Admitted Surety definition

Admitted Surety as used in this Article means a surety or insurance carrier admitted to transact insurance in the State of California, as evidenced by the surety’s or insurer’s possession of a valid Certificate of Authority issued by the California Department of Insurance, as defined by the California Insurance Code.
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Admitted Surety means a surety insurer that is duly certified pursuant to California Insurance Code
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Admitted Surety means a surety insurer that is duly certified pursuant to California Insurance Code §995.120 to transact business as a surety in the State of California.
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Examples of Admitted Surety in a sentence

  • Both bonds shall be subscribed by an Admitted Surety Insurer, which is authorized to transact surety insurance business in the State of California with a policy holder's rating of A or higher and a Financial Class of VII or larger.

  • This is one option: A performance bond issued by a bonding company, which is an Admitted Surety Insurer under the provisions of Title 14, Chapter 2, Article 6 of the Code of Civil Procedure, commencing with Section 995.610 et seq., and licensed to conduct the business of insurance in the State of California.

  • Each of the bonds required under this Section shall be issued by an Admitted Surety.

  • Both bonds shall be subscribed by an Admitted Surety Insurer, which is authorized to transact surety insurance business in the State of California with a policy holder's rating of A or higher and a Financial Class of VIII or larger.

  • The Bonds will be accepted by the District only if: (i) the Bonds are issued by an Admitted Surety Insurer under California law; and (ii) the Surety issuing the Bonds is AM Best rated at least A-/VII.

  • Performance Bonds, if required, shall be acceptable only if issued by an Admitted Surety Insurer under California law.

  • The bond must be issued by an Admitted Surety and shall, by its term, inure to the benefit of any of the persons named in Section 3181 of the California Civil Code, to give a right of action to such persons or Artist’s assigns in any suit brought upon the bond, including the right of action to recover on the bond, in any suit brought to foreclose liens provided for in Title 15, Chapter 7 of the California Civil Code or in a separate suit brought on this bond.

  • The bond must be issued by an Admitted Surety and shall, by its term, inure to the benefit of any of the persons named in Section 3181 of the California Civil Code, to give a right of action to such persons or Artist’s assigns in any suit brought upon the bond, including the right of action to recover on the bond, in any suit brought to foreclose liens provided for in Title 15, Chapter 7 of the California Civil Code or in a separate suite brought on this bond.

  • The Performance Bond must be on a form that is acceptable to the District and must be issued by an Admitted Surety, which, unless otherwise agreed to by the District in writing, at the time of issuance of the bond, has a rating not lower than “A-” as rated by the A.

  • The bond must be issued by an Admitted Surety and shall, by its term, Inure to the benefit of any of the persons named in Section 3181 of the California Civil Code, to give a right of action to such persons or their assigns in any suit brought upon the bond, including the right of action to recover on the bond, in any suit brought to foreclose the liens provided for in Title 15, Part A, Division 3 of the California Civil Code or in a separate suit brought on this bond.