Category: Bond Articles

2018 Public Private Partnership (P3) State Legislation

Members should visit Government Relations / General Info (Members) for more information.

Engineering New Record (ENR) Surety Section 2018 posted.

View previous ENR Surety Supplements

The Weekly Legislation Report posted has been posted.  SFAA has replaced the monthly overview reports with the weekly legislative update on Surety & Fidelity legislation.  Reports are available for Members on the Weekly Legislative Reports page.

Members may sign up to receive email notifications by subscribing to the “Legislative-Regulatory Alert” group.

Case Summary Reports have been posted for Members, Subscribers, Claims Advisors and Case Summary Subscribers: 2003-2018 Surety and Fidelity Cases Indexed by State/Topic 2003-2018 Surety Cases Indexed by Topic 2003-2018 Fidelity Cases Indexed by Topic 2003-2018 Bail Cases by State

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.

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.

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.

SFAA Working on Oklahoma Bill that Prohibits Retainage When Bonds are in Place

SFAA and AIA are working with the local surety association in Oklahoma to address HB 2676, which would prohibit the withholding of retainage from the general contractor on public buildings and public works projects if bonds under the Little Miller Act are in place. Oklahoma’s bond threshold is $50,000, and existing law provides that not more than 5% of the contract price may be withheld. For subcontractors, the bill provides that either retainage of not more than 5% may be withheld or performance and maintenance bonds could be required as a condition of the subcontract.

Members should visit Government Relations / General Info (Members) for more information.

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