Fling an ERISA bond is a fiduciary duty required by the Employee Retirement Income Security Act of 1974 (ERISA), with few exceptions. The bond must be issued by a surety company that appears on the U.S. Treasury’s circular of insurers acceptable… Continue Reading →
A fidelity bond for a standard qualified, non-qualified, ESOP, MEP and an ERISA bond for a 403(b) plan (with an exception for certain church-sponsored accounts) is required to comply with the Act (ERISA). Per the U.S. Department of Labor’s circular,… Continue Reading →
ERISA bond underwriters have generally avoided the fidelity bonding of multiemployer plans (MEPs) due to perceived risks with collective bargaining agreements and plan management responsibilities. Not to be confused with a “multiple employer” plan, an MEP is a plan for which… Continue Reading →
Virtual currencies may suffer downturns and enjoy spectacular increases in value however there is no question that crypto is here to stay. Businesses that trade in these mediums will come under regulatory control and licenses will inevitably be required. Classified… Continue Reading →
Cyber risks rise for commercial cannabis operators daily. A recent article by Don Jergler (Insurance Journal, May 2021) has made some really important observations about cyber risks associated with the management of commercial marijuana establishments. Said Jergler, “A lot of… Continue Reading →
As vaping becomes more popular, vaping product surety bond instruments and insurance coverages will appear to support the risks of the industry. Many states have already instituted regulations that govern the conduct of vape dealers and distributors. Much like hookah… Continue Reading →
Most insurance agents are independent entrepreneurs, self-motivated and eager to achieve success in their chosen profession. That independent streak is the same characteristic that can create blind spots when planning for and delivering a broad menu of insurance products. A surety… Continue Reading →
One of the nations’ foremost legal research groups, the National Legal Research Group, Inc. regularly publishes timely pieces on cases at law that impact surety bond professionals that underwrite fiduciary bonds for probate proceedings. Senior Attorney, Jim Will has written… Continue Reading →
In June of this year, a demolition contractor hired to remove the Regency House Building in Texarkana, inadvertently brought down an adjacent building. The contractor had been required to offer a bond however, a demolition contract performance bond will not… Continue Reading →
The financial services industry is a prime target for cybercriminals. Many insurance professionals and more specifically small insurance agencies are unprepared for a breach. Cyber risk for surety bond professionals is not an exception. Surety underwriters receive and regularly warehouse… Continue Reading →
There are classes of construction (and destruction) business for which surety bonds are readily available. Most surety companies prefer bonding jobs that they consider “sticks and bricks”. Unfortunately, that leaves many professional contractors that might offer specialty services in a… Continue Reading →
Surety bond underwriting contemplates two major classes of bond; commercial surety bonds and contract surety bonds. General contractors are by far the most frequent requestors of the latter which are generally purchased to guarantee the completion of construction projects. Underwriters… Continue Reading →
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