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SURETY BOND BLOG

Monthly Archives: January 2009

30
Jan
2009

Connecticut Increases Mortgage Bond Requirements

The Connecticut House Bill 5577 increases the mortgage bond requirements in the State of Connecticut by doubling the amount of existing bonds. This Bill became effective on July 1, 2008. The passing of this Bill is not good news for licensed Mortgage Brokers and Lenders in the State of Connecticut, since this Bill requires that read more »




26
Jan
2009

Tips For Creating Surety Bond Requirements

Our agency has been getting contacted by numerous government officials as of recent; state, Federal, military, etc. All of them have questions about how to best handle bonding requirements for upcoming government contracts from the upcoming stimulus package. This is not new territory for us, as we have various government departments revise bond forms and read more »




17
Jan
2009

Understanding the Surety Process

The surety underwriting procedure can often be viewed as being an agonizing ordeal for insurance agents as well as applicants needing to obtain bonds. Many times, the entire process can be very aggravating and stressful if an applicant is under a specific deadline or needs a bond very quickly. Here are some items that the read more »




15
Jan
2009

The Contract Bond Claim Process

As a contractor, the notion of a claim arising can be a troublesome thought. However, if a claim does arise it is important to know how the process is managed. Here is a basic breakdown of how claims are handled for performance bonds and payment bonds. Performance Bond Claims: As you may already know, a read more »




06
Jan
2009

Understanding Conservative Surety Bond Underwriting

For many years the surety industry has experienced considerable profitability due to the backing of a strong economy and a theoretical zero percent loss ratio business plan. This model for operations worked very well for many years, but also set the stage for a few years that hurt the surety industry on a whole, leading read more »




05
Jan
2009

Florida Home Health Agency Bond

On 06/30/2008, a new law concerning home health agencies was enacted in Florida. Titled HB 7083, the new law demands applicants for a new home health agency license to obtain a license bond of $50,000, where a surety bond or other comparable security that the Agency for Health Care Administration finds satisfactory. The acceptable alternate read more »