LB 722 is a new bill that was presented concerning all state employees within the State of Nebraska. The new bill alters the present surety bond requirements for all state employees. The previous law required all staff not specifically required to acquire a surety bond to be covered under a blanket surety bond or insurance policy in a quantity that could not surpass $1 million. The new bill terminated the specified amount and conferred authority on the State’s risk manager to establish the amount required. LB 722 became active three months following the adjournment of the session in which it is enacted.
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.