Bond-Pro | Surety Technology

Court Finds Public Owners Responsible for Evaluating Surety as well as Surety Bonds

Mechanic’s liens provide security for nonpayment to subcontractors and suppliers on private projects. Because mechanic’s liens are not valid against property that is owned by the state or a municipality, the Little Miller Act (C.G.S §49-41 et seq.) was implemented to provide subcontractors and suppliers working on public works...

August 2, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

Surety insurers prepare to commence operations in Mexico

Two years after the Insurance and Bonding Companies Law was enacted, surety insurance is finally starting to take effect in Mexico and coexist with other institutions that integrate the bonding sector. In Mexico, surety insurance is regulated as a mechanism to guarantee obligations, under which an insurer must indemnify...

May 29, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

A.M. Best Special Report: Potential Criminal Justice System Reform Could Cause Major Upheaval for Bail Bond Insurers

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best believes legislative reform in the bail bond insurance sector of the fidelity and surety market segments has led to significant disruption, and the potential for further changes places the bail bond industry at a critical juncture with respect to its long-term health and viability. According...

May 22, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

Ohio-Based Insurer Provides Surety Bonds For Ohio Medical Marijuana Control Program

CLEVELAND, May 2, 2017 /PRNewswire/ — Continental Heritage Insurance Company today announced a program to provide surety bonds to applicants for Ohio’s Medical Marijuana Program. Continental Heritage, based in Mayfield Heights, Ohio, is an insurance carrier rated A- by AM Best. Edward Feighan, an owner and director of Continental...

May 9, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

Understanding Your Surety’s Indemnity Agreement

Contractors on public and private projects are often required to obtain surety bonds to secure their bidding, payment, and performance obligations under a construction contract. A bond is a three-party contract entered into by the surety, the principal (contractor) and the obligee (owner) in which the surety guarantees to...

February 13, 2017 Bond-Pro Webmaster Blog, Claims, Legislation, Repost.

SBA Recognizes Surety Bond Companies; Increases Bond Guarantees to 90 Percent

Several surety bond companies that are partners with the U.S. Small Business Administration (SBA) in helping small contracting businesses with their surety bond needs were recently honored by SBA’s Office of Surety Guarantees at a ceremony held at the Agency’s headquarters in Washington, D.C. Michael Konzen, with CCI Surety...

January 27, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

New Program To Aid Small Firms Get Government Contracts

Stanley and Jocelyn Tucker, founders of a nearly 20-year-old landscaping company in Central Jersey, know firsthand the difficulties that minority-owned small businesses face. So they welcome a new state program that will enable firms like theirs to compete for lucrative state and federal contracts. The husband-and-wife team, partners in...

January 25, 2017 Bond-Pro Webmaster Blog, Legislation, Repost.

Canada- Is there a labour and material payment bond on my project?: Why it’s always wise to ask

Many owners, particularly large corporations or public entities, require contractors to provide a labour and material payment bond to ensure that sub-trades are paid and (hopefully) avoid protracted payment disputes. A typical labour and material bond creates a tri-partite relationship among the principal (the contractor who is being bonded),...

November 14, 2016 Bond-Pro Webmaster Blog, Legislation, Repost.

What You Need to Know About NMLS’s Electronic Surety Bonds

A number of professionals in the financial field across the U.S. undergo their required licensing procedure via the National Multistate Licensing System and Registry (NMLS). As the NMLS is introducing a new system for submitting and managing surety bond requirements, it’s important for businesses to get acquainted with the...

October 26, 2016 Bond-Pro Webmaster Blog, Legislation, Repost.

Surety Not Bound by Subcontract’s Arbitration Provision, D.C. Federal Judge Rules

WASHINGTON, D.C. — A surety company is not bound by an arbitration provision in a subcontract because the provision clearly only encompassed claims between the engineering company and its subcontractor, a District of Columbia federal judge has ruled. In applying a heightened standard of “clear and unmistakable evidence,” Judge...

October 24, 2016 Bond-Pro Webmaster Blog, Legislation, Repost.