Surety & Fidelity

News & Analysis as of

Difficulty in Obtaining the Approval of an Individual Surety

In a recent decision issued by the United States Court of Federal Claims, Anthem Builders, Inc. v. United States, April 6, 2015, WL 1546437, the Court considered a protest involving the proposed use of an individual surety...more

Homeowners Beware!! You May Not Recover For Subsequently Discovered Construction Claims After Signing Construction Claim Releases

Homeowner, David Belasco (“Belasco”) [1] bought a newly constructed Manhattan Beach residence in 2004 from the builder defendant Gary Loren Wells (“Wells”). In 2006, Belasco filed a complaint against Wells with the...more

Surety Bonds: Direct Claims v Derivative Claims – Who Knew?

New Bern Riverfront Dev., LLC v Weaver Cooke Constr., LLC (In re New Bern Riverfront Dev. LLC), 521 B.R. 718 (Bankr. E.D.N.C. 2014) – The debtor made claims against a surety that issued a performance bond in connection with a...more

Construction Case Law Update - January, 2015

FLORIDA STATE CASES - Slavin Doctrine; Design Contracts - Under the Slavin doctrine, a subcontractor design company was not liable despite negligently designing intersection traffic lights that resulted in a fatal car...more

Illinois Supreme Court Debates Public Construction Bond Act

Our reports on the oral arguments from the May term of the Illinois Supreme Court continue with Lake County Grading Company, LLC v. The Village of Antioch. Lake County – which comes to the Court from the Second District –...more

Increasing Your Recovery Under A Federal Payment Bond Claim

Federally owned construction projects are covered by a Miller Act Payment Bond for the benefit of the subcontractors and suppliers thereof. If you make a claim for payment under the Miller Act, you may, under certain...more

Texas Department of Insurance Takes Narrow Interpretation of Code Concerning Construction Payment Bond Claims

Chapter 3503 of the Texas Insurance Code (the Insurance Code) governs the obligations of sureties in handling of claims under construction payment bonds. Recently, the Texas Department of Insurance (TDI) communicated its...more

SEC Adopts New Financial Responsibility and Reporting Requirements for U.S.-Registered Broker-Dealers

The Securities and Exchange Commission (“SEC” or “Commission”) recently approved amendments to its net capital, customer protection, books and records, notification and reporting requirements for broker-dealers, in an effort...more

SEC Amends Financial Responsibility Rules for Broker-Dealers

Amendments impact many aspects of broker-dealers' back-office operations and will require changes to a number of existing practices. On July 30, the Securities and Exchange Commission (SEC) adopted amendments to the...more

Understanding the Surety Bond Claims Process

The following guest post is from Sara Aisenberg, Director of Educational Outreach at SuretyBonds.com, a nationwide surety bond producer that helps contractors fulfill their bonding requirements....more

New York Appellate Court Clarifies Fidelity Bond "Direct Loss" Requirement

In a unanimous July 16th decision, the New York Appellate Division held that MF Global, Inc.’s loss sustained on account of the commodities trading activities of its employee was a “direct financial loss” under MF Global’s...more

California Fair Claims Settlement Practices Regulations

Table of Contents: Introduction; PART ONE - Summary of Fair Claims Settlement Practices Regulations; Introduction; Claims Handling Duties; Acceptance or Rejection of Claims; Settlement Offers and Payment of Accepted...more

You Have Discovered A Crime; Now What?

Originally published in Bank News, February 2013. Mary, your trusted employee, has embezzled money from your bank. Or, Bryan, a long-time customer, has used a deposit account at your bank to defraud his employer (and...more

Drafting A Takeover Agreement

This article discusses the issues an owner, lender, completion contractor, and surety should consider when drafting a takeover agreement. Although each of these four main parties may share the basic goal of seeing the project...more

The Subcontract Contingent Payment Clause: How Does It Affect The Construction Industry?

Originally published in Florida Bar Journal on February 13, 2013. A contingent payment clause in a subcontract is the clause that provides that the subcontractor assumes the risk of owner nonpayment. Such clauses are...more

National Defense Authorization Act of 2013 Includes Significant Small Business-Related Provisions

The National Defense Authorization Act of 2013 (“NDAA”), which the President signed into law on January 3, 2013, includes significant reforms to the rules for contracting with small businesses....more

Orrick's Policy Observer - October 2012

The Observer highlights significant developments in insurance recovery and risk management. In This Issue: - State of California v. Continental Insurance: Opinion Holds Insurers to Their Words - Sixth...more

Checked your insurance policies lately?

In a ruling that might provide a new path to data breach insurance coverage, DSW Shoe Warehouse, Inc. has prevailed in its attempt to obtain insurance coverage for losses associated with a data breach under a commercial crime...more

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