Bond-Pro | Surety Technology

A.M. Best Affirms Credit Ratings of Accredited Surety and Casualty Company, Inc.

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Accredited Surety and Casualty Company, Inc. (Accredited) (Orlando, FL). The outlook of these Credit Ratings (ratings) is stable. Accredited is wholly owned by Randall & Quilter Investment...

February 16, 2017 Bond-Pro Webmaster Blog, News, Repost, Uncategorized.

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.

Lawsuit Filed Against University Estates

Once again, the University Estates development in northwest Athens is the subject of litigation, with a bonding company called Developers Surety & Indemnity filing a complaint against UE and its former developer Dr. Richard Conard, along with secretary Elizabeth Conard. During Conard’s time developing University Estates, the allotment off...

February 10, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Evansville Company’s Bankruptcy Stalls Progress On Several Major Construction Projects

EVANSVILLE, IN (WFIE) – Court documents show Peyronnin Construction filed for Chapter 7 bankruptcy on Monday. That means several multi-million dollar construction projects are in the lurch, including the McLean County Regional Water Treatment Plant, the International Blue Grass Museum, Owensboro Community and Technical College, and a gravity-fed sewer...

February 6, 2017 Bond-Pro Webmaster Blog, Claims, Repost.

Markel to Acquire SureTec Financial Corp

RICHMOND, Va. and HOUSTON, Feb. 1, 2017 /PRNewswire/ — Markel Corporation (“Markel”) (NYSE: MKL) and SureTec Financial Corp. (“SureTec”) announced today that they have entered into a definitive agreement for Markel to acquire SureTec for approximately $250 million, inclusive of a three-year earn out. The transaction is subject to...

February 2, 2017 Bond-Pro Webmaster Blog, M&A, News, Repost.

Tampa Housing Authority Wishes, Fired Developer Gets Another Crack At Building Tempo Housing Project

TAMPA — The Tampa Housing Authority thought it had seen the last of the Siltek Group when in July it fired the contractor building a signature $25.6 million The Tempo at Encore was behind schedule and had fallen prey to shoddy workmanship and poor management, said Housing Authority officials....

January 30, 2017 Bond-Pro Webmaster Blog, Claims, 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.

Does The Accessory Principle Apply To Surety Bonds?

China’s surety bond market underwent significant development in 2016 and surety bonds have become one of the most important methods for securing a financial guarantee. However, due to a lack of clear Supreme Court guidance on the matter, the laws that apply to surety bonds issued by insurers in...

January 23, 2017 Bond-Pro Webmaster Blog, Repost.

Complexities of Construction Risks Make Surety Bonds More Crucial

Risks in the construction industry and commercial markets highlight the growing importance of surety bonds The evolving complexities of risks in the construction industry and commercial markets highlight the growing importance of surety bonds, a joint study by the Associated General Contractors of America (AGC) and consulting firm FMI...

January 19, 2017 Bond-Pro Webmaster Blog, Repost.