Archive for: June 2019

There were more insurance claims to cover the non-payment of debts in the first three months of this year than in any other quarter over the last decade, the Association of British Insurers (ABI) has revealed. The ABI said continued Brexit uncertainty, competition from online sales, rising business rates,...

It took about a month, but the Broadview Public Library Board of Trustees voted 5-1 to approve a takeover agreement with Travelers Casualty and Surety Company, which will allow construction on the library at 2226 S. 16th Ave. in Broadview to resume within two months. Library Trustee David Upshaw,...

New Jersey recently introduced legislation that regulates mortgage servicing in the state. Under the new law, which takes effect July 28, servicers must be licensed and obtain a $100,000 New Jersey mortgage servicer bond in order to operate legally. The law also specifies the obligations and responsibilities of licensed...

Whether you are the owner or the general contractor, dealing with mechanic’s liens filed by subcontractors or suppliers can be frustrating and, in some cases, present the very real threat of having to pay twice for work or materials. Most, if not all, states’ lien laws provide that prior...

Suretyship is one of the personal securities regulated by the Code of Obligations (6098). Suretyships are a kind of security commonly used in loan transactions which provide personal security to lenders if a borrower fails to fulfil its payment obligation. Article 583 of the code sets out certain requirements...

Proposed state legislation would evaluate if the current $15,000 bond should be increased to match current economic conditions and construction risks Contractors who wish to operate in California need to go through a licensing procedure with the Contractors’ State License Board. This process entails providing a $15,000 surety bond....

The federal government should follow Ontario’s lead in addressing contractor insolvency before the federal budget bill becomes law, says the Surety Association of Canada (SAC). The federal budget bill, Bill C-97, was tabled in March and passed second reading on Apr. 30. SAC’s president Steven Ness appeared before the...