Surety Bond News

JW Surety Bonds will be closing at 12:00 PM EST on 07/01/2011 and will remain closed all of 07/04/2011 for Independence Day. We will reopen on 07/05/2011 at 8:30 AM EST.

Have a great 4th of July!

Freight brokers play an important role in delivering thousands of varieties of goods to people all over the country. There is a lot of financial risk within the freight business so there are safeguards in place to make sure everyone plays fairly. The main issue is that many freight brokers run into the expenses of these required government safeguards in order for a broker to operate a legal business. (more…)

Legislators in New Hampshire enacted new legislation concerning executor bonds. The new legislation is named HB 609 and states that when a person dies testate (with a valid will) and there is no surviving spouse leaving an only child as the sole beneficiary and administrator of an estate, a bond will not be required of the only child; this type of bond is meant to guarantee that the deceased’s will shall be carried out properly; in a case with an only child it’s not necessary to have a surety bond because there’s no threat of other beneficiaries in the will being deceitful.

Indiana public officials are affected by a new bill which alters the surety bond required of them. The bill is named HB 1025 and states that the surety bond required of public officials is no longer an annual bond. The SFAA realized that if the bond was annual it could make it cumulative throughout a public official’s term which would stack the amount bond every year, increasing the surety’s liability. Since the surety is financially backing the bond they are on the line should a public official not fulfill their responsibilities; and with a cumulative bond, the bond would increase every year but there would be no additional premium needed to be paid by the official. The Insurance Institute of Indiana agreed with the SFAA, ran with the bill and pushed it through the legislature.

Legislators in the State of Georgia have implemented a new surety bond bill concerning driver training schools. The new bill, which is titled HB 269, raises the current surety bond required of driver training schools from $2,500 to $10,000 in order for them to stay legal with the state. The higher bond amount provides four times the protection for anyone using services or doing business with driver training schools should a school not follow the rules set by the state.