Bond-Pro | Surety Technology

Continuing bonds

A continuing bond, also called continuous bond, is a financial guarantee or a suretyship that renews automatically until it is canceled. Continuing bonds do not expire as long as the client makes the required payment for each renewal. In other words, it has an indefinite term. A continuing bond...

April 8, 2019 Bond-Pro Webmaster Blog, News, Repost.

New developer risk management initiative launched in Calgary

A common practice in cities across Canada is that residential land developers are required to post letters of credit (LOC) prior to securing land development approvals to offset potential risks posed by such costs as site servicing and deferred levy payments. “The letter of credit is a form of...

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

Study predicts high costs for pre-trial release

The report said the bail system costs taxpayers far less. As Florida lawmakers consider expanding pre-trial release programs, a new University of Tampa study suggests that the cost could be prohibitive. David Krahl, assistant professor of criminology and criminal justice, said sticking with bail will save the justice system...

March 25, 2019 Bond-Pro Webmaster Blog, Repost.

North Dakota Modifies Surety Bond Requirements

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1, 2019, the new minimum amount of the bond will be $50,000. https://www.natlawreview.com/article/north-dakota-modifies-surety-bond-requirements

March 22, 2019 Bond-Pro Webmaster Blog, Legislation, Repost.

Contractor defaults on Truro Township fire station [Westfield]

The opening of a new Truro Township fire station on East Main Street in Reynoldsburg has been delayed again, this time until August, because the general contractor, Palmetto Construction Services LLC, abandoned the project last month. The opening of a new Truro Township fire station on East Main Street...

March 11, 2019 Bond-Pro Webmaster Blog, Claims, Repost.

With 7.5% Growth Rate Surety Market to Reach US $28.77 Billion by 2027

Surety Market to 2027 – Global Analysis and Forecast by Bond Type. In terms of revenue, the global Surety market accounted for US$ 15.33 Billion in 2018 and is expected to grow at a CAGR of 7.5% over the forecast period 2019–2027, to account for US$ 28.77 Billion in...

March 7, 2019 Bond-Pro Webmaster Blog, News, Repost.

Arch Insurance awarded $39 million in stadium indemnity dispute

A Connecticut construction firm must indemnify an Arch Insurance Group Inc. unit for $39.1 million in connection with the building of a minor league baseball stadium, a federal district court has ruled. Arch Insurance Co., a unit of Jersey City, New Jersey-based Arch Insurance Group, had issued surety bonds...

February 22, 2019 Bond-Pro Webmaster Blog, Claims, Repost.

Surety Outlook 2019: The Peak of the Cycle

By the end of 2018, the construction and surety industries remained robust and resilient. For most contractors, backlogs are as strong as they have been in over a decade, margins have returned to pre-recession highs and work is abundant. For surety companies, profits are at an all-time high, loss...

February 18, 2019 Bond-Pro Webmaster Blog, Repost.

Surety Market to Achieve Significant Growth in the Near Future

AmTrust Financial Services; Crum & Forster, American Financial Group; The Travelers Indemnity Company; Liberty Mutual Insurance Company Surety Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the...

February 13, 2019 Bond-Pro Webmaster Blog, Repost.

Iowa Attorney General issues warning over post cards

DES MOINES, Iowa — Iowa Attorney General Tom Miller is busy making sure Iowans know a scam when they see one. Miller is cracking down on contractors. He proposed a new law that would require contractors to have a $75,000 bond they would pay customers if they fail to...

February 11, 2019 Bond-Pro Webmaster Blog, Repost.