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 & Insurance
Publish Date
November 20, 2024
Audience
Agents, Architects, Attorneys, Bankers, Contractors, CPAs, Owners, Sureties
Resource Type
Website
Waivers of Consequential Damages