Surety Insurance News and Trends

Stay current on the latest happenings in the surety insurance industry

Staying up to date on surety insurance news and trends can prove to be a full time job but, when your company has to have the insurance, it may be necessary to stay current on the issues. Although some surety insurance agencies will alert you when things change, it is a good idea to get information on your own so you can have unbiased information to base your decision about coverage on.

Prior to updating your current coverage or purchasing new surety bond insurance, consider the following suggestions:

1. Find out the current surety insurance news.

2. Know the special requirements for surety title insurance.

3. Learn about special surety considerations.

 

Know the latest surety insurance news

Regulations and coverage requirements for surety insurance change often. Staying up to date on these changes ensures that you will have the coverage you need to do business in your state. Keep in mind that some regulations are set by the Federal government, so you must also find out about those issues.
Try: The Surety & Fidelity Association of America offers information about the surety insurance industry. While some of the information is available to the public, more detailed information is available to members. The Surety Information Office offers reports about the latest happenings in the surety insurance industry, including updates for state specific and national rulings and standards.  Grant Thornton produces a well-regarded survey of the construction surety credit business.  McGraw-Hill's Engineering News-Record covers breaking news on surety guarantees.

Keep current on the special requirements for title surety insurance

Title surety insurance has some special considerations. For example, you have to know the full history of titles on a property prior to getting surety insurance on it. In some cases, you may need special paperwork filled out by previous owners to secure the insurance. Because these requirements change periodically, you must check often to ensure you know the most up to date information.
Try: Surety Title explains what points you should consider when looking for title surety insurers. This company also offers a detailed surety insurance glossary on the Resources page to help you understand the terminology used in the paperwork. Surety 1031 Exchange offers up to date forms needed to successfully obtain surety title insurance such as exchange agreements and assignment notices.

Stay up to date on special surety insurance issues

Some types of special surety insurance, such as Federal surety insurance and surety life insurance, have their own special considerations. Knowing the current issues for surety insurance can be especially difficult if you have to rely upon multiple surety insurance companies that you have policies with, such as a financial surety insurance provider and a surety life insurance company.
Try: You can find videos at Safeco Insurance that can help you to choose the most appropriate insurance coverage. This company even offers a video to help businesses who must temporarily close the doors due to unforeseen circumstances such as a natural disaster or sudden illness. Brunswick offers information about the advantages of surety insurance over other types of insurance. This company also offers detailed explanations of each type of insurance on the web page dedicated to that specific type of bond.

 

• Anytime you discover you need to update your surety insurance, check with your state's Department of Insurance to verify that your current surety insurance company still has a valid license in your state.

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