Author: Admin

SFAA Comments on Proposed California Bond Requirement for Third Party CDL Testers

Members should visit Advocacy / General Info (Members) for more information.

SFAA Defeats Bond Waiver Bill in Rhode Island

SFAA and AIA defeated Rhode Island HB 7809/SB 2513, which would have granted the chief purchasing officer the discretion to waive the state bond requirements for projects up to $250,000. The bill also would have increased the state bond threshold for public works projects from $50,000 to $100,000.

Members should visit Advocacy / General Info (Members) for more information.

Engineering New Record (ENR) Surety Section 2018 posted.

View previous ENR Surety Supplements

SFAA Bill to Address Missouri Case Law on Bonding Public Works Projects Introduced

Missouri HB 2453 would amend the existing procurement law to clarify that bonds are require when a construction manager agency is used.

Members should visit Government Relations / General Info (Members) for more information.

This guide is designed to serve obligees who may want to verify the
authenticity of surety bonds that they are being asked to accept. The
most reliable way to authenticate a surety bond is to contact the
issuing surety company directly. However, it is often difficult to
ascertain the correct address, telephone number or person to contact at
the surety.

Accordingly, this guide contains a list of SFAA surety
company members that have volunteered to be included together with
information as to how they can be contacted for the purposes of
authenticating a bond. Since participation in this program is voluntary,
not every surety company is listed.

Verify Your Bond – Bond Obligee Guide

Indiana Bill to Require Bonding in P3s Goes to Study

Indiana HB 1301, as introduced, contained the amendments that SFAA drafted to require the design and construction portion of P3s to be bonded in Indiana. Our bonding amendments were part of the Insurance Department’s bill, and would have required 100% bonds, just as the Indiana Little Miller Act requires for any other project. In the House Insurance Committee, the bill was amended to require 50% payment and performance bonds, and on second reading on the House floor, the bond amount was further reduced to 25% before it later passed the House. It was not possible to reach an agreement to move HB 1301 forward in the Senate. It is likely that the issue of bonding on P3 projects in Indiana will be sent to a summer study committee, which is where the issue was last summer.

Members should visit Government Relations / General Info (Members) for more information.

Illinois Proposed Rules for Insurance Company Bonds Contain Provisions SFAA Sought

The proposed rules that the Illinois Department of Insurance has issued contain provisions implementing changes SFAA has long sought to make the bonds required for insurance companies to cover their employees and officers more workable. The proposed rules would eliminate the minimum discovery period in the bond and would instead require the coverage to be on a “discovery basis.” The proposed rules also would change the required bond amount so that it would be based on the guidance in the National Association of Insurance Commissioners Financial Condition Examiners’ Handbook. Currently, the bond amount is based on the amount of admitted assets of the company (as determined from year to year) filed with the Department in the company’s annual statement.

Members should visit Government Relations / General Info (Members) for more information.