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surety bond

Pay-if-Paid Clauses’ Effect on Surety Bonds in Florida

Surety bonds in Florida are subject to claims even if the claimant has agreed to a valid pay-if-paid clause in its contract with the principal. Sureties should still require principals to include pay-if-paid clauses in their contracts, despite the protection… Continue Reading →

Surplus Lines Broker Bond, a Surety Bond for Insurance Professionals

A surplus lines broker bond is a specific surety bond required by many state departments of insurance. The license allows producers to offer surplus lines insurance. Surplus lines insurance refers to any instance in which the insurance is offered by an insurer that is not… Continue Reading →

Performance Bond Fees Reduced for SBA Surety Bond Guarantee Program

On September 4th, 2018, the Small Business Administration announced its decision to decrease the fees associated with the SBA Surety Bond Guarantee Program (SBG). The fee amendment is the first adjustment in over twelve years. The SBA hope that the… Continue Reading →

Performance Bonds, Some Secrets to Qualifying for Surety Bonds

A frustrating part of being a contract surety bond underwriter is finding oneself obligated to decline a performance bond to a contractor that appears to possess the prerequisite experience, expertise, character and financial strength to accomplish his or her project. The review… Continue Reading →

What is a Surety Bond? Learn more about surety bonds

Suretyship has been around a LOOOOOONG time. There are records of surety bond accords that stretch back the the Code of Hammurabi. The first “modern” definition for suretyship in the United States was given by George Robert Wentz in the… Continue Reading →

Virginia Contractors License Bond

A Virginia contractors license bond is required under certain circumstances when a contractor applies for authority to operate in the Commonwealth. The trigger for the surety bond requirement is contractor “net worth”. Virginia contractors are classified by the Department of… Continue Reading →

North Carolina Invention Development Bond

A North Carolina invention development bond is one of the items required in order to be licensed as an invention development service. Doing business in the State as an “invention developer” is defined in North Carolina General Statutes § 66-209(5). A developer is an… Continue Reading →

South Carolina Mechanic’s Lien Release Bond

South Carolina statutes allow owners and contractors to file a South Carolina mechanic’s lien release bond to free a parcel of real property from a labor or material lien. Section 29-5-110, titled “Release of lien upon filing written undertaking and security”,… Continue Reading →

Pennsylvania Supersedeas Bond

Appeal from a civil judgment will require filing of a Pennsylvania supersedeas bond to stay enforcement of execution on the judgment. Pursuant to Rule 1731. Automatic Supersedeas of Orders For the Payment of Money: (a) General Rule.—Except as provided by subdivision… Continue Reading →

Illinois Highway Permit Bond (Individual and Blanket Surety Bonds)

An Illinois highway permit bond and permit are required under law (605 ILCS 5/4 209) when performing any work that encroaches or touches upon the right-of-way of an Interstate, U.S. state route, Illinois state route, or state-maintained roadway. The Illinois Department… Continue Reading →

Utah Investment Adviser Bond

A financial adviser in the state of Utah must be licensed and post an Utah investment adviser bond if he or she receives compensation for providing advice on securities and other investments. Licenses are issued by the Utah Department of… Continue Reading →

Arizona Supersedeas Bond

Taking an adverse verdict in the Arizona trial courts can lead to immediate collection actions by the prevailing party. An Arizona supersedeas bond is an instrument available to appellants which can effectively stop all judgment enforcement activity. Under the Arizona… Continue Reading →

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