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January 24, 2013
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Targeted news for the surety professional

  Industry News 
  • Letter is focus of dispute between surety and Maine town
    The town of Westport Island, Maine, contends that a letter at the center of a lawsuit brought by a surety is invalid. The surety says the town was supposed to pay it $250,000 but instead made that payment directly to a contractor. The town seemed to agree to make the payment to the surety in a 2009 letter that was signed by a selectman, according to this article. The official, however, was not authorized to sign the letter, the town's attorney has said. Wiscasset Newspaper (Maine) (1/16) LinkedInFacebookTwitterEmail this Story
  • Regulators' demands block N.C. county's plans for bond payout
    An unfinished development project has left Henderson County, N.C., in a tough spot, according to this opinion piece. A bond was obtained for the project, but the $6 million in proceeds may be insufficient to complete the remaining work. Meanwhile, the county is being pressured by the Army Corps of Engineers and the state's Division of Water Quality to make other payments. The county has decided to file a lawsuit if an agreement cannot be reached about how to spend the money from the bond. Times-News (Hendersonville, N.C.) (1/20) LinkedInFacebookTwitterEmail this Story
 
  • Differing priorities can complicate carrier-agent relationships
    Insurance carriers and producers can have conflicting priorities regarding product-distribution channels, causing a strain on insurer-agent relationships, according to one expert. Insurers are concerned about profitability and want a single system, while agents have a variety of portals, she said. "The conflicting objectives almost become an anchor in holding the industry back. Insurers are pushing technology, and it's causing business to be more complex," she said. PropertyCasualty360 (1/18) LinkedInFacebookTwitterEmail this Story
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  Policy Update 
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  NASBP News 
  • Registration for April 21 to 24 NASBP Annual Meeting & Expo
    in San Francisco is now open -- book your hotel today

    Registration is now open for the 2013 NASBP Annual Meeting & Expo, which will take place April 21 to 24 at the Fairmont San Francisco hotel. 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; mobile technology trends and tools; 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 Feb. 5 Virtual Seminar: "Understanding the How and Why
    of ESOP Transactions"

    Join us from 2 to 3 p.m. Eastern time Feb. 5 for the NASBP Virtual Seminar titled "Understanding the How and Why of ESOP Transactions" and learn why surety professionals should understand employee stock ownership plans (ESOPs), an increasingly popular exit strategy for many construction companies. Of more than 12 million privately owned businesses in the U.S., 70% will be changing hands in the next 10 to 15 years. Many owners of these companies will have spent little time planning for retirement and even less time planning for how they will sell or transfer ownership of their companies. This presentation will examine case studies highlighting challenges faced by newly formed ESOP companies and how the adversity was managed, how the surety industry should be involved in the process, how the "fiscal cliff" and tax changes in 2013 could affect ESOPs, the terms of the transaction and how the valuation is performed, and how a company is affected before and after a leveraged ESOP transaction. Presenters from the CPA firm of Moss Adams include the firm's partners Elaine Ervin, CPA, and Dena Herbolich, CPA, as well as Wayne D. Fjeld, CFA, ASA, a senior manager of the firm's advisory services. Register now. LinkedInFacebookTwitterEmail this Story
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  Market Trends 
  • Bonds are required for solar-array project in Mass.
    The planning board of Rochester, Mass., has approved plans for a solar-array project. The deal involves a construction bond and a work performance surety bond designed to ensure that a berm will be created and that trees planted at the site will survive. Construction is scheduled to begin next month and conclude before the end of the summer. Wicked Local/Marion, Mass. (1/21) LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
An exaggeration is a truth that has lost its temper."
--Kahlil Gibran,
Lebanese-American artist, poet and writer


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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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