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Surety Bond Blog

New Law requires Appraisal Management Companies to get Surety Bond

New Law requires Appraisal Management Companies to get Surety Bond

Since appraisal management companies are now responsible for the super majority of appraisals being ordered through lenders for mortgage purposes due to HVCC. Currently, AMCs are not normally regulated institutions, the consumer is exposed more than ever to the potential for low quality appraisals, continuing to undermine the public trust in the appraisal profession. We suspect this trend has the potential to …

 

Claims and Motor Vehicle Dealer Bonds

Claims and Motor Vehicle Dealer Bonds

Recently, we have been receiving an increasingly higher number of inquiries regarding Motor Vehicle Dealers and Claims. Most have been questions about what exactly triggers a claim or what can be considered a valid claim. The following is a quick look at the different types of claims on these bonds, and what you need to know to protect your business …

 

Bonding Subcontractors

Bonding Subcontractors

I sell bonds for a living, so it is easy to assume that the purpose of this argument is self serving.  While this would not be a totally misguided opinion, we have seen are several disturbing trends of late that make me believe all General Contractors should re-visit their bonding requirements and all subcontractors should be prepared to bond – …

 

Undwriting Revealed

Undwriting Revealed

Surety bond company underwriting revealed

 

New Bond Requirements for Connecticut Mortgage Lenders, Brokers, and Originators

New Bond Requirements for Connecticut Mortgage Lenders, Brokers, and Originators

Effective July 31st 2010- The state of Connecticut has new requirements for Mortgage bonds depending on the dollar amount of total loans originated.
Depending on how much business you write, your bond may no longer be sufficient to legally operate in Connecticut.
Here is a quick break down of the new requirements and how to calculate what level of coverage …

 

Finding a Surety Bond Producer

Finding a Surety Bond Producer

Since private work is not expected to rejuvenate itself in the near future, you’ve decided to enter the public work arena to supplement revenues.  It’s a great decision, where to begin?  The construction isn’t different; it’s the process of becoming qualified for public work that often stumps contractors starting to bid on public projects.  
The best place to start …

 

Small Contractors Need Help

Small Contractors Need Help

There is a conundrum throughout the Federal agencies awarding contracts, they are required to award 23% of all contracts to small business owner but few small contractors can qualify for projects of this size.  The agencies also argue that they do not have the funding necessary to manage several small projects instead of a single large project.  Small contractors can …

 

Current Economic Effects on Underwriting

Current Economic Effects on Underwriting

Given the current state of the construction industry, there are many people speculating what the future holds for construction workers.  The best place to start for predicting the future is to conduct proper analysis of current day conditions.  The weak economy creates a high risk environment for owners, their contractors and the sureties that bond them.  Surety bonds are truly …

 

Contract Surety Bonds and Today’s Market

Contract Surety Bonds and Today’s Market

To better understand the surety market, it is important to review the history of losses and profitability.  Over a 50 year period, from 1958-2008 the average loss ratio is 39.3% for surety companies.  The surety industry is very cyclical; it goes through periods of huge profits followed by periods with large losses.  The surety industry mirrors the construction industry, and …

 

How to Detect Surety Bond Fruad

How to Detect Surety Bond Fruad

There are certain things to look for when checking for the validity of a bond.  One of the first things is making sure the person signing the surety bond or their agency is appointed with the bonding company.  This can be verified by going on the Department of Insurance website, searching by name or license number.  The search will provide …