Notes

The Buzz on Alpha Surety Bonds


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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://s0.hfdstatic.com/sites/the_hartford/pubimgs/1444719297753.jpg?v=2021-10-29_115250213" alt="Surety Bonds - Simkiss &amp; Block"><span style="display:none" itemprop="caption">What is Surety Bond Underwriting - Alpha Surety Bonds</span>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://static.wixstatic.com/media/b6a003_803392cb7638427aa955da0bfa2b78ec~mv2.jpg/v1/fill/w_1000,h_592,al_c,q_90,usm_0.66_1.00_0.01/b6a003_803392cb7638427aa955da0bfa2b78ec~mv2.jpg" alt="Surety Bond: What Is It? — Insurance Agent's Guide to Surety"><span style="display:none" itemprop="caption">Surety Bond Basics: Understanding Bond Terms - Bond Exchange</span>
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<h1 style="clear:both" id="content-section-0">Rumored Buzz on The 2021 Florida Statutes - Online Sunshine<br></h1>
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<p class="p__0">Law 6901(a)( 1 )(A)(Mc, Kinney 2000). Facts: Mr. A is the President of ABC Co., a financing business situated in New York, which is not an insurance coverage company. Mr. An explains a circumstance where an individual demands a loan from his company. Rather of providing the loan, ABC Co. directs them to a banks that, in turn, problems the loan.</p>
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<p class="p__1">would then guarantee the loan under a surety bond, for a fee. Mr. A would like to know whether these activities would make up doing an insurance organization, for which licensing would be needed. Analysis: Mr. This Article Is More In-Depth asked whether ABC Co. would be doing an insurance coverage business within the meaning of N.Y.</p>
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<p class="p__2">Law 1101 (Mc, Kinney 2000 &amp; Supp. 2002). N.Y. Ins. Law 1102(a) (Mc, Kinney 2000) forbids any person, company, association, corporation or joint-stock business from doing an insurance coverage business in this state, unless accredited as an insurance company or excused from licensing. N.Y. Ins. Law 1101(b)( 1) (Mc, Kinney 2000 &amp; Supp.</p>
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<h1 style="clear:both" id="content-section-1">Surety Bond Company: Construction &amp; Corporate - Zurich Can Be Fun For Everyone<br></h1>
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<p class="p__3">(emphasis provided) Subparagraphs (C), (D) and (E) are not appropriate to this conversation. N.Y. Ins. Law 1101(a)( 1) (Mc, Kinney 2000 &amp; Supp. 2002) defines "insurance agreement" as follows: (a)( 1) [A] ny contract or other transaction whereby one celebration, the "insurer", is bound to confer advantage of monetary value upon another celebration, the "insured" or "beneficiary", dependent upon the happening of a fortuitous event in which the guaranteed or beneficiary has, or is expected to have at the time of such happening, a material interest which will be adversely impacted by the occurring of such occasion.</p>
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<img width="313" src="https://www.toolsource.com/images/prod_images/JSP95978_1200Wx1200H.jpg">
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<p class="p__4">Ins. Law 1101(a)( 2) (Mc, Kinney 2000 &amp; Supp. 2002) defines "fortuitous event" as "any event or failure to take place which is, or is assumed by the celebrations to be, to a significant degree beyond the control of either celebration." In accordance with the above, if ABC Co. assures the bank that it will pay the loan due to the monetary default of a customer, such activity would constitute doing an insurance coverage organization, for which licensing would be needed.</p>
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