The Surety’s Salvage Rights Against the Principal, Indemnitors and Third Parties: What Do Bond Producers Need to Know?
Recorded On: 12/04/2018
This seminar will explore the surety’s key rights under the industry-standard General Agreement of Indemnity (GAI), as well as the surety’s well-established common law rights, focusing on what bond producers need to know in order to guide their clients through the process. The seminar will include, among other things, a discussion of the execution of indemnity agreements by the bond principal and additional indemnitors; the requirement of personal guaranties from the contractor/bond principal; the posting of security by the contractor / bond principal; events triggering the surety’s rights to indemnity; the scope of the surety’s rights to indemnity; how to work with the surety in a claims situation; the surety’s rights to collateral security and the GAI’s so-called collateral security clause; the surety’s rights under the prima facie evidence clause; the surety’s rights of equitable subrogation; the surety’s duty to investigate claims; the surety’s right to settle claims; and the standards of good faith governing a surety’s actions.
Robinson & Cole LLP
Todd Regan is a partner at the law firm of Robinson & Cole LLP in Hartford, Connecticut. His practice is dedicated to the construction and surety industries. He represents the full range of construction and surety industry stakeholders in claims involving project delays and inefficiencies, defective design and construction, unfair trade practices and bad faith, and mechanic's liens and bond claims. Regan has argued before the First Circuit Court of Appeals and the Connecticut Supreme Court on significant legal issues concerning the construction and surety industries. He also counsels construction industry members in the negotiation and drafting of project-related agreements.
Regan is a member of several national construction and surety industry-related organizations, including the ABA Forum on the Construction Industry, the ABA Tort Trial & Insurance Practice Section, and the Surety & Fidelity Claims Institute. He also serves as a pro bono attorney with Lawyers for Children America and is a board member with several nonprofit organizations.