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In April of this year, the honorable Governor of Kentucky signed House Bill 261. The said bill contains several changes, one of which pertains to the surety bond requirement of surface coal mining and reclamation operations permit applicants. In the State of Kentucky, a permit is required in order to perform surface coal mining and …
Every surety seeks zero problems in all of the commercial bonds that they issue. But suretyship isn’t perfect. Nobody is. Mistakes can happen. And that’s why surety bond claims are made. Since the surety is the one who practically told the obligee (beneficiary of the bond) that “this Principal will finish his obligations. In fact, …
Yes, the principal can. A surety permits the principal to make changes to the surety bond. The principal can have an information updated, corrected, or modified even if the bond is still in effect. Let’s say, for example, you acquired a Certified Self-Insurance Liabilities Bond in October of 2015. Since a Certified Self-Insurance Liabilities Bond …
Can a Surety Bond Principal Have a Bond Modified? Read More »
Signing an indemnity agreement is a standard procedure when obtaining a surety bond. It is second to the last step in the bond process – just right before the bond is issued. As the word suggests, indemnity means protection or compensation for any loss. But who is the indemnity agreement protecting? At first glance, it …
What You Should Know About Surety Bond Indemnity Agreement Read More »
If you’ve been searching for some insight regarding the upcoming renewal of your surety bond, you’ve come to the right place. We’ll give you a clear understanding of the different types of surety bond renewals and extensions. We’ll also discuss how to renew and extend your bond without breaking a single sweat. Yes, we agree …
The Different Types of Surety Bond Renewals and Extensions Read More »
It’s easy to get confused about the sections, wording, or clauses of a surety bond form, especially in the beginning. But it’s important to have a good understanding of it because it contains significantly more features than a typical contract. Surety bonds are legally binding contracts that police agreements about the conduct of the parties …
Many first-time restaurateurs, bar owners, or liquor store owners are confused about the process of obtaining a California liquor license. Yes, both the state, the Department of Alcoholic Beverage Control, and the counties does impose plenty of rules that needs to be met. For one, almost all requires an alcohol tax bond prior to the …
Applying for a California Liquor License Soon? Here’s How to Do It Right. Read More »
The California marijuana industry has been undergoing a series of major changes since the third quarter of 2016. The latest one is the approval of the first surety bond program by the Department of Insurance of the State of California. As California Insurance Commissioner Dave Jones explains, “my mission is insurance protection for all Californians, …
While it’s true that surety bonds are not as intimidating – nor as expensive – as they may seem, it can also be safely said that they’re not the easiest things in the world either. What we meant by that statement is that the same criteria that we often use for buying, let’s say, a bar of chocolate doesn’t necessarily apply to surety bonds. Mistakes do happen when purchasing …
4 Mistakes First-Time Surety Bond Buyers Make and How to Avoid Them Read More »
Are you a personal lines-broker agent in California? If so, the California Assembly Bill 1696 requires you to obtain a $10,000 surety bond. The bond should be issued by a California-admitted surety and should be made payable to the State of California. Why do personal lines-broker agents need a surety bond? Prior to the enactment of the California …
