Engage with digital ecosystems to reduce the transactional (soft) cost of building infrastructure projects while improving administration, underwriting, AI and risk management for all stakeholders.
3.a. Expand SBA XBRL functionality
3.b. Implement smart contracts and blockchain that enhance governance and integrate with finance, insurance and surety.
3.c. Accept digital surety bonds with online bond validation by surety industry platform and/or company URL on Treasury List of Acceptable Sureties (T-List)
Revised listing would include where a surety bond can be validated online, or by API.
Sample Insurance Company
(NAIC # 123456)
BUSINESS ADDRESS: 175 Sample Street, Anytown, CA 123456.
PHONE: (123) 456-7890.
ADD: Bond Validation: www.SampleInsurance.com/validate
UNDERWRITING LIMITATION b/: $ 173,561,000.
LICENSES c,f/: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.
3.d. Provide digital standardized periodic (weekly / monthly) project information to all project stakeholders.
Project information is already being provided by Caltrans and VDOT, and required in California under AB-1223 Construction contract payments: Internet Web site posting
Caltrans - Progress Payment Transparency
By Contractor or By District
Virginia Department of Transportation