Author: Spencer Siino 10-10-23 The market for Freight Broker License Bonds is barely keeping its head above water! Over the past six months, two of the top five surety carriers offering the BMC-84 bond, who together bonded approximately 20% of all freight brokers, have exited the market. The companies who continue to bond freight brokers …
Freight Broker Bonds: Hard Market Finally Hits Surety Read More »
Author: Tim Rotondi 6-27-22 On March 27, 2021, Connecticut Governor Ned Lamont signed into law Public Act 22-44, which increases the required bond amounts by 20% to 400% for all auto-related license holders in the state including motor vehicle dealers, repairers, and lessors. The law was written based on the recommendations of the Connecticut Department …
Inflation’s Latest Victim: Connecticut Auto Dealers Read More »
Author: Sadie Giacomelli 4-11-22 The State of Massachusetts is in the midst of considering changes to the State’s Lemon Aid Law after an influx of consumer complaints related to purchases of second hand (used) vehicles. In recent years, the most commonly received complaints by the State of Massachusetts Attorney General’s office have been about the …
Author: Tim Rotondi 9-30-2020 As the nation grapples with a growing student loan debt crisis, a wave of states have pushed through so-called “Student Loan Bill of Rights” legislation aiming to educate generally unsophisticated borrowers and regulate student loan services at the state level. New Jersey’s version, Assembly Bill 455 passed in June 2019, establishes …
New Jersey Shores Up Student Loan Servicer Regulations Read More »
Author: Jackson Cromer 8-5-2020 The State of Colorado recently passed legislation limiting a consumer’s ability to recover losses or damages from motor or powersport vehicle dealers. Senate Bill 20-140 revised the current legislation to allow for consumers to recover from the bond only if the loss or damage is a result of fraud by a …
Colorado Auto Dealer Bonds Just Got Even Less Risky Read More »
Author: Suretypedia Team 7-14-2020 Despite major upheaval to the global economy caused by the policy response to the 2019 coronavirus, surety underwriting and rates have remained surprisingly stable. While the surety underwriting cycle typically lags the economic cycle, one major reason for the lack of tightening in recent months is the relative resilience of credit …
COVID Payment Deferrals: Should Sureties Ignore Credit Scores? Read More »
Author: David Gonsalves 7-10-2020 Governments across the country have responded vigorously both in an attempt to slow the spread of the new coronavirus as well as to combat the economic effects of those efforts to slow the spread. In a strange new twist, the commonwealth of Virginia has enacted a new order to combat the …
The New Virginia Skill Game Machine Bond – Opportunity or Peril? Read More »
Author: Suretypedia Team 5-29-2020 Fidelity bonds provide businesses with coverage against employee theft. With roughly 41 million Americans out of work and many businesses forced to be closed to comply with Stay-at-Home orders, demand for fidelity bonds has been drastically reduced, potentially reducing premium for surety carriers and commissions for their agents. Worse still, with …
Author: Suretypedia Team 4-28-2020 As governments across the U.S. enacted proactive measures to safeguard public health in response to the emerging threat of COVID-19, the fitness industry was among the first to be severely impacted. While some jurisdictions are beginning to loosen social distancing requirements, we expect health clubs, spas, gyms, or self-defense studios will …
Health Club Bonds: “Recession-Resistant”, not COVID-Immune Read More »
Author: Suretypedia Team 4-16-2020 As a result of persistent social distancing measures, many small businesses aren’t maintaining revenue necessary to stay afloat and travel agents are not expected to be spared. The Trump Administration’s State of Emergency declaration halting all non-essential travel, state and local Stay-at-Home orders and general fear surrounding the pandemic have decimated …
Travel Agent Bonds: Hundreds of little Thomas Cook’s? Read More »