surety bond News

Claims Exec Who Defrauded Allied World Insurance Ordered to Prison, Pay $1.2M

James Keating of Paoli, Pennsylvania, has been sentenced to 20 months of imprisonment, followed by three years of supervised release, for defrauding his former employer of more than $1.4 million. Keating was an assistant vice president and surety bond claims …

State Says Exiting Steward Health Lacks Required Insurance for Employees, Physicians

Thousands of Massachusetts medical professionals and other employees of troubled hospital operator Steward Health Care are at risk because Steward does not have adequate liability or workers’ compensation coverage in place to protect them after Steward exits the state, officials …

Palomar Plans Public Offering to Fund $25M Acquisition of Surety Bonds Specialist FIA

La Jolla, California-based Palomar Holdings, Inc. reports it is buying First Indemnity of America Insurance Co. (FIA), a Morris Plains, New Jersey domiciled insurance carrier specializing in surety bonds for small to medium sized contractors primarily in the Northeast states. …

Trump’s Bond Firm Must Show Proof of Resources, New York AG Says

Donald Trump must prove within 10 days that the company providing his $175 million appeal bond in New York’s civil fraud case is financially capable of paying up if his legal challenges fail, the state told a judge. New York …

Trump $175 Million Bond Arranged by Billionaire Supporter’s Firm

A billionaire Donald Trump supporter whose California company is known for subprime auto loans offered to arrange the former president’s $175 million appeal bond in New York state’s civil fraud suit, though he said politics had nothing to do with …

Trump Posts $91.6M Bond From Chubb Subsidiary in Carroll Case

Donald Trump secured a $91.6 million bond from insurer Chubb in order to allow the former president to appeal an $83.3 million verdict against him in the E. Jean Carroll defamation case. The surety bond contract with Chubb’s Federal Insurance …

Construction Owners Accused of Submitting Fraudulent Bonds for New York Storm Projects

Federal officials report they have charged two construction company owners with submitting fraudulent bonds in connection with storm recovery and reconstruction projects in New York. Rawinder Dhillon and Amninder Singh allegedly defrauded the New York State Governor’s Office of Storm …

SureTec Pays Bond on Atlanta Official Accused of $100,000 in Credit Card Charges

After the former chief financial officer for Atlanta, accused of racking up huge charges on his city credit card, lost his appeal at the Georgia Supreme Court, SureTec Insurance Co. has sent a check to the City of Atlanta for …

How Sureties and Contractors Can Mitigate Performance Defaults

This post is part of a series sponsored by Old Republic Surety. When contractors have a project that is in danger of default, they sometimes mistakenly believe that their surety bond is equivalent to an insurance policy. They also may …

First Surety Bond Program for California Cannabis Industry OK’d

California Insurance Commissioner Dave Jones has approved the first surety bond program for the cannabis industry in the California. Continental Heritage Insurance Co. is the first insurer in the state to be approved to offer surety bonds for the cannabis …