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A small contractor that prompted Memphis surety agents in 2011 to begin to push for a state law strengthening requirements for surety bonds also was the first contractor to be canned from a job because of the new law.
Local surety brokers spotted the contractors’ forged Chubb surety bond following up a complaint from a competitor that submitted a second-low bid. The new law required vigilance and persistence by the local surety industry and may be an example to other states where surety fraud is found. Chubb has sued two men who operated as individual sureties in connection with the forged bonds issued to more than 20 contractors in nine states.
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