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December 6, 2012
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Targeted news for the surety professional

  Industry News 
  • Firm: "Lottery" would nix bond requirement for towing in Ariz. city
    The City Council in Mesa, Ariz., has drawn scrutiny over its proposal to use a lottery system to provide work to towing companies in the area. The proposal would eliminate the requirement that companies have a performance bond, according to one towing company. A city official said that the proposal runs afoul of state law, which means the city will have to consider alternatives. The Arizona Republic (Phoenix) (11/30) LinkedInFacebookTwitterEmail this Story
  • General liability policies might not cover faulty workmanship in Pa.
    A judge in Pennsylvania has determined that insurance companies can refuse to cover builders for claims related to allegations of faulty workmanship. That means builders in the state should work with their professional advisers to manage risk, according to the attorney who wrote this article. Lexology.com (free registration) (11/27) LinkedInFacebookTwitterEmail this Story
  • Company fails to submit bid bond with fuel contract proposal
    A Merced, Calif., company says it was not awarded a fuel contract with Merced County because the firm lacked a $1,500 bid bond. Three of the five companies that sought the contract were deemed "non-responsive" because they did not submit the required bid bond with their proposals, according to this article. The winner of the six-figure contract was a company based in Georgia. Merced Sun-Star (Calif.) (12/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • Judge: Agency isn't required to give veterans contracting preference
    A federal judge has determined that the Department of Veterans Affairs doesn't have to give preference to small veteran-owned contractors in all cases. The judge found that a 2006 law doesn't preclude the agency from working with vendors with which it has pre-existing agreements. The case was brought by a Maryland company and received the support of the Government Accountability Office. Bloomberg (11/29) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • Be sure to register for both of these NASBP Virtual Seminars, set
    for Dec. 7 and 18

    At 2 p.m. Eastern time Friday, join us for the complimentary Virtual Seminar "News from the SBA: Successes, Initiatives, and Future Plans," with Director of the U.S. Small Business Administration Surety Bond Guarantee Program Frank Lalumiere, who will describe recent changes to the SBA program and plans for 2013. Lalumiere will be joined by NASBP members Joshua Etemadi of Construction Bonds, a division of Murray Securus, and Michael Williams of CCI Surety, who will share ways the SBA program can be used effectively to help clients and to increase surety premiums.

    Then, be sure to join us at 2 p.m. Eastern time on Tuesday, Dec. 18, for the NASBP Virtual Seminar "Financial Guaranty Insurance and Bonds." NASBP member Lynne Cook of Early, Cassidy & Schilling and NASBP affiliate Rosemary Quinn of CNA Surety will describe how surety professionals can establish financial guaranty insurance and bonds as a sustainable line of business. In addition, Cook and Quinn will describe how to comply with the New York Financial Guaranty Insurance Law and the New York Appleton Rule, which impact insurers in many states -- not just those domiciled in the state of New York. Consider inviting all of your staff to listen to NASBP Virtual Seminars. Visit NASBP.org to register for these Virtual Seminars now. LinkedInFacebookTwitterEmail this Story

  • NASBP new online Contract Surety Fundamentals course -- submitted for CE approval in all states
    NASBP's newest online course, Contract Surety Fundamentals, provides a comprehensive introduction to contract surety. The course, written by leading surety professionals and industry experts, provides new surety professionals the fundamental principles of contract surety they must know. The course topics include Overview of the Construction Industry, What Is Surety?, What the Surety Looks for in a Contractor, Miscellaneous Bonds, Construction Procurement and the Roles of Those Involved, Bond Claims, Other Services of a Surety, Special Concerns of Sureties, Popular Misconceptions, and the Role of the Professional Surety Bond Producer. Contract Surety Fundamentals is available on the NASBP website through the state-of-the-art WebCE training platform. NASBP has applied for continuing education (CE) credit for the course in all states and the District of Columbia with the anticipation that most states will consider and assign CE credit hours for the course by the end of 2012. To register and to see the 31 states that already have approved the course for CE credit, visit NASBP.org. This course is available as a training course for anyone at any time. Please note that if you take the course for training purposes and later wish to receive continuing education credits for it, you will have to repurchase the course. Visit NASBP.org for more details. LinkedInFacebookTwitterEmail this Story
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  Market Trends 
  • Md. panel seeks bill requiring natural-gas drillers to post bond
    The Marcellus Shale Safe Drilling Initiative Advisory Commission in Maryland has agreed that the state should set a minimum amount for performance bonds that would be supplied by companies that engage in hydraulic fracturing. The commission, which will hold its next meeting in January, is set to create a report for the state's governor in 2014. Cumberland Times-News (Md.) (11/30) LinkedInFacebookTwitterEmail this Story
  • Other News
  SmartQuote 
Why always 'not yet'? Do flowers in spring say 'not yet'?"
--Norman Douglas,
British 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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