• Home
  • Contact Us
  • Account Login
  • Get Support

proqualverified.com

  • The ProQual Advantage
    • The ProQual Difference
    • ProQual by Pantera for Prime Contractors
    • ProQual by Pantera for Property Managers
    • ProQual by Pantera for Homebuilders
    • ProQual Verified for Schools & Municipalities
  • The Process
    • The ProQual Process
    • Time to Enroll?
    • Enrollment FAQ’s
    • Currently Registered with ProQual?
  • About
    • About ProQual by Pantera
    • Partnerships & Affiliations
    • Software & Data Security
    • Terms of Service
  • Get Started

Liberty Mutual: Bonded Contractor Stonewalled Us

by administrator · Comments 0

“A North Carolina contractor lost a big lawsuit, ran into financial trouble and then stonewalled surety Liberty Mutual Insurance Co. for a short while before filing for protection from its creditors in U.S. bankruptcy court.

That is the picture that emerges of Intercoastal Contracting Inc., a Castle Hayne, N.C.-based heavy construction general contractor that started as a diving company in 1987, from a lawsuit against it in August by Liberty Mutual. The contractor’s downfall is also recorded in other legal documents and lawsuits.

During a year when contractor failures have spiked, sureties are often forced to step in to finish projects while their contractor clients are in financial free fall. Because the surety almost always has the right under its agreement with the contractor to be compensated in full for its losses, the relationship can become strained. And when all the complexities of a bankruptcy are factored into the equation, the projects may languish.”

Click here to access the full news article

Bookmark and Share

Filed Under: News Tagged With: Bankruptcy, Lawsuit

Filed Under: NewsTagged: ,Bankruptcy, Lawsuit
  • Home
  • Account Login
  • Get Started
  • Contact
Copyright 2014, ProQual Verified Genesis Child Themes by VSELLIS.COM
CFMA proqual secured with comodo

Copyright © 2023 · eMedia on Genesis Framework · WordPress · Log in