SFAA & NASBP Support New Senate Surety Bond Amendment
August 6, 2021
The Surety & Fidelity Association of America (SFAA), the National Association of Surety Bond Producers (NASBP) and the American Property Casualty Insurance Association (APCIA) recently commended the Senate for passing the Van Hollen 2354 amendment.
The bipartisan amendment provides essential protections for taxpayers, workers, subcontractors and suppliers by requiring payment and performance security on all federally-financed infrastructure projects receiving loans and grants under the Transportation Infrastructure Finance and Innovation Act (TIFIA), including public-private projects (P3s).
“This 97-0 vote represents a truly bipartisan effort to provide essential protections and services necessary to support our country’s immediate and future infrastructure needs,” said SFAA President and CEO, Lee Covington. “It demonstrates the value and importance construction surety bonds play in the success of all federally-financed infrastructure projects.”
To learn more about the joint support from SFAA, NASBP and the APCIA, visit their websites below.
The Surety & Fidelity Association of America (SFAA)
National Association of Surety Bond Producers (NASBP)
American Property Casualty Insurance Association (APCIA)