The surety industry is asking federal, state and local officials to take emergency action to update decades-old surety rules requiring stamped notarizations and ink signatures that the Covid-19 pandemic has made impossible or more difficult while social distancing and shelter rules are in place. The industry seeks permission to use electronic signatures without notarization of bond documents. The Surety and Fidelity Association of America, the trade association of sureties, and the National Association of Surety Bond Producers, representing brokers and agents, are asking government officials to act quickly. “A majority of these construction surety bonds are required for infrastructure projects directly related to health, safety and the growth of our economy,” says SFAA CEO Lee Covington.
https://www.enr.com/articles/49104-social-distancing-shelter-orders-impede-construction-bonds