Surety Qualifications. Only bonds executed by an admitted surety insurer, as defined in California Code of Civil Procedure Section 995.120, shall be accepted. If a California-admitted surety insurer issuing bonds does not meet these requirements, the insurer will be considered qualified if it is in conformance with Section 995.660 of the California Code of Civil Procedure, and proof of such is provided to the District.
Surety Qualifications. Only bonds executed by an admitted surety insurer, as defined in Code of Civil Procedure Section 995.120, shall be accepted. The surety must be a California-admitted surety with a current A.M. Best’s rating no less than A:VIII and satisfactory to the City. If a California-admitted surety insurer issuing bonds does not meet these requirements, the insurer will be considered qualified if it is in conformance with Section 995.660 of the California Code of Civil Procedure, and proof of such is provided to the City.
Surety Qualifications. 1. For all bonds provided in compliance with any requirements of the Contract Documents, the Surety shall have a sound financial standing and record of service satisfactory to the Owner, shall be authorized to transact business in the Commonwealth of Virginia, and must appear on the Treasury Department’s most current approved list (Circular 570 as amended). All bonds signed by an agent must be accompanied by a certified copy of the authority to act for the Surety up to the amount of the bond. This certified copy of authority to act on behalf of the Surety shall be provided at the time of the signing of the bond(s) and be delivered to the Owner with the bond(s). The following Article is added to the existing Articles in the Agreement:
Surety Qualifications. The labor and materials payment bond and faithful performance bond referenced above shall be issued by an insurance organization or surety (1) currently authorized by the Insurance Commissioner to transact business of insurance in the State of California; (2) listed as an acceptable surety in the latest revision of the Federal Register Circular 570; and (3) assigned a Policyholders’ Rating A- (or higher) and Financial Size Category Class VII (or larger) in accordance with the latest edition of Best’s Key Rating Guide: Property- Casualty.
Surety Qualifications. The payment and performance bonds required pursuant to Sections 9.1 and 9.2, respectively, of these General Provisions each must have been executed and issued by a surety that satisfies the requirements of this Section. The surety must be an “admitted surety insurer” as defined in California Code of Civil Procedure Section 995.120. In order to ensure that the surety is an “admitted surety insurer,” the bidder or Contractor must attach to such bonds either of the following documents as required by California Code of Civil Procedure Section 995.311: (i) a copy of information printed from the website of the California Department of Insurance confirming that the surety is an admitted surety insurer; or (ii) a certificate from the Ventura County Clerk confirming that the surety is an admitted surety insurer. The surety that issues the performance bond must have a current A.M. Best Company “financial strength rating" of not less than “A-” and a “financial size category” of not less than “VIII.” A surety that meets the requirements of this Section shall be deemed to be a “Qualified Surety” for purposes of the Contract. If either or both of the payment bond or performance bond submitted by the Contractor was not executed and issued by a Qualified Surety, the Contractor, within forty-eight hours of notice from the District Representative and prior to commencing the Work, must submit a replacement bond or bonds that satisfy the requirements of this Section, and if the Contractor fails to submit such replacement bond(s), the Contractor shall be deemed in material breach of the Contract. The foregoing requirement to provide a replacement payment or performance bond shall also be applicable in the event the surety, during the course of construction of the Project, loses its status as an “admitted surety insurer” as defined in Code of Civil Procedure Section 995.120.
Surety Qualifications. Each of the Surety Bonds must be issued by a surety that is authorized and admitted to transact business in the State in accordance with Code of Civil Procedure Section 995.120. Each of the Surety Bonds must be signed by the duly-authorized representatives of both the Contractor and the surety, and the signatures must be notarized. In addition, for each of the Surety Bonds, the Contractor must provide to the District: (i) a print-out of information from the website of the Department of Insurance confirming that the surety is an admitted surety insurer; or (ii) a certificate from the Clerk of the County that the surety is an admitted surety insurer. Such print-out or certificate must be attached to the associated Surety Bond. Should any surety lose its status as a State- admitted surety, the Contractor shall immediately provide written notice thereof to the District, and the District shall make no further payments to the Contractor under the Contract Documents until such time as the surety regains its status or the Contractor obtains and the District qualifies and approves a substitute surety.
Surety Qualifications. The surety, or sureties, upon the required performance bond shall be a corporate surety, or sureties, duly authorized to do business in the State of Maryland. Bonding companies whose names appear on the United States Treasury Department's listing of Accepted Sureties on Federal Bonds need not submit with the bond any proof of their being so authorized by the Maryland Insurance Commissioner. Any company which is not on the U.S. Treasury Department's current list and which is selected to become a surety upon such performance bond must submit with the bond, at the time it is tendered to the Administration, a certificate by the Maryland Insurance Commissioner, bearing date not more than five (5) days prior to the date of the bond so tendered, and to the effect that the company is authorized to do business in the State of Maryland. To ensure compliance with the Administration's requirements in this connection, the agent or attorney executing the bond for the bonding company will, whether the company is or is not on the Treasury Department's approved list, attach to the bond its power of attorney or other appropriate proof of authority to execute the bond.
Surety Qualifications. The bonds must be provided by a surety which is satisfactory to the City and which meets either of the following criteria: (1) a surety with a current A.M. Best’s rating no less than A-:VII and licensed as an admitted surety insurer in California; or (2) a surety with a current A.M. Best’s rating no less than A-:X and authorized to issue the required bonds in California. If a surety does not meet these requirements, the insurer will be considered qualified if it is in conformance with Section 995.660 of the California Code of Civil Procedure, and proof of such is provided to the City.
Surety Qualifications. The surety, or sureties, upon the required performance guarantee shall be a corporate surety, or sureties, authorized to do business in the State of Maryland by the Maryland Insurance Administration and the Maryland Department of Assessments and Taxation.
