Surety Bond San Francisco, CA Things To Know Before You Buy

N.Y. Ins. Law 1113(a)( 16) (Mc, Kinney 2000 & Supp. 2002) offers that "fidelity and surety insurance" indicates, in appropriate part: * * * (C) Any contract bond; consisting of a bid, payment or upkeep bond or an efficiency bond where the bond is guaranteeing the execution of any contract aside from an agreement of indebtedness or other financial obligation; * * * (E) Becoming surety on, or guaranteeing the performance of, any lawful agreement, not specifically offered in this paragraph, except (i) home loan guaranty insurance, which may only be composed by an insurance provider licensed to compose such insurance pursuant to article sixty-five of this chapter, (ii) an agreement that falls within the meaning of financial warranty insurance as stated in paragraph one of subsection (a) of area 6 thousand nine 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 post; or (iv) service agreement reimbursement insurance as specified in paragraph twenty-eight of this subsection.

(focus provided) Thus, the primary distinction in between monetary guaranty and fidelity and surety insurance coverage rests on whether the main obligation guaranteed is a monetary debt or some other kind of performance. In the instant case, ABC Co. would be guaranteeing the monetary debt of the consumer. Accordingly, the kind of arrangement that Mr.

The organization and licensing of monetary guaranty insurers are set forth in N.Y. Ins. Law Article 69 (Mc, Kinney 2000). For This Is Cool , you might get in touch with Lawyer Pascale Joasil at the New york city City workplace.

The Surety Bond program no longer accepts paper submissions - all submissions must be sent out electronically by e-mail. For more detailed instructions, visit the Getting Begun page for your application type: Licensed Pool/Associations, Admitted Reinsurers, or Licensed Surety/Reinsurer of Federal Bonds.

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