SURETY BOND BLOG

Monthly Archives: June 2009

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 read more »

Bonding 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 read more »

With 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. read more »

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.

HB 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 retentionâ€? was added as an acceptable method to meet the financial responsibility requirements. read more »