Fraudulent surety bonds cost contractors about $230,000 in premiums

08/1/2013 | Engineering News-Record

Small contractors say they have lost about $230,000 in premiums paid over the past 18 months for surety bonds that an insurer hadn't authorized. Contractors became aware of the problem when the insurer alerted a construction company regarding bonds issued through a subsidiary. The parties responsible for the fraudulent bonds haven't been identified.

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