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February 7, 2013
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Targeted news for the surety professional

  Industry News 
  • Legislation lets SBA guarantee larger bonds
    The 2013 National Defense Authorization Act allows the Small Business Administration to guarantee surety bonds that are worth as much as $6.5 million. The cap previously was set at $2 million. The change could help small businesses win more contracts. NASBP supported this change and others in the act. Hartford Business Journal (Conn.) (2/6) LinkedInFacebookTwitterEmail this Story
  • Unpaid subs say N.J. solar project was missing payment bond
    Three companies still haven't been paid more than a year after doing work on a solar-power project for the school district in Hopatcong, N.J. There was a performance bond for the work, but the companies, which were hired by a subcontractor, have noted that no payment bond was associated with the project. The company that owns the solar-power system has filed a lawsuit alleging that the general contractor didn't fulfill its obligations, and the unpaid companies might file a joint lawsuit to seek payment. Patch.com/Hopatcong-Sparta, N.J. (2/1) LinkedInFacebookTwitterEmail this Story
  • Surety bond cap increase is among many small-business victories
    In addition to allowing the Small Business Administration to guarantee larger surety bonds, the 2013 National Defense Authorization Act contains several other provisions that will affect small companies. One provision alters the limitations on subcontracting and could make it easier for contractors to be debarred for falsely representing themselves as small businesses. Lexology.com (free registration) (2/1) LinkedInFacebookTwitterEmail this Story
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  • Assist small, emerging contractors by participating in DOT bonding programs held near you
    Mark your calendars for the U.S. DOT Bonding Education Programs (BEPs), scheduled already this year to provide owners of small and emerging businesses with guidance in securing surety credit. Ongoing and upcoming programs are scheduled in Chicago; San Antonio; Jackson, Miss.; Dallas (Arlington, Texas); Boston; Pueblo, Colo; Seattle; and Fresno, Calif. These BEPs are an opportunity for NASBP members to work with individuals one-on-one at the beginning of the program workshops, which are scheduled once a week for usually six to eight consecutive weeks. View the detailed schedule at NASBP.org. NASBP has agreed to participate for a third year in a row in the DOT BEPs, which are jointly sponsored by the U.S. Transportation Department's Office of Small and Disadvantaged Business Utilization (OSDBU) and the Surety & Fidelity Association of America (SFAA). Help the surety industry assist these individuals in assembling documents for bond-readiness assessments and in initiating the steps for prequalification for contracting opportunities that require bonding. If you plan to participate, please notify the DOT representative listed in the schedule and Larry LeClair at lleclair@naspb.org. LinkedInFacebookTwitterEmail this Story
  • NASBP Feb. 19 Virtual Seminar: "Changes Affecting the Bonding, Regulation of Property Brokers & Surface Freight Forwarders"
    Join us from 2 to 3 p.m. Eastern time Tuesday, Feb. 19, 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
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  Market Trends 
  • Debate continues on who should devise standards for private SMEs
    The National Association of State Boards of Accountancy wants the American Institute of CPAs to set aside a proposal that would create a new system of accounting for small and medium-size entities. Instead, the NASBA wants to allow a recently created council to work out rules for small-company accounting that fit within the context of U.S. generally accepted accounting principles. AccountingWEB (2/1) LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Boredom is the feeling that everything is a waste of time; serenity, that nothing is."
--Thomas Szasz,
Hungarian psychiatrist and academic


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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
info@nasbp.org
www.nasbp.org
 
About NASBP
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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