revolution! Learn
about the industry's recent advances
in streamlining the transfer of surety
bonding data and how it benefits
bond producers, underwriters, and
their clients.

DEPARTMENTS
7

NASBP Upcoming Meetings
& Events

7
9

2017-2018 Executive Committee

SUMMER 2017
This summer issue of Surety Bond Quarterly explores
some of the hottest topics in the surety industry
today. New leaders are shaping surety policy
and practice, while new technology is bringing
opportunity and risk to the construction environment.
Learning how to expedite federal payments to
contractors and understanding significant changes
to the AIA A201 family of standardized construction
documents are essential. Yet, as changes heat up
the industry, surety fundamentals-and NASBP
members' commitment to them-remain constant.

How Can Construction
Contractors Expedite Payment
on Federal Contracts?

34

From the CEO: Bringing Summer
Heat: A Rundown of "Hot"
Stuff in the Evolving World
Surrounding Surety
Index to Advertisers

View this issue, past issues
and Web-exclusive content
online anytime at
www.suretybondquarterly.org.

Surety Bond Quarterly is brought to you by the National Association of Surety Bond Producers, 1140 19th St., NW, Suite 800,
Washington, DC 20036-5104; Phone: 202.686.3700; Fax: 202.686.3656; www.nasbp.org. NASBP Manager: Kathy Jo Mapes Hoffman
Published by: Naylor Association Solutions, 5950 NW 1st Place, Gainesville, FL 32607; Phone: 800.369.6220; Fax: 352.331.3525;
www.naylor.com. Publisher: Heidi Boe, Editor: Tamára Perry-Lunardo, Project Manager: Douglas Swindler,
Marketing: Natalia Arteaga, Advertising Director: Doug Smith, Advertising Sales: Amy Gray, Matthew Yates,
Project Support Specialist: Alyssa Woods, Layout & Design: Gufran Khan
©2017 NASBP. All rights reserved. The contents of this publication may not be reproduced by any means, in whole or in part,
without the prior written consent of NASBP.
PUBLISHED JUNE 2017 * SBP-Q0217 * 9803

NATIONAL ASSOCIATION OF SURETY BOND PRODUCERS | WWW.NASBP.ORG

5


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Table of Contents for the Digital Edition of Surety Bond Quarterly - Summer 2017

NASBP Upcoming Meetings & Events
2017–2018 Executive Committee
From the CEO: Bringing Summer Heat: A Rundown of “Hot” Stuff in the Evolving World Surrounding Surety
Howard Cowan—Building on a Solid Foundation
Mitigating the Hidden Risks in the “New Normal” Construction Environment
Acting Director of the U.S. SBA Office of Surety Guarantees
Drones Take Flight in the Construction Industry
2017 AIA Contract Documents: Selected Key Changes
NASBP to Release Continuing Education Course: Joint Ventures in Construction
How Can Construction Contractors Expedite Payment on Federal Contracts?
Insurtech for Surety: The Future Is Closer than You Think!
Index to Advertisers
Surety Bond Quarterly - Summer 2017 - Intro
Surety Bond Quarterly - Summer 2017 - cover1
Surety Bond Quarterly - Summer 2017 - cover2
Surety Bond Quarterly - Summer 2017 - 3
Surety Bond Quarterly - Summer 2017 - 4
Surety Bond Quarterly - Summer 2017 - 5
Surety Bond Quarterly - Summer 2017 - 6
Surety Bond Quarterly - Summer 2017 - 2017–2018 Executive Committee
Surety Bond Quarterly - Summer 2017 - 8
Surety Bond Quarterly - Summer 2017 - From the CEO: Bringing Summer Heat: A Rundown of “Hot” Stuff in the Evolving World Surrounding Surety
Surety Bond Quarterly - Summer 2017 - Howard Cowan—Building on a Solid Foundation
Surety Bond Quarterly - Summer 2017 - 11
Surety Bond Quarterly - Summer 2017 - Mitigating the Hidden Risks in the “New Normal” Construction Environment
Surety Bond Quarterly - Summer 2017 - 13
Surety Bond Quarterly - Summer 2017 - 14
Surety Bond Quarterly - Summer 2017 - 15
Surety Bond Quarterly - Summer 2017 - 16
Surety Bond Quarterly - Summer 2017 - 17
Surety Bond Quarterly - Summer 2017 - 18
Surety Bond Quarterly - Summer 2017 - 19
Surety Bond Quarterly - Summer 2017 - Acting Director of the U.S. SBA Office of Surety Guarantees
Surety Bond Quarterly - Summer 2017 - 21
Surety Bond Quarterly - Summer 2017 - Drones Take Flight in the Construction Industry
Surety Bond Quarterly - Summer 2017 - 23
Surety Bond Quarterly - Summer 2017 - 2017 AIA Contract Documents: Selected Key Changes
Surety Bond Quarterly - Summer 2017 - 25
Surety Bond Quarterly - Summer 2017 - 26
Surety Bond Quarterly - Summer 2017 - NASBP to Release Continuing Education Course: Joint Ventures in Construction
Surety Bond Quarterly - Summer 2017 - How Can Construction Contractors Expedite Payment on Federal Contracts?
Surety Bond Quarterly - Summer 2017 - 29
Surety Bond Quarterly - Summer 2017 - 30
Surety Bond Quarterly - Summer 2017 - 31
Surety Bond Quarterly - Summer 2017 - Insurtech for Surety: The Future Is Closer than You Think!
Surety Bond Quarterly - Summer 2017 - 33
Surety Bond Quarterly - Summer 2017 - Index to Advertisers
Surety Bond Quarterly - Summer 2017 - cover3
Surety Bond Quarterly - Summer 2017 - cover4
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