Surety 101
The party who bears primary responsibility on a surety bond and who has the duty to perform for the obligee’s benefit
What is a principal?
What is a guardian of minor bond?
Funds covering the costs for each day the project continues past the agreed-upon date of completion.
The slogan for Liberty Mutual Insurance
What is "Only Pay for What You Need"?
These bonds are needed in response to a requirement that handlers of benefit plan funds must be bonded in the amount of 10% of plan assets up to a maximum of $500,000
What is an ERISA bond?
These are 3 categories of court bonds
What are judicial, fiduciary & admiralty?
This bond guarantees return of property plus costs and damages if ordered
What is a replevin bond?
The difference between the lowest bid and the next lowest bid for a contract
What is bid spread?
The year Liberty Mutual acquired Safeco
What is 2008?
NMLS stands for this online database
What is Nationwide Multistate Licensing System?
The act of making someone whole again after suffering a loss
What is indemnify?
This bond guarantees payment of all proper claims for accidents to principal's employees occurring while the bond is in force.
What are Self-Insurer and Financial Responsibility bonds?
The amount that an owner withholds from contract payments until the project is substantially complete
What is retainage?
The year our company was founded
What is 1912?
The obligee on a Packers and Stockyards Act bond
Who is the federal government OR US Dept of Agriculture?
This is a type of fiduciary bond where a person is appointed by the court to receive assets, property, and control of a company pending final decision of a lawsuit.
What is a receiver bond?
These are three terms that are used in the context of misconduct by public officials.
What is misfeasance, malfeasance, and nonfeasance?
Each party is jointly and severally liable for completing the entire project regardless of its percentage of participation
What is a joint venture?
Liberty Mutual Mission Statement / Purpose
What is "We exist to help people embrace today and confidently pursue tomorrow?"
An act or omission that completely disregards the safety or rights of others and is exaggerated or aggravated in nature
What is gross negligence?
A construction method that offers "one stop shopping" to property owners for design and construction services
What is design/build?
*DAILY DOUBLE!*
These bonds guarantee that the principal will abide by state laws and indemnify security buyers against a loss or claim due to deceitful acts or unlawful behavior made by the dealer/broker to encourage the customer to buy securities.
The process before construction begins that involves initial activities to facilitate a construction process, such as moving equipment and a field office onto the job site and installing temporary utilities
What is mobilization?
The original name of Liberty Mutual
What is Massachusetts Employees Insurance Association (MEIA)?
Liberty Mutual's 5 Values ("how we do what we do")
What is: Be Open, Keep It Simple, Put People First, Make Things Better, & Act Responsibly?