The General Assembly has passed a new statue requiring a Kansas Roofing Contractor Bond where previously such contractors were unregulated by the state. Many cities and counties have their own requirements, including ICC or other testing requirements. Most contractors are also… Continue Reading →
As a surety-specific agency with a national footprint we numerous requests for “bid bonds” each day. Contractors who have dealt with corporate sureties are aware of what these are however many new and smaller construction and commercial services contractors do… Continue Reading →
Unless give a “license fee and waiver” each dealer applicant must post a Virginia motor vehicle dealer bond with the Commonwealth before be issued a license to operate. The Code of Virginia §46.2-1500 defines a “dealer” as any person who: 1. For… Continue Reading →
Ok, we have revamped our state-by-state guide to motor vehicle dealer bond amounts. This should be helpful for those dealers that are currently or anticipating operating in multiple states. We have compiled this information as a convenience to you, our clients…. Continue Reading →
A Michigan title bond is one of three options for obtaining clear title to a motor vehicle with lost or defective certificate issues. Pursuant to §257.217(d), if the Secretary of State is not satisfied as to the ownership of a vehicle… Continue Reading →
The United States Department of Transportation has updated its protocols regarding the DOT’s Surety Bonding Education Program. As per the DOT and taken directly from their published circular, The Surety Bonding Education Program (BEP) process includes: Stakeholders meeting Members of… Continue Reading →
Connecticut HB 6339 has been signed into law. The statute requires an exchange facilitator to post a Connecticut exchange facilitator fidelity bond in an amount not less than one million dollars ($1m). An errors/omissions policy, a deposit of cash or securities… Continue Reading →
The most important fidelity bond underwriting consideration is the presence and strength of “internal controls”. A sound system of internal controls is an essential element of enterprise risk management. Every company with any significant employee dishonesty exposures should have formal internal control policies… Continue Reading →
A Michigan premium finance company bond is required along with certain capitalization minimums before the Department of Insurance will issue an insurance premium finance company license. Pursuant to §500.1502, an “insurance premium finance company” is defined as a person engaged in… Continue Reading →
A Massachusetts employment agency bond is required by statute before a placement agency can be licensed or registered with the Department of Labor. Pursuant to Section 46A of the Massachusetts General Laws (MGLs), “employment agency” means any person who conducts in… Continue Reading →
State law requires a Maryland employment agency bond from any party engaging in private employment placement within the state. An “employment agency” is a person, partnership or corporation which, for a fee: (1) an employee for a person who seeks an… Continue Reading →
An auto dealer must file a Maine motor vehicle dealer bond with the Secretary of State unless he or she deals exclusively with equipment and light trailers. State statute defines a motor vehicle dealer as a person engaged in the business… Continue Reading →
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