Coester Surety Bond Claims Exceed Value
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Coester VMS Surety Bond Claims Exceed Value…
Appraisers licensed in North Carolina received the following email by International Fidelity Insurance Company:
In Virginia, AMCs are required to have a $100,000 Surety bond of a letter of credit.
We hope Virginia appraisers are monitoring their receivables and taking quick action against late payments. In the event a Virginia appraiser is having difficulty collecting money owed from an AMC and wishes to file a claim against the surety bond, please familiarize yourself with the law and procedure:
Excerpt from 54.1-2021.1.
A party having a claim against the licensee may bring suit directly on the surety bond. When a claimant or an appraiser is awarded a final judgment in a court of competent jurisdiction against a licensee of this section for the licensee’s failure to faithfully perform its obligations under this chapter or failure to pay an appraiser who performed an appraisal, the claimant or the appraiser may file a claim with the Board for a directive ordering payment from the bond issuer of the amount of the judgment, court costs and reasonable attorney fees as awarded by the court. Such claim shall be filed with the Board no later than 12 months after the judgment becomes final. Upon receipt of the claim against the licensee, the Board may cause its own investigation to be conducted.”
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