Common use of Required Qualifications for Surety Clause in Contracts

Required Qualifications for Surety. The surety and insurance companies must be acceptable to SRTA. Only those sureties listed in the Department of Treasury’s Listing of Approved Sureties (Department Circular 570) are acceptable to SRTA. All bonds at the time of issuance must be issued by a company authorized by the Insurance Commissioner to transact the business of suretyship in the State of Georgia, and shall have a Best Policyholders Rating of "A-" or better and with a financial size rating of Class V or larger.