Bond-Pro | Surety Technology

Insurance agent enters guilty plea

A South Abington Twp. insurance agent pleaded guilty to collecting insurance premiums from construction companies and never buying the insurance on their behalf. Timothy A. Hewitt, 41, billed six clients more than $200,000 for performance bond insurance without buying the insurance from Liberty Mutual, Lackawanna County Assistant District Attorney...

April 1, 2018 Bond-Pro Webmaster Blog, News, Repost.

SCC sues DOT, construction company over damaged building [Liberty Mutual]

Southwestern Community College is seeking compensation for damage to the Balsam Center building that it believes resulted from the R-5000 road project, a 0.7-mile connector road between N.C. 107 and N.C. 116 that wound up costing $30 million. A three-way finger-pointing contest over the damage has been ongoing since...

March 30, 2018 Bond-Pro Webmaster Blog, Claims, 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.

Are agents really that satisfied with their P&C carrier partners?

2018 Agent Study reveals the level of satisfaction with insurers, and how producers perceive the quality of commercial carriers. In 2017, NU forged an alliance with the National Association of Professional Insurance Agents (PIA) and Flaspöhler | NMG to conduct the inaugural Independent Agent Study — a research project...

March 16, 2018 Bond-Pro Webmaster Blog, News, Repost.

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.

Most insurance agents should use a surety expert

While surety is technically an insurance product, most insurance agents know it’s significantly different than traditional P&C coverages. Surety experts know what to look for in a client’s submission to give them the best possible chance of qualifying for the bond they need. In fact, I would argue that...

March 9, 2018 Bond-Pro Webmaster Blog, Repost.

Int’l Demand guarantees versus sureties on first demand

In a recent decision,(1) the Supreme Court clarified its position on sureties payable on first demand and confirmed its view on the interpretation of contractual undertakings (eg, guarantees or sureties)(2) by which one party assumes a personal liability for a third-party debt. Considering the significant different legal consequences for...

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

COAL MINE RECLAMATION: Federal and State Agencies Face Challenges in Managing Billions in Financial Assurances

After mining, a coal company is required to restore the land it disturbed, e.g., by regrading or replanting. The federal government requires coal companies to get bonds to assure their payment for these activities. Federal law permits coal mine operators in some cases to guarantee these costs on the...

March 6, 2018 Bond-Pro Webmaster Blog, Legislation, Repost.

AXA acquires XL Group in $15.3bn deal

French insurer AXA is acquiring Bermuda-based property/casualty commercial lines re/insurer XL Group for $15.3 billion (€12.4 billion) in cash. The price represents a premium of 33 percent to XL Group closing share price on March 2, 2018. The move will shift AXA’s business profile from L&S (life & savings)...

March 5, 2018 Bond-Pro Webmaster Blog, M&A, Repost.