Bond-Pro | Surety Technology

SBA Names Most Active Surety Partners for FY17

WASHINGTON, Nov. 7, 2017 /PRNewswire-USNewswire/ — The U.S. Small Business Administration announced today its most active surety companies and agencies for fiscal year (FY) 2017, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. “FY2017 yielded impressive numbers that would not have been possible without our...

November 9, 2017 Bond-Pro Webmaster Blog, Clients, News, Repost.

Contractor Files $6M Surety Bond Suit Over DC Hotel Work

United States of America vs Walsh Construction Company II, LLC, Walsh Global, LLC and Travelers Casualty & Surety Company 1:2017cv04460 A Chicago-based contracting firm on Tuesday sued an insurance company and a surety bond provider for at least $6 million in D.C. federal court, alleging they failed to cover...

November 7, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Great American Insurance Company offers credit insurance in Canada

Great American Insurance Company, Canadian Branch, the specialty property and casualty insurer, is pleased to announce that Great American Insurance Company – Canadian Branch has obtained licenses to write Trade Credit Insurance in AB, BC, MB, NS, ON, and SK. This expands Great American Insurance Company and its affiliates’...

November 5, 2017 Bond-Pro Webmaster Blog, Repost.

SBA Amends Surety Bond Guarantee Program

The Small Business Administration has introduced changes to its Surety Bond Guarantee Program that aim to present better opportunities for small-scale contractors. The new rules apply as of September 20, 2017 and was published in the Federal Register in August 2017. The most important amendment raises the threshold for...

November 2, 2017 Bond-Pro Webmaster Blog, Repost.

RSA Canada agrees to transition its Canadian Surety Business to Trisura

Toronto, Oct. 30, 2017 — Trisura Group Ltd.(“Trisura”) and RSA Canada (“RSA”) are pleased to announce the transition of RSA’s contract and commercial surety business in Canada to Trisura Guarantee Insurance Company (“Trisura Guarantee”). RSA’s Canadian surety portfolio consist of approximately 450 contract and commercial surety accounts with annual...

October 31, 2017 Bond-Pro Webmaster Blog, Clients, M&A, News, Repost.

Surety and Broker Face Liability for Principal’s Alleged Violations Under the False Claims Act

A United States District Court ruled that there are instances where a surety and its broker could face liability for its principal’s violation of the Federal Government’s False Claim Act. In United States ex rel. Scollick v. Narula, 2017 WL 3268857 (July 31, 2017), an individual whistleblower brought an...

October 27, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Liberty Mutual settles dispute with Clearfield Municipal Authority

Liberty Mutual has agreed to pay all cost overruns associated with delays in the completion of Clearfield Municipal Authority’s new waste water treatment plant, announced CMA Engineer Jim Balliet of Gwin. Dobson & Foreman. In May 2014 CMA began a $35 million project to construct its waste water treatment...

October 21, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here shortly. In addition, on November 1, 2017, the Division will start using the new...

October 19, 2017 Bond-Pro Webmaster Blog, News, Repost.

Boston Omaha Corporation Announces Surety Company Acquisition Signing

OMAHA, Neb.–(BUSINESS WIRE)–Boston Omaha Corporation (NASDAQ: BOMN) (the “Company”) announced that on October 6, 2017, General Indemnity Group, LLC, a wholly owned subsidiary of the Company, entered into a Unit Purchase Agreement to acquire at a subsequent closing a majority equity interest in South Coast Surety Insurance Services, LLC...

October 9, 2017 Bond-Pro Webmaster Blog, M&A, Repost.

Enforcing Public Contracts against a Surety

This summer, the Washington Supreme Court ended a long dispute within the construction industry and issued an opinion finding that a performance bond is, in essence, an insurance contract. The court made clear that a public owner who must sue to enforce coverage of a performance bond is entitled...

October 2, 2017 Bond-Pro Webmaster Blog, Claims, Repost.