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Expert briefing: surety bonds, license bonds and CSLBrequirements
Summary
A subject-matter presentation explained types of surety bonds, how surety differs from insurance, underwriting considerations and the specific bonds CSLB regulates, including the licensing/qualifier bond increase to $25,000 and the unique $100,000 LLC worker bond.
A subject-matter expert and CSLB staff provided a primer on surety bonds, how they differ from insurance, and the specific license-related bonds that fall under CSLB jurisdiction.
Joe Hernandez, a surety and risk consultant, described common types of bonds used in construction including contract performance bonds, bid bonds, payment bonds, decommissioning and environmental bonds. He explained the three-party nature of surety (principal, obligee and surety) and said surety companies…
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