Global Surety market size is expected to reach USD 28.77 billion by 2027

In terms of revenue, the global surety market is expected to grow to US$ 28.77 billion by 2027 from US$ 15.33 billion in 2018. The demand for surety is highly propelled with the increasing demand for restoration of ageing infrastructure of developed economies worldwide. However, shortage of skilled professionals in the surety industry is restraining the surety market growth...

Trade Credit Insurance Market Is expected to Witness Significant Growth between 2019 to 2025

“Global Trade Credit Insurance market report studies historical factors and market influencers, key strategies that helped the market to grow as well as, the ones hampering the market potential. This report presents facts on historical data from 2011 to 2019 and forecasts until 2025, which makes it a valuable source of information for all the stakeholders globally. This Trade...

Trade credit insurance claims hit 10-year high

There were more insurance claims to cover the non-payment of debts in the first three months of this year than in any other quarter over the last decade, the Association of British Insurers (ABI) has revealed. The ABI said continued Brexit uncertainty, competition from online sales, rising business rates, lower consumer spending, and a weaker pound were all to...

With takeover agreement in place, library construction to continue

It took about a month, but the Broadview Public Library Board of Trustees voted 5-1 to approve a takeover agreement with Travelers Casualty and Surety Company, which will allow construction on the library at 2226 S. 16th Ave. in Broadview to resume within two months. Library Trustee David Upshaw, who serves as Broadview’s building commissioner, cast the only vote...

New Jersey Passes Licensing Law for Nonbank Mortgage Servicers

New Jersey recently introduced legislation that regulates mortgage servicing in the state. Under the new law, which takes effect July 28, servicers must be licensed and obtain a $100,000 New Jersey mortgage servicer bond in order to operate legally. The law also specifies the obligations and responsibilities of licensed servicers, such as filing annual reports, keeping records, and more...

Creative Legislative Solutions To Bond Off Mechanic’s Liens

legislation
Whether you are the owner or the general contractor, dealing with mechanic’s liens filed by subcontractors or suppliers can be frustrating and, in some cases, present the very real threat of having to pay twice for work or materials. Most, if not all, states’ lien laws provide that prior payment, whether by owner to contractor or contractor to subcontractor,...

Representation by proxy in suretyship agreements

Suretyship is one of the personal securities regulated by the Code of Obligations (6098). Suretyships are a kind of security commonly used in loan transactions which provide personal security to lenders if a borrower fails to fulfil its payment obligation. Article 583 of the code sets out certain requirements regarding the validity of suretyship agreements. This article examines these...

California to Examine the Amount of Surety Bond for Contractor’s License

Proposed state legislation would evaluate if the current $15,000 bond should be increased to match current economic conditions and construction risks Contractors who wish to operate in California need to go through a licensing procedure with the Contractors’ State License Board. This process entails providing a $15,000 surety bond. A recent legislation, Senate Bill 610, may lead to changes...

How Ontario got it right on surety

The federal government should follow Ontario’s lead in addressing contractor insolvency before the federal budget bill becomes law, says the Surety Association of Canada (SAC). The federal budget bill, Bill C-97, was tabled in March and passed second reading on Apr. 30. SAC’s president Steven Ness appeared before the Standing Committee on Finance earlier this month to advocate for...

Defendant Attorneys Chastised by Judge in Case Brought by Pinnacle Surety

legislation
Pinnacle Surety, a professional surety bond agency, today announced that in a recent ruling, a magistrate judge chastised the defendants for citing a vacated opinion and misrepresenting precedent. The judge ruled in Pinnacle’s favor in a motion against Manion Stigger, LLP, Cooper & Elliott, LLC, G. Bruce Stigger and Rex H. Elliott regarding the bond agency’s ongoing breach of...

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