Bond-Pro | Surety Technology

The Surety Bond Market Is Growing In China

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...

October 17, 2016 Bond-Pro Webmaster Blog, Repost.

New Contractor Chosen To Finish Hartford Ballpark; Work Expected To Resume Next Week

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...

October 6, 2016 Bond-Pro Webmaster Blog, Claims, Repost.

Surety Industry Weighs In on New OCS Supplemental Bonding Requirements

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...

October 3, 2016 Bond-Pro Webmaster Blog, Legislation, Repost.

Former ITT Tech Employee Lawsuits

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...

September 23, 2016 Bond-Pro Webmaster Blog, Claims, Repost.

QBE Expands Its Surety Capabilities with $73.5 Million Treasury Listing

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 19, 2016 Bond-Pro Webmaster Blog, Clients, News, Repost.

ITT Educational Services Plunges to Record Low, Chubb Demands $19.8 M Collateral and Plans to Cancel All Surety Bonds

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...

September 13, 2016 Bond-Pro Webmaster Blog, News, Repost.

Surety’s Indemnity Rights Eliminated by Subsequent Arbitration Agreement

Most readers are familiar with the concept that performance bond sureties expect to recoup, from their principals, every dollar of cost incurred in responding to demands on the bond. And most readers are aware that the typical general indemnity agreement (GIA) gives the surety extensive rights, against the persons...

September 8, 2016 Bond-Pro Webmaster Blog, Legislation, Repost.

Dawn of the Bond – New NMLS Electronic Surety Bond

On September 12, 2016, the Nationwide Multistate Licensing System (“NMLS” or “the System”) will begin receiving and tracking Electronic Surety Bonds (“ESB”). In an unprecedented departure from the traditional uploading of a copy of a surety bond document to the applicant’s or licensee’s record followed by the delivery of...

August 29, 2016 Bond-Pro Webmaster Blog, Legislation, Repost.

Potential Claims Against Mines Worry Financial Industry

Aug. 19 — The threat of third-party claims tied to the EPA’s looming financial assurance rule for hardrock mining is ginning up concerns among financial institutions, top surety backers and industry attorneys say. The new Superfund rule may allow states, tribes, the public and federal agencies other than the...

August 23, 2016 Bond-Pro Webmaster Blog, Claims, Repost.

Arch Surety hit with bond claim on $47 mil stadium project in Hartford, CT

The rushed Dunkin Donuts Stadium was to be ready for the Hartford Yard Goats home season in April. There seems to be lots of finger pointing going around and now Arch is brought into the fray. http://www.hartfordbusiness.com/article/20160527/NEWS01/160529942

July 18, 2016 Bond-Pro Webmaster Blog, Claims, Repost.