Surety bonds generally don’t last forever. Many operate within a certain time frame, and a sort of “expiration date” can be attached to them. While the effect of the bond may expire after the bond’s term has come to an end, bonds can often be renewed in order to extend their coverage further. If you…
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Underwriting is a required part of the surety bond process. Sureties need to understand the risks associated with providing a bond for a particular person, organization, etc., so they will look for certain criteria and red flags that are known to cause risks. This also plays into the price paid for the bond, but it’s…
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Back in 2019, the Minnesota state senate passed bill 2415, which dealt with higher education appropriations and policy provisions. Among these provisions were changes to the types of educational institutions that are required to post a surety bond that provides coverage based on the educational program they provide. What Types of Educational…
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Most conservatorships, whether new or existing, are required by the courts in their state to obtain a surety bond. These conservatorship surety bonds provide protection for the person who is the subject of the conservatorship in the event that the conservator fails to faithfully fulfill their duties. In many cases these bonds are required either before or just…
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Understanding a contract is important regardless of its contents. It’s never a good idea to sign your name onto anything that you do not explicitly understand. This is the case for any contract, and it’s especially important in the surety industry. Whether you are a guardian seeking a guardianship bond, a business seeking a licensing bond, an attorney seeking…
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While similar, there are identifiable differences between temporary restraining orders and preliminary injunctions, and each of them has a specific place in the legal system. Each one also means a different thing for your case. These are the major differences between preliminary injunctions and temporary restraining orders. What is a Preliminary Injunction?…
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Fidelity bonds are a type of commercial insurance that employers use to protect their business against fraud or harmful actions committed by their employees. This type of insurance also protects the customers of a business should the actions committed by the employees affect them as well. Most businesses need to have fidelity bonds in order to…
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You have 30 days to obtain a supersedeas bond. This is not an obscure rule by any Minnesota surety or agency, but a federal rule dealing with stays of judgment. This is according to Rule 62 of the Federal Rules of Civil Procedure. What is Federal Rule 62? Federal Rule 62 states (a) Automatic Stay. Except as provided in Rule 62(c) and…
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Being a representative payee means taking on the duties of administering the benefits given to a protected person by an organization like the Social Security Administration (SSA) or The Department of Veteran’s Affairs. When you are appointed as a representative payee for a person’s VA funds, you can also be…
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Being a representative payee is a great way to provide for a close loved one, and while getting the position is not a highly complicated process, there are several challenges associated with being a representative payee that people should be prepared for. What is a Social Security Representative Payee? A…
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