Bond-Pro | Surety Technology

Corporate insolvencies set to rise, says credit insurer

Euler Hermes expects another 8% increase in company failures next year The number of big corporate insolvencies surged in the third quarter as the global economic slowdown started to bite. The IMF has warned that the world is in a “synchronised slowdown” and in October cut its forecast for...

December 16, 2019 Bond-Pro Webmaster Blog, Market, Repost.

Quebec Court orders “modest” $1 million suretyship for short-term stay of Canadian enforcement pending U.S. annulment

In Lakah v. UBS, 2019 QCCA 1869, the Court of Appeal of Québec denied leave to appeal a Superior Court decision that ordered than an arbitral party post a $1 million suretyship pending U.S. annulment proceedings. The Court of Appeal, in a very brief judgment, based its decision on...

December 14, 2019 Bond-Pro Webmaster Blog, Court, Repost.

Nationwide attorney: Insurer not surety of shop’s work, but will pay until right

An attorney for Nationwide told the Pennsylvania Supreme Court last month that the insurer didn’t count as a surety responsible for the quality of its repair shops’ work. The Nov. 21 comments by Derecht lawyer Robert Heim during oral argument for Berg v. Nationwide provide consumers — and DRP...

December 12, 2019 Bond-Pro Webmaster Blog, Claims, Court, Repost.

Contractor named to finish East Gadsden Community Center [Main Street]

A new contractor has been chosen to finish work on the long-delayed East Gadsden Community Center. At Tuesday’s meeting of the Gadsden City Council, it authorized an agreement with Bob Smith Construction, Inc. to complete the remaining work under the original contract for the project The original bid for...

December 10, 2019 Bond-Pro Webmaster Blog, Claims, Repost.

How this surety bond could be examined by Supreme Court of Canada

When do the terms of a surety bond allow a construction project owner to withhold payments to a contractor? This question could go to the Supreme Court of Canada, which recently announced a federal crown corporation wants to appeal a Newfoundland court decision resulting from a $2.3-million ferry wharf...

December 5, 2019 Bond-Pro Webmaster Blog, Court, Market, Repost, Surety.

Bond surety company targeted by insurance regulator [Libre by Nexus Inc.]

Virginia insurance regulators say the immigration bond surety company known as Libre by Nexus Inc. is violating the law by acting as an unlicensed insurance agent. The State Corporation Commission’s Bureau of Insurance says the company solicits, negotiates and sells immigration surety bonds without a required insurance license. Read...

October 9, 2019 Bond-Pro Webmaster Blog, Fraud, Repost.

Slowdown woes: Trade credit insurance claims rise 38%, premiums jump 14%

The insurers feel that various initiatives taken by the government such as recapitalisation of PSBs and their mergers will boost the liquidity situation in the market Slowdown in the economy has adversely impacted the trade credit insurance segment of general insurers. This is because claims in this segment have...

October 6, 2019 Bond-Pro Webmaster Blog, Market, Repost.

Surety market braces for Thomas Cook Atol claim

AIG, Chubb, Markel, Swiss Re and Zurich are potentially liable for Thomas Cook repatriation and refund costs as they provide shortfall insurance for the Air Travel Organiser’s Licence’s (Atol) primary source of funding, The Insurance Insider can reveal. The Air Travel Trust (ATT) fund is the main source of...

October 1, 2019 Bond-Pro Webmaster Blog, Claims, Repost.

Audit alleges W.Va. DEP violated state law for nearly a decade

In a report presented to the joint Post Audit Committee, legislative auditors contend that the state Division of Environmental Protection has been skirting a law designed to make sure that coal mine reclamation bonds are on solid financial ground. Coal companies have to get the bonds to guarantee the...

September 27, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.

The Sword Of Damocles Hangs Over Miller Act Sureties And Brokers: Scollick Case Stayed Sixty Days For Mediation, But Outcome Remains Uncertain

On August 6, 2014, plaintiff-relator Andrew Scollick filed a complaint in the United States District Court for the District of Columbia against eighteen defendants for multiple violations of the False Claims Act (“FCA”) in connection with an alleged scheme to submit bids and obtain millions of dollars in government...

September 26, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.