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How have technological innovations affected the surety industry?
Wiki User
∙ 13y ago
The industry is just beginning to implement automated systems to ease workload. The types of automation include computer networking, information delivery and management systems, and multimedia training tools.
Wiki User
∙ 13y ago
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What is the origin of the commercial surety insurance industry in the United States?
he commercial surety industry in the United States did not begin until 1884 with the incorporation of the American Surety Corporation of New York
Who is the industry leader in surety insurance?
Of the companies which primarily provide surety insurance, the industry leaders include Travelers Surety and Casualty Co. of Hartford, Connecticut, whose 200,000 employees generated $27 billion in sales for 1998
How large is surety insurance in proportion to the property and casualty insurance industry?
Surety insurance accounted for approximately 1.1 percent of property/casualty sales in 1995 and accounted for a similar proportion of the jobs within the industry.
What is requirements for surety bond in GA?
The requirements for surety bonds in every state vary greatly from industry to industry. For example, Georgia auto dealers will need a very different type notary bond than Georgia notaries or Georgia pharmacists. The best way to find out the exact bond you need is to check with the government agency who regulates your particular industry. In most cases, surety bond requirements and any necessary forms will be readily available on the agency's website. Once you're ready to begin the bonding process, contact a credible surety bond producers,
What is Surety power of attorney?
Surety power of attorney is a legal document that allows one person (the surety) to appoint another person (the attorney-in-fact) to act on their behalf in matters related to surety bonds. This includes the power to sign documents, make decisions, and enter into contracts on behalf of the surety. It is often used in the construction industry to authorize an attorney-in-fact to handle bond-related transactions.
What is a surety agent?
A surety agent is a licensed insurance agent that has experience and represents surety companies. The surety agent is able to solict and place surety bond requests.
How to become a surety agents?
You need to have an insurance license to transact surety. Then, you would need to establish experience in the field of surety either by working for a surety company or surety agency.
Who completes the consent of surety form?
The surety company or their attorney in fact (the surety agent).
How may the surety insurance industry be said to have thrived in the mid 1990s?
In 1995, surety underwriting profits nearly doubled to $276.9 million, while fidelity under-writing profits were flat -- up only 1.9 percent to $232.9 million.
What are surety benefits?
If you are asking what are the benefits built into a surety bond then the answer is the surety bond guarantees a specific performance or amount up to the penalty amount of the bond. If you are asking what the benefits of surety are then surety provides the recipient of the surety bond a level of assurance that the person or business entity providing the bond is qualified to perform the required act. This is accomplished by the surety's investigation of the Principal and evidenced by their agreement to issue the surety bond that encumbers the surety to the amount of the bond's penalty.
where can i buy a surety bond?
where can i buy a surety bond
What are sureties?
If you are asking what are the benefits built into a surety bond then the answer is the surety bond guarantees a specific performance or amount up to the penalty amount of the bond. If you are asking what the benefits of surety are then surety provides the recipient of the surety bond a level of assurance that the person or business entity providing the bond is qualified to perform the required act. This is accomplished by the surety's investigation of the Principal and evidenced by their agreement to issue the surety bond that encumbers the surety to the amount of the bond's penalty.
