Archives for November 2017

Software and Technology Bond Success Story

Large Commercial Surety Bonds generally include bonds needed in conjunction with service contracts such as transportation companies, janitorial companies, garbage collection companies, “non-sticks and bricks” construction contracts, as well as manufacturing and supply contracts and software and technology contracts. The underwriting considerations for this class of business are different from those for the contract bonds and have become more sophisticated and specialized over time. One … [Read more...]

Appraisal Management Company Bond

As of November 11, 2017, New Jersey began requiring licensed real estate appraisal management companies to obtain a surety bond. The change is a result of Assembly Bill 1973 which was passed in May.  With this new law, New Jersey becomes one of over 20 states that require the Appraisal Management Company (AMC) bond.  These states include Alabama, Arizona, Arkansas, Colorado, Georgia, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nebraska, New Mexico, North Carolina, Oregon, Pennsylvania, … [Read more...]

New York City Car Wash Bond

The New York City  Department of Consumer Affairs is now accepting applications for car wash licenses  and will begin enforcement of the Car Wash Accountability Act on December 4th.   Among the requirements for licensing under the new Act is the requirement for a $150,000 Car Wash Bond. License bonds such as this new Car Wash Bond provide indemnification for loss or damage resulting from a license holder’s compliance with the law or regulation.  In the case of this particular bond, if the car … [Read more...]