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November 1, 2012
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Targeted news for the surety professional

  Industry News 
  • Sale of fake bonds to Mont. tribes leads to fine
    A man has been fined nearly $170,000 by Montana's insurance commissioner in connection with the sale of fake surety bonds to the Gros Ventre and Assiniboine tribes. The man was not licensed in the state, and the company he said he owned was not registered either there or in Nevada, where he said the firm was based, according to a spokesman for the commissioner. A cease-and-desist order was issued against the man in 2007 relating to bid bonds that he had sold for construction work. Williston Daily Herald (N.D.) (10/26) LinkedInFacebookTwitterEmail this Story
  • Va. law requires resident public adjusters to secure $50,000 bonds
    Each resident public adjuster in Virginia is required by a new state law to obtain a $50,000 surety bond. Under the law, all public adjusters will have to have licenses as of January to operate in the state. Adjusters also will have to satisfy continuing education requirements and undergo criminal background checks, among other requirements. (10/29) LinkedInFacebookTwitterEmail this Story
  • Wyo. bill would set further bond requirements for seismic operators
    A Wyoming Legislature committee has voted to support a measure that would add bonding requirements for seismic exploration when operators are unable to reach use agreements with surface owners. The committee's vote was unanimous, but one official said he thought the bill might not be necessary. Seismic operators already have to provide bonds to the state and secure additional bonds for each project they take on. Star-Tribune (Casper, Wyo.) (tiered subscription model) (10/26) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • USGBC to revamp LEED-certification requirements for 2015
    The U.S. Green Building Council is working to modify its LEED certification to increase energy-efficiency requirements, as well as put a premium on low-footprint materials through a points-based credit system. Some of the "easier strategies" that helped builders achieve LEED certification will be changed. "It's going to require a much more nuanced, sophisticated measure in a whole bunch of different ways of the actual environmental performance of the building," according to the president of one consulting firm. USA Today (10/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • Discount of $100 off AICPA National Construction Industry Conference registration fee
    NASBP members, affiliates and associates can receive a discount of $100 off their registration to the American Institute of Certified Public Accountants' (AICPA) National Construction Industry Conference, to be held Dec. 6 and 7 at the Venetian in Las Vegas. NASBP associate Emilio F. Alvarez, CPA, president of E.F. Alvarez, and NASBP affiliate David Pesce, senior vice president of Berkley Surety Group, will participate in two presentations. First, on a panel, they will share their experiences about today's surety industry and surety credit capacity, and that afternoon they will explain what construction contractors' financial statements should include and how these items should be presented, during a session titled "A Surety Perspective on Contractor Financial Statements." In addition, NASBP associate Julian Xavier, CPA, partner at Gallina, will co-present a session on utilizing two industry resources for an independent auditor's report, consolidated balance sheets, statements of income and notes to consolidated financial statements. The NASBP membership discount applies to AICPA member and nonmember registrations. To take advantage of this $100 discount off the conference registration fee, insert the promotional code "SCX" on the online registration form where prompted or in the promo code box on the printed registration form. Register now or call 888-777-7077 for more information. By using the code, NASBP members will receive $100 off the AICPA member registration fee of $995 and the non-AICPA member registration fee of $1,295. View the AICPA Conference brochure. LinkedInFacebookTwitterEmail this Story
  • NASBP Nov. 6 Virtual Seminar: The Dodge 2013 Construction Outlook
    Learn what lies ahead for the construction industry in 2013 by joining this NASBP Virtual Seminar, The Dodge 2013 Construction Outlook, at 2 p.m. Eastern time Tuesday. As reported by McGraw-Hill Construction, new construction starts for the current year are headed for a 5% increase to $458 billion. This still leaves the volume of total construction starts 32% below the 2005 peak. Moving into 2013, the "fiscal cliff" poses a significant downside risk to the near-term prospects for the U.S. economy and the construction industry. At the same time, the current year has seen improving market fundamentals for several project types. Robert Murray, vice president of economic affairs for McGraw-Hill Construction, a division of The McGraw-Hill Cos., will draw upon McGraw-Hill's construction-start statistics to help foresee what the future holds for major sectors, including single and multifamily housing, commercial building, institutional building, public works and electric utilities. Murray coordinates the company's five-year forecast product, the Construction Market Forecasting Service. He is the author of the widely circulated McGraw-Hill Construction Outlook. Consider inviting your clients to join you at your office when listening to NASBP Virtual Seminars. Registration for each Virtual Seminar is $69 per site. Register now. LinkedInFacebookTwitterEmail this Story
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--Frank Zappa,
American singer-songwriter

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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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