Category: Blog

Arch Coal will use traditional insurance to guarantee that nearly $400 million in cleanup work eventually happens at its Wyoming mines, according to a restructuring plan approved Tuesday by a federal bankruptcy judge. The plan moves the coal giant away from self-bonding, a contentious practice that allows companies to...

Business insurance provider Federated Mutual Insurance Company has reached an agreement to acquire Granite Re, an Oklahoma-based provider of surety bonds for small to medium-sized contractors. According to Federated Insurance, the acquisition better positions Federated Insurance to partner with commercial contractors for their surety and bonding needs. Jeff Fetters,...

A number of professionals in the financial field across the U.S. undergo their required licensing procedure via the National Multistate Licensing System and Registry (NMLS). As the NMLS is introducing a new system for submitting and managing surety bond requirements, it’s important for businesses to get acquainted with the...

WASHINGTON, D.C. — A surety company is not bound by an arbitration provision in a subcontract because the provision clearly only encompassed claims between the engineering company and its subcontractor, a District of Columbia federal judge has ruled. In applying a heightened standard of “clear and unmistakable evidence,” Judge...

In the past six months the surety bond market has developed significantly for insurers in China, said Richard Chu, specialty lines, financial risks, Asia-Pacific, PartnerRe. “It’s a new product in China mainly for construction sector,” he said. “Previously most of the construction companies had to go to banks for...

A new contractor has been chosen to finish Dunkin’ Donuts Park, and work is expected to resume next week, an Arch Insurance official said Wednesday. The new contractor will be Baltimore-based Whiting-Turner Contracting Co., which has extensive experience in building sports venues, said Patrick Nails, a senior vice president...

Examining new BOEM supplemental bonding requirements for OCS decommissioning obligations: Part 4 In context of the Bureau of Ocean Energy Management’s new NTL 2016-N01, the recently in force Notice to Lessees and Operators in the outer continental shelf (OCS) laying out strict new financial demands of operators and leaseholders...

ITT Technical Institute suddenly shut down all of its campuses and online courses on September 6, 2016. By doing so, it puts approximately 8,000 employees out of work without warning. Those employees are fighting back. Former ITT Tech employee lawsuits have been filed in Delaware and Indiana. At least...

NEW YORK, Sept. 15, 2016 /PRNewswire/ — QBE North America today announced that the United States Department of Treasury approved QBE Insurance Corporation (QBEIC) as a Certified Company with an underwriting limitation (also referred to as a “Treasury Listing”) of $73.5 million per bond. This achievement builds upon a...

September 2, 2016 Clifton Ray – ITT Educational Services (NYSE:ESI) is down 13%, reaching a record week low earlier off a trading halt, after the company said in a SEC fling Chubb (CB) was demanding ITT to post collateral of $19.8 million in the form of an acceptable irrevocable...