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Bill > H2773


MA H2773

Relative to default insurance programs for certain public construction projects


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to default insurance programs for certain public construction projects. State Administration and Regulatory Oversight.

AI Summary

This bill amends Section 8(a) of Chapter 149A of the Massachusetts General Laws to allow construction management at risk firms to obtain a subcontractor default insurance policy in lieu of payment and performance bonds for some or all trade contractors on certain public construction projects. The intention to use a subcontractor default insurance policy must be made known after the receipt of trade contractor bids, and any trade contractors not covered by the insurance policy must still submit a payment and performance bond. Trade contractor bidders must include anticipated bonding costs in their bids, and those included in the insurance program must provide a credit equivalent to those costs to the construction manager at risk firm.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

Accompanied a study order, see H5103 (on 11/06/2020)

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