Bond-Pro | Surety Technology

South Dakota officials move to liquidate Sioux Falls insurance company [Reliamax]

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 29, 2018 Bond-Pro Webmaster Blog, News, Repost.

Trade credit insurance claims hit nine-year high

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...

June 23, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

Less money, faster turnaround: why escrow can be the best option for commercial surety bonds

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...

June 20, 2018 Bond-Pro Webmaster Blog, Repost.

Ga. Justices Toss Punitive Damages Against Surety for Conservator’s Theft

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...

June 17, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

SBA Recognizes the Office of Surety Guarantees Award Winners

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...

June 14, 2018 Bond-Pro Webmaster Blog, News, Repost.

Was 2017 the Tipping Point for the Bail Bonds Industry?

OLDWICK, N.J.–(BUSINESS WIRE)–As reform measures across the United States significantly diminish or eliminate the need for defendants to post cash bail, the business currently handled by bail bonds agents and insurance specialists may cease to exist, according to a new A.M. Best special report. The Best’s Market Segment Report,...

June 10, 2018 Bond-Pro Webmaster Blog, News, Repost.

Kentucky amends law allowing surface coal mining and reclamation permit applications to submit their own bonds

At the beginning of April, Kentucky governor signed a bill that amends portions of chapters of the Kentucky Revised Statutes (KRS) that relate to mining. The 40-page bill introduces numerous new provisions with regards to different types of mining operations and procedures in the state. Among these are also...

June 7, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Sompo International completes acquisition of Lexon Surety Group

Bermudian property and casualty (P/C) re/insurer Sompo International Holdings (SI) has acquired Lexon Surety Group (Lexon), the second largest independent surety insurer in the United States. Lexon is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company and Fortress National Group. The acquisition is expected to positively impact the...

June 5, 2018 Bond-Pro Webmaster Blog, Clients, M&A, News, Repost.

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.

Two more lawsuits filed in Puerto Rico bankruptcy case [CNA]

SAN JUAN – Two more lawsuits have been filed in the Title III bankruptcy case against the Puerto Rico Highways & Transportation Authority (PRHTA) and the Puerto Rico Electric Power Authority (Prepa). The first was filed Wednesday by insurers Western Surety Co. and Continental Casualty Co. against the PRHTA,...

June 1, 2018 Bond-Pro Webmaster Blog, Claims, Repost.