Surety Bond Updates Across the United States

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For many business owners in the US, surety bonds are essential in helping their business grow and stay compliant with all state and federal regulations. Whether you operate a business that requires you to maintain a license or permit bond or intermittently need a contact bond to cover specific projects, it’s vital that you stay up to date with surety bond requirements in every state that your company conducts business in. Continue reading “Surety Bond Updates Across the United States”

Surety Bonds Required for New Jersey Real Estate Appraisal Management Companies

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As of November 11, 2017, any business operating as a real estate appraisal management company in New Jersey was required to have a surety bond in place to become officially registered with the Real Estate Appraiser Board. Continue reading “Surety Bonds Required for New Jersey Real Estate Appraisal Management Companies”

Study Shows the Long-Reaching Economic Value of Surety Bonds in Canada

canada surety bond study

The Canadian Center for Economic Analysis recently published the results of a study, conducted on behalf of the Surety Association of Canada, on the economic value of surety bonds in the country. CANCEA studied 150,000 bonded projects completed by 10,000 construction firms over the last 20 years to assess the impact these bonds had on the economy of the surrounding area. The study highlighted 5 key important findings: Continue reading “Study Shows the Long-Reaching Economic Value of Surety Bonds in Canada”

Types of Surety Bond Collateral

surety bond collateral

Surety bond applications generally only require a business to submit an application form, supporting documentation, and the premium amount in order for the bond to be underwritten. However, there are some circumstances where a surety may require the applicant to provide a form of collateral to secure the bond. This generally occurs when a surety bond deems that the risk of issuing the bond is too great without the additional protection of collateral. Continue reading “Types of Surety Bond Collateral”

AIA Contract Documents – What’s New for Surety Bonds?

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Every ten years the American Institute of Architects (AIA) updates its contract documents to address changes in the industry. With the last document changes made in 2007 it came as no surprise when the AIA issued new base documents in May 2017. One of the biggest and most significant changes to the documents for the surety industry was the removal of article 11 from contract A201-2007, this article covered the insurance and bond requirements of contractors. Continue reading “AIA Contract Documents – What’s New for Surety Bonds?”