Category: Bond Articles
bookmark_borderSFAA Newsletter posted – May/June 2018 Edition
bookmark_borderSFAA Bill to Address Missouri Case Law on Bonding Public Works Projects Introduced
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.
bookmark_borderIllinois Proposed Rules for Insurance Company Bonds Contain Provisions SFAA Sought
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.
bookmark_border2017-2018 Bond Obligee Guide updated
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
bookmark_borderIndiana Bill to Require Bonding in P3s Goes to Study
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.
bookmark_borderENR Surety Section posted
bookmark_borderSFAA Newsletter posted – January/February 2018 Edition
The 2018 January/February Edition of the SFAA Newsletter has been posted. Beginning this year, each Newsletter will be available to the public. In addition to our regular Association news, we will be providing original content for our members and supporters to share. In this issue, we examine Carillion’s Collapse and Why Bonding Matters. |
bookmark_border2003-2018 Case Summary lists updated
Case Summary Reports have been posted for Members, Subscribers, Claims Advisors and Case Summary Subscribers:
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Members should navigate to the Claims page.
Subscribers should navigate to the Home / Subscriber Home Page.
Claims Advisors should navigate to the Home / Claims Advisors Home Page.
Case Summary Subscribers should navigate to Home / Case Summary Subscriber Home Page.
bookmark_borderCPP Social Engineering Fraud Filing status report posted
CPP Social Engineering Fraud Filing (SFAA-F-299; XX-FM-22; XX-FLC-15) Status Report posted for Members on the Regulatory Filings / Countrywide Filings (pending) page. |