Bond-Pro | Surety Technology

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.

Pennsylvania Mortgage Servicers Now Required to Get Licensed and Bonded

As of June 2018, Pennsylvania non-bank mortgage loan servicers have to get licensed in order to operate in the state. The changes are introduced by Senate Bill 751, which makes alterations to the Pennsylvania Mortgage Licensing Act (MLA) The bill sets licensing requirements for mortgage servicers, such as meeting...

March 28, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Are agents really that satisfied with their P&C carrier partners?

2018 Agent Study reveals the level of satisfaction with insurers, and how producers perceive the quality of commercial carriers. In 2017, NU forged an alliance with the National Association of Professional Insurance Agents (PIA) and Flaspöhler | NMG to conduct the inaugural Independent Agent Study — a research project...

March 16, 2018 Bond-Pro Webmaster Blog, News, Repost.

Supreme Court of Canada Provides Guidance on Trustees’ Duty to Disclose Construction Bonds to Beneficiaries

The Supreme Court of Canada (SCC) ruled in its recent decision, Valard Construction Ltd. v. Bird Construction Co. (Valard Construction), that an “obligee” or trustee under a labour and material payment bond (usually the owner or general contractor) may be required to disclose the bond’s existence to its beneficiaries...

March 12, 2018 Bond-Pro Webmaster Blog, Claims, Legislation, News, Repost.

Int’l Demand guarantees versus sureties on first demand

In a recent decision,(1) the Supreme Court clarified its position on sureties payable on first demand and confirmed its view on the interpretation of contractual undertakings (eg, guarantees or sureties)(2) by which one party assumes a personal liability for a third-party debt. Considering the significant different legal consequences for...

March 7, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

Auditor Wants Surety Bonds For Medicaid Providers, Saying Most Overpayments Don’t Get Paid Back

The state auditor says he wants Medicaid providers to insure that they’ll do the work the state is paying them for by putting up some money to prove it. He’s backing a bill that he says will help the state recover money spent on fraudulent payments. Auditor Dave Yost...

March 1, 2018 Bond-Pro Webmaster Blog, News, Repost.

Nevada To Regulate Tax Preparers, Require Bonds

Nevada tax preparers have been required to comply with a number of new requirements as of July of last year. These requirements include the necessity to pay application and renewal fees to become registered as a document preparation service, as well as to obtain and maintain a surety bond....

February 28, 2018 Bond-Pro Webmaster Blog, Legislation, News, Repost.

California Offers First Cannabis Surety Bond to Protect Nascent U.S. Industry

The state’s budding cannabis industry gets a push in the right direction via a new surety bond issuance. The cannabis industry continues to struggle for recognition in the U.S., even as more enlightened policies in Canada have tilted the competitive advantage in that country’s favor. But a new surety...

February 27, 2018 Bond-Pro Webmaster Blog, News, Repost.

Portals are dead. Brokers have moved on to real-time

As insurers move away from their legacy systems and onto more flexible platforms such as Guidewire and Duck Creek, the days appear numbered for portal solutions. Real-time data exchange is now front and center as a priority for the Insurance Broker Association of Canada (IBAC), the national broker association...

February 15, 2018 Bond-Pro Webmaster Blog, News, Repost.