ACORD-SURETY

ACORD for US/UK surety bonds.

Definition

ACORD Surety covers Contract Bonds (construction), Commercial Surety Bonds (license, permit), Fidelity Bonds (employee dishonesty). PolicyDeclaration, EndorsementRequest, ClaimNotification messages. ACORD ML XML extension format. US surety market ~$8 billion annual premium. Cosurety relations between Surety Companies modelled.

Origin

ACORD Surety XML developed 2007 ; ACORD ML standard extension.

Example in context

Travelers issues an ACORD Surety Performance Bond for a US federal construction contractor, transmitted to GSA via XML.

Related terms

• ACORD ML XML — umbrella framework.