Bond-Pro | Surety Technology

California Supreme Court Addresses “Good Faith” Construction Disputes Under Prompt Payment Laws

It’s been a rollercoaster. But the ride appears to be over. In United Riggers & Erectors, Inc. v. Coast Iron & Steel Co., Case No. S231549 (May 14, 2018), the California Supreme Court addressed whether a direct contractor can withhold payment from a subcontractor based on the “good faith...

June 3, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

New Maryland Law Makes General Contractors Liable for Paying Their Subcontractors’ Employees

At the tail-end of the 2018 legislative session, the Maryland General Assembly passed Senate Bill 853, making construction general contractors jointly and severally liable for the failure of their subcontractors to pay their employees in compliance with Maryland’s wage and hour laws. This new law will become effective October...

May 28, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

US agency asked to investigate miner’s reclamation bonds

BILLINGS, MONT. Federal officials are being asked to investigate whether a financially-troubled coal company has posted sufficient bonds to cover future reclamation work at its mines in the U.S. and Canada. The Western Organization of Resource Councils, a Montana-based conservation group, said Wednesday that it was concerned that a...

May 25, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

S.C. governor signs insurer cyber security into law

South Carolina became the first state to have a cyber security law requiring insurers to establish a “strong and aggressive” program to protect companies and their consumers from a data breach, with Gov. Henry McMaster’s signing of legislation this week, according to the state insurance department. “South Carolina is...

May 11, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Reinsurer Must Assume Payments of Workers’ Compensation Benefits, Mass. Court Says

ACE American Insurance Co., rather than the state workers’ compensation trust fund, is required to pay benefits to an injured worker pursuant to a reinsurance policy that covered a self-insurer’s surety bond, a Massachusetts appeals court has held. In a May 2 opinion, the Massachusetts Court of Appeals affirmed...

May 5, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Peru: The impact of Emergency Decree 003-2017 on the insurance market for Surety bonds and letters of guarantee

Recently, the President of the APESEG (Peruvian Association of Insurance Companies), Eduardo Moron, expressed his concern regarding the harmful impact that Emergency Decree N ° 003-2017 would have on the insurance market for bond letters and surety bonds that guaranteed the obligations of various members of the so-called construction...

April 20, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Marijuana insurers in holding pattern after Sessions memo

Some insurers have left the marijuana insurance market after a warning memo sent by Attorney General Jeff Sessions earlier this year, but others are staying and even planning to increase their involvement in the sector, say observers. Insurers who have left the business include Glen Allen, Virginia-based Markel Corp....

April 17, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Pennsylvania Mortgage Servicers Now Required to Get Licensed and Bonded

As of June 2018, Pennsylvania non-bank mortgage loan servicers have to get licensed in order to operate in the state. The changes are introduced by Senate Bill 751, which makes alterations to the Pennsylvania Mortgage Licensing Act (MLA) The bill sets licensing requirements for mortgage servicers, such as meeting...

March 28, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Canada: Obligation To Disclose A Surety Bond To Potential Beneficiaries

Is the Decision in Valard Construction Ltd v. Bird Construction Co.1 Really Revolutionary in Quebec? The Supreme Court of Canada recently ruled on the obligation, whose existence and degree of intensity vary according to the circumstances, to disclose the existence of a surety bond for construction wages and materials...

March 23, 2018 Bond-Pro Webmaster Blog, Legislation.

Supreme Court of Canada Provides Guidance on Trustees’ Duty to Disclose Construction Bonds to Beneficiaries

The Supreme Court of Canada (SCC) ruled in its recent decision, Valard Construction Ltd. v. Bird Construction Co. (Valard Construction), that an “obligee” or trustee under a labour and material payment bond (usually the owner or general contractor) may be required to disclose the bond’s existence to its beneficiaries...

March 12, 2018 Bond-Pro Webmaster Blog, Claims, Legislation, News, Repost.