The NASBP document titled “Frequently Asked Questions from Bond Producers About Their Role in the Contract Bond Claims Process” is formatted into FAQs and general guidance responses for bond producers when they are faced with the inevitable and various questions from obligees, principals, claimants, attorneys, and the press. These questions and answers do not provide legal advice, but they do provide illustrative guidance to bond producers.
If you haven’t yet read this NASBP resource, you can find it on the NASBP website in the Producer’s Toolbox or you can access it by clicking here.
In order to highlight this new educational tool, NASBP has been featuring in each issue of Pipeline one of the FAQs and the general guidance response to that question. Below is the seventh FAQ and response:
| I received a call from a contractor client who says that he/she sent a letter to the surety regarding a claim but has not heard back. The contractor client asks how long he/she should wait to hear from the surety. Is there a time limit? What advice should I give? Be very careful here. Understand that you should not make any statements that could be construed as legal or technical advice. Many bond claims are subject to notice provisions, and all are subject to statutes of limitations. You may wish to assist in discerning if the letter was received. Try both the phone and email. If you do not receive a prompt acknowledgment from your follow-up inquiry, ask for the name and phone number of the vice president of surety claims and place a phone call to him/her. |
Be on the lookout for a highlighted FAQ and response from this NASBP document in the next issue of Pipeline. NASBP would be very pleased to hear your comments on these FAQs and your suggestions for other FAQs to include in a future version of the FAQs. Share your thoughts about this document at info@nasbp.org.
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