JW Surety Bonds

Wyoming Surety Bond Requirement Changes

In the state of Wyoming, there were a couple changes when it comes to surety bonds in the last few months. The first change concerns circuit court judges and magistrates. A new law, named HB 123 repeals the original $5,000 surety bond required of circuit court judges and the $1,000 surety bond required of magistrates. Since these small bond amounts were only covering a maximum of $5,000, this change should not have a big impact. (more…)

Utah Canceling Hundreds of Public Official Bonds

Utah legislatures seem to be trimming off quite a few surety bond requirements for various state officials. The officials that no longer need bonds to work legally include the treasurer of the regional grazing boards, employees of the Alcoholic Beverage Control Commission; the Labor Commissioner and the Labor Commission’s employees; the adjutant general, the property and fiscal officers of the United States for the Utah National Guard; the business administrator including other appointed board officers of a local school board; the Transportation Commission; the Utah Insurance Commissioner and employees of the Insurance Department; officers of the State militia; the officers and employees of the Division of Finance; employees of the Division of Fleet Operations and Administration of State Motor Vehicles; the State Auditor; and the Attorney General. Hopefully the termination of all of these public official bonds doesn’t backfire on the state since the individuals in the list above are no longer required to be covered by a surety bond which in the end is meant to protect public money.

Nebraska Real Estate Appraisal Bond

Nebraska state legislatures have recently been working on legislation concerning real estate appraisal companies and surety bond requirements. A new law was enacted, named LB 410, which requires real estate appraisal management companies to acquire a $25,000 surety bond to operate within the state legally; and this bond must be from a state authorized surety company. The surety company’s liability is equivalent to the bond amount itself, in this case $25,000. Should a claim go out on the bond, the surety company is responsible for up to $25,000 of reimbursement for faulty services performed by the principal who obtained the bond. As a result of the claim, the surety company will then go back to the principal for reimbursement. The company who obtains the real estate appraisal bond must keep the bond active one year after the business closes its doors.

How Performance Bonds Protect You from Perilous Kids (and Contractors)

As we end the month of drizzly April showers, flowers begin to make a reappearance and the dreaded season of lawn mowing begins. Thankfully, young neighborhood kids will seize this opportunity to make a few dollars, knocking on doors to offer their lawn mowing services as soon as the first few blades of grass sprout. Glad to spend your Saturday afternoon watching sports instead of sweating outside, you hand a kid twenty bucks and kick back in your recliner. It seems like the perfect set-up, until you glance out the window and see the oblivious kid mow down your mailbox and take off running. Now not only are you out the $20, but you have to pay to fix your mailbox as well as hire another kid to finish mowing the yard. (more…)

Surety Companies Fear Cumulative Bonds

It often seems individual’s both part of state and federal governments blindly enact guidelines affecting surety bonds with little knowledge on the subject. Some ill-advised changes were made to Indiana State law a few years ago concerning surety bond requirements; more specifically relating to public officials. (more…)

Green Performance Bonds: The Green-Eyed Monster of Eco-Construction

Green construction focuses on building projects that use less energy, water and materials in the structures themselves. The green principles also apply to the construction techniques utilized in erecting a building by choosing the most efficient and least wasteful processes. While this revolution has already proven to be a great success in promoting eco-construction, it has thrown quite a kink in the traditional construction bonding process. (more…)