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Michigan is slowly, agonizingly, seeing an increase in month-to-month construction employment, thus a rise in construction bonds for a multitude of projects.

The Miller Act (40 U.S.C.Section 3131 to 3134) is the law requiring contract surety bonds on federal construction projects. The Miller Act requires that every contractor bidding on a federal project has to post a performance bond and a payment bond covering all labor and material. The law is required on contract exceeding $100,000 working or planning to work on any building or property of the United States.

Michigan Bonds (Michigan Municipal Bonds) offer tax-free income to investors. You can invest in a variety of revenue, general obligation and other Michigan municipal bonds. The objective of issuing these bonds is to provide low cost capital financing to various governmental entities.

School construction bonds can be classified as either secured or unsecured. Secured bonds used from the State of Michigan are backed by the faith and credit of the State. State qualified bonds allow school districts to take advantage of a credit enhancement that authorizes the use of the State’s bond rating, which may lower the cost of new bonds.

Insurance companies come in all sizes; from small family owned businesses to large multi-state corporations. There are benefits and disadvantages associated with either option, and it really depends on what you require in the way of insurance and service as to the choice you might make in choosing a company. However, one factor you might consider is local knowledge – if you want to know about insurance locally, all the regulations and local issues, you need a local agent who can find you a policy from a Michigan insurance company.