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January 10, 2013
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Targeted news for the surety professional

  Industry News 
  • Federal agencies' mentor-protégé programs to be managed by SBA
    The Small Business Administration soon will oversee the mentor-protégé programs run by federal agencies. Regulations will lay out rules regarding factors such as the duration of mentor-protégé relationships, as well as whether such relationships may affect a business' size status. "SBA looks forward to working with our stakeholders, including other federal agencies, over the coming months to write and implement new regulations for the mentor-protégé program," according to an SBA spokesman. NASBP supported specific provisions of the National Defense Authorization Act, which was recently signed into law by President Barack Obama and provides that the SBA administrator oversee the 13 federal agencies that have mentor-protégé programs. Federal Computer Week (1/9) LinkedInFacebookTwitterEmail this Story
  • Vt. contractor wasn't bonded for library project, town attorney says
    A library renovation project in Vermont has run into trouble, with several subcontractors saying they have not been paid what they are owed. The company responsible for the project was supposed to have a performance bond, but it does not, said the town counsel of Rockingham, Vt. The general contractor has already been paid $900,000 for the project, the town counsel said. Brattleboro Reformer (Vt.) (1/9) LinkedInFacebookTwitterEmail this Story
  • Alaska emergency food supplier fails to produce bond; bid is rejected
    One company's bid to maintain an emergency food stockpile for Alaska was rejected because of its failure to provide a performance bond. "This contract stretched over a five-year span, so there could be multiple things that take place that could affect the business," according to a spokesman for the state's Division of Homeland Security and Emergency Management. More bids are being sought for the project, the spokesman said. KTUU-TV (Anchorage, Alaska) (1/4) LinkedInFacebookTwitterEmail this Story
  • Bond company is handling subs' pay after Vt. co-op contractor default
    The reported financial difficulties of a Vermont contractor have not prevented work on a food co-op building from nearing completion, according to the project manager. Many subcontractors have said they haven't been compensated fully for their work. "The subs are going to the bond company with their claims. It's up to the bond company to evaluate the claims and to work with the subs to come to a fair settlement," the project manager said. Brattleboro Reformer (Vt.) (1/9) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • Firms may be under investigation over Wash. minority contracts
    Washington state's Office of Minority and Women Business Enterprises, which recently has faced allegations of ethics violations, is getting back on track, the agency's new director says. The agency also has dealt with the majority of its backlog of inquiries from companies that are seeking certification as minority- or women-owned businesses. The FBI, however, apparently is investigating instances in which companies may have improperly received certification, according to Gov. Chris Gregoire's deputy chief of staff. Hispanic Business (1/7) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • Registration for April 21 to 24 NASBP Annual Meeting & Expo
    in San Francisco is now open

    Registration is now open for the 2013 NASBP Annual Meeting & Expo, which will be April 21 to 24 at the Fairmont San Francisco hotel in San Francisco. Renowned financial expert and commentator John Mauldin of Mauldin Economics will deliver an entertaining and informative presentation titled "Where Are We on the Road to the End of the Debt Super-Cycle?" Be sure to attend the educational sessions NASBP has organized, which will address topics including procurement and execution of federal projects with emphasis on the SBA 8(a) program; risks of commercial surety, presented by executives from Liberty Mutual Surety, Arch Insurance Group, Chubb Surety and HCC Surety; and coaching techniques for executives and leaders. Also, the NASBP CEO will make a presentation on the state of the association and will moderate a discussion about the current state of and outlook for the industry, which will include perspectives of executives from Chubb Surety, The Hartford and Liberty Mutual Surety. In addition, licensed agents are invited to attend a continuing education (CE) session titled "Bonding and Public-Private Partnerships," presented by Zurich Surety executives. Preregistration is required for this CE session. Please plan to join us at the Annual Meeting in San Francisco. Register now. LinkedInFacebookTwitterEmail this Story
  • NASBP Jan. 15 Virtual Seminar: "Economic Update 2013" -- Could specific conditions speed recovery?
    Join us at 2 p.m. Eastern time Tuesday for the NASBP Virtual Seminar "Economic Update 2013," presented by S. Scott MacDonald, who is president and CEO of the SW Graduate School of Banking (SWGSB) Foundation. The external environment in which surety professionals and their clients operate has changed dramatically since the 2008 financial crisis. A new regulatory and economic environment has been firmly put into place. It is clear that taxes will be higher going forward, health care more expensive and monetary policy very accommodating. Are there any bright spots in the economy, or are we destined, according to the Federal Reserve's forecasts, for a "light" economy well into 2016? According to MacDonald, who is also a director of the Assemblies for Bank Directors and adjunct professor of finance at the Cox School of Business at Southern Methodist University, the economy could pick up much faster than some experts would suggest, if only a few conditions are met. Still, many predict we are in for several more years of stagnant growth. Consider inviting your clients to join you at your office for this Virtual Seminar to find out MacDonald's pragmatic perspective of today's hot economic issues. Registration for each Virtual Seminar is $69 per site. Register now. LinkedInFacebookTwitterEmail this Story
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--Jean de La Fontaine,
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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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