Bond-Pro | Surety Technology

Developers Surety and Indemnity Co. (AmTrust) seeks reimbursement from Parkwood Pointe Associates, others

PITTSBURGH – A California company that issues performance bonds alleges that two entities and an individual have failed to perform their obligations under a bond. Developers Surety and Indemnity Co. filed a complaint on Dec. 19, 2017, in the U.S. District Court for the Western of Pennsylvania against Parkwood...

January 2, 2018 Bond-Pro Webmaster Blog, Claims, News, Repost.

Travelers unit needn’t pay public project subcontractor

A federal appeals court has reversed its earlier ruling and held a Travelers Cos. Inc. unit is not obligated to pay a subcontractor in a public project under its payment and performance bonds. The complex case involves Pearl, Mississippi-based McMillan-Pitts Construction Co. L.L.C., which was selected as the prime...

December 18, 2017 Bond-Pro Webmaster Blog, Claims, News, Repost.

Trisura Reviews Construction Lien Act (Bill 142)

Canadian Surety Brokers and Bill 142 TORONTO, Dec. 8th, 2017 /insPRESS/ – The Construction Lien Act, Bill 142, which recently passed after an 87-0 vote in the Ontario Legislature brings about several long awaited improvements for the Ontario construction industry. While the new legislation is limited to Ontario, it...

December 14, 2017 Bond-Pro Webmaster Blog, Clients, Legislation, News, Repost.

Lynn M. Schubert to Retire as SFAA President

WASHINGTON, Dec. 11, 2017 /PRNewswire/ — The Surety & Fidelity Association of America (SFAA) announced that President Lynn M. Schubert will retire on December 31, 2018. Ms. Schubert will continue to lead the SFAA through the end of her tenure and also will assist the Search Committee to be...

December 12, 2017 Bond-Pro Webmaster Blog, News, Repost.

Insurer wins reversal of seven-figure judgment in surety bond case

Lexon Insurance Company appealed a trial court decision and got it overturned An insurance company won a reversal of a court decision that the company breached about $7.7 million of surety bond contracts in connection with a residential development in Cape Coral. In 2005, Lexon Insurance Company issued two...

December 10, 2017 Bond-Pro Webmaster Blog, Claims, Clients, News, Repost.

Old Republic Surety Increases Limits of Their Fastbond Program

Old Republic Surety Company announced today that they have increased the limits of their FastBond product. Old Republic Surety’s Fastbond program has increased from $250,000 to $400,000 for the credit-only. Additionally, the single limit/aggregate of their FastBond program has increased from $750,000 to $1,250,000. Old Republic Surety’s FastBond program...

November 27, 2017 Bond-Pro Webmaster Blog, Clients, News, Repost.

Construction boom is great chance to build business

Contract surety could be a good business to get into in the next few years. A Canadian construction boom is needed to address the infrastructure deficit across the country – and that means an increased demand for contract surety bonds. One player on top of the trend is Trisura...

November 15, 2017 Bond-Pro Webmaster Blog, Clients, News, Repost.

SBA Names Most Active Surety Partners for FY17

WASHINGTON, Nov. 7, 2017 /PRNewswire-USNewswire/ — The U.S. Small Business Administration announced today its most active surety companies and agencies for fiscal year (FY) 2017, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. “FY2017 yielded impressive numbers that would not have been possible without our...

November 9, 2017 Bond-Pro Webmaster Blog, Clients, News, Repost.

RSA Canada agrees to transition its Canadian Surety Business to Trisura

Toronto, Oct. 30, 2017 — Trisura Group Ltd.(“Trisura”) and RSA Canada (“RSA”) are pleased to announce the transition of RSA’s contract and commercial surety business in Canada to Trisura Guarantee Insurance Company (“Trisura Guarantee”). RSA’s Canadian surety portfolio consist of approximately 450 contract and commercial surety accounts with annual...

October 31, 2017 Bond-Pro Webmaster Blog, Clients, M&A, News, Repost.

Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here shortly. In addition, on November 1, 2017, the Division will start using the new...

October 19, 2017 Bond-Pro Webmaster Blog, News, Repost.