The state of Maine authorized a new law relating to the Efficiency Maine Trust. The new law, which is named HB 1038 requires the officers, directors, employees and other employed individuals of the new Efficiency Maine Trust that have custody of its finances or who are sanctioned to disburse its funds to attain “blanket or individual bonds with a minimum limitation of $100,000 coverage for each individual covered by the surety bond or bonds.” The surety bond is conditioned on the faithful and authentic execution of their responsibilities. Also, fiduciary liability insurance will be an authorized alternative in the place of the surety bond. HB 1038 became active upon enactment.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.