Surety Bond Blog | JW Surety Bonds

California Life of Well Bond

Administrator — Tue, 23 Jun 2009 15:10:13 +0000

A “life of well bond” or a “life of production facility bond” 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.

Bonding Company Rankings

Administrator — Mon, 22 Jun 2009 19:52:07 +0000

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 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!

California Foreclosure Consultant Bonds

Administrator — Wed, 17 Jun 2009 17:22:07 +0000

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. 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.