Blog

NEW ORLEANS — Lexon Insurance Co. is seeking more than $2 million in surety bonds after Baby Oil, a Louisiana oil and gas producer, filed for bankruptcy in 2017, according to court documents. The lawsuit was filed in the Eastern District of Louisiana against a Thibodaux, Louisiana, couple who owns company, Baby Oil Inc., which sought Chapter 7 bankruptcy...

ACTION: Notification of temporary initiative to test lower fees; request for public comments. SUMMARY:This document announces a temporary decrease in the guarantee fees that the U.S. Small Business Administration (SBA) charges all Surety companies and Principals on each guaranteed bond (other than a bid bond) issued in SBA’s Surety Bond Guarantee (SBG) Program. DATES:Applicability Date: The fee decreases described...

Lee Covington will become president of The Surety & Fidelity Association of America on Oct. 1. Lee Covington, the longtime senior vice president for governmental affairs and general counsel for the Insured Retirement Institute, will become president of The Surety & Fidelity Association of America (SFAA) on Oct. 1. Covington will replace retiring President Lynn Schubert, who has led...

Technology is helping insurance firms around the world navigate uncertainties in global markets and capture market opportunities ahead of the competition. Companies tied down by legacy systems are feeling the heat as future-prepped firms adopt new ways to deliver value in the insurance marketplace. Duck Creek Technologies has a suite of enterprise solutions for the property & casualty insurance...

The Trump administration’s imposition of tariffs and the threat of an impending trade war with China could eventually result in reduced capacity and higher rates in the political risk and trade credit insurance market. But although there is already some evidence of increased submissions by policyholders, it is too soon to see how the situation will develop, experts say....

A circuit court judge on Wednesday approved a petition to place a Sioux Falls company that insures and services student loans into liquidation. ReliaMax Surety Co. will have all remaining assets liquidated by the South Dakota Division of Insurance, which filed the petition in Hughes County Circuit Court on June 12. Dawn Dovre, a spokeswoman for the division, said...

There were more insurance claims made across England and Wales to cover the non-payment of debts in the first quarter of this year than at any time since 2009. That is according to data from the Association of British Insurers (ABI), which reveals that the number of claims jumped by 50% on the previous three months to reach 3,966...

People are predisposed to take the path of least resistance. And yet, when an individual, association, non-profit or business needs to attain a commercial surety bond that necessitates collateral to satisfy an entity they’re working with – typically a government agency – some turn to banks for lines of credit (LOCs), even though that might not be the best...

The Georgia Supreme Court ruled that punitive damages a probate judge entered against the conservator could not be levied against the insurance company that provided the surety bond. The Georgia Supreme Court has ruled the issuer of a surety bond is not responsible for a $150,000 punitive damages award a probate court levied against it and the conservator of...

WASHINGTON, June 13, 2018 /PRNewswire-USNewswire/ — The U.S. Small Business Administration recognizes the Office of Surety Guarantees award winners for their continued work to help small contracting businesses acquire surety bonds Three SBA surety bond partners were selected to receive awards based on their participation, activity, claims and recovery and their commitment to helping small businesses obtain contracts with...