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Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. The checklist for the license will be available here shortly. Current licensees must submit a license transition request through NMLS by April 1, 2018. In addition, the Department will...

Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that its U.S. Insurance platform has reached an agreement to purchase the operating subsidiaries of Lexon Surety Group LLC (Lexon). \ Lexon, the second largest independent surety insurer in the U.S., is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company, and Fortress National...

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 Pointe Associates LLC, Blackwood Pointe Associates LLC and David Cherup...

Law360, New York (December 13, 2017, 7:03 PM EST) — Oklahoma Surety Co. is still on the hook for roughly $1 million in damages for denying coverage to a general contractor over a shoddy workmanship suit after the Fifth Circuit on Tuesday affirmed a lower court’s ruling that found the insurer had breached its duty to defend. A three-judge...

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 contractor on a public project to construct an office building...

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 has the potential for national ramifications as other provinces continue...

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 established by the Board of Directors in finding her replacement...

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 surety bonds of about $7.7 million to ensure the completion...

Ms. Zuk provided a personal guarantee for the business her husband founded (“Silverado”). Ms. Zuk was also an accountant, and was Silverado’s sometime bookkeeper and shareholder prior to her divorce from Mr. Zuk, Silverado’s principal. When Silverado defaulted on its loans, RBC called on the guarantee. Ms. Zuk argued that there had been material alterations to the credit advanced...

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 is designed for smaller, growing contractors, or for contractors who...