Entries Categorized as 'Miscellaneous Bonds'

Process Server Bond NYC

by Joshua Malone

Update 1/7/2014: Many process server bonds will renew on February 28, 2014. If you need help obtaining a new bond, do not hesitate to contact our office! To obtain a process server license in New York, an applicant must obtain a Process Server bond. Process servers have the responsibility to deliver (“serve”) court papers (“process”) […]

Discharge of Mechanic’s Lien for Public Improvement Bond in New York

by Joshua Malone

Discharge of Mechanic’s Lien for Public Improvement bonds are very rare but they share some similarities to regular Discharge of Mechanic’s Lien (DML) bonds. These bonds arise in situations where a subcontractor, hired by a Principal contractor, has not received payment for work performed on a public project. In most cases, public entities require contractors […]

Statutory Accounting Principles (SAP)

by Joshua Malone

Unlike most businesses, insurers use Statutory Accounting Principles (SAP) to prepare their financial statements for state regulatory authorities. State governments in the United States require insurers to use SAP because it stresses liquidity. Insurers must maintain a certain amount of liquidity for several reasons, but most importantly to have the ability to pay claims, losses, […]

Medicinal Marijuana Compliance Bonds

by Joshua Malone

Medicinal Marijuana Compliance Bonds are a new market for sureties, so not many underwriters or agencies have the knowledge or ability to underwrite them. Our office can get marijuana producers and dispensaries the statutory bonds they need to begin their work. In some states, emerging medical marijuana producers need to obtain surety bonds guaranteeing their […]

Tax Bonds

by Joshua Malone

Tax bonds guarantee to the government payment of owed taxes by a business or individual. These bonds come in many different forms and pertain to different sectors of the economy. For example, alcohol bonds guarantee payment of taxes on alcohol sales while income bonds guarantee payment of deferred income taxes. The amount of risk involved […]

Public Official Bonds

by Joshua Malone

Public Official bonds protect the government and its citizens from the improper actions of a public official. The Federal government, as well as many local and state governments, may require these bonds from their public servants, officials, sheriffs, deputies, and other employees. Bond forms vary depending on the position, but most government authorities draft their […]

Open Penalty Bonds

by Joshua Malone

A court or miscellaneous bond sometimes has an open penalty, which simply means a bond penalty does not have a finite limit. Open penalty bonds carry many risks and hazards because the surety does not know the exact amount of liability it must guarantee. A typical bond has a fixed bond penalty, which means the […]

More About Qualified Domestic Trusts (QDOTs)

by Joshua Malone

In a previous blog post, I discussed the requirements and characteristics of a Qualified Domestic Trust (QDOT) bond. This post supplements the previous one by including more helpful information. Alternatives to QDOT bonds include irrevocable letters of credit or having a bank as the US trustee. A surety bond is the best option for an […]

Game of Chance Bonds

by Joshua Malone

Game of Chance bonds are necessary in the states of Florida and New York for the benefit of the states’ contestants participating in a sweepstakes or contest run by a private entity. The bonds guarantee the company’s contest will honor their rules and regulations, including the eventual awarding of prizes to the entitled winners. The […]

Why Do Courts Require Surety Bonds Instead of Security Deposits?

by Joshua Malone

Why do courts require surety bonds instead of cash or security deposits from litigants, guardians, and other principals? Generally, courts do not have the capacity to manage and keep track of cash collateral or security deposits. In the past, courts have misplaced deposited funds. Attorneys and their clients also struggled to get their deposits back […]