Bond-Pro | Surety Technology

Surety’s claims against bank fail [Hudson]

A surety that paid out more than $3.7 million in claims failed in its attempt to sue the principal’s bank because its claims were time-barred, a negligence claim failed as a matter of law, there was no confidential relationship as required for a constructive fraud claim and the elements...

February 29, 2020 Bond-Pro Webmaster Blog, Claims, Court, Market, Repost, Surety.

Talisman Casualty Denied Diversity Jurisdiction Of Protected Cell Series LLC In National WW II Museum Case

A captive insurance company (usually just referred to as a “captive” in short) is an insurance company that is set up to provide for the insurance needs of its owners, and them only. There are many types of captives, and they can be organized in many ways, most typically...

February 17, 2020 Bond-Pro Webmaster Blog, Claims, Market, Repost, Surety.

Supreme Court of Canada could review ‘joint and several liability’ clause in surety bond [Intact]

he Guarantee Company of North America wants to take a disputed claim on a 20-year-old performance bond to the Supreme Court of Canada. The top court announced Feb. 7 that The Guarantee is applying for leave to appeal HOOPP Realty Inc. v. The Guarantee Company of North America, released...

February 14, 2020 Bond-Pro Webmaster Blog, Claims, Repost.

Construction Activity Can Signal When Credit Booms Go Wrong

In Spain, private sector credit as a share of GDP almost doubled between 2000 and 2007. This increase was accompanied by a boom in housing prices—which doubled in real terms over the same period. The economy as a whole also grew at a record pace. But then in 2008,...

February 12, 2020 Bond-Pro Webmaster Blog, Repost.

Obscure But Important Surety and Guarantee Rules

Texas surety law contains obscure procedural rules that can have outsized consequences. Chapter 43 of the Civil Practice and Remedies Code is an important example. Applicability This chapter applies to everything that is a “surety” as defined by the statute. The statute’s definition includes “an endorser, a guarantor, and...

February 8, 2020 Bond-Pro Webmaster Blog, Legislation, Repost, Surety.

Raleigh lawyer pleads guilty to lobbying-related charges after WBTV investigation [Cannon Surety]

RALEIGH, N.C. (WBTV) – Raleigh lawyer and lobbyist Mark Bibbs pleaded guilty to six misdemeanor charges in a Wake County courtroom Monday. Bibbs was indicted on ten felony and misdemeanor charges in February 2018 following an investigation by the North Carolina Secretary of State’s Office that was prompted by...

January 31, 2020 Bond-Pro Webmaster Blog, Fraud, Market, Repost, Surety.

AIG withdraws from surety market globally

January 29, 2020 Bond-Pro Webmaster Blog, M&A, Market, Repost, Surety.

SBA Recognizes FY19 Most Active Surety Companies and Agencies

WASHINGTON, DC – The U.S. Small Business Administration announced on Wednesday its most active surety companies and agencies for fiscal year 2019, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. “The SBA is very fortunate to partner with sureties and agents with a shared vision...

January 24, 2020 Bond-Pro Webmaster Blog, Clients, Market, News, Repost, Surety, Uncategorized.

SIA, Italy’s central bank involved in blockchain surety project

Italy’s SIA, CeTIF (Research Centre on Technology), and technology company Reply announced plans for a national blockchain network for sureties or guarantees. SIA is best known as one of the major backbone providers for Europe’s SEPA payments network. In 2018 it processed more than three billion payment transactions and...

January 3, 2020 Bond-Pro Webmaster Blog, Repost, Standards.

Chubb Introduces First-of-Its-Kind Financial Institution Fidelity Bond to Address Unique Risks Faced by Asset Managers

WHITEHOUSE STATION, N.J., Dec. 17, 2019 /PRNewswire/ — Chubb (CB) has introduced a new fidelity insurance solution, the Financial Institution Bond for Asset Managers, to address the unique range of risks faced by today’s asset managers. This new financial fidelity bond provides modernized coverage for a range of risks...

December 17, 2019 Bond-Pro Webmaster Blog, Clients, News, Repost.