Another surety has been placed into rehabilitation. On March 11, 2013, a Delaware court entered a rehabilitation and injunction order finding that sufficient cause exists for the rehabilitation of Ullico Casualty Company. (For a copy of the Order, click here.) Ullico Casualty did not contest the order and instead consented to rehabilitation. The Court appointed the Commissioner of the State of Delaware as the receiver of Ullico.
If you are the Obligee of a Ullico bond, you should consult with your legal counsel regarding your rights to a replacement bond from your principal. If you are a bond principal under an Ullico bond you should consult with your legal counsel regarding the exposure you may have under the bond and your obligations to provide a replacement bond. Finally, if you have a claim against either a Ullico payment bond or a Ullico performance bond, then there are procedures and deadlines that you will be required to follow to pursue your claim. As with most legal matters, you should consult with your attorney promptly because there are time limits and notice requirements that may impair your rights if you do not act promptly.