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To avoid confusion we will discuss some of the major points of the claim process in auto dealer surety bonds. Surety bonds are not the same as an insurance policy. A surety bond protects the consumer not the business. The surety bond is an agreement that outlines an obligation of one of the parties, in…
Read more November 19, 2015The defense authorization also expands SBA-backed surety bonds Tucked into the defense authorization passed by Congress Monday are little-noticed amendments that should eliminate much of the fraud that has characterized individual surety bonds and expand the Small Business Administration’s flexibility in backing bonds for small contractors. The surety measure tightens up the rules for using…
Read more November 12, 2015A group of carwash owners have filed a lawsuit against New York City charging a new law illegally favors unionized carwashes. The Association of Car Wash Owners lawsuit centers on rules that require owners of nonunionized carwashes to post $150,000 surety bond before obtaining a license. Unionized operations pay only $30,000. The association says the…
Read more October 30, 2015In our last installment we began comparing surety bonds and insurance. Many people are under the misconception that because of the similarities between surety bonds and the fact that often insurance companies offer them that they too are a form of insurance. This however is not true. As we previously discussed surety bonds are an…
Read more October 30, 2015Most people assume that because surety bonds are offered through an insurance company that a surety bond is a type of insurance policy. This however is untrue. Even though surety bonds and insurance policies have a few insignificant likenesses they are not the same thing at all. In this installment we will discuss the differences…
Read more October 13, 2015As the competition for construction loan projects remains at unprecedented levels in much of the country, lenders are frequently being asked to waive, modify or re-visit their standard construction loan credit enhancement requirements. The following is a brief look at some of the more common credit enhancements required by lenders and the benefits and shortcomings of…
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