Common use of QUALIFICATION OF SURETY Clause in Contracts

QUALIFICATION OF SURETY. 5.1. For all Bid Bonds, Performance Bonds, and Payment Bonds over $500,000.00: 5.1.1. Each bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, and having been in business with a record of successful continuous operation for at least five (5) years. 5.1.2. The surety company shall hold a current Certificate of Authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify as a proper surety herein, the net retention of the surety company shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, Revised (31 C.F.R. §§ 223.10, 223.11). Further, the surety company shall provide Town with evidence satisfactory to Town that such excess risk has been protected in an acceptable manner. 5.1.3. A surety company that is rejected by Town may be substituted by the Bidder or proposer with a surety company acceptable to Town, but only if the bid amount does not increase. 5.1.4. All bonds shall be written through surety insurers authorized to do business in the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest (1986 or later) edition of Best’s Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey: 5.2. For projects that do not exceed $500,000.00, Town may accept a Bid Bond, Performance Bond, and Payment Bond from a surety company that has twice the minimum surplus and capital required by the Florida Office of Insurance Regulation at the time the solicitation is issued, if the surety company is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. The Certificate and Affidavit (Form 4) so certifying should be submitted with the Bid Bond, Performance Bond, and Payment Bond.

QUALIFICATION OF SURETY. ‌ 5.1. For all Bid Bonds, Performance Bonds, and Payment Bonds over $500,000.00: 5.1.1. Each bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, and having been in business with a record of successful continuous operation for at least five (5) years. 5.1.2. The surety company shall hold a current Certificate of Authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify as a proper surety herein, the net retention of the surety company shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, Revised (31 C.F.R. §§ 223.10, 223.11). Further, the surety company shall provide Town County with evidence satisfactory to Town County that such excess risk has been protected in an acceptable manner. 5.1.3. A surety company that is rejected by Town County may be substituted by the Bidder or proposer with a surety company acceptable to TownCounty, but only if the bid amount does not increase. 5.1.4. All bonds shall be written through surety insurers authorized to do business in the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest (1986 or later) edition of Best’s Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey: 5.2. For projects that do not exceed $500,000.00, Town County may accept a Bid Bond, Performance Bond, and Payment Bond from a surety company that has twice the minimum surplus and capital required by the Florida Office of Insurance Regulation at the time the solicitation is issued, if the surety company is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. The Certificate and Affidavit (Form 4) so certifying should be submitted with the Bid Bond, Performance Bond, and Payment Bond.

QUALIFICATION OF SURETY. 5.1. For all Bid Bonds, Performance Bonds, and Payment Bonds over Five Hundred Thousand Dollars ($500,000.00:): BCF 170 (Rev. 6.29.18) Page 17 of 83 RLI/RFP/Contract PNC2119540C1 5.1.1. Each bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, Florida and having been in business with a record of successful continuous operation for at least five (5) years. 5.1.2. The surety company shall hold a current Certificate of Authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify as a proper surety hereinqualify, the net retention of the surety company shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, Revised (31 C.F.R. §§ Section 223.10, Section 223.11). Further, the surety company shall provide Town County with evidence satisfactory to Town County that such excess risk has been protected in an acceptable manner. 5.1.3. The surety company shall have at least the following minimum ratings. A surety company that is rejected by Town County may be substituted by the Bidder or proposer with a surety company acceptable to Townthe County, but only if the bid amount does not increase. 5.1.4. All bonds shall be written through surety insurers authorized to do business The following sets forth, in general, the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest (1986 or later) edition of Best’s Insurance Guide, published by A.M. Best Company, Oldwick, New Jerseyacceptable parameters for bonds: 5.2. For projects that which do not exceed Five Hundred Thousand Dollars ($500,000.00), Town County may accept a Bid Bond, Performance Bond, Bond and Payment Bond from a surety company that which has twice the minimum surplus and capital required by the Florida Office of Insurance Regulation at the time the solicitation is issued, if the surety company is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections Section 9304 to 9308 of Title 31 of the United States Code. The Certificate and Affidavit (Form 007500- 4) so certifying should be submitted with the Bid Bond, Bond and also with the Performance Bond, Bond and Payment Bond.

QUALIFICATION OF SURETY. 5.1. ‌ 5.1 For all Bid Bonds, Performance Bonds, and Payment Bonds over $500,000.00: 5.1.1. Each bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, and having been in business with a record of successful continuous operation for at least five (5) years. 5.1.2. The surety company shall hold a current Certificate of Authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify as a proper surety herein, the net retention of the surety company shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, Revised (31 C.F.R. §§ 223.10, 223.11). Further, the surety company shall provide Town County with evidence satisfactory to Town County that such excess risk has been protected in an acceptable manner. 5.1.3. A surety company that is rejected by Town County may be substituted by the Bidder or proposer with a surety company acceptable to TownCounty, but only if the bid amount does not increase. 5.1.4. All bonds shall be written through surety insurers authorized to do business in the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest (1986 or later) edition of Best’s Insurance Guide, published by A.M. AM Best Company, Oldwick, New Jersey: 5.2. For projects that do not exceed $500,000.00, Town County may accept a Bid Bond, Performance Bond, and Payment Bond from a surety company that has twice the minimum surplus and capital required by the Florida Office of Insurance Regulation at the time the solicitation is issued, if the surety company is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. The Certificate and Affidavit (Form 4) so certifying should be submitted with the Bid Bond, Performance Bond, and Payment Bond.

QUALIFICATION OF SURETY. ‌ 5.1. For all Bid Bonds, Performance Bonds, and Payment Bonds over $500,000.00: 5.1.1. Each bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, and having been in business with a record of successful continuous operation for at least the past five (5) years. 5.1.2. The surety company shall hold a current Certificate of Authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify as a proper surety herein, the net retention of the surety company shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, Revised (31 C.F.R. §§ 223.10, 223.11). Further, the surety company shall provide Town County with evidence satisfactory to Town County that such excess risk has been protected in an acceptable manner. 5.1.3. A surety company that is rejected by Town County may be substituted by the Bidder or proposer with a surety company acceptable to TownCounty, but only if the bid amount does not increase. 5.1.4. All bonds shall be written through surety insurers authorized to do business in the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest (1986 or later) edition of Best’s Insurance Guide, published by A.M. AM Best Company, Oldwick, New Jersey: 5.2. For projects that do not exceed $500,000.00, Town County may accept a Bid Bond, Performance Bond, and or Payment Bond from a surety company that has twice the minimum surplus and capital required by the Florida Office of Insurance Regulation at the time the solicitation is issued, if the surety company is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. The Certificate and Affidavit (Form 4) so certifying should be submitted with the Bid Bond, Performance Bond, and or Payment Bond.

QUALIFICATION OF SURETY. ‌ 5.1. For all Bid Bonds, Performance Bonds, and Payment Bonds over $500,000.00: 5.1.1. Each bond must be executed by a surety company of recognized standing, authorized to do business in the State of Florida as surety, having a resident agent in the State of Florida, and having been in business with a record of successful continuous operation for at least five (5) years. 5.1.2. The surety company shall hold a current Certificate of Authority as acceptable surety on federal bonds in accordance with United States Department of Treasury Circular 570, Current Revisions. If the amount of the Bond exceeds the underwriting limitation set forth in the circular, in order to qualify as a proper surety herein, the net retention of the surety company shall not exceed the underwriting limitation in the circular, and the excess risks must be protected by coinsurance, reinsurance, or other methods in accordance with Treasury Circular 297, Revised (31 C.F.R. §§ 223.10, 223.11). Further, the surety company shall provide Town County with evidence satisfactory to Town County that such excess risk has been protected in an acceptable manner. 5.1.3. A surety company that is rejected by Town County may be substituted by the Bidder or proposer with a surety company acceptable to TownCounty, but only if the bid amount does not increase. 5.1.4. All bonds shall be written through surety insurers authorized to do business in the State of Florida as surety, with the following qualifications as to management and financial strength according to the latest (1986 or later) edition of Best’s Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey: 5.2. For projects that do not exceed $500,000.00, Town County may accept a Bid Bond, Performance Bond, and Payment Bond from a surety company that has twice the minimum surplus and capital required by the Florida Office of Insurance Regulation at the time the solicitation is issued, if the surety company is otherwise in compliance with the provisions of the Florida Insurance Code, and if the surety company holds a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. The Certificate and Affidavit (Form 4) so certifying should be submitted with the Bid Bond, Performance Bond, and Payment Bond.Bond.‌