Bond-Pro | Surety Technology

With takeover agreement in place, library construction to continue

It took about a month, but the Broadview Public Library Board of Trustees voted 5-1 to approve a takeover agreement with Travelers Casualty and Surety Company, which will allow construction on the library at 2226 S. 16th Ave. in Broadview to resume within two months. Library Trustee David Upshaw,...

June 21, 2019 Bond-Pro Webmaster Blog, Claims, Repost, Uncategorized.

New Jersey Passes Licensing Law for Nonbank Mortgage Servicers

New Jersey recently introduced legislation that regulates mortgage servicing in the state. Under the new law, which takes effect July 28, servicers must be licensed and obtain a $100,000 New Jersey mortgage servicer bond in order to operate legally. The law also specifies the obligations and responsibilities of licensed...

June 18, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.

Creative Legislative Solutions To Bond Off Mechanic’s Liens

Whether you are the owner or the general contractor, dealing with mechanic’s liens filed by subcontractors or suppliers can be frustrating and, in some cases, present the very real threat of having to pay twice for work or materials. Most, if not all, states’ lien laws provide that prior...

June 13, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.

Representation by proxy in suretyship agreements

Suretyship is one of the personal securities regulated by the Code of Obligations (6098). Suretyships are a kind of security commonly used in loan transactions which provide personal security to lenders if a borrower fails to fulfil its payment obligation. Article 583 of the code sets out certain requirements...

June 7, 2019 Bond-Pro Webmaster Blog, Repost.

California to Examine the Amount of Surety Bond for Contractor’s License

Proposed state legislation would evaluate if the current $15,000 bond should be increased to match current economic conditions and construction risks Contractors who wish to operate in California need to go through a licensing procedure with the Contractors’ State License Board. This process entails providing a $15,000 surety bond....

June 3, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.

How Ontario got it right on surety

The federal government should follow Ontario’s lead in addressing contractor insolvency before the federal budget bill becomes law, says the Surety Association of Canada (SAC). The federal budget bill, Bill C-97, was tabled in March and passed second reading on Apr. 30. SAC’s president Steven Ness appeared before the...

June 1, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.

Defendant Attorneys Chastised by Judge in Case Brought by Pinnacle Surety

Pinnacle Surety, a professional surety bond agency, today announced that in a recent ruling, a magistrate judge chastised the defendants for citing a vacated opinion and misrepresenting precedent. The judge ruled in Pinnacle’s favor in a motion against Manion Stigger, LLP, Cooper & Elliott, LLC, G. Bruce Stigger and...

May 29, 2019 Bond-Pro Webmaster Blog, Claims, Repost.

Canada: The End Of A Shareholder’s Corporate Duties And The End Of Suretyship: An Illustration

In June 2015, Location, a tool rental company, opened an account for the benefit of a company with which it was doing business, Boréalia. Boréalia obtained a thirty-day term to pay its bills and other benefits. Bussière was a shareholder of Boréalia, via his management company, and a director...

May 26, 2019 Bond-Pro Webmaster Blog, Claims, Repost.

The right technology partner can help carriers outlast market challenges

Innovation in technology, the growing use and availability of data, and changing customer expectations are all putting pressure on the insurance industry to transform – and fast. Alongside other forces, like the competition for new talent, product innovation, and regulatory influence, carriers are having to figure out how to...

May 23, 2019 Bond-Pro Webmaster Blog, Repost.

FM Global EVP: ‘AI is going to be a huge factor in the insurance industry’

Innovation is one of the biggest buzz words in insurance right now. It means different things to different people. While one firm might see innovation as investment into new ideas coming out of the insurtech ecosystem, another might see it as using technology to make improvements to something they’ve...

May 20, 2019 Bond-Pro Webmaster Blog, Repost.