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Final_poster_Summer_SBQ_2024.pdf

SBQ Art Mortgagerelated bonds

NASBP_Comment_Letter_SBABGP_RIN_3245AG16.pdf

2023 NASBP Winter Special Supplement Surety Execs

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SuretyDIGIT Coalition Flyer

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Your Path to Surety Credit PowerPoint PDF

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2023 SBQ fall cover pages for review

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Agent_duties.pdf

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2021_SBQ_fall_magazine_body.pdf
SBQ_fall_Cover_2021.pdf

NASBP Bonding Awareness Program - Bonding & Insurance Presentation

NOT TO BE INCLUDED IN THE PIPELINE

Prompt Payment for Commercial Construction in DC/MD/VA

Venue	Cite	Owner To Prime	Prime To Sub	Sub To Lower Tiers	Interest/Fees	Other Comments
District of Columbia - Private	D.C. Code §§ 27-132 to 27-136	Unless otherwise agreed, 15 days after the earlier of (a) acceptance, (b) owner takes possession, or (c) payment requests	7 days of receipt of payment from owner	7-day rule extends to second-tier subcontractors	1.5% per month; attorneys' fees provision
District of Columbia - Public	D.C. Code §§ 2-221.01 to 2-221.06	30 days, excluding legal holidays, after invoice, unless otherwise agreed	7 days after payment	Interest at rate determined by mayoral regulation; no fees provision	1.5% per month; attorneys' fees provision
Maryland - Private	Md. Code, Real Property, §§ 9-301 to 9-304	Progress payments as agreed; final payment 30 days after completion, unless otherwise agreed	7 days after payment	7 days after payment	Interest at the legal rate; attorneys' fees only awarded for "bad faith" failure to pay "undisputed amounts"
Maryland - Public	Md. State Fin. & Proc. §§ 15-101 to 15-108, 15-226	30 days after the later of: (1) payment becomes due under procurement contract, or (2) receipt of invoice	10 days after payment (§ 15-226)	10 days after payment (§ 15-226)	Interest at the legal rate; attorneys' fees only awarded for "bad faith" failure to pay "undisputed amounts"
Virginia - Private	None	None	None	None	None	None
Virginia - Public	Va. Code §§ 2.2-4347 to 2.2-4356	30 days after invoice or receipt of services, whichever is later, unless otherwise agreed for state agencies; 45 days after invoice or receipt of services, whichever is later, unless otherwise agreed for localities	7 days after payment	7 days after payment	Interest at prime for state agency primes unless other rate is agreed; interest at 1% per month for subs and locality primes, unless other rate is agreed. Va. Code § 2.2-4354(4); no fees provision	Notice of defects that would prevent timely payment must be sent within 15 days after receipt of the invoice or the defective goods or services. Va. Code § 2.2-4351

Retainage Laws in DC/MD/VA for Private, State, and Federal Projects

Venue	Governing Statutes	Retainage By Owner	Retainage by Contractors	Retainage by Subcontractors	Additional Guidance
Federal Projects	48 C.F.R. § 32.103 and § 52.232-27	Retention up to a maximum of 10% of the contract. See 48 C.F.R. § 32.103	No regulation. See § 52.232-27	No regulation.	Retainage "may be adjusted as the contract approaches completion to recognize better than expected performance, the ability to rely on alternative safeguards, and other factors. Upon completion of all contract requirements, retained amounts shall be paid promptly." See 48 C.F.R. § 32.103. FAR 52.232-27(d)(1) permits "the Contractor or a subcontractor to retain (without cause) a specified percentage of each progress payment otherwise due to a subcontractor for satisfactory performance under the subcontract without incurring any obligation to pay a late payment interest penalty, in accordance with terms and conditions agreed to by the parties to the subcontract, giving such recognition as the parties deem appropriate to the ability of a subcontractor to furnish a performance bond and a payment bond."
District of Columbia Public Projects	D.C. Code § 2-203.01.	requires a minimum of 10% retention	No regulation.	No regulation.	On all contracts, 10% *shall* be retained. Once 50% completion of the work is reached, the mayor has discretion to eliminate or reduce the retention.
DC Private Projects	No regulation.	No regulation.	No regulation.	No regulation.	No regulation.
Maryland Public Projects	Md. Code Ann., State Fin. & Proc. § 17-110	Retention up to a maximum of 5% of the contract (when contractor has furnished 100% payment and performance security).	Not more than the retainage by the public body. See Md. Code Ann., State Fin. & Proc. § 17-110(c)(1).	Not more than the payments retained from the contractor. Md. Code Ann., State Fin. & Proc. § 17-110(d)(1).	A public body may withhold from payments otherwise due a contractor any amount that the public body reasonably believes necessary to protect the public body's interest. See Md. Code Ann., State Fin. & Proc. § 17-110(b)(2). A contractor/ subcontractor is not prohibited from withholding any amount in addition to retainage if the contractor determines that a subcontractor's performance provides reasonable grounds for withholding the additional amount. Md. Code Ann., State Fin. & Proc., § 17-110(c)(2). Retainage must be released 120 days after satisfactory completion or resolution of any disputes. Md. Code Ann., State Fin. & Proc. §§ 17-110(b)(3) and (b)(4).
Maryland Private Projects	Md. Code Ann., Real Prop. §§ 9-304 to 9-305	Retention up to a maximum of 5% for contracts above $100,000 (when 100% payment security and performance security furnished).	Retainage from the contractor to the subcontractor may not exceed the percentage of retention from the owner to the contractor. See Md. Code Ann., Real Prop. § 9-304(c)(2).	Retainage from the subcontractors may not exceed the percentage of retention from the contractor. See Md. Code Ann., Real Prop. § 9-304(c)(3).	The law does not prohibit withholding of any amount due from the owner to the contractor, contractor to subcontractor, or subcontractor to another subcontractor if the non-paying party reasonably determines that the contractor or subcontractor's performance under the contract provides reasonable ground for withholding the additional amount. See Md. Code Ann., Real Prop. § 9-304(d). Undisputed retention proceeds held by an owner shall be paid within 90 days after date of substantial completion as defined in the contract or subcontract. See Md. Code Ann., Real Prop. § 9-304(e). Law also does not apply to contracts for single family homes, contracts under $100,000, or contracts funded by the Maryland Department of Housing and Community Development, home improvement contracts by Maryland-licensed home improvement contractors, or contracts covered by the Custom Home Protection Act. See Md. Code Ann., Real Prop. § 9-305.
Virginia Public Projects	Va. Code Ann. § 2.2-4333	Up to a maximum of 5%.	Up to a maximum of 5%.	Up to a maximum of 5%.	On public contracts exceeding $200,000, a contractor may place the retained funds in an escrow account; this option must be exercised in the bid proposal. Va. Code Ann. § 2.2-4334.
Virginia Private Projects	No regulation.	No regulation.	No regulation.	No regulation.	No regulation.

NASBP announced its 2021-2022 Officers at the April 28 NASBP Virtual Annual Meeting Event. NASBP elected Tracy Tucker as the 2021-2022 NASBP President. Tucker is President of Tucker Agency, Ltd. in Fort Worth, TX. NASBP elected Nicholas L. Newton as NASBP First Vice President. Newton is President of AssuredPartners of MN, LLC dba Newton Bonding. NASBP elected Patrick T. Pribyl as NASBP Second Vice President. Pribyl is Vice President of Lockton Companies in Kansas City, MO. NASBP elected Zach Mendelson as NASBP Third Vice President. Mendelson is Principal of EPIC | Edgewood Partners Insurance Center in Pittsburgh, PA. In addition, Mark M. Munekawa will serve as NASBP Immediate Past President. Munekawa is Senior Vice President of Surety with Woodruff-Sawyer & Co. in San Francisco, CA.

The NASBP Executive Committee is comprised of the officers listed above and three Ex Officio members, who represent the NASBP Directors-At-Large, Regional Directors, and the 5-15 Leadership Committee. Michael Byrd was elected to represent the Directors-At-Large. Byrd is with HUB International Insurance Services in Albuquerque, NM. Lourdes Landa was elected to represent the Regional Directors. Landa is with McGriff Insurance Services in Anaheim, CA. Steven M. Tucker was elected to represent the 5-15 Leadership Committee. Tucker is with Tucker Agency, Ltd. in Fort Worth, TX.

For more information, read the press release announcing the 2021-2022 NASBP Executive Committee and the release naming the new Directors-At-Large and Regional Directors.

Watch the recording of the 2021 NASBP Virtual Annual Meeting Event here. Thanks to everyone for staying “present” over this last year. NASBP President Tracy Tucker’s theme for his term is “Better Together.” Watch the “Better Together” slideshow. We look forward to seeing everyone in person this fall!

Listed below are the 2021-2022 NASBP Directors-At-Large, Regional Directors, and Committee Chairs.

2021-2022 Directors-At-Large	2021-2022 Regional Directors	2021-2022 Committee Chairs

Guy Armfield Parker Smith Feek Bellevue, WA Michael Byrd HUB International Insurance Services Albuquerque, NM Christopher J. Como Como & Nicholson, Inc. Monroe, CT Robert M. Coon Scott Insurance Greensboro, NC Corban Enns Surety Solutions, a Gallagher Company Salem, OR Russell D. Lear Flood & Peterson Insurance Greeley, CO John A. Martinez American Global of Texas LLC Spring, TX Devin Moore Moore Surety Bonds Agency Indianapolis, IN Billy Painter Alliant Insurance Services, Inc. Jackson, MS Novica Prekpala Blaise Group NY, LLC Mt. Vernon, NY Michael D. Specht INSURICA Southwest Insurance Services, LLC Phoenix, AZ Jenni Waggoner M.J. Schuetz Insurance Services, Inc. Indianapolis, IN	Region 1: Alaska, Idaho, Montana, Oregon, Washington, British Columbia, Alberta, Saskatchewan Tyler McIntyre PayneWest Insurance, Inc. Missoula, MT Region 2: Arizona, California, Hawaii, Nevada, Mexico, Guam Lourdes Landa McGriff Insurance Services, Inc. Anaheim, CA Region 3: Colorado, New Mexico, Utah, Wyoming Justin Tomlin Lockton Companies, LLC Denver, CO Region 4: Kansas, Missouri, Nebraska Monica F. Donatelli IMA, Inc. Overland Park, KS Region 5: Iowa, Minnesota, North Dakota, South Dakota Alan Starks Christensen Group Insurance Eden Prairie, MN Region 6: Arkansas, Louisiana, Oklahoma, Texas Kyle Reser Insurance Agency of Mid-America, Inc. Oklahoma City, OK Region 7: Illinois, Indiana, Michigan, Ohio, Wisconsin Brian Krause Aon Risk Services, Inc. of WI Green Bay, WI Region 8: Alabama, Florida, Georgia, Kentucky, Mississippi, Tennessee Greg Nash Bonds Southeast, Inc. Nashville, TN Region 9: District of Columbia, Maryland, North Carolina, South Carolina, Virginia, West Virginia Reginald Jarvis Centennial Surety Associates Millersville, MD Region 10: Delaware, New Jersey, New York, Pennsylvania, Ontario, United Kingdom Andrew Tokasz USI Insurance Services Buffalo, NY Region 11: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, Quebec Heidi Rodzen Skillings Shaw & Associates, Inc. Lewiston, ME Region 12: Puerto Rico, South America Ruben Jordan Blanes Fulcro Insurance, Inc. Old San Juan, PR	5-15 Leadership Committee Steven M. Tucker Tucker Agency Fort Worth, TX Annual Meeting Program Committee Brian Ayers L A Surety Solutions, Inc. Louisville, KY *And* Chad Martin TIS Insurance Services, Inc. Knoxville, TN Automation and Technology Committee Michael E. Lischer, Jr. IMA, Inc. Denver, CO Commercial Surety Committee Robin L. Amstutz EPIC \| Edgewood Partners Insurance Center Chicago, IL Ethics Committee Andrew Tokasz USI Insurance Services Buffalo, NY Finance Committee Robert Coon Scott Insurance Greensboro, NC Industry Relations Committee Michael D. Specht INSURICA Southwest Insurance Services, LLC Phoenix, AZ International Committee Sheila E. Thompson Rosenberg & Parker of Canada, Inc. Toronto, ON Membership Committee Jennifer Salm Marsh & McLennan Agency, LLC Dayton, OH Nominating Committee Mark Munekawa Woodruff-Sawyer & Co. San Francisco, CA Government Relations Committee Brian Ayers L A Surety Solutions, Inc. Louisville, KY Professional Development Committee Matthew K. Cashion, Jr. The Cashion Company Insurance and Bonding, LLC Little Rock, AR Small & Emerging Business Committee Christian Downey Downey and Company Albuquerque, NM

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2021-2022 Regional Directors


REGION 1: Alaska, Idaho, Montana, Oregon, Washington, British Columbia, Alberta, Saskatchewan Tyler McIntyre PayneWest Insurance Inc. Missoula, MT	REGION 2: Arizona, California, Hawaii, Nevada, Mexico, Guam Lourdes Landa McGriff Insurance Services, Inc. Anaheim, CA	REGION 3: Colorado, New Mexico, Utah, Wyoming Justin Tomlin Lockton Companies, LLC Denver, CO	REGION 4: Kansas, Missouri, Nebraska Monica F. Donatelli IMA, Inc. Overland Park, KS


REGION 5: Iowa, Minnesota, North Dakota, South Dakota Alan Starks American Agency, Inc. St. Louis Park, MN	REGION 6: Arkansas, Louisiana, Oklahoma, Texas Kyle Reser Insurance Agency of Mid-America, Inc. Oklahoma City, OK	REGION 7: Illinois, Indiana, Michigan, Ohio, Wisconsin Brian Krause Aon Risk Services, Inc. of WI Green Bay, WI	REGION 8: Alabama, Florida, Georgia, Kentucky, Mississippi, Tennessee Greg Nash Bonds Southeast, Inc. Nashville, TN


REGION 9: District of Columbia, Maryland, North Carolina, South Carolina, Virginia, West Virginia Reginald Jarvis Centennial Surety Associates Millersville, MD	REGION 10: Delaware, New Jersey, New York, Pennsylvania, Ontario, United Kingdom Andrew Tokasz USI Insurance Services Buffalo, NY	REGION 11: Connecticut, Maine, Massachusetts, New Hampshire, Vermont, Rhode Island, Quebec Heidi Rodzen Skillings Shaw & Associates, Inc. Lewiston, ME	REGION 12: Puerto Rico, South America Ruben Jordan Blanes Fulcro Insurance, Inc. Old San Juan, PR

2021-2022 Directors-At-Large


Guy Armfield Parker Smith Feek Bellevue, WA	Michael Byrd HUB International Insurance Services Albuquerque, NM	Christopher J. Como Como & Nicholson, Inc. Monroe, CT	Robert M. Coon Scott Insurance Greensboro, NC


Corban Enns Surety Solutions, a Gallagher Company Salem, OR	Russell D. Lear Flood & Peterson Insurance Greeley, CO	John A. Martinez American Global of Texas LLC Spring, TX	Devin Moore Moore Surety Bonds Agency Indianapolis, IN


Billy L. Painter Alliant Insurance Services, Inc. Jackson, MS	Novica Prekpala Blaise Group NY, LLC Mt. Vernon, NY	Michael D. Specht INSURICA Southwest Insurance Services, LLC Phoenix, AZ	Jenni Waggoner M.J. Schuetz Insurance Services, LLC Indianapolis, IN