January 17, 2013
Re: Law permits blanket bonds for certain municipal positions
On January 14, Governor Christie signed into law P.L. 2013, c 2. The law permits surety companies to issue blanket bonds for municipal treasurers, tax collectors, municipal judges and administrators. The blanket bonds will be subject to the application of individual rating criteria and underwriting standards that consider the risk and potential liability presented by the individuals covered by the blanket bond as if the individuals were covered by an individual bond. P.L. 2013, c. 2 took effect immediately.
Very truly yours,
William G. Dressel, Jr.