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 →
A business services bond is a type of commercial crime coverage, sometimes referred to as a dishonesty bond which is narrowly written to cover the third party perils of specific types of businesses. Many professional and occupational service providers conduct… Continue Reading →
Grace Winkler Cranley and Michael J. Weber, counsel and partner with Dinsmore & Shohl LLP, have penned a great piece on the “novel scenarios” that this new “novel virus” has presented surety companies, contractors and project owners. The eight hundred pound gorilla… Continue Reading →
Although ocean transport intermediaries form a small group of shipping professionals, there is a brisk demand for NVOCC bond and OFF bond capacity. Applying for the ocean freight forwarder (OFF) or non-vessel operating common carrier (NVOCC) licenses can be less… Continue Reading →
Contract surety bond underwriting is an art however the artist must also be an analyst. Analyzing the financial condition of a bond principal does not admit creativity. In fact, being “creative” with the numbers is a strict no-no. Coupled with… Continue Reading →
An interesting article by Kayla Desroches (Report Raises Concerns Over Who Pays For Coal Mining Cleanup), raises concerns about the lack of reclamation bond coverage of mining operations in the State of Montana. Kayla reports, “. . . one of… Continue Reading →
A fidelity bond, also known as a commercial crime policy provides excellent protection to business and government entities that employ persons with money or other things of value under their control. Fidelity bond underwriting largely focuses on the implementation of… Continue Reading →
Many financial institutions must comply with fidelity bond requirements. Both corporation credit unions and natural person credit unions are no exception. A new Rule recently adopted by The National Credit Union Association made some changes to the fidelity bond instruments that… Continue Reading →
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