Verify that the surety company issuing a bond is validly licensed in the state of the project by consulting that state’s insurance department via phone call or website. NAIC maintains a map of States and Jurisdictions that provides contact information for each jurisdiction’s insurance department. Such insurance departments can verify if a particular surety is currently licensed in its jurisdiction and is in compliance with applicable laws.
Topic
Risk Management and Insurance
Publish Date
November 20, 2024
Audience
Agents, Architects, Attorneys, Bankers, Contractors, CPAs, Owners, Sureties
Resource Type
Website
Waivers of Consequential Damages