The surety bond industry is a quirky one. Should you already have bonds or foresee needing bonding in the future, it’s important to have good communication with your surety company. Poor communication can bring about avoidable lawsuits just like it did for a couple of condominium complexes in New York City.
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Surety Bond Claims: Communication Is Key
October 20, 2011 by Eric WeisbrotDiscuss: Comments (0)
Category: Bid Bonds, Contract Bonds, Performance Bonds, Subdivision Bonds, Surety News
Tags: Bid Bonds, bond requirements, Contract Bonds, legislation, new york, NY, Performance Bonds, surety bond
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New York Combative Sports Bond
October 12, 2011 by Eric Weisbrot
New York legislators have implemented a new bill concerning combative sports. The new bill, which is titled SB 2811, requires individuals conducting combative sports matches to acquire a surety bond to guarantee that they follow state regulations. The specific bond amount is not yet established.Discuss: Comments (0)
Category: Commercial Bonds, Misc. Commerical Bonds, Surety News
Tags: bond requirements, Combative Sports Bond, commercial bonds, legislation, new york, NY, surety bond
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New York Mortgage Broker Bond
August 21, 2011 by Eric Weisbrot
New York legislators have re-adopted regulations to implement AB 6924 (2009). The New York Banking Department now requires mortgage loan originators to obtain a surety bond. Should the originator be an employee or exclusive agent of an originating entity subject to the present surety bond requirements, then the employer’s bond could be utilized to meet the requirement. The current law requires mortgage brokers to obtain a bond ranging from $10,000 to $100,000 calculated by loan application volume; under the new bill they must acquire a bond ranging from $50,000 to $500,000, which is calculated by the volume of New York closed loans. AB 6924 states that the Superintendent has the ability to require a larger bond if the “nature or business of a [mortgage loan originator] or originating entity requires in the reasonable judgment of the Superintendent such additional protection for consumers.”Discuss: Comments (0)
Category: Commercial Bonds, Mortgage Broker Bonds, Surety News
Tags: bond requirements, commercial bonds, legislation, mortgage broker bond, new york, NY, surety bond
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New York Mortgage Loan Servicer Bond
August 15, 2011 by Eric Weisbrot
Legislators in New York have implemented requirements concerning mortgage loan servicers working within the state. The New York Banking Department has re-adopted rules for mortgage loan servicers to apply a new law enacted under the bill SB 8143 (2008). The bill requires mortgage loan services to obtain a $250,000 surety bond from a surety company licensed in the state in order to operate legally.Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, commercial bonds, legislation, Mortgage Loan Servicer Bond, new york, NY, surety bond
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Turner Construction’s Contract Renegotiation Makes Them Pay
July 24, 2011 by Eric WeisbrotWhile surety bonds are set up to provide a form of insurance to all parties involved in contracts and large construction projects, they are not completely fail-proof under certain circumstances. A recent federal court case addressed the issue of surety bond culpability and provided a valuable lesson for anyone working with bonds.
(more…)Discuss: Comments (0)
Category: Bid Bonds, Contract Bonds, Performance Bonds, Subdivision Bonds, Surety News
Tags: Bid Bonds, bond requirements, Contract Bonds, legislation, new york, NY, Performance Bonds, surety bond


