Entries Categorized as 'Uncategorized'

Attorney Retainer Letters

by Joshua Malone

An attorney retainer letter diminishes some of the risk of fiduciary and probate bonds. The letter states the principal on the bond – the administrator, executor, or guardian – will keep their attorney involved throughout the entire duration of the principal’s appointment. Sureties prefer to maintain the attorney’s involvement during these appointments because attorneys have […]

Happy Holidays!

by Carolyn McGrail

Offenhartz & Pedersen, LTD.¬†would like to wish you and yourfamily a healthy and happy Holiday Season! The holidays are a time to spend with family and friends and at O&P, we are available throughout the entire holiday season to take your calls and help guide you through any bonding procedures. We offer our expertise and […]

Happy Thanksgiving

by Joshua Malone

Offenhartz & Pedersen, LTD. would like to wish you and your family a healthy and happy Thanksgiving weekend! Thanksgiving is a time for gratitude, and we would like to thank our business partners, clients, and colleagues for a great year of service and their tireless efforts. Remember – we are available over the Thanksgiving holiday […]

Foreign Indemnity

by Joshua Malone

Foreign indemnity can produce problems for surety companies based in the United States. A foreign citizen or business may need to obtain a surety bond in the United States during the regular course of business or litigation. However, only some sureties can take foreign indemnity – and those sureties that can take foreign indemnity usually […]

Non-Disclosure Agreement (NDA)

by Joshua Malone

Many of our clients and applicants request a non-disclosure agreement (NDA) before submitting a bond application with confidential financial information. The NDA guarantees privacy between the disclosing party (the applicant) and the receiving party (the surety) by restricting how the receiving party utilizes the shared information. Typically, an NDA will limit the amount of disclosure […]

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 […]

Cancelling a TRO and Preliminary Injunction Bond

by Joshua Malone

In order to cancel a preliminary injunction or temporary restraining order bond, the Principal needs to submit specific evidence to the Surety. The cancellation evidence needs to demonstrate the court has either made the injunction permanent or discontinued the injunction. If the court has made an injunction permanent, the Principal and its attorneys should submit […]

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 […]