Author: Suretypedia Team 11-19-2019 Most surety industry terminology isn’t widely used or well understood outside of the circle of industry professionals that specialize in this niche insurance line. We previously discussed the very obscure concept of an “Obligee” (check it out here). Another aspect to a surety arrangement that seems to raise a lot of …
Author: Suretypedia Team 11-19-2019 Surety bonds are among the oldest contracts in the world; however, they are often misunderstood in the insurance marketplace. The agreement underlying a surety relationship is known as a “Bond Form.” This article seeks to provide the ins and outs of the parties, structure and language privy to this often confusing …
Author: Suretypedia Team 11-9-2019 Many people find the attributes and outcomes of surety bond claims confusing because they are very different from traditional insurance policy claims. The first and most fundamental difference is that unlike an insurance policy, which protects the individual or business who purchased the policy, the “Principal” who purchases a surety bond …
Author: Suretypedia Team 9-10-2020 The Subdivision Bond is a tool used by local governments to guarantee the commitments made by land developers in their site plan. Often, developers are allowed by local statute to receive a Certificate of Occupancy (for commercial developments) and record their subdivision plat before completing all of the infrastructure improvements in …
Breaking into the Ground Truth of Subdivision Bonds Read More »
Author: Suretypedia Team Updated On: 04-01-2020 Based on a reading of articles from major news outlets, one cannot be faulted for assuming that the “Stay-at-Home” Orders issued by two very large state economies and bellwethers for the nation, New York and California, limit residents to only essential activities such as grocery shopping, trips to the …
“Stay-at-Home”: List of Essential Services Matters Greatly to the Surety Industry Read More »