A “life of well bond” or a “life of production facility bondâ€? is required for oil production facilities who have outstanding liabilities to the state or who continually violate existing laws, as stated by California’s AB 1960. The bond needs to ensure that the facility will properly plug and abandon the well, safely decommission the facility, and that financing for any spill and incident cleanup will be provided with limited costs to the state. Once the facility has been properly decommissioned, the bond will be released. This law became effective on January 1, 2009.
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California Life of Well Bond
June 23, 2009 by Lisa GrimsleyCategory: Other, Surety NewsTags: bond requirements, california, legislation, life of production facility bond, life of well bond, surety bond | Comments (0)
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Bonding Company Rankings
June 22, 2009 by Michael WeisbrotBonding companies are ranked every year by how much premium they book. Our agency has compiled that data and made a tool to allow you to compare year to year. As of now, you can only look back to 2006, but we hope to add more history to it. You can use the Surety Ranking Tool for free.
So tell us what you think in the comment box below. Are any of the results surprising? Do you have any suggestions on how to make the tool more useful? Let us know!
Category: Other, Surety NewsTags: bonding company, ranking, surety bond | Comments (1)
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California Foreclosure Consultant Bonds
June 17, 2009 by Lisa GrimsleyWith the AB 180, effective on July 1, 2009, foreclosure consultants are now required to register with the Department of Justice and to obtain a $100,000.00 surety bond. The bond is in favor of the State and to protect the homeowner in case the foreclosure consultant violates the new or existing law in any way. The SFAA and the AIA local counsel worked together on this bill to improve the bond requirements, which makes this bond more available and easier to underwrite.Category: Commercial Bonds, Surety NewsTags: bond requirements, california, foreclosure, foreclosure consultants, legislation, surety bond | Comments (0)
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Arizona Notary Bonds
June 14, 2009 by Lisa Grimsley
Arizona’s SB 1174 no longer requires bonds to be filed under existing law with the clerk of the superior court in the notary public’s county of residence. They must now be filed with the Secretary of State. This law was enacted on April, 28, 2008.Category: Surety NewsTags: arizona, bond requirements, legislation, notary bonds | Comments (0)
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Arizona Pest Control Bond
June 13, 2009 by Lisa GrimsleyHB 2822, which was enacted in Arizona on July 7, 2008 changed the financial responsibility requirements for businesses in pest control. Previously, a cash deposit, certified check, obtaining liability insurance, or obtaining a surety bond was required. With this new law, “self-insured retention� was added as an acceptable method to meet the financial responsibility requirements. The new law also increased the minimum required from $300,000 to $500,000. The insurer issuing the bond is no longer required to be licensed in Arizona. The new law also eliminates the requirement for license suspension if the bond is issued for less than the minimum.Category: Commercial Bonds, Surety NewsTags: arizona, bond requirements, legislation, surety bond | Comments (0)
