Bond Approved! Is Your Responsibility Satisfied? Lack of Follow-up Puts Agents and Surety in Difficult Situations
Recorded On: 02/07/2012
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We discuss the answers to the following questions: What are the agent’s duties to the surety to conclude the underwriting requirements which are conditions to writing a bond? What risks or exposure exists for the agent when a surety places underwriting requirements as a condition to writing a bond, and the agent fails to conclude the satisfaction of those underwriting requirements? What effect may failure to conclude underwriting requirements by an agent have on the surety’s rights in the event of a claim or breach?
Timothy D. Martin
Vice-Chair, Insurance Coverage Litigation Committee, American Bar Association
Tim Martin is a member of the firm Ward Hocker & Thornton in its Louisville, KY office. He is a 1984 graduate of the University of Louisville, School of Law. He holds an undergraduate degree in accounting from the University of Louisville. From 1979 through 1984 he was employed as a bond underwriter with Reliance Insurance Company. His responsibilities included underwriting contract and miscellaneous surety accounts, fidelity, and financial institution bonds. Following graduation from law school he served 4 years as a prosecutor and since 1989 has concentrated his practice in the representation of surety/fidelity carriers, insurance carriers, and financial institutions.
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