Get This Report about Bryant Surety Bonds: Surety Bond Experts
N.Y. Ins. Law 1113(a)( 16) (Mc, Kinney 2000 & Supp. 2002) supplies that "fidelity and surety insurance coverage" means, in pertinent part: * * * (C) Any contract bond; consisting of a bid, payment or upkeep bond or an efficiency bond where the bond is ensuring the execution of any contract other than a contract of indebtedness or other monetary commitment; * * * (E) Becoming surety on, or ensuring the efficiency of, any lawful agreement, not particularly supplied for in this paragraph, except (i) mortgage guaranty insurance, which may just be written by an insurer authorized to write such insurance pursuant to post sixty-five of this chapter, (ii) an agreement that falls within the definition of monetary warranty insurance coverage as set forth in paragraph one of subsection (a) of section 6 thousand 9 hundred among this chapter, (iii) any insurance contract unless such guaranty is authorized pursuant to subsection (c) of area one thousand one hundred fourteen of this article; or (iv) service agreement reimbursement insurance coverage as specified in paragraph twenty-eight of this subsection.
(focus supplied) Hence, the principal distinction in between monetary warranty and fidelity and surety insurance rests on whether the primary responsibility guaranteed is a monetary debt or some other kind of performance. In PBIB Insurance , ABC Co. would be guaranteeing the financial debt of the customer. Accordingly, the type of arrangement that Mr.
The organization and licensing of monetary warranty insurance providers are set forth in N.Y. Ins. Law Article 69 (Mc, Kinney 2000). For more information, you might get in touch with Lawyer Pascale Joasil at the New York City office.
What Does Companies Authorized For Surety - Iowa Insurance Division Do?
The Surety Bond program no longer accepts paper submissions - all submissions must be sent electronically by email. For more detailed instructions, go to the Starting page for your application type: Licensed Pool/Associations, Admitted Reinsurers, or Authorized Surety/Reinsurer of Federal Bonds.
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