The Surety and Fidelity Association of America (“SF AA”) is a trade association of insurance companies licensed to write fidelity and surety bonds headquartered in the District of Columbia. The National Association of Surety Bond Producers (“NASBP”) is a national trade association of surety bond producers and agents headquartered in the District of Columbia. SFAA and NASBP represent the sureties that write the majority of surety bonds in the United States, and the agents who represent them.
SFAA and NASBP commend the Council of the District of Columbia for enacting a law to address “green building” and sustainability requirements for public and private construction. The new law, however, includes bond requirements that, if not clarified significantly, may make sureties reticent to issue such bonds.
NASBP Letter Addressing Locality Requirements in VA Bid Bond