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February 14, 2013
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Targeted news for the surety professional

  Industry News 
  • Lawyer: Case shows need for owners to comply with bond terms
    A court has determined that a surety was not required to provide coverage for a troubled condominium project because the owner had failed to comply with the terms of the performance bond. The case illustrates that owners "must be faithful in adhering to the exact terms of the performance bond if there is any likelihood that it will need to be invoked," according to the lawyer who wrote this article. (free registration) (2/6) LinkedInFacebookTwitterEmail this Story
  • GAO: Clarification is needed on 8(a) sole-source contracting rules
    Government agencies are failing to comply with a requirement to provide justification for large sole-source contracts in the Small Business Administration's 8(a) program, according to a report from the Government Accountability Office. The GAO suggests that the head of the Office of Federal Procurement should work to clarify the steps that contracting officers must take to fulfill the justification requirement when contracts are changed to an amount higher or lower than the $20 million threshold. (free registration) (2/7) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • Proposal seeks board for federal contractor suspensions, debarments
    Suspensions and debarments of federal government contractors are currently handled on an agency-by-agency basis, but Rep. Darrell Issa, R-Calif., wants to change that. He wants to create a new board to handle such cases to promote consistency and fairness in the process, as proposed in a draft bill. An organization that represents contractors says the government should try to improve the current system for suspensions and debarments rather than create a new one. (2/11) LinkedInFacebookTwitterEmail this Story
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  NASBP News 
  • NASBP Feb. 19 Virtual Seminar: "Changes Affecting the Bonding, Regulation of Property Brokers and Surface Freight Forwarders"
    Join us from 2 to 3 p.m. Eastern time Tuesday for the NASBP Virtual Seminar titled "Changes Affecting the Bonding and Regulation of Property Brokers and Surface Freight Forwarders" and learn about statutory changes and their impact on the underwriting environment of property broker bonds that are required of transportation or freight brokers, who arrange the transportation of merchandise by common carrier for a shipper. The transportation bill signed into law in the summer of 2012 does more than authorize nearly $100 billion in road and bridge infrastructure spending over the next few years. Tucked into the nearly 600 pages of legislation is language affecting the regulation of property brokers, domestic freight forwarders and trucking firms. Producers Colleen Clarke, vice president of business development for Roanoke Underwriting -- A Division of Roanoke Insurance Group Inc., and Matt Zehner, vice president of surety information and communication of Roanoke Trade, will describe the changes that went into effect four months ago and those that are set to go into effect by October, including new registration and licensing requirements and a 750% increase in the minimum amount of the property broker's bond. Also, the presenters will explain how and why surface freight forwarders will need to post a similar $75,000 bond. Register now for this Virtual Seminar. LinkedInFacebookTwitterEmail this Story
  • Register now for NASBP Legislative Fly-in on Thursday, June 20
    The co-chairs of the NASBP Legislative Fly-in, Lawrence McMahon of Alliant Insurance Services and William Maroney of Wells Fargo Insurance Services USA, encourage NASBP members, affiliates and associates to register now for the June 20 NASBP Legislative Fly-in, to be held in Washington, D.C. Plan to meet with your members of Congress on Capitol Hill for the annual NASBP Legislative Fly-in, which will begin with a program featuring an issue orientation and a policy briefing in the morning at the Hyatt Regency Washington on Capitol Hill, within walking distance of the U.S. Capitol as well as the Senate and House office buildings. Program speakers will include elected and governmental officials. The afternoon will be dedicated to Capitol Hill appointments, followed by a cocktail reception. For more information about the fly-in, contact Larry LeClair at Plan to show your passion for surety to your federal lawmakers on June 20 by registering now for the NASBP Legislative Fly-in. LinkedInFacebookTwitterEmail this Story
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Continuity gives us roots; change gives us branches, letting us stretch and grow and reach new heights."
--Pauline Kezer,
American politician

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Contact NASBP
National Association of Surety Bond Producers
1140 19th Street, NW, Suite 800
Washington, DC 20036
Phone: (202) 686-3700
Fax: (202) 686-3656
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds. NASBP producers engage in contract and commercial surety production throughout the United States, Puerto Rico, Guam, and a number of countries. They have broad knowledge of the surety marketplace and the business strategies and underwriting differences among surety companies. As trusted advisors, professional surety bond producers act in many key roles to position their clients to meet the underwriting requirements for surety credit.
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