SIA, Italy’s central bank involved in blockchain surety project

Italy’s SIA, CeTIF (Research Centre on Technology), and technology company Reply announced plans for a national blockchain network for sureties or guarantees. SIA is best known as one of the major backbone providers for Europe’s SEPA payments network. In 2018 it processed more than three billion payment transactions and 7.2 billion card transactions. Together the organizations hope to address...

Chubb Introduces First-of-Its-Kind Financial Institution Fidelity Bond to Address Unique Risks Faced by Asset Managers

WHITEHOUSE STATION, N.J., Dec. 17, 2019 /PRNewswire/ — Chubb (CB) has introduced a new fidelity insurance solution, the Financial Institution Bond for Asset Managers, to address the unique range of risks faced by today’s asset managers. This new financial fidelity bond provides modernized coverage for a range of risks that can result in loss of customer capital. These types...

Quebec Court orders “modest” $1 million suretyship for short-term stay of Canadian enforcement pending U.S. annulment

legislation
In Lakah v. UBS, 2019 QCCA 1869, the Court of Appeal of Québec denied leave to appeal a Superior Court decision that ordered than an arbitral party post a $1 million suretyship pending U.S. annulment proceedings. The Court of Appeal, in a very brief judgment, based its decision on the following considerations: The decision to impose a surety of...

Nationwide attorney: Insurer not surety of shop’s work, but will pay until right

An attorney for Nationwide told the Pennsylvania Supreme Court last month that the insurer didn’t count as a surety responsible for the quality of its repair shops’ work. The Nov. 21 comments by Derecht lawyer Robert Heim during oral argument for Berg v. Nationwide provide consumers — and DRP shops — a view into how a carrier might view...

Contractor named to finish East Gadsden Community Center [Main Street]

A new contractor has been chosen to finish work on the long-delayed East Gadsden Community Center. At Tuesday’s meeting of the Gadsden City Council, it authorized an agreement with Bob Smith Construction, Inc. to complete the remaining work under the original contract for the project The original bid for the project was $5.5 million, and City Attorney Lee Roberts...

How this surety bond could be examined by Supreme Court of Canada

When do the terms of a surety bond allow a construction project owner to withhold payments to a contractor? This question could go to the Supreme Court of Canada, which recently announced a federal crown corporation wants to appeal a Newfoundland court decision resulting from a $2.3-million ferry wharf construction project that did not get finished on time and...

Bond surety company targeted by insurance regulator [Libre by Nexus Inc.]

Virginia insurance regulators say the immigration bond surety company known as Libre by Nexus Inc. is violating the law by acting as an unlicensed insurance agent. The State Corporation Commission’s Bureau of Insurance says the company solicits, negotiates and sells immigration surety bonds without a required insurance license. Read More… https://valawyersweekly.com/2019/10/07/bond-surety-company-targeted-by-insurance-regulators/

Slowdown woes: Trade credit insurance claims rise 38%, premiums jump 14%

The insurers feel that various initiatives taken by the government such as recapitalisation of PSBs and their mergers will boost the liquidity situation in the market Slowdown in the economy has adversely impacted the trade credit insurance segment of general insurers. This is because claims in this segment have seen a 38 per cent year-on-year rise in FY19 while...

Surety market braces for Thomas Cook Atol claim

AIG, Chubb, Markel, Swiss Re and Zurich are potentially liable for Thomas Cook repatriation and refund costs as they provide shortfall insurance for the Air Travel Organiser’s Licence’s (Atol) primary source of funding, The Insurance Insider can reveal. The Air Travel Trust (ATT) fund is the main source of funding for Atol, a financial protection scheme for package holidays...

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