Bond-Pro | Surety Technology

Reinsurer Must Assume Payments of Workers’ Compensation Benefits, Mass. Court Says

ACE American Insurance Co., rather than the state workers’ compensation trust fund, is required to pay benefits to an injured worker pursuant to a reinsurance policy that covered a self-insurer’s surety bond, a Massachusetts appeals court has held. In a May 2 opinion, the Massachusetts Court of Appeals affirmed...

May 5, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Commercial surety bonds ‘attractive alternative’ to LOCs

Commercial surety in the US is a recipe for success if you understand the intricacies and complexities of the market. The product is booming as an alternative in lieu of traditional letters of credit (LOC) and there’s ripe fruit for the picking. “The US commercial surety market is experiencing...

May 2, 2018 Bond-Pro Webmaster Blog, News, Repost.

Peru: The impact of Emergency Decree 003-2017 on the insurance market for Surety bonds and letters of guarantee

Recently, the President of the APESEG (Peruvian Association of Insurance Companies), Eduardo Moron, expressed his concern regarding the harmful impact that Emergency Decree N ° 003-2017 would have on the insurance market for bond letters and surety bonds that guaranteed the obligations of various members of the so-called construction...

April 20, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Chubb: Our willingness to roll up our sleeves sets us apart

There are very few insurance carriers willing to “roll up their sleeves” and “dive head first” into a complex surety deal. The surety marketplace can have fierce competition and small profit margins. Insurer Chubb has an integrated global surety division under the leadership of Stephen Haney. Chubb’s surety team...

April 19, 2018 Bond-Pro Webmaster Blog, Clients, News, Repost.

Marijuana insurers in holding pattern after Sessions memo

Some insurers have left the marijuana insurance market after a warning memo sent by Attorney General Jeff Sessions earlier this year, but others are staying and even planning to increase their involvement in the sector, say observers. Insurers who have left the business include Glen Allen, Virginia-based Markel Corp....

April 17, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Self-driving cars face a NH reality

A bill that would allow companies to road-test self-driving vehicles in New Hampshire may be facing some speed bumps. House Bill 314 cleared the House on a voice vote earlier this year. Its prime sponsor, Rep. Steven Smith, R-Charlestown, said the measure is the result of three years of...

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

Credit insurers buoyed by economic environment

The three leading global credit insurers Atradius, Coface and Euler Hermes currently benefit from a supportive economic environment that is limiting corporate insolvencies, according to Moody’s https://www.intelligentinsurer.com/news/credit-insurers-buoyed-by-economic-environment-15083

April 12, 2018 Bond-Pro Webmaster Blog, News, Repost.

IAT Insurance enters surety market with IFIC acquisition

IAT Insurance Group has agreed to acquire IFIC Surety Group which includes International Fidelity Insurance Company and its subsidiary Allegheny Casualty Company. Through the deal IAT will enter the surety market. IFIC Surety Group is said to be the eighth largest surety writer in the US with over $150...

April 4, 2018 Bond-Pro Webmaster Blog, M&A, Repost.

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.